Citigroup has made four hires to its London power and gas sales team, as the US investment bank continues to build its commodities arm while its peers scale back in the sector

Citigroup has made four hires to its London power and gas sales team, as the US investment bank continues to build its commodities arm while its peers scale back in the sector

Citi adds four to growing commodities roster

Suzi Ring

02 Jul 2013

Citigroup”>Citigroup has made four hires to its London power and gas sales team, as the US investment bank continues to build its commodities arm while its peers scale back in the sector, Financial News has learnt.

Citi adds four to growing commodities roster

Branko Pribicevic will join Citi in September from energy trading company Vitol to take up the role of head of European power and gas sales and origination, according to two people familiar with the situation. He has been at Vitol since 2009, prior to which he was at Morgan Stanley, according to his LinkedIn profile. Pribicevic did not respond to a LinkedIn request for comment.

Colin March is set to join Citi from Morgan Stanley. According to the UK’s Financial Services Register he had been at Morgan Stanley since 2007 but left the bank last month. March could not be reached for comment.

Former Goldman Sachs executive director Diana Beverly and Benjamin Davis from Macquarie Bank will also join Citi’s power and gas group in the coming months. Beverly was at Goldman Sachs for six years until 2012, according to one person familiar with the situation. Davis has been at Macquarie since 2009, according to the Financial Services Register.

Beverly did not respond to a LinkedIn request for comment. There were no contact details available for Davis.


Citi has been taking steps to grow its commodities arm at a time when other investment banks have been doing the opposite due to increased capital requirements and tighter restrictions around proprietary trading. The Wall Street Journal reported last month that Morgan Stanley plans to cut 10% of the staff in its commodities unit, or about 30 jobs.

Deutsche Bank has also been scaling back its commodities business in some areas. This year the bank has put parts of its European physical gas and power books up for sale, which has led to about 10 traders being cut this year, according to a person familiar with the plans.

Other departures from the bank’s commodities business in recent months include David Silbert, global head of commodities; Ray Key, global head of metals trading; and John Redpath, global head of oil products and agricultural trading.

In contrast, Citi recently hired a senior metals duo from UBS to lead its global metals sales and base metals trading divisions – moves first revealed by Financial News. Rick McIntire will join Citi from UBS as global head of metals sales this month, while Dylan Morgan joined the bank from UBS as co-head of base metals trading in May.


Other notable hires include Jose Cogolludo, the former BNP Paribas global head of sales and marketing for commodity derivatives, who joined Citi as global head of commodities sales at the close of last year; and Kris Van Broekhoven, who joined from Deutsche Bank as global head of commodity finance in September.

According to research firm Coalition, Citi was ranked as a “tier three” investment bank commodities sales and trading in its 2012 investment bank league table. Tier three means the bank ranks between seventh and tenth among the top ten investment banks for sales and trading revenue.

Just three of 10 of the largest investment banks in commodities trading increased revenues from this business last year, according to a JP Morgan report published in April. Goldman Sachs, Morgan Stanley, Macquarie Group, Deutsche Bank, Barclays, Standard Chartered, Credit Suisse, RBC Capital Markets, BNP Paribas and UBS shared total commodities trading revenues of $6.74bn last year, down from $7.04bn during the previous 12 months. Of these, only Macquarie, Barclays and RBC saw figures increase.

JP Morgan did not include itself or Citi in the April report.

Chris Fix delivers on Asia promise for Dubai bourse

Chris Fix delivers on Asia promise for Dubai bourse


Chris Fix, the chief executive of the Dubai Mercantile Exchange who was tasked last year with growing the Asia-Pacific membership of the exchange, has signed up its first full trading member from Japan.

Fix delivers on Asia promise for Dubai bourse

Mitsubishi Corporation, one of Japan’s largest trading companies, became a full DME trading house member yesterday. The exchange has also held talks with companies from elsewhere in Asia, including Korea, according to one person familiar with the situation.

Fix, who became DME chief executive in August 2012, was brought in with a mandate to grow the exchange’s Asia-Pacific reach. Fix joined the exchange from French bank BNP Paribas, where he had helped build the bank’s customer base in Asia four-fold during his time there.

