Real Time Price Forward Curve & Valuation. Munich, September 2016
|
|
|
- Rachel Foster
- 5 years ago
- Views:
Transcription
1 Real Time Price Forward Curve & Valuation Munich, September 2016
2 Arbitrage free live Prices and live Price-Forward-Curve 2 live Broker-Screen Bid Ask Apr 13 26,2 26,25 May-13 26,03 26,18 Jun 13 Jul 13 25,68 Aug 13 Sep 13 Oct-13 Nov 13 Dec-13 Jan 14 Q213 26,1 26,25 Q313 25,95 26,03 Q413 27,1 27,4 Q114 27,68 27,83 Q214 Q314 Q414 Q115 Q215 Sum 13 26,05 26,1 Win 13 27,43 27,5 Sum 14 25,78 25,85 Win 14 Sum 15 Win 15 26,8 27,2 Sum 16 Win 16 Sum ,58 26, ,23 26, Gas Yr 13 Gas Yr 14 Gas Yr 15 Gas Yr 16 live Arbitrage free interpolated prices for customers Bid Mid Ask Apr 13 26,2 26,25 26,25 May-13 26,03 26,14 26,18 Jun 13 25,97 26,01 26,07 Jul 13 25,68 25,89 25,96 Aug 13 25,75 25,93 25,99 Sep 13 26,13 26,19 26,25 Oct-13 26,53 26,68 26,74 Nov 13 27,13 27,27 27,33 Dec-13 27,64 27,79 27,84 Jan 14 27,97 28,01 28,07 Q213 26,1 26,13 26,25 Q313 25, ,03 Q413 27,1 27,25 27,4 Q114 27,68 27,69 27,83 Q214 25,91 25,96 26,01 Q314 25,64 25,7 25,73 Q414 27,09 27,14 27,18 Q115 27,68 27,74 27,79 Q215 25,47 25,53 25,6 Sum 13 26,05 26,07 26,1 Win 13 27,43 27,47 27,5 Sum 14 25,78 25,83 25,85 Win 14 27,39 27,44 27,48 Sum 15 25,25 25,31 25,4 Win 15 26,8 26,92 27,2 Sum 16 24,45 24,67 24,93 Win 16 25,74 25,96 26,25 Sum 17 24,18 24,4 24, ,58 26,62 26, ,23 26,29 26, ,35 25,55 25, ,88 25,1 25,38 Gas Yr 13 26,57 26,65 26,7 Gas Yr 14 26,32 26,38 26,44 Gas Yr 15 25,62 25,79 26,02 Gas Yr 16 24,96 25,18 25,47 red = arbitrage free interpolated Prices Example shown for natural gas (arbitrage free interpolated live Prices can also be created for Power or other Commodities) live (real-time) Prices / Price-Forward- Curve (e.g. from Trayport) Potential uses Customer portals: Transparency for customers, possibility to lock in prices directly (increasing customer loyalty) Interface trading / sales: transparent transfer prices Risk Management: lower risk in the valuation of certain delivery profiles Clearing: OTC-Clearing of structured products possible Exchange trading / Clearing: Introduction into procedures to establish settlement prices assures arbitrage free settlement prices Upgrade from h-pfc zu 15min-PFC (power) or daily PFC to hourly PFC (gas)
3 Arbitrage free live Prices and live Price-Forward-Curve 3 Prototype: Operational mathematical optimization, graphical expression not optimized, time scale in months Example shown for natural gas (Arbitrage free interpolated live Price-Forward-Curves can also be created for Power)
4 4 Live-Curve vs. EEX-Settlement-Curve EEX-Settlement Prices for Futures may not be based on actually traded deals because they are designed to enable Cash-Settlement of cleared products. For later deliveries this may lead to differences of 0,10 /MWh to 0,40 /MWh between Settlement Price and actual market price. Settlement prices are not necessarily arbitrage free. They do not show the Bid-Offer Spread but are a synthetic mid price. Broker screens are showing the full forward curve with bid-offer spread during the core trading times. Tradeable products include outright products and time spreads. Time spreads are directly tradable (simultaneous buy and sell) and they are put in the market as spread bid and offer. It is assumed that spread products are less volatile (relative price differences are moving slower than absolute prices), and that counterparty positions are within a certain range so that credit risk is manageable. Both outright products and time spreads are included in a simultaneous optimization to show arbitrage free prices with the Bid-Offer-Spread (mathematical optimization) in a live price forward curve. Relatively usual in the market is the methods of the smallest granules that sequentially weights current prices on the basis of the settlement curve on the day before. However the method has