Chief Operating Officer Commodities Community
Debating complexity, change, and challenges faced by Trading Houses and Investment Banking
In 2025, Armstrong Wolfe is partnering with leading management consultants Baringa to support debate and promote information exchange on market-wide, non-proprietary challenges. They join forces to unite the diverse communities of trading houses and investment banks, bound by common challenges as much as they are separated by their differences.
The combination of Armstrong Wolfe’s unparalleled COO relationship management network with Baringa’s deep-rooted insights and advisory expertise will provide a unique platform for debate and information exchange. This will be delivered within a trusted Chatham House Rule environment, enabling candid and constructive dialogue COO to COO.
The community will be supported by a quarterly roundtable dinner hosted by Baringa at their prestigious headquarters in Westminster, London, with each dinner arranged and moderated by Armstrong Wolfe.
In between these dinners, online COO Cluster Calls will be arranged and run by Armstrong Wolfe, with Baringa offering industry insights and guidance on topics presented for debate by members of the Commodities COO community. A Cluster Call consists of six COOs, alongside a Baringa and Armstrong Wolfe executive, managing a 60-minute information exchange on a topic of common interest, promoted by a COO.
For more information and/or if you are a COO within a commodities business, contact in the first instance, Maurice Evlyn-Bufton, CEO at:
David Kane
“I am delighted to be working alongside Armstrong Wolfe and their team to bring debate and support to the Chief Operating Officers of the diverse group of companies bound together in trading commodities. We aim to shine light on the common challenges facing this community and help them navigate through today’s challenges.”
Summary of Key Differences:
| Challenge | Commodities Trading Houses | Banks with Commodities Divisions |
| Regulation | More flexible, fewer restrictions | Stricter rules (e.g., Volcker Rule, Basel III) |
| Capital Requirements | Minimal regulatory capital constraints | High capital buffers required for positions |
| Physical vs Financial Focus | Integrated physical and financial trading | Primarily financial (derivatives-focused) |
| Risk Appetite | Higher risk tolerance | Lower risk appetite, client-driven focus |
| Profitability | Higher margins through physical arbitrage | Narrower margins, fee-based income |
| Reputational Risks | Private, less scrutiny | Higher public and regulatory scrutiny |
Summary of Common Challenges:
|
Challenge |
Impact on Both Banks and Trading Houses |
|
Market Volatility |
Exposure to extreme price fluctuations affecting profitability. |
|
Geopolitical Risk |
Sanctions, conflicts, and resource nationalism disrupt operations. |
|
Regulatory Pressure |
Compliance with ESG, transparency, and anti-corruption mandates. |
|
Financing and Liquidity |
Rising interest rates and tighter credit conditions increase costs. |
|
Energy Transition & ESG |
Balancing carbon-heavy profits with long-term sustainability goals. |
|
Technology Transformation |
Investments in AI, automation, and cybersecurity are critical. |
|
Supply Chain Disruptions |
Logistics disruptions affect trade execution and profitability. |
|
Reputational Risk |
Public scrutiny and ESG failures harm trust and investor confidence. |
|
Competition & Margin Pressure |
Rising competition drives margin compression. |
|
Talent Retention |
Demand for specialized skills in commodities trading and renewables. |
Armstrong Wolfe Forums & Events 2025
In 2025, we are proud to offer our members an extensive program of 100 events, comprising 61 in-person gatherings and 39 online sessions.
We recognise the growing importance of online engagement in today’s business landscape, enabling us to connect our global community in real time for meaningful discussions. However, we firmly believe that in-person events remain the cornerstone of our community, fostering deeper connections, collaboration, and impactful engagement.
For more information about our membership or events program, please contact:
Banking: Maurice Evlyn-Bufton, CEO
Asset and Wealth Management: Terry Yodaiken, CAO
We look forward to welcoming you to Armstrong Wolfe in 2025 and helping you become an active part of our thriving global community.