Trading firm DRW suffered steep losses in the first quarter on wrong-way power trades after a deep winter freeze in North America sent energy prices ricocheting.
The Chicago-based firm lost $176mn in the first three months of the year on an adjusted basis, according to people familiar with the matter. Revenue was $619mn compared with $646mn in the first quarter of 2025, people added.
DRW responded by reducing risk and parting ways with the head trader who led the US desk for power and natural gas after the “significant loss” from “an extreme market event”, a spokesperson for the firm said.
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