disadvantages at critical joints (e.g. March April or September October on the gas market) that may lead to price distortions and to higher commodity costs. The assumption of the method is that market spread changes only to a very limited degree, and that products are coupled to each other basically constantly. This assumption cannot be easily uphold. A Live-Price Forward-Curve may be used for trading anytime (market access assumed), a Price-Forward-Curve on the basis of settlement prices from the day before usually not. A Price-Forward-Curve on the basis of settlement prices is not including information on spreads for later deliveries and is suggesting market liquidity that may not actually be there. However for structured trading the information on the fair value on the relevant price side (bid or offer) at every point in time is decisive. Live prices can be used to calculate prices for screen trading. Such an evaluation shows if a trader shows a fair price or a discussion might be held what components a trader may have priced in. Margins of 0.10 /MWh to 0.20 /MWh are possible when trading with smaller utilities ( Stadtwerke ).
5 5 DEVnet Competence and References Competence DEVnet has algorithms available, that may be adapted according to local circumstances to Pricing or Customer Portals (on premise or cloud based) to calculate live Prices and live Price-Forward-Curves. DEVnet offers integrated mathematical (quantitative) competence, developer Know-How and energy sector experience. DEVnet can deliver a complete market data infrastructure including a live Price-Forward-Curve as Managed Service (on premise or cloud based). References Development and implementation of a market data infrastructure for actual market data and derived data for Commodities, currencies, rates and energy products, data collection and storage of app. 200 external and additional internal data feeds. Development and implementation of a system to archive Price-Forward-Curves.
6 6 Outlook: Position Hedging Prototype: Operational mathematical optimization, graphical expression not optimized, time scale in months Red: Outright-Products Green: Spread-Products
7 7 Outlook: Real-Time Valuation Structuring of Pricing to achieve a flexible coverage of the product landscape Development of methods and algorithms for sales pricing of registered metered customers, utility portfolios consisting basically of standard load customers (full service contracts, including separation in relevant elements) Determination of specific portfolio effects for sub-portfolios Synthetic valuation of illiquid products for customers Automatization of the preparation of indications Integration of risk managements requirements in the system architecture
8 8 Outlook Optimization of load prognosis Improve speed and quality of input data Improve prognosis engine narrowing down uncertainties from unknown future energy demand and generation Real Time Price Forward Curve Use of tradable live prices from Trayport Real Time Pricing across the whole curve Always using most accurate and up to date prices Portfolio Optimization Valuation Demand flexibilities, market flexibilities, conversion of oil formulas (for gas contracts), structuring, portfolio effects, tranches, take or pay, virtual storage, etc. Using precise valuation models
9 9 Your contacts Dr. Florian Reithinger Principal Consultant Mobile: Markus Weber Principal Consultant Mobile:
XML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
Trading at French PEGs. EFET workshop on Spanish Gas Hub - 23 July 2008
Trading at French PEGs EFET workshop on Spanish Gas Hub - 23 July 2008 Agenda GRTgaz project for the French market At the heart of the European market How can TSOs make a difference? The Basics Latest
LMEprecious week four update
