At recent conferences, in the press and in market gossip, the over-the-counter energy and commodity markets have been consigned to the history books – obituaries written and elegies muttered. Yet the demise of the market’s voice broker is far from upon us.
OTC markets in general have had a rough ride over the past decade. They took a disproportionate amount of blame for the 2007 crash, and suffered at the hands of regulators as a result. Market withdrawal by banks has shrunk the voice brokers’