the economics of commodity trading firms - Trafigura
CRAIG PIRRONG. Professor ... B Analysis of the Systemic Risk of Commodity Trading Firms. 3. AFTERWORD. 4. INTRODUCTION. I. THE BASICS OF ... Ending Government Bailouts as We Know Them (2009). ... 6 In January, 2014 the FSB proposed to use an asset value of $100 billion as a threshold to determine whether a.
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Energy Market Manipulation - C.T. Bauer College of Business
Craig Pirrong*. Synopsis: Market manipulation is a contentious topic in all commodity markets, but especially in energy markets. Especially during the period of.
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Pirrong WTI Hedging Performance Study - C.T. Bauer College of
of the futures market during October, 2008‐March, 2009. This behavior was ... 2 Craig Pirrong, Metallgesellschaft: A Prudent Hedger Ruined, or a Wildcatter on.
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Speculation, Fundamentals, and Oil Prices [September 2, 2011]
Sep 2, 2011 ... An examination of Commodity Futures Trading Commission (CFTC) data ... Another explanation for oil price volatility looks to the fundamentals of ...... January 2009 and May 2011, and it shows (on a weekly basis) the ..... See Craig Pirrong, “Squeezes, Corpses, and the Anti-Manipulation Provisions of the.
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Fundamentals, Derivatives Market Information and Oil Market Volatility
Jun 11, 2014 ... macroeconomic conditions, physical market fundamentals (OPEC ... duodecupled, from $12 in January 1999 to a peak of $145 in July 2008. ... activity , oil-futures market liquidity and public information on the .... 2009. Their analysis deals with realized conditional moments of ...... Pirrong, Craig (2010).
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revolution in manipulation law: the new cftc rules and the urgent
Mar 3, 2013 ... dramatically reformed and the Commodity Futures Trading Commission. (CFTC) given vast ..... 09-06, 2009) (explaining that the CFTC charged NYMEX ..... Lower, supra note 1, at 392; Craig Pirrong, Squeezes, Corpses, and the Anti- .... Of course, the more basic question is whether there is such a thing as.
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From Precision Agriculture to Market Manipulation - University of
although farmers could allow traders to use their data, it is currently not in their .... /default.aspx (last visited Jan. 28, 2015). 25. .... Org. [FAO], How to Feed the World in 2050 (2009), ..... Craig Pirrong, Commodity Market Manipulation Law: A (Very) ..... (2014), http://www.uspto.gov/trademarks/basics/BasicFacts.pdf ( Goods are.
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Manipulation in Political Prediction Markets - Pepperdine Digital
Apr 20, 2010 ... (2009) (identifying the vulnerability of political prediction markets to ... by the Commodity Futures Trading Commission (“CFTC”).13 Intrade, which is ..... trade uninformed by fundamentals, intended to change prices,” and a fundamental ..... note 58, at 6 (citing Craig Pirrong, Detecting Manipulation in Futures.
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Conflicts of Interest in Derivatives Clearing - [email protected]
Mar 22, 2011 ... A 2009-proposed amendment proposed to H.R. 4173, which passed the ... the Commodity Futures Trading Commission (CFTC) and Securities and ... mitigate conflicts of interest, published on October 18, 2010, and on January 6, 2011, the ...... See Craig Pirrong, “The Industrial Organization of Execution,.
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Clearinghouse Overconfidence - Berkeley Law Scholarship
Dec 1, 2013 ... Regulatory reaction to the 2008–2009 financial crisis focused ... major reduction in risk among the inside-the-clearinghouse traders is ... Adam Levitin, Vivien Levy , Craig Pirrong, David Skeel, Holger Spamann, Richard ..... Clearing basics: When a trade clears, the two parties make their own deal, then give.
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Physical Market Conditions, Paper Market Activity - US Energy
Nov 1, 2012 ... fundamentals and shows that oil paper-market conditions (futures market liquidity , composition of trading .... crudes (Pirrong, 2010), a lack of available storage capacity in Cushing should ceteris paribus ... in Europe to take effect in January 2009 [or] even earlier” (Verleger, 2009, ...... Pirrong, Craig (2010).
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Libor Integrity and Holistic Domestic Enforcement - Scholarship
Mar 28, 2012 ... The Commodity Futures Trading Commission's .... www.imf.org/external/pubs/ft/ fandd/basics/target.htm (last updated Mar. ...... 96 See Craig Pirrong, Commodity Market Manipulation Law: A (Very) Critical Analysis and a.
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No Theory? No Evidence? No Problem! - Cato Institute
Futures Trading Commission has issued a Notice of Proposed ... Craig Pirrong is professor of finance and director of energy markets for the .... ignores some basic facts about the way that most speculators ... July crude oil futures in January typically sells his contract .... commercial net positions over the 2001–2009 period.
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Substituted Compliance and Systemic Risk - The Fordham Law
to Make a Global Market in Derivatives Regulation. Sean J. Griffith ... Dale Oesterle, Eric Pan, Craig Pirrong, Mark Roe, Roberta Romano, Richard. Squire ..... such as the US Commodity Futures Trading Commission (CFTC). Id. (citations ... Henderson defines three basic OTC derivatives structures-the swap, the forward, and ...
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Clearinghouses and Regulation by Proxy - Digital Commons
5 THE G-20 PITTSBURGH SUMMIT, LEADER'S STATEMENT 9 (2009), ... (CME) —a major exchange for trading derivatives like futures and options— ... Clearinghouses are designed to reduce a single, basic risk in the market: a ... 13 Craig Pirrong, The Economics of Clearing in Derivatives Markets Netting, Asymmetric.
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February 10, 2014 Ms. Melissa Jurgens Secretary Commodity
Feb 10, 2014 ... Commodity Futures Trading Commission (the “CFTC” or ... See, for example, our letters dated January 11, 2011 (available on ISDA's website at: ...... As described by Craig Pirrong in a paper prepared at ISDA's request, the ... fails to meet basic levels of rigor required of any peer-reviewed economic analysis.
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Derivatives Clearinghouses: Clearing the Way to Failure
Jun 1, 2016 ... Risk management by clearinghouses and market participants could ..... 6 CRAIG PIRRONG, THE INEFFICIENCY OF THE CLEARING ... FINANCIAL SYSTEM 233 (Viral V. Acharya & Matthew Richardson eds., 2009) (“Derivatives .... to ISDA Members, Commodity Futures Modernization Act of 2000 (Jan.
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Alan Chen - FERC vs. Powhatan Energy Fund LLC
affidavit from Professor Craig Pirrong, probably the world's leading economist specializing in the analysis of alleged commodity market manipulation. A public ...
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White Paper: Interconnectedness in the CDS Market - Securities and
Apr 2, 2014 ... characterize the CDS market, the degree of counterparty ... discussion, “swap” refers both to swaps regulated by the Commodity Futures Trading ... 6 See Craig Pirrong, “The Economics of Central Clearing: Theory and .... In 2009, ISDA developed the so called “Big Bang Protocol,” which ..... Basic materials.
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Download as PDF - Emory University School of Law
Aug 20, 2012 ... and is the basic way in which derivatives contribute to systemic risk.6 ... 9 See generally Craig Pirrong, The Economics of Clearing in Derivatives Markets: ... 63 (2009) (describing moral hazard as “any situation in which one person .... Board of Trade or the London International Financial Futures and Options.
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