Are BBanks getting back into phys commodity trading again?
I trade phys gas and recently came across a couple of banks trading physicals on ICE more and more for a larger amount of hubs and regions. What're y'all's thoughts?
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BAML and JP seem to be hiring. Citi and Macq are still sizable
Yeah Macq is still the phys gas gorilla in BB space for sure
banks are building back their commodities arms for this cycle. Lots of hiring going on, well, until the next cycle
MS & GS have been popping up a bit more than usual.
Yea saw J Aron on a couple of offers
Vol in general has gone up and the HNW space is finally back looking at commodities. That is why the BB desks are growing I do not think they are looking "to trade" many other new entrants for sure doing that.
MacQ is a merchant in gas/power space their business model is totally different. J Aron, always sizeable due to Shane but very much looking to grow into renewables so that would do it too. BAML is always trying to hire/change folks but its all flow through business they always have. Citi same very strong flow business but left "trading" long ago.
MS needed to reload their guys have the loss in talent and has decided to go with "more quanity" than heavyhitters this time around. But they also have super strong flow business in power and some other areas.
The more real surprise is the funds sizeing up big time here started with TTF last year and continuing with various shops wanting to get exposure to all sorts of places.
thanks! What do you mean by Shane in the J Aron sentence?
Shane Lee runs Goldman’s unit formerly of Amanrath. You can find him on google.
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