What has been the most important thing to happen to the energy markets in the last 15 years?
To me it is the tremendous growth in liquidity and in the size of the markets. The resilience of the energy markets in the aftermath of the global financial crisis is testimony to this depth in liquidity.

What’s given you the biggest surprise?
The biggest surprise has been the growth in variety within the energy markets. It started with oil, and then moved on to gas, power, emissions, weather, coal and