Dutch bank ABN Amro confirmed Friday it was closing down its trading operations involving natural gas, oil, and freight derivatives, cutting back to focus on its core markets of emissions and precious metals.
"We will not be a market-maker in future in the crude, freight and natural gas markets," spokesman Piers Townsend said. "We will continue to compete in markets where we have a competitive advantage."
Sources said there are approximately 25 employees in the operations that are closing down. Some will be deployed to other areas of the company.
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