Etp Premium -

The lawyer smiled. “We sold them access . The ETP offered daily rolls, contango protection, a frictionless bet on winter heating demand. The premium reflected convenience.”

Elena slid a second paper across the table. “And the internal email from your head of derivatives? The one where he writes, ‘The premium is sticky because retail doesn’t understand roll yield. Let’s not educate them’ ?”

The room went cold.

She stepped inside. “No. It was worse. It was inattention . You built a machine that rewarded you for not caring who stood on the other side of the trade.”