Gazprom Marketing & Trading: Powering up for clearing


While most non-bank derivatives users have been waiting for the European Securities and Markets Authority (Esma) to finalise the thresholds beyond which over-the-counter trades need to be cleared in Europe, Michal Kawski is fretting about a different definition – of the word ‘ancillary'.

As head of treasury for Gazprom Marketing & Trading (GM&T) in London, Kawski knows that if the Russian oil giant's trading activities – which generated £21.7 billion in revenues during 2011 – are not deemed to

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: