Physical commodity markets remain fragmented, difficult to access efficiently and heavily reliant on outdated infrastructure for execution, documentation and settlement.

Liquidity is often dispersed across counterparties, brokers and closed platforms, limiting market access, reducing transparency and constraining trade turnover.

At the same time, post-trade workflows remain heavily sequential. A single cargo can involve multiple parties, banks, documents and approvals, with delays compounding throughout the trade chain.

Electronic Bills of Lading improved the medium.

They did not solve the workflow.

MMX is building neutral infrastructure for physical commodity markets through three connected components:

• The MMX Liquidity Hub – a neutral and interoperable marketplace connecting producers, consumers, traders, brokers and connected trading venues within a single liquidity ecosystem.

• The MMX Framework Agreement (MMXFA) – a standardised framework designed to simplify how physical commodity trades are documented, managed and settled.

• The MMX Post-Trade Platform – a digital workflow layer designed to streamline documentation, coordination and settlement processes.

Participants can execute through the MMX Liquidity Hub, through brokers, through connected venues or bilaterally off-screen.

The workflow remains connected.

Initially focused on iron ore, MMX is being developed with a long-term vision to support broader physical commodity markets.

Physical Markets, Simplified.


MMX Commodities

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MMX Commodities

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Teams

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