Trading with a small ‘t’

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Before the Enron crash, energy trading was the business – a sector that was both necessary and big. Money was made with or without assets, or so it seemed. Trading floors were kitted out by the dozen, and fresh graduates joined by the herd. This was trading with a capital ‘T’. But when the crooked E of energy trading fell, the capital T, too, became shaky.

Trading shrank, alongside credit rating downgrades, a loss of confidence and the hurried departure of US power trading companies f