New trading platform rival to Trayport launches

London (Quantum Commodity Intelligence) - A new European energy trading platform, called Sphirra, was officially launched today and saw its first trade, the company stated.

Sphirra hopes to provide competition to industry leader Trayport as a trading plaftorm for over-the-counter swap deals, and it is initially targeting the gas and power markets as it rolls out into the energy complex.

A steering committee was created to help develop Sphirra, with representatives from companies that accounted for around half of gas and power traded in Europe.

That includes Vattenfall, CEZ, Uniper, BP, Centrica, ENGIE, ENI, Gazprom, Hartree, Mercuria, and RWE, according to the press release.

"We've responded to a direct request for a new trading platform and it is an honour to be providing such a fundamental system that will help power energy trading into the future," said Sphirra co-founder and Managing Director Aidan Gibson says.

Michael McDermott, the other co-founder, was head of Marex Spectron's European gas desk from 2000 to 2007 before moving to Tullet Prebon as a Director of North American Natural Gas.