Enterprise risk
Asia metals dealer of the year: ANZ
ANZ has shown its commitment to Asia’s metals markets despite recent turbulence
Asia oil dealer of the year: BNP Paribas
BNP Paribas has helped Asian producers and consumers to cope with the dramatic moves in oil markets in the past 18 months
EU energy firms brace for Remit reporting woes
Market participants expect ‘teething problems’ as Remit trade reporting begins on October 7, while regulators offer sympathy and suggest they will go easy to enforcement
Top US energy regulator defends market manipulation probes
Ferc chairman Norman Bay says the agency has provided ‘a lot of clarity’ of the definition of market manipulation, rejecting complaints from industry that the rules are unclear
Javelin Global Commodities builds coal trading desk
Other commodities moves at CF Partners, CME, DTCC and Vectra
Energy firms blast new Mifid II rules on commodities
Energy firms will abandon commodity derivatives markets if the EU fails to broaden ancillary business exemption, industry groups warn
Index investing paper shows gap between theory and reality
The theories of commodity index investment gurus Gary Gorton and K Geert Rouwenhorst have little in common with the experience of real-world investors
Commodity end-users fret over shrinking number of FCMs
Futures brokers attack costly new rules at a CFTC meeting on September 22
The challenge of optimising physical energy assets
How energy trading organisations can improve the way they optimise their assets
Commodity index advocates stick to their guns
Ten years after publishing an influential paper that fuelled the commodity investment boom, Yale professors Gary Gorton and K Geert Rouwenhorst have revisited their study and found their arguments still "largely hold up". But critics are quick to disagree
Maximising refinery profits using portfolio optimisation
Petroleum refining is a complicated, multi-dimensional task that involves many tricky operating decisions. In this article, Carlos Blanco and Christopher Mammarelli explain how a portfolio-based optimisation framework can maximise the profitability of a…
Internal transfer price optimisation for integrated energy firms
By selecting appropriate levels for the internal transfer prices of commodities and risk, an energy company can influence the alignment of its overall risk-return profile with its strategic objectives. Here, Henrik Specht, Sergey Zykov, Tilman Huhne and…
Is the financialisation of commodities being reversed?
In the past 30 years, a process of financialisation has drastically reshaped the energy and commodity sector. Now, it appears the level of diminishing marginal returns has been reached and that process is shifting into reverse, says energy market veteran…
CFTC’s Giancarlo backs phased approach to position limits
The CFTC should implement speculative position limits for the spot month first, before imposing non-spot-month limits, says commissioner Chris Giancarlo
Infrastructure funds focus on de-risking energy investments
As energy companies face a tough time gaining access to capital, a growing number of them have found relief from infrastructure funds and other investors keen to snap up low-risk, low-yielding assets. Three such investors outline their approach
Video: Jean-Marc Bonnefous, Tellurian Capital Management
Bonnefous defends investment in commodities amid market turbulence
Video: Uwe Schulz, CRO of RWE Supply & Trading
Schulz speaks about threats and opportunities facing European utilities
Video: Centrica chief risk officer Olivier Herbelot
Herbelot discusses how the UK power and gas giant manages its risk
Barclays hires two senior energy traders
UK bank reaffirms its presence in commodities with hires from Credit Suisse and Mercuria
Economists, like hedge fund traders, need open minds
Failing to spot an emerging crisis may be forgivable, but not learning its lessons and failing to recognise its root causes are far more serious errors. A rapidly changing world needs economists, risk managers and traders with open minds, argues energy…
Mifid II adjustments fail to ease energy firms' worries
Energy firms such as utilities are fighting hard to avoid being regulated under Mifid II and having to comply with onerous EU financial rules. But despite last-minute changes to regulators’ proposed technical standards, the chances of escape appear slim
Energy trading technology moves gradually into the cloud
Energy trading and risk management (ETRM) software is gradually starting to make use of cloud computing – a move that could improve the efficiency and capabilities of ETRM systems while also reducing costs, say consultants and market participants
Noble Group defends off-balance sheet inventory deals
Noble is justified in keeping optional inventory sales off-balance sheet, even though the firm repurchases these inventories “the vast majority” of the time, says chief executive Yusuf Alireza
Noble Group challenged over mark-to-market accounting
A mysterious organisation called Iceberg Research has accused Noble Group of inflating the mark-to-market values of long-dated commodity trades. The Hong Kong-based trading firm is fighting back, but can't seem to put the controversy to rest