(BN) Geneva Lures Big Oil Trading Companies From London, FT


Geneva Lures Big Oil Trading Companies From London, FT Reports
2010-11-23 03:19:34.706 GMT

By Blanche Gatt
Nov. 23 (Bloomberg) -- Geneva may overtake London as the
world's leading oil and energy trading hub as companies such as
Trafigura Beheer BV and Vitol Group make plans to move traders
and sales staff away from the British capital, the Financial
Times reported, citing people familiar with the situation.
Trafigura is transferring about 80 of its 300 U.K.-based
staff to Geneva, while Vitol plans to move about 25 of its 200
London-based employees to the Swiss city, the newspaper said.
The departures come amid financial industry complaints
about stiffer regulation, increased taxes and ailing transport
infrastructure in London, the newspaper said.
"The trend is less London and more Geneva," the FT said,
citing an unidentified trading house executive.

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