LMEprecious week four update 07 August 2017 SETTING THE GLOBAL STANDARD Lots Volumes for LME Gold and LME Silver Combined ADV for week four was 7,728 lots, up from 7,467 lots in week three 14,000 LMEprecious
Informed Storage: Understanding the Risks and Opportunities
Art Informed Storage: Understanding the Risks and Opportunities Randy Fortenbery School of Economic Sciences College of Agricultural, Human, and Natural Resource Sciences Washington State University The
Historical Pricing PJM COMED, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$50 Historical Pricing PJM COMED, Around the Clock $48 $46 $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered
Gaspoint Nordic A/S. Nordic Gas Exchange. Introduction to the. Updated 1 st quarter 2015
Gaspoint Nordic A/S Introduction to the Nordic Gas Exchange Updated 1 st quarter 2015 Introducing Gaspoint Nordic Company Background Established in 2008, first trade March 4th Strong ownership - With effect
Performance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
Implied Liquidity From Redundant Futures Markets. John Curran, MD, Products and Services, CME Group October 15, 2007
Implied Liquidity From Redundant Futures Markets John Curran, MD, Products and Services, CME Group October 15, 2007 Overview of futures contracts Futures are standardized contracts to buy or sell a commodity
Historical Pricing PJM PSEG, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$70 Historical Pricing PJM PSEG, Around the Clock $65 $60 $55 $50 $45 $40 $35 $30 $25 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered and compiled
Finding Opportunities in a New Interest Rate Environment
INTEREST RATES Finding Opportunities in a New Interest Rate Environment The Interest Rate market is experiencing significant volatility in 2015, as market participants are anticipating when the FOMC will
Large Commercial Rate Simplification
Large Commercial Rate Simplification Presented to: Key Account Luncheon Red Lion Hotel Presented by: Mark Haddad Assistant Director/CFO October 19, 2017 Most Important Information First There is no rate
INVESTMENT PROGRAM SYSTEMATIC VOLATILITY STRATEGY
INVESTMENT PROGRAM SYSTEMATIC VOLATILITY STRATEGY THE OPPORTUNITY Compound annual growth rate over 60%, net of fees Sharpe Ratio > 4.8 Liquid, exchange-traded ETF assets with daily MTM Daytrading strategy
SYSTEMATIC GLOBAL MACRO ( CTAs ):
G R A H M C A P I T A L M A N G E M N T G R A H A M C A P I T A L M A N A G E M E N T GC SYSTEMATIC GLOBAL MACRO ( CTAs ): PERFORMANCE, RISK, AND CORRELATION CHARACTERISTICS ROBERT E. MURRAY, CHIEF OPERATING
Global Resilience Risk
Global Resilience Risk An Insurers Perspective WEC Energy Summit 16 March 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific Swiss Re Weather Market Capability Global presence, market leadership
University of Wisconsin - Madison Retirement Association Fundamental Concepts of Investing. September 15, Jim Hamre Steve Hawk
University of Wisconsin - Madison Retirement Association Fundamental Concepts of Investing September 15, 2009 Jim Hamre Steve Hawk 1 Investment Environment Large Federal Budget Deficits Potential for Higher
P305 POST IMPLEMENTATION REVIEW
Public P35 POST IMPLEMENTATION REVIEW Webinar 16 March 217 Emma Tribe Who we are Presenter Emma Tribe Market Analyst Answering questions Roger Harris David Thomas What I m going to cover Analysis and information
Looking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
CONTINUOUS SETTLEMENT AND THE ROLE OF KPEI SECURITIES LENDING Providing Intermediated Financing Methods To Set A New Business Risks
CONTINUOUS SETTLEMENT AND THE ROLE OF KPEI SECURITIES LENDING Providing Intermediated Financing Methods To Set A New Business Risks By: Hoesen President Director KPEI (Indonesia Central Counter Party)
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
Grant Park Multi Alternative Strategies Fund. Why Invest? Profile Since Inception. Consider your alternatives. Invest smarter.
