Prebon backs coal growth

Prebon Energy, the New Jersey brokerage firm that specialises in physical and financial energy products, has opened a coal desk.

Lee Taylor, senior-vice president for energy business development at Prebon, will head an initial team of four traders. He said the decision to open the coal desk reflects the growing market for coal trading.“With the US government committed to creating an environment for the growth of coal-based power to reduce the US's reliance on foreign oil, it was a natural decision to open the coal desk,” said Taylor. “It was a no-brainer.”

Taylor declined to predict the speed of the growth of trading volumes in coal and coal derivatives products, but said the team would cover a wide range of coal-related trades, including over-the-counter options and swaps.