Nuclear Fuels Desk
As global energy systems evolve, nuclear power is reemerging as a critical component of the low carbon energy mix. ICAP’s Global Nuclear Fuels Brokerage Desk is designed to support this transition by providing trusted intermediation, price discovery and execution across one of the most complex and relationship driven energy markets.
What We Do
ICAP facilitates transactions across the entire nuclear fuel cycle, supporting both physical and financial market participants with discreet, compliant and efficient brokerage services.
Building on ICAP’s long‑standing expertise in physical and derivatives energy markets, the desk connects producers, utilities, financial institutions and intermediaries across the full nuclear fuel lifecycle.
Our coverage spans each stage of the process—from mined uranium through to reactor‑ready fuel—recognising that each step represents a distinct market with its own pricing dynamics, supply constraints and risk considerations.
Products and Markets Covered
The Global Nuclear Fuels Desk provides brokerage services across a broad range of products and structures, including:
- Physical Uranium (U₃O₈ / Yellowcake)
- Conversion Services
- Uranium Hexafluoride (UF₆)
- Separative Work Units (SWU)
- Enriched Uranium Product (EUP)
- Swaps and Location Swaps
- Options
Trading activity spans key uranium‑producing and consuming regions, including North America, Europe, Asia‑Pacific and Central Asia, reflecting the global nature of nuclear fuel supply chains.
Understanding the Nuclear Fuel Cycle
Uranium is extracted from the ground in jurisdictions worldwide including Australia, Canada, the United States and Kazakhstan. Before it can be used as reactor fuel, it must pass through a multi‑stage process involving conversion and enrichment.
Each stage of this journey represents a tradable market in its own right, with bespoke contractual terms, delivery considerations and regulatory oversight. ICAP’s role is to bring structure, liquidity and transparency to these markets while supporting responsible and compliant participation.
Products
We provide market leading liquidity, best in class data and unrivalled execution across all Battery Material products including:
- Cobalt Metal Futures
Cobalt Hydroxide Futures
Cobalt Metal Options - Lithium Hydroxide Futures
Lithium Carbonate Futures
Lithium Hydroxide Options - Molybdenum Futures
- Spodumene Futures
Jack Nathan, Desk Head, Tullett Prebon Battery Metals
Contact Jack
Email: jack.nathan@tullettprebon.com
Phone: +44 (0)20 3933 1060