Consider your alternatives. Invest smarter. Grant Park Multi Alternative Strategies Fund GPAIX Executive Summary November 206 Why Invest? 30 years of applied experience managing funds during multiple market
Operating Reserves Educational Session Part B
Operating Reserves Educational Session Part B Energy Market Uplift Senior Task Force September 17, 2013 Joseph Bowring Joel Romero Luna Operating Reserves Operating reserves can be grouped into five categories:
2018 ANNUAL RETURNS YTD
Howard A. Bernstein 38608 Oyster Catcher Drive, Ocean View, DE 20171 USA ph. +1-302-616-1970 fax http://www.hbinvesting.com ANNUAL RETURNS 2014 2015 2016 2017 2018 YTD Advisor 5.90% -1.06% 2.55% 8.24%
A Note on the Steepening Curve and Mortgage Durations
Robert Young (212) 816-8332 robert.a.young@ssmb.com The current-coupon effective duration has reached a multi-year high of 4.6. A Note on the Steepening Curve and Mortgage Durations While effective durations
Commodity Exchange Traded Funds
Commodity Exchange Traded Funds Tim Simard NBC Commodities 14-person Calgary-based team running both a client-driven and strategic trading operation Collective team experience in excess of 250 years in
Wholesale markets for electricity : The point of view of a trader
Wholesale markets for electricity : The point of view of a trader Francis HERVÉ (Chief Executive Officer) Philippe GIRARD (Senior Advisor) Vincent MAILLARD (Head of Analytics) EDF TRADING Limited 1 CONTENTS
Financial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
RWE s Commodity Risk Management
RWE Credit Day 2006 RWE s Commodity Risk Management Hans Bünting Vice President Group Risk Management RWE AG London, July 6, 2006 RWE s Commodity Risk Hedging Principles [1/2] As a matter of principle,
Russell 2000 Index Options
Interactive Brokers Webcast Russell 2000 Index Options April 20, 2016 Presented by Russell Rhoads, Senior Instructor Disclosure Options involve risks and are not suitable for all investors. Prior to buying
Spheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
Financial institutions participation in derivatives markets
Financial institutions participation in derivatives markets Susan Thomas IGIDR for the IGIDR-MCX workshop on Institutional participation in commodity derivatives markets 20 June, 2017 Goals The financial
ACE 427 Spring Lecture 6. by Professor Scott H. Irwin
ACE 427 Spring 2013 Lecture 6 Forecasting Crop Prices with Futures Prices by Professor Scott H. Irwin Required Reading: Schwager, J.D. Ch. 2: For Beginners Only. Schwager on Futures: Fundamental Analysis,
U.S. Natural Gas Storage Charts
U.S. Natural Gas Storage Charts BMO Capital Markets Commodity Products Group November 26, 214 Total U.S. Natural Gas in Storage 5, Total Stocks This Week 3432 4, 3, 2, 1, Reported On: November 26, 214
CDO Market Overview & Outlook. CDOs in the Heartland. Lang Gibson Director of Structured Credit Research March 25, 2004
CDO Market Overview & Outlook CDOs in the Heartland Lang Gibson Director of Structured Credit Research March 25, 24 23 featured record volumes despite diminishing arbitrage Global CDO Growth: 1995-23 $
2015 ANNUAL RETURNS YTD
Stephen Somers, William Somers 1410 Russell Road, Suite 100, Paoli, PA 19301 USA ph. +1-484-576-3371 fax +1-610-688-9261 http://www.somersbrothers.com ANNUAL RETURNS 2011 2012 2013 2014 2015 YTD Advisor
