As U.S. and European banks drop out of commodity trading, Russian, Chinese and Gulf state firms are filling the gap in an attempt to exert greater control over the pricing of the raw materials on which their economies so heavily depend. Last week, the Kremlin oil champion Rosneft (ROSN.ME) bought the oil trading unit of Morgan Stanley (MS), one of the largest and oldest trading desks on Wall Street, as banks reduce exposure to trading. The state companies are joining trading houses like Glencore (GLEN.L) and Vitol and large oil firms like BP (LSE:BP.) and Shell (RDSA.L) to take advantage of the retreat from trading by banks because of the greater regulation of banking activities that followed the 2008 financial crisis. It won't be long before such deals are repeated, say executives from major trading houses as they see a new class of rivals challenging their supremacy in connecting buyers and sellers of commodities, predominantly oil.
via Business News - Yahoo Finance http://finance.yahoo.com/news/march-state-companies-resets-global-154701819.html
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