I hear at the Mitsubishi party at EPCA on Saturday night that aromatics trader Martin Riepl has left Linz-based traders Summit, and that he is now on gardening leave.
Another trader tells me that if Riepl is going to another trader, it has been a well kept secret, because no names have leaked out.
Industry players have been speculating that other traders from Summit in the US and Asia have left at the same time, and that they are planning to set up a new trading house.
“It’s hard for a small outfit to get the backing,” one trader tells me. Over glasses of champagne at the Mitsubishi party, everyone agrees that the days of the small trader are over.