Introduction to VIX Futures. Russell Rhoads, CFA Instructor The Options Institute
Introduction to VIX Futures Russell Rhoads, CFA Instructor The Options Institute CBOE Disclaimer Options and futures involve risks and are not suitable for all investors. Prior to buying or selling options,
Electricity Market. August 18
Electricity Market August 18 In this presentation Introduction to Indian Power Market Product Portfolio Trading Mechanism Market snapshot Participation Volume Price Trade @ IEX Capacity (GW) Installed
Electric Avoided Cost Meeting. 1:30-3:30 p.m. May 12, 2017
Electric Avoided Cost Meeting 1:30-3:30 p.m. May 12, 2017 Agenda Introduction OPUC Energy Trust Schedule for updates Overview of Process to Update Avoided Costs Proposed Updates for 2017 Possible Future
The equity derivatives market: The state of the art
The equity derivatives market: The state of the art Susan Thomas susant@igidr.ac.in http://www.igidr.ac.in/~susant August 11, 2001 Turnover Page 1 of 19 Goals Index futures Index options Stock options
Isle Of Wight half year business confidence report
half year business confidence report half year report contents new company registrations closed companies (dissolved) net company growth uk company share director age director gender naming trends sic
CPA Australia Plan Your Own Enterprise Competition
Financial Plan Your financial plan should include: 1. A list of Start-Up Costs and how these will be paid for (eg from savings, bank loan or family loan) 2. A Breakeven Analysis, which includes: a list
LME Copper: Reflecting global supply and demand in the copper price. Matthew Chamberlain Metal Bulletin Copper Conference 26 February 2015
LME Copper: Reflecting global supply and demand in the copper price Matthew Chamberlain Metal Bulletin Copper Conference 26 February 2015 Copper price Copper volumes and volatility Percentage Thousand
INTRODUCTION TO HUPX GROUP. Minta szöveg minta Minta
INTRODUCTION TO HUPX GROUP Minta szöveg minta Minta MILESTONES HUDEX CEEGEX WD HUPX DAM 2010 Jul HUPX PHF 2011 Jul CZ-SK-HU MC Go- live 2012 Sep CEEGEX 2013 Jan 4M MC Go- live 2014 Nov HUPX IDM 2016 March
Algo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
ECON 337 Agricultural Marketing Spring Exam I. Answer each of the following questions by circling True or False (2 point each).
Name: KEY ECON 337 Agricultural Marketing Spring 2014 Exam I Answer each of the following questions by circling True or False (2 point each). 1. True False Futures and options contracts have flexible sizes
Division of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
Pricing Considerations Cattle Pricing and Risk Management
Pricing Considerations Cattle Pricing and Risk Management Risk Market Outlook Profit Target or Breakeven Derrell S. Peel Agricultural Economics Department Cash High risk/highest return potential Bullish
ISG206-SPAR REPORTING ON MAY 2018 SYSTEM PRICE ANALYSIS REPORT 1 SYSTEM PRICES AND LENGTH
Count of Settlement Periods -1+ -1 - -9-9 - -8-8 - -7-7 - -6-6 - -5-5 - -4-4 - -3-3 - -2-2 - -1-1 - - 1 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-1 1 + PUBLIC ISG26-SPAR REPORTING ON MAY 218 ISSUE 31 PUBLISHED
Presentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya
Presentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya August 6, 2015 Outline 1. The Information basis for the MPC meeting 2.
