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——— FINANCIAL — POLICY — FORUM ——— To put it bluntly, the markets for electricity and gas derivatives are in shambles, and this has left energy producers, distributors and users in a jam. Markets characterized by high fixed cost on the supply side and inflexibility on the demand side, are not well serviced by spot markets along. It should be extended to derivatives markets where there is even greater concern with the implications of large differences between market participants in the degree of financial sophistication. www.financialpolicy.org /DSCSPB4.htm   (4557 words)

EH.Net Encyclopedia: The History of American Labor Market Institutions and Outcomes There were markets for temporary and seasonal agricultural laborers to supplement family labor supply, but in most parts of the country outside the South, families remained the dominant institution directing the allocation of farm labor. While market forces of entry and exit will force employers to adopt policies that are sufficient to attract the marginal worker (the one just indifferent between staying and leaving), less mobile workers may find that their interests are not adequately represented (Freeman and Medoff 1984). The existence of unemployment is one of the clearest indications of the persistent frictions that characterize labor markets. www.eh.net /encyclopedia/article/Rosenbloom.LaborInst   (9461 words)

Australian gas markets   (Site not responding. Last check: 2007-10-31) The market for natural gas in Australia has only a small number of producers, a small number of consumers, limited depth in consumption (identified as lack of diversity in end users), and legacy agreements that limit competition. This lack of liquidity in Australian gas markets is the greatest impediment to the development of transparent spot markets. It may be some time before the Australian gas industry has market characteristics similar to those observed in more mature gas markets such as the United States and the United Kingdom, where transparent spot markets in gas and transport services are considered key industry features of market maturity. www.abare.gov.au /research/energy/gasmarkets.html   (202 words)

Forex Trading Stock Market: Futures Markets, Spot Currency Trading   (Site not responding. Last check: 2007-10-31) Spot currency trading does away with the middlemen and allows clients to interact directly with the market-maker responsible for the pricing on a particular currency pair. Foreign exchange, as the prime market, generates billions in revenue for the world's banks and is a necessity of the global markets. Like the futures markets, spot currency trading is an excellent vehicle for pattern daytraders who desire to leverage their current capital to trade. www.cftforex.com /?pageid=48436   (779 words)

Regional Economist -- Futures Market The spot market is for trading today, whereas the futures market is for future delivery. Spot prices would not be affected because vendors cannot store the eggs (take them out of the spot market) to sell in the future. If the soybean futures price exceeded the spot price by more than carrying costs, then an arbitrageur could earn a sure profit by selling a soybean futures contract, purchasing the soybeans in the spot market with borrowed funds and delivering the soybeans to the buyer of the futures contract on the settlement date. stlouisfed.org /publications/re/2002/a/pages/futures.html   (1432 words)

US Senate Committee on Energy and Natural Resources These markets are necessary because buyers and sellers of power cannot simply contract for power flows without confronting thermal, voltage and stability constraints of moving power through a network of high voltage lines. Allowing the largest buyer and seller in a market to be a market maker without oversight is also a mistake because such conditions creates dangerous incentives when a market maker/player also tries to function as an objective arbiter of forward power prices. Such capacity markets are a common element in the power markets that evolved from tight power pools and the reforms in the California market design include a plan to create capacity markets. energy.senate.gov /hearings/testimony.cfm?id=146&wit_id=118   (1842 words)

Derivatives and Risk Management in the Petroleum, Natural Gas, and Electricity Industries There are dozens of domestic spot markets for petroleum products, but in general they tend to be closely linked, because traders quickly take advantage of price differences that do not reflect the marginal cost of transportation. When one or both parties face a spot market price that differs from the price in reference market, however, other derivative contract instruments may be needed to manage the resulting basis risk. Even so, those banks still in the market seem to be thriving.”40 Insurance companies also have the financial reserves to withstand inevitable market setbacks and may become more interested in applying their expertise to energy markets. www.eia.doe.gov /oiaf/servicerpt/derivative/chapter3.html   (6111 words)

