HSBC Holdings (HSBC) abandoned its plans to build a carbon credits desk after the voluntary carbon market shrank to roughly $1 billion last year, Bloomberg reported Thursday, citing people familiar with the matter.
Bankers assigned to the desk were later assigned different roles, the report said.
A company insider told MT Newswires that HSBC did not launch a VCM trading desk but was exploring the option of doing so, after determining earlier this year that the market is nascent.
A spokesperson for HSBC declined to comment to MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