COMMODITY PRODUCTS Moore Research Report. Seasonals Charts Strategies SOYBEAN COMPLEX
COMMODITY PRODUCTS 8 Moore Research Report Seasonals Charts Strategies SOYBEAN COMPLEX Welcome to the 8 Moore Historical SOYBEAN COMPLEX Report This comprehensive report provides historical daily charts,
Man AHL Diversified Futures
This material is of a promotional nature. REPORTING CLASS: Ltd FUND AIM Ltd provides investors access to the AHL Diversified Programme. It aims to generate returns in the medium term through computerised
Review of Membership Developments
RIPE Network Coordination Centre Review of Membership Developments 7 October 2009/ GM / Lisbon http://www.ripe.net 1 Applications development RIPE Network Coordination Centre 140 120 100 80 60 2007 2008
Emil van Essen, LLC. Spread Trading program. Monthly performance. Performance statistics Dec 2006 to Mar 2015
Commodity Trading Advisors (CTAs) provide advice and services related to trading and investment strategies utilizing futures contracts and options on futures contracts on a wide variety of physical goods
DECEMBER KPI REPORT. Service Provider SLA Performance Core and Non-Core Settlement Systems Core and Non-Core BSC Systems. Supplier Performance
1.% 99.5% 99.% 98.5% 98.% 97.5% 97.% Core and Non-Core Settlement Systems Core and Non-Core BSC Systems In December, Core Settlement was affected by Service Desk metrics of less than 1%. Please see below
UK Grain Marketing Series January 19, Todd D. Davis Assistant Extension Professor. Economics
Introduction to Basis, Cash Forward Contracts, HTA Contracts and Basis Contracts UK Grain Marketing Series January 19, 2016 Todd D. Davis Assistant Extension Professor Outline What is basis and how can
ARR/FTR Market Update: ATC Customer Meeting. August 20, 2009
ARR/FTR Market Update: ATC Customer Meeting August 20, 2009 Agenda ARR Allocation FTR Annual/Monthly Auction Challenge 2 Allocation Overview 101 Market Participants took part in the 2009-2010 Annual ARR
8 th Annual APEx Conference October 2003 Cartagena de Indias, Colombia
8 th Annual APEx Conference 14-15 October 20 Cartagena de Indias, Colombia European Energy Exchange its development in Germany and Continental Europe Oliver Maibaum Head of Trading 1 Agenda EEX in Germany
How You Can Beat the Average Hedge Fund by 65% to 80% over 10 Years. The Market Realist Research Team Presents:
The Market Realist Research Team Presents: How You Can Beat the Average Hedge Fund by 65% to 80% over 10 Years www.marketrealist.com Market Realist Inc., 568 Broadway 11th Floor, New York, NY 10012 TABLE
Executive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
Monthly Chartbook. April 1, Reasons We Think the World is Not Ending. Copyright All rights reserved. investwithcornerstone.
Monthly Chartbook April 1, 2009 20 Reasons We Think the World is Not Ending Copyright 2003-2009 All rights reserved. The market had priced in the worst possible scenario that of a second Great Depression.
Option Strategies for a Long-Term Outlook
Option Strategies for a Long-Term Outlook Interactive Brokers Webcast June 20, 2018 Russell Rhoads, CFA Disclosure Options involve risk and are not suitable for all investors. Prior to buying or selling
The importance of organized markets for trading in SEE. Ludek Horn Chairman EFET TF CEE-E. European Federation of Energy Traders
The importance of organized markets for trading in SEE European Federation of Energy Traders Workshop CROATIAN POWER EXCHANGE Zagreb, October 29, 2015 Ludek Horn Chairman EFET TF CEE-E Ludek Horn Zagreb,
OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
Introduction to Futures & Options Markets for Livestock
Introduction to Futures & Options Markets for Livestock Kevin McNew Montana State University Marketing Your Cattle Marketing: knowing when and how to price your cattle. When Prior to sale At time of sale
VIX Hedging September 30, 2015 Pravit Chintawongvanich, Head of Risk Strategy
P R O V E N E X P E R T I S E. U N B I A S E D A D V I C E. F L E X I B L E S O L U T I O N S. VIX Hedging September 3, 215 Pravit Chintawongvanich, Head of Risk Strategy Hedging objectives What is the
PEGAS Trader Workshop Germany Market Developments and Product Initiatives
PEGAS Trader Workshop Germany Market Developments and Product Initiatives Roman Zyuzev, Sirko Beidatsch 16/11/217, Berlin Legal disclaimer This presentation does not provide or substitute legal advice.
SmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $
WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital
Indian Sovereign Yield Curve using Nelson-Siegel-Svensson Model
Indian Sovereign Yield Curve using Nelson-Siegel-Svensson Model Of the three methods of valuing a Fixed Income Security Current Yield, YTM and the Coupon, the most common method followed is the Yield To
FAIR VALUE MODEL PRICE
FAIR VALUE MODEL PRICE SEPTEMBER 2017 Copyright 2017 Trumid Financial TRUMID LABS This report introduces an automated, objective, transparent, near real-time model for fair value pricing for corporate
HUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
The introduction of new methods for price observations in the Consumer Price Index (CPI) New methods for airline tickets and package holidays
Statistics Netherlands Economics, Enterprises and NA Government Finance and Consumer Prices P.O.Box 24500 2490 HA Den Haag The Netherlands The introduction of new methods for price observations in the
Release of EU Allowances in Germany
Release of EU Allowances in Germany Annual report 2009 Annual report 2009 Between 1 January 2009 and 13 November 2009 KfW sold a total of 40 million EU allowances with an overall value of EUR 528,487,784.40.
Knowing and Managing Grain Basis
Curriculum Guide I. Goals and Objectives A. To learn the definition of basis and gain an understanding of the factors that determine basis. B. To gain an understanding of the seasonal trends in basis.
Mean-Reversion in Dairy Prices and Horizon-Specific Subsidies for Dairy Insurance Products
Mean-Reversion in Dairy Prices and Horizon-Specific Subsidies for Dairy Insurance Products SCC-76 2017 Pensacola, FL Dr. Marin Bozic (co-authors: Josh Woodard, John Newton) National Avg. Income Over Feed
Managing Risk of a Power Generation Portfolio
Managing Risk of a Power Generation Portfolio 1 Portfolio Management Project Background Market Characteristics Financial Risks System requirements System design Benefits 2 Overview Background! TransAlta
2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
Credit mitigation and strategies with credit derivatives: exploring the default swap basis
Credit mitigation and strategies with credit derivatives: exploring the default swap basis RISK London, 21 October 2003 Moorad Choudhry Centre for Mathematical Trading and Finance Cass Business School,
Term Deposits. Figure 1. Term Deposit Spread over Relevant BBSW: November v October. 3 Month Spread. Background on Term Deposits
Deposit Review November 2016 Term Deposits Jack Pobjoy Credit Analyst (+61) 3 9670 8615 jack.pobjoy@bondadviser.com.au While global interest rate volatility continues, term deposit (TD s) rate spreads
THE B E A CH TO WN S O F P ALM B EA CH
THE B E A CH TO WN S O F P ALM B EA CH C OU N T Y F LO R I D A August www.luxuryhomemarketing.com PALM BEACH TOWNS SINGLE-FAMILY HOMES LUXURY INVENTORY VS. SALES JULY Sales Luxury Benchmark Price : 7,
Interactive Brokers Webcast. VIX Trading Strategies Russell Rhoads, CFA Senior Instructor The Options Institute CBOE
Interactive Brokers Webcast VIX Trading Strategies Russell Rhoads, CFA Senior Instructor The Options Institute CBOE Disclosure Statement Options involve risks and are not suitable for all investors. Prior
CBOE Volatility Index and VIX Futures Trading
CBOE Volatility Index and VIX Futures Trading Russell Rhoads, CFA Disclosure In order to simplify the computations, commissions have not been included in the examples used in these materials. Commission
SHARETHIS FINANCE STUDY
SHARETHIS FINANCE STUDY EVERY MONTH, 32 MILLION USERS GENERATE 68 MILLION SOCIAL ACTIONS RELATED TO FINANCE. 32 Million Finance Sharers SHARETHIS SOCIAL INTELLIGENCE PLATFORM 53 Billion Webpage Views 3.1
Discussion: The Microstructure of the TIPS Market paper by Michael J. Fleming & Neel Krishnan
Discussion: The Microstructure of the TIPS Market paper by Michael J. Fleming & Neel Krishnan Dariush Mirfendereski Managing Director Head of Inflation Linked Trading UBS Investment Bank 10 February, 2009
