Arc specialises in physical domestic crude oil and refined product swaps, particularly heating oil and gasoline calendar swaps and crack spreads. Most of the Arc staff will join TFS’s new Houston office. Arc’s chief executive, Gregory Ozzimo, will join TFS Energy as product development manager concentrating on oil.

TFS says the acquisition complements its existing US presence in fuel and crude oil derivatives, which is brokered out of Stamford, Connecticut.

The Arc takeover follows TFS’s