“Banks usually sit their commodities trading operations within the fixed income division,” notes Jean-Marc Bonnefous, New York-based global head of commodity derivatives for French bank BNP Paribas. “But BNP’s commodity derivatives group is part of the 800-strong Energy Commodities Export Project division of the bank, which gives us a competitive edge. Not only does it make our entire commodities business more coherent, but it also makes it possible for us to offer clients a one-stop
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