Montel Logo

    Select your prefered language:

  • * Turkish edition by Montel-Foreks requires separate trial access or subscription.



Login to Montel Online is currently not available. We apologize for the inconvenience and are working to solve the problem.

Arraco Global adds 8th broker, eyes Spanish, Nordic markets


18 Oct 2018 14:30

18 Oct 2018 14:30

(Montel) Interdealer broker Arraco Global Markets has added its sixth new broker in a year and aims to enter Nordic and Spanish power "within months", while also working on Brexit contingency plans, the founders told Montel.

The firm recently hired the first of two Spanish brokers for its rapidly expanding team, while Italian speaking Madeleine Babic had also joined the start-up to broker power markets to Italian clients, joining from a similar position with French bank Societe Generale, Tom Roberts and Will Rigby said this week. 

Over the last 12 months, Arraco – founded 2016 – had also hired Mate Juhasz and Luigi Massari on Hungarian and Italian power, respectively, as well as Connor Scarlett and Oliver Kinkade.

“We started with Hungary, Italy and Greece and soon got to the point where our clients wanted us to move into more liquid markets, like France and Germany, to facilitate the trading of spreads, like Italy versus France,” said Roberts.

The recent hires brought the broking team to eight members, with the firm likely to double its headcount in six months, the “only limiting factor that we have to find the right people”, said Rigby.

Brexit contingency
As a London-based firm catering to continental clients, Arraco did not see Brexit as a major threat to further growth. 

“We do not know exactly how this [Brexit] will affect us in the medium to longer term,” Roberts said, nevertheless adding the company was working on contingency plans should Britain’s exit from the EU – planned for March 2019 – prove detrimental to remaining headquartered in London.

“Places like Frankfurt and Barcelona could be interesting but we’re not in any rush and I don’t foresee a decision on this until next year, at the earliest,” he said.

The company now had memberships across all major exchanges, like Germany’s EEX, London-based Ice and Nasdaq’s Nordic bourse, and in addition to growing geographically it is also trying to increase its volumes in natural gas, joining France’s Pegas exchange earlier this year.

It had just signed a market maker agreement for Austrian power with a local company and was looking to add another French broker to grow that market, said Roberts.

“We don’t have any local Nordic players as clients yet, as it hasn’t been a focus for us but several traders in German power have asked us to move into the Nordics to facilitate to spread trading from the German side.”

An interdealer broker matches institutional buyers and sellers, typically in less liquid markets where there are no organised exchanges or marketplaces.

Share this article on:

URL copied!

English newswire snapshot

Montel uses cookies to improve this website. By continuing to use our website you agree to our use of cookies. Read more about cookies and our privacy policy.