What JEX Markets does

JEX Markets Limited is Nigeria's first licensed energy commodities exchange, established to provide transparent price discovery, central counterparty clearing, and institutional-grade settlement for wholesale gas and energy trading. The platform operates an anonymous electronic central limit order book (CLOB) powered by Trayport's Vision Exchange Trading System (ETS), offering continuous price-time priority matching for spot, forward, and futures contracts across five standardised physical gas products — dry pipeline gas, LPG, CNG, LNG, and natural gas liquids (ethane, propane, butane, condensate). Low-latency encrypted FIX/API connectivity supports institutional participants and independent software vendors, with pre-trade risk controls, kill-switches, full audit trails, and AES-256/TLS 1.3 encryption designed to regulator standards.

The exchange operates under a dual regulatory framework: a 10-year NMDPRA Gas Trading Licence and Clearing & Settlement Authorisation granted under Section 159 of the Petroleum Industry Act (PIA) 2021, and Approval-in-Principle from the Securities and Exchange Commission (SEC) Nigeria for organised trading of gas derivatives. Post-trade infrastructure is delivered through FMDQ Clear as central counterparty (guaranteeing settlement, managing margin, and eliminating counterparty default risk) and CSCS Nigeria as central securities depository. The company holds NMDPA 2023 compliance certification covering data-at-rest and in-transit protection, RBAC, MFA, and incident response.

JEX targets enterprise institutional participants across Nigeria's gas value chain — gas producers, refiners and processors; pipeline operators, distributors and shippers; power generators, distribution companies, and industrial off-takers (designated as the primary segment); and brokers, banks and investors. The go-to-market is a formal enterprise onboarding flow with KYC, membership and access provisioning under the JEX Rule Book, supported by direct institutional sales and a public application portal. Revenue mechanics are structured around transaction fees on executed contracts, marketplace commissions on clearing and settlement infrastructure, recurring market data and index subscriptions, and planned derivative transaction fees as the product suite matures. The company is currently conducting a USD 20 million Series A raise at a USD 119.9 million post-money valuation, with commercial go-live of spot contracts scheduled for 2025, a derivatives and LNG pilot in 2026, and regional West African cross-border trading targeted from 2027 onwards.

Name

JEX Markets

Legal name

JEX Markets Limited

Website

https://jexmarkets.com

Company type

Private

Operating status

Operating

Short description

JEX Markets is Nigeria's first licensed energy commodities exchange, providing electronic trading, CCP clearing, and institutional settlement for wholesale gas products. It serves gas producers, power generators, industrial buyers, and financial institutions under dual NMDPRA and SEC Nigeria regulation.

Ownership category

akta.pro rank

Product category

Energy Commodities Exchange

NAICS

Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160)

SIC

Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Energy Commodities Exchanges (Crude Oil, Refined Products, Natural Gas, Power) (FSAFAMAC)

akta.pro secondary industries

Financial Natural Gas Trading (Swaps, Futures, Options) (EUAGAGAB), NGLs & LPG Trading & Marketing (EUAGAAAE)

Keywords

• Energy commodities exchange
• Electronic gas trading
• Central counterparty clearing
• Regulated gas marketplace
• Commodity derivatives platform

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Transaction Fees: Transaction fees charged on spot and forward contracts executed on the exchange platform
2. Market Infrastructure Fees: Fees collected through CSCS and FMDQ infrastructure partnerships for clearing and settlement services
3. Market Data Subscriptions: Revenue from market data and analytics subscriptions providing reference prices, indices and market data distribution
4. Derivatives and Future Products: Future revenue streams from derivatives, liquids, power and carbon products as market matures

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

JEX Markets operates Nigeria's first licensed energy commodities exchange, providing an electronic trading platform for spot, forward and futures contracts in natural gas products (CNG, LPG, LNG, pipeline gas and NGLs). The exchange combines a Trayport-powered central limit order book with central counterparty clearing via FMDQ Clear and settlement via CSCS, delivering institutional-grade transparency, price discovery and settlement certainty under dual NMDPRA and SEC Nigeria regulation.

Product overview

JEX Markets is Nigeria's first licensed energy commodities exchange, operating as a unified platform with integrated service modules. The platform is built on Trayport's Vision Exchange ETS for electronic order-book trading, and delivers a vertically integrated stack of services spanning gas trading, risk management, collateral management, CCP clearing via FMDQ Clear, settlement via CSCS, market information, gas derivatives, regulatory compliance support, and participant onboarding. The exchange lists five standardised physical gas products: CNG (Compressed Natural Gas), LPG (Liquefied Petroleum Gas), LNG (Liquefied Natural Gas), Pipeline Gas (dry natural gas), and Natural Gas Liquids (NGLs — ethane, propane, butane and condensate) — all cleared centrally and settled with institutional-grade certainty under dual NMDPRA and SEC Nigeria regulation.

