Foreign exchange
Banks make first Isda emissions trade
Investment banks Dresdner Kleinwort Wasserstein and Fortis Bank have made the first ever trade of European Union emission allowances (EUAs) using an annex to the International Swaps and Derivatives Association (Isda) Master Agreement.
GFI to go public
GFI Group has announced its intentions to become a public company, filing for an initial public offering (IPO) with the US Securities and Exchanges Commission (SEC).
Merrill Lynch tipped to bid for EKT
Rumours are circulating that Merrill Lynch may snap up Entergy-Koch Trading (EKT) following last week’s news that New Orleans-based Entergy Corporation and Wichita’s Koch Industries are considering selling their Houston-based energy trading business.
Europe unprepared for emissions trading
The European Emissions Trading Scheme (ETS) will not begin on time, and will fail to deliver the promised results, according to a survey by Ernst & Young.
Senator releases Enron evidence
US Senator Maria Cantwell (Democrat, Washington) and Washington State’s Snohomish County Public Utility District (PUD) yesterday released financial documents and audiotapes that allegedly show how Enron illegally obtained at least $1.1 billion in profits…
Danish state-owned energy company signs up to Allegro
The Danish State-owned energy company, Dansk Olie og Naturgas (Dong), has signed up to use Allegro Development’s trading and risk management software for its natural gas operations.
CFTC director resigns
Michael Gorham has resigned from his post at the US Commodity Futures Trading Commission (CFTC), effective June 30. Gorham was recruited by CFTC chairman James Newsome to become the first director of the Commission's Division of Market Oversight (DMO) in…
Amerada Hess forms LNG division
US energy company Amerada Hess has formed a joint venture with an affiliate of New York-based Poten & Partners, to be known as Hess LNG. The joint venture will be based at Amerada's New York headquarters and will pursue investments in liquefied natural…
CCRO and S&P form liquidity working group
The US Committee of Chief Risk Officers (CCRO) has established a working group along with rating agency Standard & Poor’s (S&P) to define the most effective metrics integral to assessing the liquidity demands of energy supply and wholesale marketing…
Sempra secures credit facility; raises earnings guidance
San Diego-based Sempra Energy is in the process of securing a two-year line of credit with "major financial institutions" that will provide as much as $1 billion. The line of credit, which will be secured by certain trading company assets, will be used…
Baltic Exchange forms asset derivatives advisory group
The London-based Baltic Exchange has formed an independent advisory group to enhance the emerging market for ship vessel asset derivatives. The group consists of key users, derivative brokers and physical panellists and will act as an information…
Nymex president to quit
Bo Collins, president of The New York Mercantile Exchange (Nymex), will leave the exchange at the end of this month. Nymex said the decision not to renew his contract was by made by "mutual agreement."
Ofgem finds no evidence of market abuse
Britain’s Office of Gas and Electricity Markets (Ofgem) says it has found no evidence of market abuse following its probe into the high gas prices between September 2003 and October 2003, when wholesale spot prices rose by 80%.
Mooney quits Trafigura to launch Merrill fund of funds
David Mooney, formerly head of power and gas trading at Trafigura in London, has left the Swiss commodity trading house to join Merrill Lynch. Mooney will join Merrill in mid-June as a managing director where he will be charged with evaluating commodity…
CGE Power falls as banks demand cash
CGE Power, the bank consortium formed to acquire distressed UK power assets, has withdrawn offers totalling around £3 billion on 12 plants and ceased trading after proposals to acquire two key power plants were rejected by lenders, according to a…
Pressure group calls for debarment of Reliant’s US Dept of Defense contracts
Public Citizen, the Washington DC-based pressure group, has called for the debarment of Reliant Energy from its newly awarded $35.9 million electricity contract by the US Department of Defense while it is under federal indictment for its role in creating…
FEA unveils updated power exposure solution
Financial Engineering Associates (FEA), the Berkeley-based subsidiary of technology company Barra, today unveiled its @Energy/Power Generation 2.0 solution for power plant optimisation, risk exposure assessment and valuation
EU emissions trading to see moderate start, says survey
Companies expect emissions trading to experience a “moderate start” in the European Union (EU), before seeing a steady increase in volumes. This was the conclusion of a recent survey carried out by the Leipzig-based European Energy Exchange (EEX) and 3C,…
Nymex to clear contracts on OTC oil and gas options
The New York Mercantile Exchange (Nymex) and broker Icap are set to launch an electronic market in options on oil and gas inventory statistics. The over-the-counter options will be offered through an auction process and cleared by Nymex.
GL Trade sets up gateway to EEX and signs up Calyon Financial
GL Trade, a Paris-based provider of financial data, clearing, trading and settlement soulutions, has set up a gateway to the Leipzig-based European Energy Exchange. Global derivatives broker Calyon Financial, formerly Carr Futures, has taken up this…
ABN Amro poaches BNP Paribas energy heads
Dutch bank ABN Amro today said it has hired Wayne Harburn, BNP Paribas’ former head of European energy trading, as well as Vincent Chevance, the French bank’s head of marketing for energy derivatives. BNP Paribas was not immediately able to say who would…
The waiting game
The Italian power market has finally opened to competition, but how long willenergy users have to wait until they can trade on the new electricity exchange? Joe Marsh reports
Isda raises Basel-linked concerns
Bankers have been preparing for the implementation of the Basel II Capital Accordfor a number of years. But Isda says that it is still concerned about the effectthe Accord may have on the commodities markets. By Paul Lyon