NDR has actual dealings, Das, but UBRG doesn't.
NDR is a minority-owned company.
It gets a tiny margin from huge sales volume.
The trade-off is simple: NDR gets enough revenue to sustain it as a 'mom-and-pop' operation, in return the buyer and seller companies both get credit for contracting with a 'minority-owned business'
NDR will always be a 'mom-and-pop' business because it doesn't have the internal capacity to be anything bigger than that. It will not grow into a fully fledged gas trading company.
UBRG has never had a business. It has never made any revenues from trading. It will never have a business, and will never generate revenues from trading on it's own account. And it doesn't have the internal capacity or resources to grow NDR.
In summary: NDR is a fig-leaf that hides UBRG's nakedness. Behind that fig-leaf UBRG trades convertible 'junk' notes.
News 
Market Data 
Discover 
