TRADING

 

A proprietary trading firm involved in the EU & UK ETS since inception

 

Grey Epoch Trading is the group’s proprietary trading firm whose traders have been active in the EU Emission Trading System since its inception. Grey Epoch Trading's expertise has allowed them to become the largest liquidity provider of exchange-traded options in the EU ETS* and named as Liquidity Provider of the Year in the Energy Risk Awards 2023 and 2024.

 

Who we are

  • Ken Schneider

    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 specializing in foreign exchange and equity index options. Ken is still a member of the Chicago Mercantile Exchange and serves as president of Grey Epoch. 

  • Mark McCormack

    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 and as mid-office manager for their environmental futures and options business before becoming environmental product portfolio manager in 2013. He has also maintained his duties with Grey Epoch since they spun off from RNK Capital in 2013. His duties as operations manager 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.

  • Justin Lansburgh

    Justin has more than 20 years of 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.

  • Bryan Kenny

    Bryan has more than 15 years of 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.

  • Sharad Agnihotri

    Sharad joined Grey Epoch’s newly set up London office in 2021, bringing over 20 years derivatives experience from both a proprietary trading and market making perspective. Besides emissions, he has a 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, 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.

  • James Foo

    James Foo

    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 Deustche 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.

 

*Grey Epoch Trading, brand of name Grey Epoch LLC, has been #1 liquidity provider of EUA options on the ICE exchange from 2013 - 2022.