Global environmental products broker Evolution Markets Inc. of White Plains, NY, continues to expand its two-year-old natural gas trading capabilities with the addition of three new staffers. CEO Andrew Ertel told NGI the firm is well positioned to capitalize on the growing importance of natural gas in a carbon-constrained world.

“The probability of federal [U.S.] greenhouse gas regulation drives increased demand for natural gas,” Ertel said. “Until we see more nuclear plants sited, which I think is highly unlikely, it puts on more pressure for larger natural gas supplies, more pipes, etc. across the board. When you start looking at the carbon markets internationally in Europe, they really move lock-step with both natural gas and power pricing. When you see a federal carbon market, you’re going to have an enormous linkage with carbon and natural gas.

“We felt that it was important to be ahead of the game. We also foresee the environmental markets commoditizing, and for us, strategically, it’s important to have a deep bench of talent that can easily transition as the carbon markets develop.”

To that end, Evolution Markets has hired veteran gas brokers David Doyle, Tom Marcotte and Carmine Giammarino. Since launching in 2005 the gas group has grown to a dozen brokers at desks in New York and Calgary.

Doyle becomes vice president, natural gas markets and co-leader of the company’s North American gas swaps and options desk. He previously was a vice president at FIMAT where he brokered trades in U.S. gas swaps and options. He also has worked at GFI and Prebon. Doyle began his career on the floor of the New York Mercantile Exchange (Nymex) where he worked in the gas pits during the market’s first years.

Marcotte becomes vice president, natural gas markets, and he will co-lead the North American swaps and options desk with Doyle. He previously built and managed the New York gas brokerage desk for ICAP where he specialized in North American gas swaps and options. He also has brokered gas for the Power Merchants Group and Natsource LLC.

Giammarino joins the firm’s western gas desk with 17 years of experience in gas and foreign exchange brokerage for a wide range of institutional clients. Prior to joining Evolution Markets, he served for eight years at Tullett Prebon as a broker in the western physical gas markets. He also acted as a broker for Prebon’s global foreign exchange operations.

Formed in 2000, Evolution Markets structures deals in the global carbon, U.S. emissions, renewable energy, weather derivatives and over-the-counter coal, natural gas, nuclear fuel and biofuels markets. The firm has offices in New York, San Francisco, London, Calgary, Bratislava and Prague.

“If you look at our western physical gas desk and now our western basis and AECO businesses, we’re pushing our way into being right there with the top firms in these markets,” Ertel said. “We’ve made a lot of headway over the last two years since we broke into the natural gas market, and if you look at our positioning as a company, we’re entirely committed to being the No. 1 desk in every market we serve.”

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