Sequence Economies In other words, spot markets are required to clear every period as before, but it is also required that the spot prices that emerge in the future be consistent with current expectations. The basic idea of incomplete markets, is that we might have a sequential economy where there are an insufficient number of financial securities - specifically, markets are said to be "incomplete" if the number of (linearly independent) securities is strictly less than the number of possible future states. Good general surveys of Radner equilibrium with complete and incomplete markets are found in Radner (1982), Laffont (1989), Magill and Shafer (1991) and, especially, the excellent treatise of Magill and Quinzii (1996). cepa.newschool.edu /het/essays/sequence/sequence.htm   (2801 words)

[No title] SPOT 5's other key feature is the dedicated High Resolution Stereo (HRS) instrument which will do large area "strip mapping" with stereo imagery. SPOT 5 is expected to enter operational commercial service after its anticipated two month commissioning period. SPOT Image, whose first satellite was launched in 1986, is the world's first and most experienced provider of commercial satellite imagery. www.gismonitor.com /news/pr/050602SPOT.php   (464 words)

Energy and Commodity Expert - Maycroft Consultancy In a liberalised electricity market the physical electricity is traded on a spot market and imbalance markets. The spot market is a market where contracts are traded on a daily basis for delivery the next day. The price mechanism in the spot market is used for regulating the power flow in situations of limited capacity in the central grid. www.maycroft.com /exchanges.htm   (608 words)

Effective Currency Transaction Taxes: The Need to Tax Derivatives, by Dean Baker, Center for Economic and Policy ...   (Site not responding. Last check: 2007-10-31) In short, the spot tax that would be applied to the initial transaction enabling the trader to have access to the options market would be sufficiently trivial to someone engaged in frequent trades, that it is likely to have virtually no effect whatsoever on their behavior and to raise very little revenue. The spot trader would still have to pay the currency tax on both ends of their transaction, for a cost of 0.2 percent of the average value of the transaction. While the spot market is currently far larger than the options market, if the tax provides a serious disincentive to trade in the spot market, it is likely that the options market, or other secondary markets, will quickly outgrow the spot market. www.cepr.net /publications/tobin_tax_2001_06_19.htm   (5672 words)

Reserve Bank of India The empirical analysis points towards a decline in spot market volatility after the introduction of index futures due to increased impact of recent news and reduced effect of uncertainty originating from the old news. It is, in fact, perceived as a market for speculators and concerns that it may have adverse impact on the volatility of the spot market are neither new nor understudied. Thus, future markets provide an additional route by which information can be transmitted to the spot markets and therefore, increased spot market volatility may simply be a consequence of the more frequent arrival and more rapid processing of information. www.rbi.org.in /Scripts/PublicationsView.aspx?id=7209   (4194 words)

[No title] Thus, the lead-lag relationship in returns and volatilities between spot and derivatives markets is of interest to academics, practitioners, and regulators for a variety of reasons. In the currency futures market, Chatrath and Song (1998) examine for volatility spillover relationships the spot and futures markets for Japanese Yen vs. the US Dollar and argue that the futures volatility influence the spot due to faster incorporation of new market related information, such as macroeconomic announcements in the United States. The special features then of this market, in comparison to the existing literature on futures markets, are: (i) the non-storable nature of the underlying commodity, being that of a service; and (ii) the asymmetric transactions costs between spot and FFA markets. www.eclac.cl /Transporte/perfil/iame_papers/proceedings/Kavussanos_et_al_A.doc   (2403 words)

DSpace at MIT: Item 1721.1/28270   (Site not responding. Last check: 2007-10-31) These markets, in which the participants engage in sealed-bid auctions to sell and/or buy electricity regularly, are viewed as multiagent systems, or as repeated games, played by participants with incomplete information. To represent these market characteristics, the agent-based model is selected, consisting of several power-producing agents with non-uniform portfolios of generating units. Nevertheless, the model is used to analyze the effects of market structures and the effect of load-serving entities on the power-producer bidding behavior and market outcomes. hdl.handle.net /1721.1/28270   (357 words)