Differentiator

Problem solved

Functional benefit

Products and services

• JEX Markets Electronic Gas-to-Energy Trading Platform
• JEX Markets Risk Management
• JEX Markets Collateral Management
• JEX Markets Clearing & Settlement
• FMDQ Clear CCP Clearing
• JEX Markets Participant Onboarding
• JEX Markets Regulatory Compliance Support
• JEX Markets Market Information
• JEX Markets Gas Derivatives
• CNG (Compressed Natural Gas)
• LPG (Liquefied Petroleum Gas)
• LNG (Liquefied Natural Gas)
• Pipeline Gas (Dry Natural Gas)
• Natural Gas Liquids (NGLs)

Quantifiable outcome

• First transparent gas reference price generated from actual market transactions in Nigeria
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• Trayport Limited (UK)coreTechnology or Integration · 1 January 2024Trayport provides the Exchange Trading System (ETS) Vision Exchange software applications and platform for electronically exchange-traded markets. The partnership establishes operational reliability through secure encrypted communications and built-in connectivity tooling, improving resilience and supporting stable access for market participants.
• CSCS Nigeria (Central Securities Depository)coreTechnology or Integration · 1 January 2024CSCS acts as JEX's Central Securities Depository (CSD) partner, responsible for maintaining records of Depository Notes which represent ownership rights in the market, thereby facilitating secure and efficient trading settlement.
• FMDQ Clear LimitedcoreTechnology or Integration · 1 January 2024FMDQ Clear Limited serves as JEX's core risk and assurance layer, stepping in as central counterparty to intermediate trades after execution, standardising post-trade processing and underpinning reliable settlement outcomes for products traded on the platform.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Nord Pool: Nord Pool operates the leading European power and intraday gas markets via electronic order-book trading. Comparable to JEX's planned power and gas derivatives offering, with similar clearing-partner and participant-onboarding models.
• ICE Endex (Intercontinental Exchange): ICE Endex is the European energy derivatives exchange operated by ICE, offering TTF natural gas futures and TTF opt-in options — a direct analogue to JEX's planned gas futures and swaps. Comparable in operating model (electronic CLOB, CCP clearing) and energy-commodity focus.
• European Energy Exchange (EEX): EEX operates Europe's leading gas and power spot and derivatives exchanges, using a similar CLOB + CCP model for natural gas and power products. Directly comparable to JEX in product structure (spot, futures, clearing) and target market (wholesale energy participants).
• Dubai Mercantile Exchange (DME): DME is the leading energy futures exchange in the Middle East (Oman crude benchmark) and an emerging-market analogue to JEX. Both are regional energy exchanges built to establish transparent reference pricing in markets historically dominated by bilateral trading.

Broad incumbents

• CME Group: CME Group operates the NYMEX/CME energy complex, the global benchmark for Henry Hub natural gas and crude futures. While much larger and broader than JEX, it competes for the same institutional hedging and speculative flow on global gas benchmarks.
• FMDQ Group: FMDQ Group operates Nigeria's over-the-counter fixed income, FX and derivatives markets infrastructure and is the parent of JEX's clearing partner FMDQ Clear. Directly relevant because of operational overlap in Nigerian market infrastructure and shared regulatory ecosystem.
• Nigerian Exchange Group (NGX): NGX operates Nigeria's principal securities exchange. Comparable as a domestic capital-markets venue with overlapping board leadership (Oscar Onyema served as NGX Group CEO before becoming JEX Chairman) and a parallel regulatory relationship with SEC Nigeria.

Others

• Trayport: Trayport is JEX's core technology partner, providing the Vision ETS trading platform. Included as a peer because its CLOB technology underpins multiple European energy exchanges, making its commercial trajectory a leading indicator for JEX's own product capabilities.

Regional players

• Johannesburg Stock Exchange (JSE): JSE is Africa's largest and most diversified exchange with commodity derivatives including grain and energy products. A relevant regional benchmark for African exchange operating models, even though it does not directly compete with JEX in Nigerian gas trading.

Emerging players

• Powernext: Powernext operates European gas, power and environmental markets spot exchanges (part of EEX group). Comparable as a focused energy-commodity exchange with similar product breadth (spot and derivatives across gas/power) and similar regulatory positioning to JEX.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/jexmarkets

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JEX Markets