Millennium appoints ex-Jera trader to lead Tokyo power desk

Millennium Management has hired Matthias Soreau, the former head of Japanese power trading at Jera Global Markets, to lead a power trading desk in Tokyo. He is expected to join Millennium’s Tokyo office this month, according to people familiar with the matter. Jera Global Markets confirmed Soreau has left the firm.

Soreau previously led Japanese trading at EDF Trading before moving to Jera Global Markets.

Millennium is recruiting additional traders to build a team around Soreau rather than making a single senior hire. Those traders will be based in Tokyo and focus on trading electricity and related products in Japan.

Recruitment descriptions and people familiar with Millennium’s plans indicate the desk will trade across multiple delivery curves and timeframes and cover a range of short- and long-term power products.

Jera Global Markets is the trading division of JERA, Japan’s largest electricity generator.

Japan’s wholesale power market has attracted more domestic and international participants in recent years. Trading activity has increased during periods of price volatility and as market structures have changed.

Millennium is a multi-strategy hedge fund with global trading operations.