Created With HTML Assistant Pro - 1/29/01   (Site not responding. Last check: 2007-10-31) This is a comprehensive measure which will mitigate the spot market exposure of most of the peak load in California. While there is certainly no single right answer as to what the balance between long and short-term purchases should be, the short-term and spot markets should be used to shape a portfolio, not to define it. A supplier that relies exclusively on spot markets is exposed to the risk that, due to favorable weather or supply conditions, prices will be too low to cover its costs. www.westgov.org /wieb/power/fercexer.htm   (1679 words)

Trading on the Index: Spot Markets and Price Spreads in the Western Interconnection, By Robert McCullough, October 01, ... Sharp turns in the market often required an audit of the mathematics of the stack-pricing calculations \(em an unpleasant task for both seller and buyer. In markets such as primary metals, chemicals, and fuels, commodities are often priced with reference to an external market or market survey. NYMEX defines "basis risk" as the uncertainty as to whether the differential between the cash and the futures markets will widen or narrow between the time a hedge position is implemented and the time it is liquidated. www.pur.com /pubs/1894.cfm   (2559 words)

Spot Markets versus Forward Markets   (Site not responding. Last check: 2007-10-31) The market where Spot transactions occur is called the Spot market. The markets where such deferred transactions occur are referred to as Forward markets. The prices at which currencies are bought and sold for spot transactions in the Spot markets are called Spot prices, or quotes, while the prices at which currencies are bought and sold for future needs in the forward markets are called Forward prices, or quotes. www.bsu.edu /classes/rrathina/course/unit2_3.htm   (163 words)

The OilSpot News by DTN Energy: EIA Offers Clues for Retail Gasoline Prices And though some may forecast winter weather by looking at caterpillars, the predictions with the best track records are made using the same elements that the EIA uses to forecast energy prices: lots of historical data, analyzed using the proper statistical techniques. Thus, by this approach, only about 3 cents of spot price increases currently remain to be passed through to the retail level. And given normal supply and demand patterns, especially with the approach of the summer driving season, it is a near-certainty that there will be further changes in spot gasoline prices, with or without changes in the underlying crude oil prices. oilspot2.dtnenergy.com /e_article000379567.cfm?x=b4FVqdN,bCDqgKf   (472 words)

Lead-Lag Relationship between the Real Estate Spot and Forward Contracts Markets Journal of Real Estate Portfolio ...   (Site not responding. Last check: 2007-10-31) The findings suggest that (1) during periods of low-volume ratios (i.e., the forward market is relatively less active than the spot market), the spot return Granger causes the returns of forward contracts; and (2) during periods of higher-volume ratios, there are feedback relationships between the two markets. Their ideas are that although a formal futures market for direct property does not exist, developers can carry out preoccupation sales (pre-sales1) of new developments well before occupation, so as to transfer their financial risk and gauge the market value of properties. Theoretically, both spot and futures contracts reflect the same aggregate value of the underlying assets and, if instantaneous arbitrage is possible, spot and futures prices should be perfectly contemporaneously correlated. www.findarticles.com /p/articles/mi_qa3759/is_200509/ai_n15936018   (887 words)

Electric Utility Regulation, by Robert J. Michaels: The Concise Encyclopedia of Economics: Library of Economics and ... Also included in bulk market transactions is the transmission of power by one utility for another, called wheeling. They debate whether large power users should be allowed to make their own bulk market transactions, which might adversely affect the bills of those smaller customers who remain "captives" of the utility. Thus, adding the municipal to the bulk market leads to a zero-sum redistribution of benefits among subsets of consumers rather than an increase in benefits to consumers as a whole. www.econlib.org /library/Enc/ElectricUtilityRegulation.html   (1912 words)

Spot markets say Samsung NAND flash shortage intensifying | TG Daily   (Site not responding. Last check: 2007-10-31) Spot markets say Samsung NAND flash shortage intensifying Spot markets say Samsung NAND flash shortage intensifying Not long after customers expressed concern about a shortage of high-density (4Gbit and above) NAND flash from Samsung Electronics in the spot market, sources are now indicating that the shortage has intensified, with the proportion of flash orders not being satisfied by Samsung growing to as high as 70%. www.tgdaily.com /2005/09/28/spot_markets_say_samsung_nand_flash_shortage_intensifying   (110 words)

