JP Morgan has emerged as a key player in energy derivatives over the past year. The bank has aggressively built up its energy trading desk, trebling the energy sales and marketing team since the start of 2004, and hiring the nucleus of Morgan Stanley's natural gas and power team last April. JP Morgan has also extended into new markets, including electricity, coal and emissions trading, enabling it to double the number of clients it dealt with last year compared with 2004.
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