Gazprom Marketing & Trading: Powering up for clearing
While most non-bank derivatives users have been waiting for the European Securities and Markets Authority (Esma) to finalise the thresholds beyond which over-the-counter trades need to be cleared in Europe, Michal Kawski is fretting about a different definition – of the word ‘ancillary'.
As head of treasury for Gazprom Marketing & Trading (GM&T) in London, Kawski knows that if the Russian oil giant's trading activities – which generated £21.7 billion in revenues during 2011 – are not deemed to
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