UBS to launch European electricity and gas trading business

The new desk will be similar to its established North American business, and will take advantage of the potential of Europe’s liberalising gas and power markets. A UBS report stated that European consumption of gas and power is 80% of the level in the US, suggesting much scope for expansion.

The bank plans to expand its staff for oil, power and gas, and its commodities structured derivatives businesses, to strengthen its global presence and take advantage of increased volume. Due to volatility in crude oil prices, UBS has expanded its global crude oil trading activities in the past year, with trading desks now located in Stamford, Calgary and London.

“Despite the recent drop in oil, gas and gold prices, UBS will continue to invest in the long-term growth of its commodities business. The early results of this strategy are encouraging and have already delivered revenue growth,” the Swiss banks said in a statement.

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