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Derivatives

Calyon Hires Power Maven To Launch Transatlantic Trading Biz

French banking heavyweight Calyon is looking to build a transatlantic gas, power and oil trading operation and has nabbed Etienne Amic, former head of power trading at TotalFinaElf to build the business, according to DW sister publication Power Finance & Risk.

French banking heavyweightCalyon is looking to build a transatlantic gas, power and oil trading operation and has nabbed Etienne Amic, former head of power trading at TotalFinaElf to build the business, according to DW sister publication Power Finance & Risk.

Amic joined Calyon in London at the start of the month in a new position of global head of commodities trading and said he's been charged with building the bank's relatively small commodities operation into a broader energy trading and marketing business that will likely include both a gas and power trading desk alongside its existing oil derivates platform. He reports to Andy Gooch, global head of commodities in London. Previously the bank had separate operations for each commodity, according to an internal memo.

Calyon, formed last year through the merger of Crédit Lyonnais and Crédit Agricole Indosuez, already trades several niche oil markets, such as jet fuel and naphtha, and has a London-based commodity derivatives brokerage business, formerly called Crédit Lyonnais Rouse.

Amic, a former oil trader at Total in Geneva, launched TFE's London-based European power trading business in 2000. Last year he briefly moved to Paris to take a senior position in the company's oil exploration and production divisision, before returning to London last year to head up gas and power origination.

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