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Merrill Lynch starts building coal desk

Matt Schicke, former director of coal trading at Michigan-based DTE Energy, has joined Merrill Lynch to build a US coal trading desk from its Houston office. As vice-president, he is initiating steps to trade coal, said Merrill spokeswoman Terez Hanhan.

    • Joe Marsh
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The move comes following Merrill's takeover of commodity-trading house Entergy-Koch Trading in October, which trades natural gas, electricity, weather and emissions. The bank is making moves to enter additional market segments, such as oil and coal trading, said Hanhan.

A financially traded market for coal - as opposed to a physically traded market, which is already well established - has finally started to develop in the US, as it has already done in Europe. The first financial US coal swaps

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