The Secret Club That Runs the World
Call Number: HG6046.5 .K46 2014
Publication Date: 2014-06-03
Commodity players are a shrewd and indomitable lot. And the contracts they trade are still so loosely regulated that the correct combination of money and skill creates irresistible opportunity. That’s why I’m only half joking when I call them the secret club that runs the world.” When most people think of the drama of global finance, they think of stocks and bonds, venture capital, high-tech IPOs, and complex mortgagebacked securities. But commodities? Crude oil and soybeans? Copper and wheat? What could be more boring? That’s exactly what the elite commodity traders want you to think. They don’t seek the media spotlight. They don’t want to be as famous as Warren Buffett or Bill Gross. Their astonishing wealth was created in near-total obscurity, because they dwelled either in closely held private companies or deep within large banks and corporations, where commodity profits and losses weren’t broken out. But if the individual participants in the great commodities boom of the 2000s went unnoticed, their impact did not. Over several years the size of the market exploded, and so did prices for raw materialsraising serious questions about whether the big traders were intentionally jacking up the cost of gasoline, food, and other essentials bought by ordinary people around the world. What was really driving all those price spikes? Now Kate Kelly, the bestselling author of Street Fighters, takes us inside this secretive inner circle that controls so many things we all depend on. She gets closer than any previous reporter to understanding these whip-smart, aggressive, and often egomaniacal men (yes, they are nearly all men). They work hard, play hard, flaunt their wealth, and bet millions every day on a blend of facts, analysis, and pure gut instinct. Kelly’s narrative focuses on one of the most extraordinary periods in financial history. Though the practice of gaming out price changes in commodities goes back to ancient Mesopotamia, it had never before reached the extremes of the early to mid-2000s. Kelly exposes the role of the hedge funds, banks, brokers, and regulators in this volatile market, through fascinating stories of secret club” members such as . . . Pierre Andurand, a self-made multimillionaire who generated the winningest annual performance ever for an oil trader in 2008 and hired Elton John to perform at his wedding. Ivan Glasenberg, whose secretive Swiss commodities giant, Glencore, founded by the infamous American fugitive Marc Rich, orchestrated a massive merger with the help of former UK prime minister Tony Blair. Jon Ruggles, a brash know-it-allrecruited by Delta Air Lines to revitalize the airline’s fuel hedging business, he continued to make trades in his personal account, a questionable practice given his position. Drawing on her exclusive access to the secret club, and following the trail from New York to Houston, London, Dubai, and beyond, Kelly reveals the immense power in the hands of a few, and the so-far contentious efforts by the Obama administration to rein in the cowboys.
Learn How to Trade Commodities (collection)
Publication Date: 2013
You can make huge profits by trading commodities – if you know how. You must know how these markets work, how they’re different, where the risks are hidden, and how to avoid the mistakes too many beginners make. You need realistic, up-to-the-minute strategies, skills, and knowledge from experts who trade commodities every single day. This unique 2 book package delivers all that. In A Trader’s First Book on Commodities: An Introduction to the World’s Fastest Growing Market, Second Edition, Carley Garner offers specific and current guidance on accessing commodity markets cost-effectively, and systematically improving your odds of successful, profitable trades. Garner covers new trading platforms, contracts, fees, and strategies, and offers a clear-eyed look at today’s realities, including the scandalous failures of MF Global and PFG Best. Drawing on extensive experience teaching traders, Garner shows how to calculate profit, loss, and risk in commodities; and choose the best brokerage firm, service level, data sources, and more. She demystifies the industry’s colorful language, helps you clearly understand every trade you make, walks you through the entire process, and illuminates everything from logistics to psychology. Next, in Trading Commodities and Financial Futures, A Step-by-Step Guide to Mastering the Markets, Fourth Edition, George Kleinman introduces powerful new trend-based techniques for identifying trades that fit right into your “sweet spot” for profits. You’ll learn how these markets have changed—and how to successfully use discipline to avoid today’s “shark-infested waters.” Building on 30+ years of success, Kleinman offers updated coverage of electronic trading, new contracts, and advanced techniques, including his exclusive Pivot Indicator approach. You’ll learn how to develop the deep discipline that characterizes all winning commodities and futures traders, as you gain critical knowledge about each leading market, including agricultural commodities, energy, metals, soft commodities, and financials. Kleinman helps you master today’s most valuable technical analysis tools for trading commodities, and even reveals 25 indispensable trading secrets of the pros. (description from amazon.com)
Commodity Option Pricing
Publication Date: 2014-04-21
Commodity Option Pricing: A Practitioner's Guide covers commodity option pricing for quantitative analysts, traders or structurers in banks, hedge funds and commodity trading companies. Based on the author's industry experience with commodity derivatives, this book provides a thorough and mathematical introduction to the various market conventions and models used in commodity option pricing. It introduces the various derivative products typically traded for commodities and describes how these models can be calibrated and used for pricing and risk management. The book has been developed with input from traders and examples using real world data, together with relevant up to date academic research. The book includes practical descriptions of market conventions and quote codes used in commodity markets alongside typical products seen in broker quotes and used in calibration. Also discussed are commodity models and their mathematical derivation and volatility surface modelling for traded commodity derivatives. Gold, silver and other precious metals are addressed, including gold forward and gold lease rates, as well as copper, aluminum and other base metals, crude oil and natural gas, refined energy and electricity. There are also sections on the products encountered in commodities such as crack spread and spark spread options and alternative commodities such as carbon emissions, weather derivatives, bandwidth and telecommunications trading, plastics and freight. Commodity Option Pricing is ideal for anyone working in commodities or aiming to make the transition into the area, as well as academics needing to familiarize themselves with the industry conventions of the commodity markets.
