BERKSHIRE — Billionaire Chase &s; Hermanns investment firm announced Wednesday that it has invested $10.5 billion in a Texas-based energy futures exchange, creating the largest U.N.-backed oil futures trade in history.
The $10bn deal will be the largest investment by an energy futures trading company, according to the New York-based exchange, which says it will help ensure trading of the commodity market in the U.K. and Europe.
B&H is the largest oil company to buy into the Houston-based LCOEX, which has been in operation since the 1970s.
The firm is one of the largest shareholders in the Houston trading platform, and has invested in energy stocks like Chevron, Texas-Based Natural Resources Defense Council and Exxon Mobil Corp. In addition to the LCOex deal, B&.
H will have a stake in the Chicago-based futures exchange Futures Group, which is a major operator of the U