Michael Giberson If the energy-trading world were an iceberg, public markets like the New York Mercantile Exchange would be the exposed tip. The over-the-counter market would be the vast, hidden bulk. So begins a good overview of energy trading from the WSJ, “Talking about trades,” which actually reflects a passing understanding of the commercial world. … More Should all energy futures and derivatives contracts trade on regulated exchanges? … More Should all energy futures and derivatives contracts trade on regulated exchanges?