News
Risk management key for freight, says Baltic Exchange chief
Baltic Exchange chief executive Jeremy Penn has stressed the importance of risk management at a forum of freight derivatives brokers and traders this week.
LCH.Clearnet launches OTC clearing for freight derivatives
LCH.Clearnet has launched an OTC clearing service for the forward freight agreements (FFAs).
Nymex pit opens in London
Some 76 individuals and 12 companies showed up to trade Brent and gas oil futures on the first day of trade at the New York Mercantile Exchange’s London trading floor today (Monday).
Bear Stearns and Calpine form energy marketing and trading company
Investment bank Bear Stearns and California-based power company Calpine Corp have formed an energy marketing and trading venture focused on physical natural gas and power trading and related structured transactions.
Indian exchange to list IPE Brent crude futures
Oil traders in India will from September 15 be able to trade rupee-denominated Brent crude futures, settled monthly by reference to the benchmark IPE Brent crude futures contract.
TFS starts brokering CDM and JI emissions credits
TFS, a New York-based inter-dealer broker, has started brokering emissions credits under the Kyoto Protocol’s Clean Development Mechanism (CDM) and Joint Implementation (JI) schemes.
Icap to acquire United Fuels International
Interdealer broker Icap is to acquire the majority of the assets of United Fuels International, a leading US-based energy broking business with 2004 turnover of $24 million.
EEX launches French physical power futures
Germany’s European Energy Exchange (EEX) has started offering physical power futures with delivery in France, another step towards its stated aim of further ‘Europeanisation’. This is the second product the EEX has offered beyond German borders,…
Lufthansa continues to save through fuel hedging
German airline Lufthansa has reported a increase in operating expenses of only 1.3% despite a big surge in fuel prices, partly thanks to its fuel-hedging strategy.
TFS brokers first Nymex emissions contract
Global broker Tradition Financial Services (TFS) has brokered the first transaction on the New York Mercantile Exchange (Nymex) emissions futures contract.
Evolution expands US west coast emissions brokerage ops
Energy broker Evolution Markets has expanded its environmental market operations for the western US with the hire of Laura Meadors, an expert in environmental market design and analysis. She is based in the San Francisco office, which opened in February…
Regulation tops risk managers’ concerns
Regulatory risk is seen as the most significant threat to business and a greater source of concern than country risk, market and credit risk, terrorism and natural disasters, a recent survey reveals.
Louise Kitchen joins Deutsche
Louise Kitchen will join Deutsche Bank as managing director and global head of commodities structuring and marketing within its global markets division, the firm has announced.
Former Swiss Re weather experts launch hedge fund
Weather risk veterans Mark Tawney and Bill Windle, who left global reinsurer Swiss Re on July 7, are starting a hedge fund, named Takara, Energy Risk has learned. Weather trader Bill MacLauchlan departed Swiss Re at the same time, for personal reasons.
BNP Paribas strengthens energy derivatives team
French bank BNP Paribas has strengthened its commodity derivatives team in New York, London and Singapore, particularly on the energy side.
Nymex, Icap to launch gas, crude oil daily settlement derivatives
The New York Mercantile Exchange (Nymex) and inter-dealer broker Icap are to launch an electronic market in same-day over-the-counter (OTC) options on prompt-month settlement prices for crude oil and natural gas. Starting on Monday (July 18), the…
Belgian power exchange to launch early 2006
The Belgian day-ahead electricity market is due to start in early 2006 on the Belgian power exchange (Belpex) in a link-up with Dutch power exchange APX and French energy exchange Powernext. This is the first time three power exchanges will be linked…
Some brokers taking wrong approach to freight, says senior broker
Inter-dealer brokers could be taking the wrong approach by entering the freight derivatives market through joint ventures with physical shipping brokers rather than directly broking physical freight, says a senior energy broker.
Calpine to sell US oil and gas assets for $1bn
Calpine Corp is to sell all its US oil and gas exploration and production assets for $1.05 billion to Rosetta Resources, a newly formed subsidiary of the California-based energy company.
Austrian Energy Exchange launches emissions trading
The Austrian Energy Exchange, EXAA, joined the ranks of European exchanges trading emissions yesterday with its first spot auction of European Union CO 2 allowances (EUAs).
Swiss Re to launch emissions desk
Global reinsurance firm Swiss Re will set up an emissions desk in within a month, says Chris Walker, New York-based managing director of the greenhouse gas risk solutions team at the company.