Glencore just posted the kind of numbers that make other trading desks quietly close their Bloomberg terminals and stare at the ceiling. Wall Street banks are on track for as much as $40 billion in trading revenue tied to the same Iran-related volatility. Glencore’s Marketing division, which encompasses its oil trading operations, is built precisely for these moments. In this case, the energy volatility windfall appears to be staying firmly within the traditional finance ecosystem, enriching commodity traders and energy majors rather than driving capital rotation into digital assets. What this means for investorsGlencore’s 119% EBITDA growth, combined with Wall Street’s projected $40 billion trading haul, suggests that traditional finance is absorbing the lion’s share of volatility-driven profits.