Presentation to Ukraine Commodity Market Development Conference
The author of the presentation: Christa Lachenmayr, Division of Market Oversight, Commodity Futures Trading Commission (US)
Presentation to Ukraine Commodity Market Development Conference
The author of the presentation: Christa Lachenmayr, Division of Market Oversight, CFTC (US)
Presentation to Ukraine Commodity Market Development Conference
The author of the presentation: Christa Lachenmayr, Division of Market Oversight, CFTC (US)
Presentation to Ukraine Commodity Market Development Conference
The author of the presentation: Christa Lachenmayr, Division of Market Oversight, CFTC (US)
Presentation to Ukraine Commodity Market Development Conference
The author of the presentation: Christa Lachenmayr, Division of Market Oversight, CFTC (US)
Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency a...Cognizant
Municipal securities are relatively illiquid, and pre-trade price transparency is not a given. The creation of an integrated, consolidated bids-wanted platform can make all market bids available, irrespective of where the bid is sourced.
A Systematic Approach to Optimizing CollateralCognizant
With high-quality collateral all set to witness increased demand, financial services firm can achieve sizeable savings and competitive edge by rewiring their internal operations.
WG Consulting held an early morning breakfast seminar at the Houston Junior League to discuss the Dodd-Frank Compliance landscape as it currently stands as is expected to shape out--and how that effects energy businesses of all sizes today.
CA NOTES ON PRICE DETERMINATION
FREE AFFIDAVITS AND NOTICES FORMATS
FREE AGREEMENTS AND CONTRACTS FORMATS
FREE LLB LAW NOTES
FREE CA ICWA NOTES
FREE LLB LAW FIRST SEM NOTES
FREE LLB LAW SECOND SEM NOTES
FREE LLB LAW THIRD SEM NOTES
FREE LLB LAW FOURTH SEM NOTES
FREE LLB LAW FIFTH SEM NOTES
FREE LLB LAW SIXTH SEM NOTES
FREE CA ICWA FOUNDATION NOTES
FREE CA ICWA INTERMEDIATE NOTES
FREE CA ICWA FINAL NOTES
KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
Market is a place (need not be any physical entity) where the sales and purchases of goods and services are taken place. Market structure is the organisational characteristics of a market. Here the organisational characteristics are mainly relied on nature of competition and pricing.
Dmytro Tarabakin, Commissioner National Securities and Stock Market Commission, presentation on Adam Smith Institute`s Ukrainian Wealth Management Forum 2019
Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency a...Cognizant
Municipal securities are relatively illiquid, and pre-trade price transparency is not a given. The creation of an integrated, consolidated bids-wanted platform can make all market bids available, irrespective of where the bid is sourced.
A Systematic Approach to Optimizing CollateralCognizant
With high-quality collateral all set to witness increased demand, financial services firm can achieve sizeable savings and competitive edge by rewiring their internal operations.
WG Consulting held an early morning breakfast seminar at the Houston Junior League to discuss the Dodd-Frank Compliance landscape as it currently stands as is expected to shape out--and how that effects energy businesses of all sizes today.
CA NOTES ON PRICE DETERMINATION
FREE AFFIDAVITS AND NOTICES FORMATS
FREE AGREEMENTS AND CONTRACTS FORMATS
FREE LLB LAW NOTES
FREE CA ICWA NOTES
FREE LLB LAW FIRST SEM NOTES
FREE LLB LAW SECOND SEM NOTES
FREE LLB LAW THIRD SEM NOTES
FREE LLB LAW FOURTH SEM NOTES
FREE LLB LAW FIFTH SEM NOTES
FREE LLB LAW SIXTH SEM NOTES
FREE CA ICWA FOUNDATION NOTES
FREE CA ICWA INTERMEDIATE NOTES
FREE CA ICWA FINAL NOTES
KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
Market is a place (need not be any physical entity) where the sales and purchases of goods and services are taken place. Market structure is the organisational characteristics of a market. Here the organisational characteristics are mainly relied on nature of competition and pricing.
Dmytro Tarabakin, Commissioner National Securities and Stock Market Commission, presentation on Adam Smith Institute`s Ukrainian Wealth Management Forum 2019
Презентація до Проекту Закону про акціонерні товариства, реєстраційний номер 2493 від 25.11.2019 року (http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=67468)
Дослідження кваліфікаційних вимог фондового ринку, кадрового стану справ, поглядів щодо професійної етики, професійних викликів, потреб підвищення кваліфікації, яке провели спільно експерти CFA Society Ukraine, Проекту USAID "Трансформація фінансового сектору" та Національної комісії з цінних паперів та фондового ринку
Чи можливий «фінансовий «безвіз» для України, тобто визнання нашої країни відповідною ринку капіталу ЄС? Так, можливий. Але для цього потрібно зробити конкретні речі, а саме, повністю переглянути чинне законодавство щодо функціонування ринків капіталу і адаптувати його до стандартів ЄС. Це питання вирішує законопроект про спрощення залучення інвестицій та запровадження нових фінансових інструментів, який сьогодні зареєстрований у Верховній Раді.
