July 9, 2020 / 11:44 AM / a month ago

MOVES-Sumitomo veteran Bob Takai moves to European Energy Exchange

TOKYO, July 9 (Reuters) - Bob Takai, a veteran in energy and commodities with Japan’s Sumitomo Corp, has joined the European Energy Exchange (EEX), taking a position overseeing its activities in Japan where the bourse has started a clearing service.

The move will help boost the exchange’s presence in Japan, where the government has pushed through big changes in a roughly $140 billion power market, following the Fukushima disaster of 2011.

Takai will be based in Tokyo and report to EEX’s Chief Operating Officer Steffen Koehler, the European exchange said in an emailed statement.

In a career spanning about four decades with Sumitomo, Takai has worked in commodities and energy, trading physical products as well as derivatives and other areas.

He was global head of research at Sumitomo until early 2018, when he moved to Washington to head the Japanese trading house’s operation there.

EEX earlier this year started a new trade registration service for Japanese power futures, where trading has risen sharply with market liberalization in Japan.

EEX Japan Power Derivatives transactions totalled 104,520 megawatt hours in the first full month of trading in June, EEX said in its statement. (Reporting by Aaron Sheldrick)

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