FCStone cuts energy trading losses
Commodity risk management company FCStone expects losses of $54.4 million after transferring all of the positions and liability related to a loss-making energy trading account in March.
Originally, the firm planned to liquidate the account's positions throughout 2009, but it changed tack and announced the immediate transfer of the account to an undisclosed third party on March 12 instead.
FCStone first announced in November 2008 that it expected to post a bad debt provision of up to $25 million
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