Carbon traders Virtuse sees two staff depart China office -sources

Published 16:34 on February 29, 2016  /  Last updated at 16:34 on February 29, 2016  /  Bavardage, China's National ETS, China's Offset Market, China's Pilot Markets, EMEA, EU ETS  /  No Comments

Two staff have left the China-based office of EU-headquartered carbon trading house Virtuse, leaving a sole trader to handle business from the Shenzhen and Guangdong ETS, according to sources.

Two staff have left the China-based office of EU-headquartered carbon trading house Virtuse, leaving a sole trader to handle business from the Shenzhen and Guangdong ETS, according to sources.

The sources declined to name the pair but said they resigned recently.

A representative from Virtuse had not, at the time of writing, responded to emails and telephone calls seeking comment.

There is no suggestion that their exit is linked to the departure of the firm’s managing director Jan Fousek.

Fousek left the firm last week after selling his 49% stake in the firm to Virtuse CEO Rastislav Vasilisin, who now owns 100% of the company.

Prague-based Virtuse was one of the first EU companies to enter China’s fledgling carbon market in late 2014, setting up an office in Shenzhen and gaining a license to trade allowances – but not offsets – in the pilot emissions trading schemes in Guangdong and Shenzhen.

Both markets struggle with low liquidity, and in the Shenzhen market in particular the vast majority of ETS participants are small and rarely engage in trades for more than a few thousand allowances.

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