Feature
Blurring the lines
A turf war between Atlanta’s IntercontinentalExchange and the New York Mercantile Exchange reveals a shift in the traditional role of over-the-counter brokers and exchanges, finds Catherine Lacoursière
Enough’s enough
Brett Humphreys takes the guesswork out of determining how many simulations are needed to calculate value-at-risk
US gas market challenges
A new report from the investigative office of the Federal Energy Regulatory Commission finds that competitive natural gas markets in the US are robust, but warns of challenges ahead. Kevin Foster reports
Coal on the rocks
Faced with liquidity problems, falling volumes and uncertainty over the accuracy of price data, coal trading has had many of the same difficulties as the natural gas and power sectors over the past year. How can it get back on its feet, asks Kevin Foster
Structured finance caught off-balance
Efforts by energy and finance professionals to stress the difference between legitimate off-balance-sheet entities and Enron’s opaque devices have had little impact, as US regulators rush to clean up structured finance. Maria Kielmas reports
A clear market leader
How will SunGard’s acquisition of rival vendor Caminus change the market for energy risk management software? Kevin Foster reports
Exchanging blows
Conflict in the US and growth in Europe marked another turbulent year for energy exchanges. Kevin Foster casts an eye back over 2002
Getting stressed
To understand how much value can be lost from a position in the energy markets, we need to use measures other than value-at-risk. Brett Humphreys discusses methods for creating effective stress tests
Fastow under investigation
Jeremy Weinstein examines the indictment of former Enron chief financial officer Andrew Fastow and speculates on his – and the Enron management’s – motives
Rising fuel costs, diving profits
Airlines differ on how to manage jet fuel price ‘hyper-volatility’ as option prices point to more turbulence ahead. Catherine Lacoursière reports
In search of transparency
The open secret of index price manipulation in the natural gas sector is officially out, and the industry is scrambling to reform the system. Kevin Foster reports
Standardising electricity contracts
Electricity contracts have come and gone, but a new trio of financially settled futures contracts aims to widen the electricity market, reports James Ockenden
Cell mates
Traders love spreadsheets. But complex deals can quickly outgrow a sheet developed on the fly. Since traders won’t abandon their favourite tools, Stuart Cook and Tony Hughes of The Structure Group look at how firms can control their use
Between Kyoto and the caribou
Ratification of the Kyoto Protocol on climate change is unlikely to have an effect on the burgeoning Canadian oil and gas sector, as Maria Kielmas discovers
Struggling for integration
Political issues are stalling Mexico’s energy sector reform just as the country is poised to become a major natural gas importer, reports Maria Kielmas