More power to the banks

Banks now have greater freedom to participate in derivatives markets based on physical commodities thanks to two recent ruling by US regulators. As a result, the balance of power looks set to shift from Houston to New York. By Paul Lyon

A strange thing happened last month. Uday Narang, president of the European wingof Entergy-Koch Trading (EKT), left the company less than a year after his promotion.EKT had long been regarded as a bastion of the energy trading business, seeminglyimmune from trading scandals – that is, until US commodities regulatorsissued subpoenas seeking information on the firm’s natural gas and tradingactivities.

Meanwhile, investment bank NM Rothschild & Son managed to nab the lead storyfor the

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