The Law of Securities, Commodities and Bank Accounts
Call Number: HG4521 .D83 2014
Publication Date: 2014-06-30
In this unique study Marek Dubovec examines contemporary commercial relationships between investors and their intermediaries - relationships based on accounts that hold intangible rights to securities, funds, and commodity contracts. Such accounts have replaced the traditional physical possession and delivery of tangible objects, such as security certificates, coins, and commodities that were previously used in commercial relationships.
The Economics of Commodity Markets
Publication Date: 2013-08-19
As commodity markets have continued their expansion an extensive and complex financial industry has developed to service them. This industry includes hundreds of participating firms, including asset managers, brokers, consultants, verification agencies and a myriad of other institutions. Universities and other training institutions have responded to this rapid expansion of commodity markets as well as their substantial future growth potential by launching specialized courses on the subject. The Economics of Commodity Markets attempts to bridge the gap between academics and working professionals by way of a textbook that is both theoretically informative and practical. Based in part on the authors' teaching experience of commodity finance at the University Paris Dauphine, the book covers all important commodity markets topics and includes coverage of recent topics such as financial applications and intuitive economic reasoning. The book is composed of three parts that cover: commodity market dynamics, commodities and the business cycle, and commodities and fundamental value. The key original approach to the subject matter lies in a shift away from the descriptive to the econometric analysis of commodity markets. Information on market trends of commodities is presented in the first part, with a strong emphasis on the quantitative treatment of that information in the remaining two parts of the book. Readers are provided with a clear and succinct exposition of up-to-date financial economic and econometric methods as these apply to commodity markets. In addition a number of useful empirical applications are introduced and discussed. This book is a self-contained offering, discussing all key methods and insights without descending into superfluous technicalities. All explanations are structured in an accessible manner, permitting any reader with a basic understanding of mathematics and finance to work their way through all parts of the book without having to resort to external sources.
Getting Started in Advanced Options
Publication Date: 2013-12-04
An illustrated, easy-to-read guide to advanced options trading In Getting Started in Advanced Options, Illustrated Edition, bestselling author Michael C. Thomsett uses nontechnical, easy-to-follow language to demystify the options markets, distinguishing the imagined risks from the real ones and arming investors with the facts they need to make more informed decisions. This illustrated edition includes colourful illustrations, including charts and graphs that make complex subject matter easy to understand. Fully updated to cover the latest changes in the markets, the book introduces advanced strategies and concepts that every successful trader needs. It covers how options can reduce risk, spread strategies, hedges and straddles, swing trading with options, options on futures and indexes, synthetic positions based on options, risks and taxes, choosing stocks for options trading, and more. An ideal illustrated companion volume to Michael C. Thomsett's Getting Started in Advanced Options Updated to include the latest changes and newest information on the markets Loaded with easy-to-understand graphs, charts, and other illustrations This new illustrated addition to the Getting Started In series makes advanced options trading easy to understand with clear examples, handy illustrations, and plain-English explanations.
Price Formation in Commodities Markets
Call Number: HG6046 .P73 2013
Publication Date: 2013-11-07
The current rapid rise of commodity prices comes at a critical moment, as European and U.S. economies stagger in their attempts to regain ground lost in the recent financial crisis. Facing mounting worries and anger from both policymakers and the public, regulators at the most recent G20 summit agreed to address commodity price volatility worldwide. They are bringing forward a number of proposals to improve the regulation, functioning, and transparency of commodity markets. This book collects the findings of a task force composed of financial and nonfinancial firms as well as regulators and academics. It sheds new light on price formation mechanisms in spot and future commodities markets and highlights key drivers of price formation in main commodities markets.