TMX Group today announced a new initiative that will further expand the reach of its world-leading operational capabilities.
AgriClear, an online platform designed to provide U.S. and Canadian cattle buyers and sellers with an efficient, cost-effective transaction and payment service opens today.
“Today’s launch of AgriClear represents an important opportunity for TMX Group to apply the depth of expertise we have across our business lines to address client needs in a new market,” said Lou Eccleston, CEO TMX Group. “We are pleased to be at the forefront of major evolutionary steps in the U.S. and Canadian cattle markets.”
AgriClear offers cattle producers a new way to do business with important benefits for both buyers and sellers, including assured payment for cattle delivered at the terms negotiated. By joining the AgriClear community, marketers will now be able to securely list and execute cattle transactions from their computer.
With offices in Calgary, Houston, Bowling Green (Kentucky), and Greeley (Colorado), AgriClear operations will benefit from the financial support and clearing expertise of NGX, a wholly-owned subsidiary of TMX Group that offers trading and clearing services for natural gas, crude oil and electricity contracts.
AgriClear features are designed to deliver multiple benefits to U.S. and Canadian cattle buyers and sellers, including a lower cost structure, an expanded market with a broader network of verified members, and financial certainty for transactions, with NGX acting as administrator of AgriClear’s back-office payment and settlement services.
“AgriClear is an exciting initiative that will expand NGX’s reach into the cattle business,” said Jim Oosterbaan, President and CEO, NGX. “We are excited to provide buyers and sellers with choice, efficiency and transparency as well as the opportunity to conduct business on their terms. AgriClear leverages our proven capabilities in facilitating delivery and providing payment solutions."