In 2013, the BTG Pactual Group founded BTG Commodities, offering coverage, credit, and operations services, while limiting its physical commodity holdings. This move was contrary to the trend of major Wall Street banks withdrawing from the commodities market. BTG’s initiative aimed to increase market share left by the reduced presence of other banks and establish a global and diversified physical product trading platform. Thus, BTG Commodities was founded, which would later be renamed Engelhart. Trading began in the commodities market under the leadership of Ricardo Leiman, former president of Noble Group.[4]
The ECTP operates in financial trading, physical commerce, and credit restitution. It does not directly own mines, power plants, farms, warehouses, or vessels.[5] The company experienced rapid growth, generating almost $1bn of net income between 2012 and 2016, reaching a workforce of 825 employees across 18 different countries.[6]
In June 2024, ECTP acquired Trailstone Group, shifting its focus from derivatives trading to physical natural gas and electricity trading in markets globally, including Japan and the US.[7]