The Risk 2003 commodity and energy derivatives rankings

The brutal shake-out of energy trading firms in 2002 left the field open only to those few with iron-clad credit. Meanwhile, many gold derivatives dealers suffered, despite the metal’s soaring price.

Last year’s energy rankings were dominated by the companies that stepped into the void left by Enron’s implosion. They cheerfully predicted that the disaster would not cause any long-term damage to liquidity. But Enron was more than just a major counterparty. It was the primary liquidity provider for a range of products (some of dubious value). It was also among the leaders in suspect accounting and trading practices – hiding losses through opaque structured vehicles and inflating