Emissions Experts
Grey Epoch is a specialist in carbon and environmental markets.
Our traders have been active since the launch of the EU Emissions Trading System, and in 2024 alone handled over 1.4 billion ETS products. We are recognised as a top-three global ETS trader, offering clients access to EU ETS, UK ETS, ETS2, CCAs, voluntary carbon credits, and Guarantees of Origin.
Why Choose Us?
Specialised focus
Environmental markets are our core business - ETS, GOs, CCAs and Voluntary - making us specialists, not generalists.
Proven track record
1.4 billion ETS products traded in 2024 by traders active for nearly 20 years in emissions markets.
Lean, high-volume trading
Our agile setup and scale allow us to offer highly competitive pricing with no hidden fees.
Transparent, client-centric service
We prioritise your objectives, communicate clearly, and provide full transparency on pricing and execution.
Our Client-facing Team
GREY EPOCH EUROPE*
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Director, London Office
Ed is an experienced business developer and trader, now heading up Grey Epoch’s European business.
Prior to Grey Epoch Europe, Ed spent 15 years in commodities. At Shell, Ed was bringing projects to a financial close in the natural gas and power sectors, and later spent five years trading Crude Oil. At BG, he built up the North West Europe physical and financial trading business, transforming it from passive term seller of crude oil to active trader of physical oil and financial derivatives. Ed has an MBA from IESE Business School in Barcelona.
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Head of Business Development
Emilio joined Grey Epoch in 2021 as the Business Development Manager. Before this, he spent four years at BNP Paribas in London, specialising in structured product and solution sales.
Emilio holds a BSc in Economics, an MSc in Finance, and an MSc in Econometrics from VU University, Amsterdam. As the main point of contact for Grey Epoch Europe’s customers, Emilio leverages his extensive background to assist clients in managing their emissions allowance risks. He is dedicated to providing expert guidance and personalised solutions to help you navigate the complexities of emissions markets.
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Business Development Manager
Victoria joined the business development team at Grey Epoch in 2023, bringing business expertise in environmental energy from experience at Repsol and fluency in three languages: Spanish, French, and English.
Victoria holds a degree in Business Administration from Deusto Business School in Bilbao, Spain. Her diverse professional experiences in London and Madrid give her a valuable international perspective in supporting clients with their emissions-related challenges.
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Marketing Manager
Bea has built up extensive expertise in marketing, communications and project management at Provenca Capital, UK Trade and Investment, and a leading automotive engineering firm.
Bea was born in Portugal, raised in the UK, and has worked in Sao Paulo, Barcelona, and London. She holds a first-class degree in International Relations and a Master’s in Marketing Management.
*Grey Epoch Europe Limited (FRN: 959638) is an appointed representative of Thornbridge Investment Management LLP (FRN: 713859), which is authorised and regulated by the Financial Conduct Authority.
Routes to Emissions Markets
Grey Epoch Trading is the group’s proprietary trading firm, active in the EU Emissions Trading System since its inception. Today, it is the largest liquidity provider for exchange-traded options in the EU ETS and was named Emissions House of the Year 2025 and Liquidity Provider of the Year at the Energy Risk Awards for 2023 and 2024.
Grey Epoch Europe is the client-facing arm of the group, supporting compliance buyers and financial institutions with structured transactions and direct access to the trading and execution services of Grey Epoch Trading.
GREY EPOCH TRADING*
Our Trading Team
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President
Ken has more than 30 years of option trading and market-making experience.
In 2007 he was recruited by the environmental hedge fund manager RNK Capital to be the world’s first EUA options market maker. The trading group he assembled spun off from RNK in 2013 to become Grey Epoch Trading.
Prior to RNK, Ken spent five years in Philadelphia making markets on foreign exchange spot options, and then started his own business at the Chicago Mercantile Exchange specialising in foreign exchange and equity index options. Ken is still a member of the Chicago Mercantile Exchange and serves as president of Grey Epoch.
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Head of Operations
Mark was a Chicago Mercantile Exchange member for 24 years where he started his own foreign exchange brokerage and trading company.
