Prebon sets up coal desk

London-based broker Prebon may have failed in its bid to lure three coal traders from fellow broker Icap, but it is continuing to build a coal team. In mid-May, Sharon Millar, who previously traded paper and physical coal at UK utility RWE Innogy, joined Prebon. Andrew Temple has also moved to the coal broking desk from the natural gas desk.

Prebon is in the midst of a wrangle over the brokers it sought to hire from Icap – George Dranganoudis, Dennis Walton and Alexander Newman (see Energy Risk May 2004, page 20). The three-strong team had signed contracts to join Prebon, but chose to remain at Icap, following a counter-offer.

Prebon chief executive Tony Verrier says his company will be taking legal action against Icap and the three brokers.