Let’s get physical

Credit Lyonnais Rouse Derivatives (CLRD) – the London-based division of French investment bank Credit Lyonnais – has been in the energy derivatives business for ten years. It has mainly focused on trading oil and products, but a change is one the way – and one that looks like it might be becoming a trend.

Another French firm, Société Générale, was one of the first banks to get into physical gas trading. In 1999, after 10 years of energy commodity trading, it signed a business agreement with F