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.

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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

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