These are tough times for energy brokers. The market's middlemen have been forced to adapt quickly to new regulations governing trading in over-the-counter derivatives, including the European Market Infrastructure Regulation (Emir) and the US Dodd-Frank Act. At the same time, energy markets are suffering from reduced trading volumes, poor liquidity and a retrenchment by banks, which have typically made up a sizeable chunk of brokers' client base.

But times of great adversity are often a proving