Positive news in the commodities markets has been sparse over the past six months. A raft of banks have scaled back their trading desks, while others, including Crédit Agricole, Santander and BBVA, have closed their commodity divisions altogether.

Amid this downsizing, however, pockets of opportunity remain. With a wider regulatory focus on risk mitigation, an increasing need for banks to differentiate their trading operations in a more concentrated market and a shift to automated execution, specialist risk management and technology vendors are reaping the rewards.