28 August 2002 09:10 [Source: ICIS news]
SINGAPORE (CNI)—Japanese chemical trader Mitsui & Co is to set up a New York-based branch for its newly formed energy derivative trading company, Mitsui & Co Energy Risk Management Ltd, which is headquartered in London.
The New York team will focus its activities on being a new
liquidity provider and market-maker of energy derivative products
in natural gas, crude oil, and selected refined products for
Mitsui's North American and Latin American client base.
Mitsui has been expanding its OTC (over the counter) derivative business for years, including precious metals (gold, silver, etc.), LME metals (aluminium, copper, etc.), grain (corn, soybean, etc.) and energy products. The newly established energy company is within the chain of Mitsui's global commodity derivative operations.
The New York team includes traders and marketers with energy trading and OTC derivative marketing background. Chris Cregar (natural gas trading) and Hartley Connett (marketing), formerly of JPMorgan's energy derivative desk, will join Keith Murphy (marketing), previously of AIG and JPMorgan, to form the core executive New York team.
Hiroshi Hayakawa, formerly head of JPMorgan's European and Asian energy derivative trading operations, will serve as global COO (Chief Operating Officer) from the group's London headquarters. The entity is expected to start full operations as soon as all regulatory processes are completed.
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