The company’s entire derivatives business derives value from trading and clearing in the Montreal Exchange.Mark Blinch/Reuters
One of North America's leading oil-trading platforms, TMX Shorcan Energy Brokers Inc., lost three of its seven professionals in Calgary, with the team expected to move to a rival firm.
The departure of a trio of energy-trading specialists, along with rumours that they were enticed to leave by significant signing bonuses, led to speculation among executives at rival financial firms that a new player may be planning to enter the Alberta energy market. None of Shorcan's competitors has announced that they have hired the group, which left Shorcan on Wednesday. The company's chief competitor is Net Energy Inc., also based in Calgary.
Shorcan is one of several companies in the business of providing prices and arranging trades of crude oil between North American producers and refiners, as well as trading houses. It also runs one of two major electronic platforms for trading spot crude, such as Western Canada Select, Edmonton light and synthetic oil from the oil sands.
Shorcan is an arm of Toronto-based stock exchange owner TMX Group Inc. A spokesperson for Shorcan confirmed the departure of three employees but declined further comment. Shorcan is expected to move quickly to hire staff to replace the brokers who left, as TMX Group management considers energy markets to be a growth sector.
Andrew Willis