Open Transmission and Spot Markets for Power (ResearchIndex)   (Site not responding. Last check: 2007-10-31) Abstract: The Energy Policy Act of 1992 promoted the development of spot markets for electric power by requiring utilities to open their transmission systems to wholesale power sales. We develop a model of power and transmission pricing in a network of markets where power flows obey the complex physics of reactive flows in a network rather than contract paths. We estimate a vector error correction model using peak and off-peak electricity spot prices during 1994--1996 covering 11 regional markets in the... citeseer.ist.psu.edu /81652.html   (459 words)

Trader's Roundtable :: View topic - Electronic Spot Forex Markets I have been researching and trading in the electronic spot forex market for the last six months and pending further analysis of cross rates I will be launching my systems on these markets. This is called rolling your position from spot to the next delivery day or spot/next, you do this at prevailing spot rates. If interest rates were exactly equal in both countries than you would roll at the prevailing spot rate and you would earn no carry (118.50 vs. 118.50). www.tradingblox.com /forum/viewtopic.php?t=32   (1899 words)

foreign spot exchange trading   (Site not responding. Last check: 2007-10-31) Hotspot FX is a venture backed on-line foreign exchange trading platform dedicated to providing full market access and superior service to its clients with complete anonymity. Foreign exchange spot trading is buying one currency with a different currency for immediate delivery, rather... A spot transaction is a straightforward exchange of one currency for another... www.koneksi.com /forex/foreign-spot-exchange-trading.php   (451 words)

IG Markets - New Daily Options   (Site not responding. Last check: 2007-10-31) All positions expire at the official levels of the cash FTSE and Wall Street markets, and you can trade until 1 minute before the relevant expiry time (typically 4.30pm for the FTSE and 9pm for Wall Street). Daily Options: spot FX All our FX daily options are settled against the 8pm spot rates of the markets concerned, derived from the daily settlement levels of the relevant IMM futures contracts. The strike prices are at 25-point intervals for all markets except for Euro/Sterling, where the interval is 10 points. www.igmarkets.com /content/ne_daily_options.html   (244 words)

YOUR ONE STOP SHOP FOR ACCESSING & PROFITING FROM INTERNATIONAL COMMODITY MARKETS THRU’ SPOT COMMODITY MARGIN TRADING   (Site not responding. Last check: 2007-10-31) Established in 1995 TOP SPOT Inc is a wholly owned subsidiary of TOP SPOT group who have been in business since 1987. Global spot/cash markets are inherently high risk in nature and require considerable discipline and thought. Global spot/cash markets in commodities are our only business and we are committed to that business regardless of changes in the market emphasis. business.vsnl.com /spotcom   (577 words)

Vexure Eyeing Spot Markets Third party logistics firm Vexure is gearing up its intermodal business to compete more broadly in the spot freight market – a market that’s traditionally been dominated by truckload carriers. “There’s a lack of truck capacity in the spot market today, so we’re trying to position our intermodal service as a good alternative to shippers in that market,” said Kathleen Motl, Vexure’s new intermodal general manager, in an interview with Fleet Owner. “The spot freight market is a very ‘carpe diem’ type of business – you have to ‘seize the day’ because every day the freight mix changes,” Motl said from the company’s Jacksonville, Florida headquarters. fleetowner.com /news/fleet_vexure_eyeing_spot   (283 words)

Trading on the index: spot markets and price spreads in the Western interconnection. | * To Be Deleted > * Utilities ... Trading on the index: spot markets and price spreads in the Western interconnection. Sharp turns in the market often required an audit of the mathematics of the stack-pricing calculations - an unpleasant task for both seller and buyer. Nevertheless, for a number of reasons, COB does not make for a very good market for industrial contracts north of California. www.allbusiness.com /periodicals/article/579842-1.html   (680 words)

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