RWE to transfer energy trading book to UBS

Houston-based RWE Trading Americas, a subsidiary of Germany utility RWE, hasasked the US Federal Energy Regulatory Commission (Ferc) to approve a proposalto transfer its energy trading book to Swiss bank UBS, which runs its energytrading business from Connecticut.

RWE had announced its intention to exit the North American energy trading marketbefore the end of 2003 last September.

RWE has reached an agreement with UBS to transfer its active contracts for thepurchase and/or sale of wholesale

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