Colin Bryce - Founding Partner at Energex Partners - joins HC Group's Paul Chapman to discuss ‘The Rivers of Money: Social and Economic History of Modern oil trading’, which he co-authored with Adi Imsirovic.
Both authors participated in oil trading during its pivotal years and through knowledge of the industry, experience and contacts bring to life this period in rich detail creating a unique book, blending reportage and economic history.
Why did London become the epicenter of physical oil trading? Why did Wall St look so different? Why did Singapore become the Asia hub of commodities? What are the origins of the trading houses and how did they come to dominate the sector?
This book should be on the shelf of any commodity professional. Rich in anecdotes, characters and rooted in the heart of world history over the last 50 years, the book is both enjoyable and important.
You can buy the book here.
Key Talent Impacts
The shift from personalities to professionalism
Early oil trading was dominated by colourful, unconventional characters – from “impoverished aristocrats” to ex-tennis pros – whose personal networks, instincts and social skills drove deals. Over time, however, the arrival of Wall Street banks introduced a far greater seriousness of purpose, discipline, and financial sophistication. This raised the bar for talent, shifting the profile of a trader from opportunistic risk-taker to highly professionalised specialist.
The evolution of the trader into multi-skilled teams
Where once a trader embodied the whole craft – originator, negotiator, risk-taker – the role has become fragmented into team-based specialisms. Today’s trading organisations require a blend of skills: structuring, data science, quantitative modelling, physical logistics and relationship management. Talent development now requires multidisciplinary collaboration rather than reliance on individual brilliance.
The enduring value of human judgement
Despite technological advances, human factors such as emotional intelligence, negotiation in difficult jurisdictions, and the ability to “sniff a deal” remain vital. Physical trading in particular still rewards personalities who can navigate complexity, build trust in opaque markets, and create optionality. These human capabilities continue to distinguish originators and asset-backed traders from purely algorithmic operators.
Escalating competition for talent and rewards
The influx of Wall Street capital in the 1980s transformed compensation and career aspirations in commodities, creating a talent war with the majors and trading houses. High bonuses and the promise of outsized fortunes attracted the “best and brightest” into the sector. This escalation persists today, with trading houses offering significant incentives to secure scarce talent that can operate across volatile markets, manage assets, and integrate technology into decision-making.
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