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What do you see as the most formative market development to occur in the energy markets in the last 15 years? I think the trend that has defined the energy markets is the growing integration and globalisation of these markets. When I started 17 years ago in this business, a person could spend his entire life trading natural gas without worrying about other energy markets. Today it's difficult to imagine operating in one market without having to look constantly at developments taking place in

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