In the summer of 2001, over-the-counter clearing barely registered on the agenda of most US energy traders, who were focused on the growing profits to be made trading in the electricity and natural gas markets. But after Enron’s fall and the consequent collapse in credit quality, clearing – where a third party guarantees a trade between two counterparties – is attracting greater numbers of companies by the week.
Rival exchanges IntercontinentalExchange (Ice) and the New York Mercantile Exchange (
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