Energy
Liquidity seen as top concern for energy risk managers
Falling over-the-counter energy volumes in Europe and the US push liquidity to top of risk management agenda
Dodd-Frank commodity option rules sow confusion among energy firms
Confusion over CFTC rules is tying US energy firms in knots, as they struggle to determine whether their physically settled commodity options need to comply with critical rules issued under the US Dodd-Frank Act. Alexander Osipovich reports
An anatomy of financial and energy market bubbles
Despite differences in the detail, the mechanics that unfold during episodes of financial and energy market hype are the same. To avoid repeating the errors of the past, companies and individuals should bear them in mind, argues Vincent Kaminski
Energy Risk Asia Awards 2013
The Energy Risk Asia Awards showcase excellence in commodity and energy markets across the region. We present the winners
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Energy firms find Emir thresholds too close for comfort
The European Market Infrastructure Regulation will force non-financial counterparties to clear trades in over-the-counter derivatives once they reach a set of notional thresholds. And despite their original expectations, many energy companies could be…
Energy should be exempt from benchmark rules, argues EC official
Benchmark indexes in energy markets are already well regulated and do not need further oversight, argues EC director-general for energy
Energy Risk Canada: Rules on derivatives dealers need work, regulator says
Alberta securities regulator acknowledges proposals on derivatives dealer registration have alarmed energy firms
Futurisation dooms energy swap execution facilities
The US Dodd-Frank Act envisioned a new type of trading venue for over-the-counter derivatives, known as swap execution facilities (Sefs). But in the energy markets, at least, it appears Sefs are dead and traditional futures exchanges have emerged…
Canadian regulators respond to energy firms’ concerns on derivatives
Updated OTC derivatives rules satisfy concerns of energy traders, but inconsistencies with Dodd-Frank remain
Uneconomic trading, market manipulation and baseball
Regulators, including the US Federal Energy Regulatory Commission, are aggressively targeting uneconomic trading in a crackdown on potential market manipulation. Such moves have striking parallels in the history of baseball - some of which might prove…
Ferc ruling raises hope of greater regulatory certainty
The US Federal Energy Regulatory Authority has seen its authority sapped by squabbles over turf – most recently, losing a court battle over an attempt to fine Brian Hunter, a former natural gas trader at imploded hedge fund Amaranth Advisors. Could there…
Ferc won’t appeal Hunter ruling, says Wellinghoff
Ferc chairman says agency won’t appeal ruling against it, but will seek to persuade Congress to change the law
Collateral and commodity market dynamics in the new normal
Collateral quality and depth are playing an increasingly important role in a market characterised by systemic risks and high correlations among asset classes, including commodities. That is a trend that should concern energy risk managers, argues Stephen…
Energy firms scramble to avoid swap dealer label
Switching to futures and rewriting corporate websites could help reluctant energy companies avoid having to register as swap dealers under Dodd-Frank, reports Alexander Osipovich
Risk & Energy Risk Commodity Rankings 2013 – energy
Muted volatility, sluggish trading activity and regulatory changes have conspired to create a tough environment for energy market participants over the past year. That has fuelled a lot of movement in this year’s Risk and Energy Risk Commodity Rankings,…
The art of creating a corporate energy hedging programme
Risk managers and consultants say hedging corporate exposures to energy prices is more art than science. As a result, the development of a truly successful hedging programme requires several important questions to be carefully considered. Jay Maroo…
Turning points: Gazprom M&T's Rob Pringle
European energy firms are pooling IT skills in a forum aimed at tackling regulatory challenges. Gazprom Marketing & Trading’s Rob Pringle, a founding member, speaks to Gillian Carr
Banks retreat from commodity derivatives
Increasing capital requirements and other regulatory constraints are cutting the headcount and risk-taking ability of banks in commodity and energy derivatives. Might this diminished role pave the way for less regulated participants to take their place?…
Energy Risk Europe: Indexes won’t be included in MAD, say panellists
Energy indexes may not be included in EU market abuse rules, but remain likely to be hit by further scrutiny
