London-based inter-dealer broker Icap plans to acquire the US energy broking company United Fuels International.The Massachusetts-based brokerage has 60 staff, of which 41 are brokers, with a turnover of $24 million. Its business is focused on physical energy (crude oil, gasoline, distillates, jet fuel, coal and emissions); energy derivatives (crude, fuel oil, natural gas Nymex swaps, emissions derivatives and coal swaps); and energy futures (Nymex floor brokerage, introducing broker services and technical advisory services).
Dennis Crum, chief executive of Icap Energy, believes United has a strong presence in oil, coal and emissions, and will add to the UK broker’s existing focus on US power and gas. The acquisition is expected to be completed in early October.
Icap did not divulge financial details regarding the possible deal.
More on Commodities
The week on www.risk.net, November 20-26, 2015
Other moves at Goldman, Mercuria, BNP Paribas and Cargill
There are worse HFT practices than spoofing, yet only spoofers go to jail
First conviction underscores concerns over "hard to define" crime
Sign up for Risk.net email alerts
Sanjay Sharma talks about risk transparency and how his book helps achieve it.
A five-minute formula from Alexander Denev that takes you through a simple probabilistic graphical model and explains how and why these are used. Find out more about the ground-breaking book, Probabilistic...
Industry leader Vincent Kaminski discusses the challenges faced by energy markets and his new book, Managing Energy Price Risk, 4th Edition.
Momtchil Pojarliev talks about his book, The Role of Currency in Institutional Portolios, currency investing and the potential role of currencies in institutional portfolios.
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.