All clear for energy

Several organisations have brought over-the-counter clearing to the US energy markets over the past six months. Kevin Foster assesses their progress and asks whether they can all survive

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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As uncertainty surrounding Brexit continues and the impacts of Covid-19-driven market volatility are analysed, it is essential for banks and their end-users to understand their clearing options, and how they can achieve greater capital and cross…

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