PanXchange went live on October 4, 2017 in the 100 Million ton frac sand market
PanXchange has first-mover advantage in sand as the industry grows by an estimated 30 million tons from 2017 to 2018. It is the only platform available to producers, E&P companies and service companies that aggregates spot and forward physical buying and selling interests. Thus, it is the only source for real-time prices where true supply meets demand. On the PX system, members can also manage counterpart exposure and post bids and offers anonymously in real time. The PX system is protected by two US patents, with four more pending.
Over a dozen of the industry’s leading producers and buyers took advantage of our early-bird pricing on annual memberships. Current members, excluding service companies, represent approximately 35% of total US sand production.
The platform launched with PanXchange’s 2.0 software, which is faster, with more user-controlled optionality and price map functionality. We anticipate optimized mobile phone access within the next 30 days.
Matt Jansen joins PanXchange’s investor pool and Advisory Board
We are extremely pleased to welcome Matt to the PanXchange team. Matt was formerly the CEO of COFCO International ($17B revenue) and the Chief Risk Officer at Archer Daniels Midland (ADM $35B revenue). Previously, Matt held several senior executive roles at ADM overseeing trade divisions in oilseeds, grains and ethanol in the US, Europe and Brazil. Matt is an active advisor to PX as we work on global commercialization strategies.
David Bradley, formerly with Deutsche Bank UK, joins PanXchange as Chief Technical Officer.
We are excited and relieved to have David oversee our tech developments. David has crossed the pond to join PanXchange and brings in-depth experience. At Deutsche Bank, David was a Credit Risk Solutions Architect. Prior roles include Foreign Exchange IT Architect at HSBC UK and Exchange Connectivity (Development Manager & Architect)for Morgan Stanley UK .