He joined RNK Capital in 2008 as a mid-office manager for its environmental futures and options business before becoming environmental product portfolio manager in 2013. He has also maintained his duties with Grey Epoch since it spun off from RNK Capital in 2013.
His duties leading operations include risk management, proprietary technical analysis, and handling exchange and compliance issues.
Mark has a BSBA from Georgetown University and studied international business and finance at Oxford University.
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Justin has more than 20 years experience trading derivative products as both a market maker and proprietary trader on and off the trading floor. In 2010, he joined RNK Capital’s EUA market making team and stayed with the group as it spun off into Grey Epoch Trading.
Before that, Justin traded equity options as a member at the Chicago Board Options Exchange before moving to the Chicago Mercantile Exchange where he traded foreign exchange options in the pit and provided electronic liquidity on the CME's Globex platform.
Justin has a BBA in Finance from Emory University’s Goizueta School of Business.
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Bryan has more than 15 years experience trading options.
He joined the RNK Capital EUA market making team in 2010 and remained with the group when it spun off into Grey Epoch Trading in 2013. Before Grey Epoch, he spent three years making markets on Euro currency options at the Chicago Mercantile Exchange before moving to Gemini Trading, where his focus was market-making and event-driven strategies in equity options.
Bryan has a degree in Mathematics from the University of Colorado and an MBA from the University of Chicago’s Booth School of Business, where his studies concentrated on analytical finance and econometrics and statistics.
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James is based in the Grey Epoch London office and focuses on Continental Power.
He brings over 10 years of experience in the European Energy markets having spent time at Deutsche Bank - Neas which was subsequently bought by Centrica and most recently at Shell.
He brings experience across the curve - both in physical power and also in derivatives - from managing renewable assets to power transmission.
James has a degree in Mathematics and Management from the University of Manchester.
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Tara joined Grey Epoch as a Trading Analyst in the Power Trading Team.
She previously worked as a Machine Learning Engineer, as well as in prior roles in data science, where she developed analytical tools and data-driven solutions.
Tara holds a PhD in Sustainable Civil Engineering from Imperial College London, where she conducted computational research and published internationally.
She brings strong skills in quantitative modelling, programming, and problem-solving, which she now applies to energy market analysis and trading strategies.
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Shadab is a Power Trading Analyst at Grey Epoch, focusing on European electricity markets.
He previously worked as an Energy Trading Consultant at a global consulting firm, where he delivered projects spanning ETRM implementations and strategic business development for leading energy companies. At Grey Epoch, Shadab applies his analytical background and industry knowledge to help drive trading strategies and capture opportunities in fast-moving power markets.
He holds a master’s degree in theoretical physics from Imperial College London.
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Sharad joined Grey Epoch’s London office in 2021, bringing over 20 years derivatives experience from both a proprietary trading and market-making perspective.
Besides emissions, he has traded in a variety of markets, including European gas and power options, coal, dry freight and iron ore. He has spent the majority of his time in banks - at Deutsche Bank and BNP Paribas - and also had a stint at Gazprom Marketing and Trading.
Sharad has a master's in mathematics from Cambridge University and a Doctorate, also in mathematics, from Oxford University.
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Paul joined Grey Epoch in 2025 and focuses on US carbon markets.
He brings experience in trading carbon, crude oil, and refined products derivatives, with the past five years dedicated exclusively to options and structured products.
Paul holds a master’s degree in Applied Statistics from the University of Kansas and a bachelor’s degree in nuclear engineering from the Georgia Institute of Technology.
*Grey Epoch Trading is the brand name of Grey Epoch LLC.
“I really appreciate the patience and professionalism displayed from day one. Grey Epoch offers hand-holding experience with detailed and precise explanation and excellent technical knowledge. I would say Grey Epoch is by far the best partner we have worked with in our emission trading experience.”
— EU ETS Shipping Operator with 100+ vessels
+44 20 7038 7691
info@greyepoch.com
Mortimer House, 37 - 41 Mortimer Street, London, W1T 3JH
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