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 Do 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.

Why Nuclear, Why Now?

Demand for nuclear fuel is increasing as energy systems respond to several global structural shifts:
 

  • The need to balance intermittency in renewable generation
  • Rapid growth in electricity consumption driven by data‑intensive technologies such as AI
  • Renewed focus on energy security and domestic generation capacity
  • Policy support for decarbonisation and reliable baseload power
     

With nuclear capacity expanding in Asia, restarts underway in parts of Europe, and significant long‑term demand in the United States, market participants are seeking deeper liquidity and more transparent pricing across the nuclear fuel complex.

Leadership and Expertise

The Global Nuclear Fuels Desk is led by Emily Fink Russo and John Perdew who bring deep sector knowledge and long‑standing industry relationships.

“Nuclear energy is moving back to the centre of the global energy conversation. As utilities, producers and financial participants respond to rising demand and tighter supply chains, the need for transparent, well‑functioning markets across the nuclear fuel cycle has never been greater. ICAP is uniquely positioned to bring credibility, connectivity and proven brokerage expertise to this evolving market.”

Emily Fink Russo, Managing Director and Co-Head of Nuclear Fuels at ICAP
To contact the team please email: Nuclearfuels@tpicap.com 

Governance and Market Integrity

ICAP’s Nuclear Fuels Brokerage Desk operates within the firm’s established compliance, risk and regulatory frameworks, reflecting the sensitive and high‑barrier nature of nuclear fuel markets.

The desk is supported by robust onboarding, counterparty due diligence and transaction monitoring processes, ensuring that market participation is conducted responsibly and in line with applicable regulations.