This pattern suggests that individual media institutions are unlikely to survive either in isolation or as independent (national) trading units.

"The same circuit got traded back and forth," said a former Reliant executive who worked with the company's trading unit.

The investment banking unit, which is separate from the trading unit, had revenue of $3.4 billion for the year.

Enron's trading unit was taking off at the time, leading the charge in an increasingly deregulated energy market.

Last year, according to internal records, the trading unit had booked $2.9 billion in profits through Aug. 31.

He had been president and chief operating officer of its marketing and trading unit.

At the local level, the party is organised around the trading units of the retail societies.

The problems at the trading unit have been a drag on the company's share price.

The firm created an analytical proprietary trading unit in 1986.

Williams is trying to decide whether to sell its trading unit or find a partner.