3 Wall Street banks are not key players in RINs market, sources say

11/7/2013 | Reuters

Banking giants Morgan Stanley, JPMorgan Chase and Goldman Sachs were not prominent players in the Renewable Identification Numbers market this year, when prices soared by as much as 2,900%, according to traders and bank officials. Goldman Sachs did not trade in RINs at all, while Morgan Stanley, which has an oil trading business, ended up losing money on RINs this year, said officials and other sources. Meanwhile, JPMorgan Chase only oversees the RINs inventory of refiner Philadelphia Energy Solutions, which buys its own RINs, sources said.

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