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals John Lawrence and Sam Behrens 1 Iowa State University In recent years, the narrow feeding margin in cattle feeding has increased the need
Business & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" Sep-18 FUEL PRICE RISK MANAGEMENT POLICY REPORT Sep-18 (Office of Management and Budget 09/30/2018) The Fuel Price Risk Management Policy approved
Investing for now and the future. Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010
Investing for now and the future Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010 Outline Saving vs Investing Key Considerations before starting Stages of life and investing Set
MiFID Using Regulatory Change to Create a Competitive Advantage
MiFID Using Regulatory Change to Create a Competitive Advantage Philip Filleul MiFID Program Manager, Sun Microsystems Martin Gibbon Head of Risk, SAS UK 22 nd May 2007 Agenda What is MiFID? What might
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
Transparency in the U.S. Repo Market
Transparency in the U.S. Repo Market Antoine Martin Federal Reserve Bank of New York October 11, 2013 The views expressed in this presentation are my own and may not represent the views of the Federal
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals John Lawrence and Hillary Forristall 1 Iowa State University In recent years, narrow profit margins in the cattle feeding business have
GOLD. Lamon Rutten. Joint Managing Director
GOLD Lamon Rutten Joint Managing Director Bullion: is India ready for global bullion products? Dun & Bradsheet Commodities Leadership Series Mumbai, 15 September 2006 5000 4500 4000 3500 3000 2500 2000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year. Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Growth of $100,000 Performance Metrics Average 2016 Winning Month 1.71% Average Losing Month 0.50% Max Consecutive Wins 5 Max Consecutive Losses 1 Maximum Draw Down -0.46% Max Draw Down / Average Profit
Futures & Options for Farm Risk Management. Torbjörn Iwarson, ,
Futures & Options for Farm Risk Management Torbjörn Iwarson, +46-76-050 83 65, torbjorn.iwarson@svenskacommodities.se twitter: @TorbjornIwarson Forward contracts are not a recent invention Confirmation
Arbitrage Activities between Offshore and Domestic Yen Money Markets since the End of the Quantitative Easing Policy
Bank of Japan Review 27-E-2 Arbitrage Activities between Offshore and Domestic Yen Money Markets since the End of the Quantitative Easing Policy Teppei Nagano, Eiko Ooka, and Naohiko Baba Money Markets
2011 Budget Initial Stakeholder Call
2011 Budget Initial Stakeholder Call Michael Epstein Director of Financial Planning June 23, 2010 Agenda TOPIC PRESENTER Introduction Steve Berberich Budget principles & strategic initiatives Steve Berberich
Option replication: an innovative approach to face a non-performing market environment
Option replication: an innovative approach to face a non-performing market environment Presentation for Mondo Hedge November 2010 Contents 1 Motivation to option replication 2 Illustrations of option replication
Electric Price Outlook for Indiana Low Load Factor (LLF) customers December 2016
Electric Price Outlook for Indiana Low Load Factor (LLF) customers December 2016 Price projection We project our prices for Low Load Factor customers to increase 4 to 6 percent in 2017 compared to 2016.
COMMODITY PRODUCTS Moore Research Report. Seasonals Charts Strategies GRAINS
COMMODITY PRODUCTS 28 Moore Research Report Seasonals Charts Strategies GRAINS Welcome to the 28 Moore Historical GRAINS Report This comprehensive report provides historical daily charts, cash and basis
FTR Credit Requirements Mark-to-Auction (MTA)
FTR Credit Requirements Mark-to-Auction (MTA) Bridgid Cummings Credit Market Implementation Committee November 7, 2018 FTR Mark-to-Auction Market value decline can be an indicator of increasing FTR risk
Electric Price Outlook for Indiana High Load Factor (HLF) customers December 2016
Electric Price Outlook for Indiana High Load Factor (HLF) customers December 2016 Price projection We project our prices for High Load Factor customers to increase 4 to 6 percent in 2017 compared to 2016.