Trading - Drax
Trading

Counterparty on-boarding process

If you would like to establish a commodity trading relationship with us we will first require you to complete our due diligence process.

Please email Drax.Compliance@drax.com detailing your company’s full legal name, country of incorporation and an appropriate contact name/email address for due diligence queries. You will then be contacted via email by our due-diligence system inviting you to log on to our questionnaire suite to complete the relevant due diligence questionnaires.

If you would like to enter into a Non-Disclosure Agreement (NDA) with us, in line with the provision of this information, please also indicate this in your email. The Compliance team will arrange for an NDA to be issued to you, if appropriate.

Once our Compliance and Credit teams have completed their screening processes, you will be contacted to discuss progression.

If you would like to speak to a member of our compliance team in advance of completing the due diligence process, please contact either:

Stuart Cotten
Group Head of Regulation and Compliance
01757 612751

Nicola Garrett
Corporate Compliance Manager
01757 612847

Secure and promote licence condition

If you are an Eligible Supplier, please ensure you confirm this in the covering email when submitting your completed Counterparty Due Diligence Questionnaire.  We will try to process your request within the designated Secure and Promote timeframes.

Within two working days:

We will acknowledge your written request for a trading agreement. Once the required information is received (as described in the Counterparty onboarding process section), the provided contact will receive an email from our due-diligence system inviting them to log on to our questionnaire suite to complete the relevant due diligence questionnaires.

Within 20 working days:

Following receipt of fully completed questionnaire(s), we will perform our credit and compliance due diligence processes. We will then respond in writing to your request in one of two ways:

  • Provision of an offer to enter into a trading agreement which shall include all relevant terms and conditions; or
  • Provide confirmation that a trading agreement cannot be offered, explaining the reasons for this decision

In both circumstances, the response will include a copy of a completed Credit Transparency Form setting out the basis for the credit decision.

We will, in good faith, take all reasonable steps to ensure that any subsequent negotiations proceed in a timely manner.

Within 40 working days:

Following the date of our written response referred to above, if no agreement has been reached within 40 working days we will write to you, within five working days thereafter, summarising any unresolved or disputed matters, and offering a face-to-face meeting within 20 working days of the date of our letter.

Following the meeting, if no agreement is reached, we will continue to negotiate in good faith until such a time as an agreement is reached or both parties agree to cease discussions.