Cobblestone Energy is expanding its Cross-Commodity Trading desk as part of its long-term approach to engaging selectively across European commodities markets. This development includes establishing emissions trading capability, strengthening the firm’s participation in regulated carbon markets where policy design and market structure play a central role in price formation.
Emissions trading is integrated within Cobblestone’s Cross-Commodity team, enabling a broader market perspective and supporting how the firm interprets interactions between emissions and other commodities.
Establishing Participation in Regulated Carbon Markets
Cobblestone Energy participates in European emissions markets through a structured and analytical trading approach. Activity focuses on carbon markets with defined compliance cycles and transparent pricing, where supply mechanisms and policy-driven adjustments influence value over time.
The desk trades emissions allowances across European and UK markets, engaging with instruments shaped by tightening supply, evolving regulation, and mechanisms such as the Carbon Border Adjustment Mechanism (CBAM). Participation is informed by disciplined execution and robust internal frameworks aligned with regulated trading environments.
How We Trade Emissions
Emissions trading at Cobblestone is built around three core elements:
- Policy and Market Structure
We analyse emissions markets through regulatory frameworks and allowance supply mechanisms. Understanding how policy shapes market balance is central to how opportunities are assessed. - Supply–Demand Analysis
Trading decisions are informed by analysis of allowance supply, emissions trends, and structural factors affecting market balance. Mechanisms such as allowance circulation and structural tightening are evaluated as drivers of long-term price dynamics. - Disciplined Market Participation
Participation is conducted within defined frameworks, with clear parameters guiding positioning and execution. This structure supports consistent engagement while maintaining control and transparency.
Leadership and Desk Development
The Cross-Commodity Trading desk operates under the leadership of Andrej Dvoretski, Head of Cross Commodity Trading. Under Andrej’s direction, the desk is focused on expanding Cobblestone’s presence in new markets and adding additional commodities to the firm’s portfolio, including emissions trading.
Andrej holds a Master’s degree in Economics from the University of Hamburg, with a focus on mathematics and statistics. His background supports a structured and analytical approach aligned with Cobblestone’s trading philosophy and long-term participation across regulated markets.
