(Bloomberg) - Mandara Capital, the London-based oil trader that once was one of the biggest market makers in crude and fuel, is shutting down its operations.
Founder Muwaffaq Salti said the process is ongoing, but he declined to elaborate. The company’s website shows it recently had three job openings, including one for head of operations.
Mandara traded derivatives contracts from crude oil to refined products like gasoline and fuel oil. Before starting the company, Salti was global head of fuel oil trading at JPMorgan Chase & Co.
Mandara’s initial success led to the emergence of similar businesses as a handful of traders left the firm in the mid-2010s to start their own market-making entities.
Those include major derivatives traders by volume such as Onyx Commodities Ltd. and Dare International Ltd. Both have expanded in recent years to trade more commodities.
Business Insider first reported that Mandara was closing.
By Alex Longley
