Contents


4 Not Smooth Sailing Commodities Now


9 The Bear in Winter Prospects ahead


13 Washington – We Have A Problem G20 financial reform processes


18 LME: Into a New Era Hong Kong Exchanges & Clearing acquisition


21 Commodity Business Awards Winners 2012


European Power & Energy (Supplement)


31 European Energy Market Integration Guy Isherwood


35 The European Energy Challenge Tobias Paulun, European Energy Exchange


38 Pre-Trade Risk Management Trayport pre-trade risk management


43 Facts Are Stubborn Things Trading European power markets


48 Industry Wide Problem / Industry Wide Solution Hugh Brunswick, EFETnet


51 Market Coupling Beyond country borders


Commodities Now - News and Forum


53 European Energy Markets Q&A, Steffen Köhler, COO, European Energy Exchange


#CommoditiesNow Commodities Now


(ISSN 1365-6953) (USPS 016131) is published four times a year:


(March, June, September & December) by Isherwood Production Ltd


Subscription records are maintained by Isherwood Production, 19 Henning Street London SW11 3DR


United Kingdom


65 Agile Exuberance Business fad or good ETRM implementation


69 Global LNG Market: Investing in LNG growth


73 LME Market Outlook Base metal prospects into 2013


75 Germany’s Next Energy Revolution New technologies required


78 US Natural Gas: Nowhere But Up? Boosting US natural gas prices


Commodities Now does not represent


an offer or recommendation to buy or sell or a solicitation to buy or sell any of the products mentioned herein and is not a


substitute for direct professional advice on a specific transaction.


[see full disclaimer on page 92]


80 World Energy Outlook 2012 IEA’s global energy map


86 Commodity Producing Countries: Ramping-up hedging programmes


92 Advertisers Index & Production Notes Commodities Now (ISSN: 1365-6953, USPS No: 016-131) is published (4 times a year : March, June, September, December), by Isherwood


Production and distributed in the US by SP/Asendia, 17b S Middlesex Ave, Monroe NJ 08831. Periodicals postage paid at New Brunswick, NJ. POSTMASTER : send address changes to Commodities Now, 17b S Middlesex Ave, Monroe NJ 08831


56 More Than Just ETRM: OpenLink’s Transaction Lifecycle Management


61 MiFID & You The commodity trader’s guide to MiFID II


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