Презентація про новий порядок подання фінансової звітності підприємствами, що становлять суспільний інтерес, та їх аудиторських звітів на основі використання документів у форматі iXBRL, що розроблені на основі Таксономії UA XBRL МСФЗ, прийнятої та опублікованої Міністерством фінансів України
Презентація до Концепції корпоративного управління у професійних учасниках ринків капіталу України, затвердженої рішенням НКЦПФР №173 від 29.03.2018 року
Презентація підготовлена Департаментом систематизації та аналізу фінансової звітності учасників ринку капіталу, та пруденційного нагляду НКЦПФР (Національної комісії з цінних паперів та фондового ринку)
Презентація Світового банку "Міжнародний досвід в організації роботи накопичувальної системи":
Частина 1: Адміністративні видатки і дизайн системи
Частина 2: Оптимізація дизайну системи і роль держави у наданні послуг на другому рівні системи
Презентація Проекту USAID «Трансформація фінансового сектору» - Міжнародний досвід функціонування обов’язкових накопичувальних пенсійних систем:
- Основні фактори, що впливають на результати діяльності накопичувальних пенсійних систем
- Результати діяльності накопичувальних пенсійних систем в окремих країнах та їх особливості
- Оцінка ситуації за умовного запровадження 2 рівня в Україні з 2005 року
- Основні уроки для України
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Pride Month Slides 2024 David Douglas School District
From Spot to Futures. Part 2.
1. Christa Lachenmayr, Division of Market Oversight
Kevin Piccoli, Office of International Affairs
Tracey Wingate, Office of International Affairs
December 2017
From Spot to Futures
U.S. COMMODITY FUTURES TRADING COMMISSION
OFFICE OF INTERNATIONAL AFFAIRS
3. KeyDifferences
• Relationship-based vs. Anonymous Matching – in spot or cash
markets, you choose who you do business with – based on
longstanding working relationships, trust or some other quality.
In futures markets, buyers (longs) and sellers (shorts) are
matched anonymously in a centralized marketplace
• Standardized contract terms and conditions vs. bespoke
• So, in order to be successful, futures markets and contracts must
have transparency and integrity
• Publicly available terms and conditions for contracts that
draw on established commercial practices
• Clear delineation of responsibilities between buyers and
sellers
• Penalty provisions and disciplinary actions
3
4. EconomicUtility
4
• A good candidate market for a futures contract has an
underlying commodity that:
• is homogenous, i.e. “commodity grade”
• has a large and active cash market that responds to a
similar, or correlated, set of supply and demand fundamentals
• has a diversity of potential market participants with risks
dispersed across a wide range of producers, merchants and
consumers
• experiences a considerable amount of cash price volatility
• is not subject to regulatory treatment that can interrupt
supply and demand
5. CorrelationwiththeCashMarket
5
• To design a contract that satisfies a hedging need and
promotes price discovery of the underlying
commodity, the contract should account for:
• Size and structure of the underlying market
• Historical patterns of production, consumption and supply, including
seasonality, growth, market concentration, trade patterns
• Quality or grade of the underlying commodity
• Liquidity and cash pricing system (transparency, frequency)
• Vertical integration of production and consumption among producers,
merchants & consumers
• Existence of price controls, embargoes or other regulations
6. PromotionofConvergence
6
“The Commission believes that, to meet the statutory
requirement of tending to prevent or to diminish price
manipulation, market congestion, or the abnormal
movement of a commodity in interstate commerce, a
futures contract should have a deliverable supply that,
for all delivery months on the contract, is sufficiently large
and available to market participants that futures deliveries,
or the credible threat thereof, can assure an appropriate
convergence of cash and futures prices.”
- CFTC Federal Register Notice, November 13, 1997
7. DeliverableSupply
• Generally defined as the quantity of the commodity that
potentially could be made available for sale on a spot
basis at current prices at the contract's delivery points.
• Qualifiers:
• meets the contract's delivery specifications
• reasonably can be expected to be readily available to short traders
and salable by long traders
• at its market value
• in normal cash marketing channels
• at the contract's delivery points
• during the specified delivery period
• …and barring abnormal movement in interstate commerce.
7
8. DeliverableSupply
• Exclusions
• Quantities of the commodity that would not economically
obtainable or deliverable at prevailing price levels (i.e.,
supplies that are “out of position”)
• Amount of commodity “committed for long-term
agreements” of deliverable supply (acknowledges information
about long-term agreements may not be publicly available)
• While fairly detailed, the guidance does not provide any
commodity-specific information and therefore offers a
considerable amount of room for interpretation
8
9. DeliverableSupplytoFutures
• Consult with potential market users
• Detailed cash market description over relevant timeframe and based
on publicly available data (national, regional or local)
• production or supply, including historical patterns
• that is “economically obtainable,” meeting established commercial standards, or a
range thereof
• within or adjacent to a geographically defined area – principle production or use/processing
• storage and seasonal characteristics of production, consumption and supply,
particularly when supplies are at their lowest
• tradeflows, “normal” flow of goods vs. distorted
• market/industry concentration in production and consumption
• typical contracting arrangements and transfer of goods
• between which parties?
• for what time horizons?
• are they binding?
• external factors or regulatory controls
9