Ahmad Sharaf, chairman of the DME, said at the time of Fix’s appointment: “When we restructured the DME in February of this year, we signalled our intention to place more emphasis on the increasingly important Asian market. The appointment of Christopher Fix as the new DME chief executive, with the Asian market knowledge and experience he brings, is a real tangible expression of that commitment.”

The restructuring of the DME in February 2012 saw the CME Group double its stake in the exchange to 50% and the Oman Investment Fund increase its holding to 29%.


Since the restructuring, the exchange has admitted three new members: Indian holding company Reliance Industries, RBS and Mitsubishi. The DME now has a total of 31 members.

RBS was admitted as a clearing member in March, as first reported by Financial News. Reliance and Mitsubishi have both joined as trading members.

The DME has also been trying to raise the profile of its Asian oil benchmark, based on the DME Oman Crude Oil Futures Contract. Fix said yesterday: “Mitsubishi’s decision to acquire a membership is a major endorsement of DME Oman’s position as the new benchmark for crude oil trading for the Asian markets.

“With the strong support of customers like Mitsubishi, DME continues to move from strength to strength and is perfectly positioned to bridge the rapidly expanding crude oil corridor between the Middle East and Asia.”


–write to and follow on Twitter: @journosooz

Map: Another Major Tar Sands Pipeline Seeking U.S. Permit

While all eyes are on TransCanada’s Keystone XL pipeline, another Canadian company is quietly building a 5,000-mile network of new and expanded pipelines that would achieve the same goal as the Keystone. In fact, the project by Enbridge, Inc.

via Pocket June 06, 2013 at 06:56PM

Geneva Energy Markets deployed StreamBase CEP for continuous evaluation of oil futures trading opportunities

Geneva Energy Markets deployed StreamBase CEP for continuous evaluation of oil futures trading opportunities

New York – StreamBase Systems has announced that oil trader Geneva Energy Markets, has deployed StreamBase for their automated trading infrastructure. The system helps GEM monitor, analyze and act on hundreds of thousands of trading opportunities every day.

GEM uses StreamBase to continuously evaluate oil futures trading opportunities by correlating, for example, heating oil prices in New York, gasoline in Europe, West Texas Intermediate crude oil, and more. Based on GEM’s trading algorithms, the system evaluates hundreds of thousands of combinations in parallel a day, decides how much the opportunity is worth, and acts, in milliseconds. The automated system executes pre-defined strategies electronically, and alerts traders of “high touch” opportunities for manual trading attention.

“Our StreamBase-based system helps us strike the balance between automated trading and manual trading,” said Mark Vonderheide, Managing Partner, GEM. “We started with a vision to automate based on CEP in the fall of 2009, and StreamBase has not only met, but exceeded our expectations on what we wanted to achieve. The development environment has helped us get our applications into market quickly, and, just as important, the company has stood by us all the way as a partner, something that you don’t see with many software companies today.”

“Today’s enterprise data is constantly in motion – the better you process that data, the better your results,” said Mark Palmer, CEO of StreamBase. “Geneva Energy Markets is a great example of a firm that uses StreamBase to continuously correlate real-time conditions, and act in real time. Together with our partner, Trading Technologies, we think the oil swaps market is a prime opportunity for CEP-based innovation.”

Mark Palmer, CEO, StreamBase

Mark Palmer, CEO, StreamBase

“Geneva Energy Markets is a great example of a firm that uses StreamBase to continuously correlate real-time conditions, and act in real time.”

OANDA Offers CFD Trading to Clients in Canada

OANDA Canada clients now have the opportunity to invest in a variety of commodity, stock index, and fixed income contracts for difference (CFDs) using the company’s award-winning trading platform. With the addition of these products, OANDA Canada’s retail clients can invest in U.S.

via Pocket February 14, 2013 at 07:30PM

ICE Announces February 11 Launch Of 16 New Oil, Iron Ore And API 8 South China Coal Contracts

IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, today announced the introduction of 16 new energy contracts on ICE Futures Europe.

via Pocket January 29, 2013 at 06:18PM

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