The European Gas markets are undergoing radical restructuring as extraction from the North Sea declines, dependence on gas from Eastern Europe and LNG sources grows and wholesale markets are opened up. Our European Natural Gas desk entered the market in 2003. They have built a solid base in these rapidly emerging markets. They are a leading broker in the liquid Dutch TTF market. Were the first broking team to arrange contracts in the French PEG market. ICAP has been at the forefront in promoting the German BEB and EGT hubs where liquidity is growing fast.