Mercuria

This Canadian book traces directly to one transaction. When Mercuria bought J.P. Morgan's physical commodities business in 2014, it inherited a North American merchant footprint that a Geneva-founded trader had no organic way to build, turning it overnight into a real presence in Canadian crude, gas and power.

Operating as Mercuria Commodities Canada Corporation, the desk trades crude, natural gas, NGLs, power and environmental products on the group's own book, pairing physical supply and logistics with derivatives hedging. It sits inside Mercuria Energy Group, one of the largest independent energy and commodity merchants.