Modern Commodities Inc. began operation last week. Find out more.
Modern Commodities Inc. began operation last week in Calgary and carried out its first trade on Wednesday, according to people familiar with the business. Mandy Burgess, a former executive at Calgary-based brokerage NE2 Group, is the chief executive officer, according to her LinkedIn profile. Marc Bennett, NE2’s former head of North American energy, has also joined the firm as chief operating officer, his LinkedIn profile shows.
The legal battles have shaken confidence in what had been one of Canada’s most important oil brokerages and a major price setter of Canadian crude grades, including the benchmark Western Canadian Select. The turmoil prompted oil traders to exit a CME Group Inc. contract used to hedge Canadian heavy crude.