REGULATION
perandaluminium.Ofcoursethehuge described it, “to limit the price impacts of excessive speculation by
increasesinthecostof buyingor char- preventing traders of US crude oil from routing their transactions
tering ships to carry commodities through off-shore markets”. Increasing oversight of derivatives mar-
around the world reflect real demand ketsandlimitingtheabilityofUStraderstotradeisunlikelytoreduce
for physical goods, irrespective of prices,forthesimplereasonthatderivativestradingisnotthecause
whether some of those goods happen ofhighcommodityprices.
tohaveexchangetraded derivatives.
There are good reasons for thinking
... the dark threats emanating from the US Senate
that the dark threats emanating from
and elsewhere will not lead to a serious legislative
the US Senate and elsewhere will not
lead to a serious legislative curtailment
curtailment of commodity trading on exchanges
of commodity trading on exchanges.
Legislators who analyse the issue and There are, however, indications that political rhetoric is having an
receivesubmissionsfrommarketpartic- effect. The CFTC has imposed position limits on the WTI Crude
ipants will surely quickly come to grasp Futures contract traded on the ICE Futures Europe exchange in
the essential fallacy of the theory of LondonandisinsistingthatsimilarrestrictionsbesetonanewWTI
‘excessive speculation’ and understand futures contract proposed by the Dubai Mercantile Exchange. It
that the prices which commodity would be surprising if these measures had a discernible effect on
tradersagreetopayreflecttheirpredic- pricesforWTI,buttheyshowthattheCFTCis,understandably,anx-
tion of actual market conditions rather ious to demonstrate that it pays heed to prevailing political senti-
than somehow creating those condi- ments. It is to be hoped that those sentiments moderate with now
tions.Evenifthemisunderstandingper- falling commodity prices and after this autumn’s US presidential
sists, politicians will find it difficult to andcongressionalelections •
frame coherent and effective legisla-
Alistair Feeney isapartneratinternationallawfirmHolmanFenwick
tion. Most proposals seem to involve
Willan.HeisamemberoftheirTrade&Energypracticeandadvises
greater regulation of exchange trading tradingcompaniesandbanksoninternationalcommoditiesmatters.
by the CFTC or, as Senator Obama has
www.hfw.com
“
This year’s speakers include
Commodities Week
Europe is a wonderful
content-rich experience for
commodity investors.
”
Bob Greer
Executive Vice President
Hilary Till, Principal, PIMCO
Premia Capital Management
and Co-Editor,
“Intelligent Commodity Investing”
7 - 9 October 2008, Hotel Russell, London, United Kingdom Frank Holmes
CEO and CIO
Sponsored by
US Global Funds
The world’s longest running forum on commodities investment is back!
Attracting the world’s leading buy-side we will discuss the future of the
commodities markets. In October you will meet…
Jim Crimmins
Managing Director
s 350+ executives from across the industry
Jefferies Asset
s 100+ investors looking for new investments
Management
s 60+ speakers addressing the big issues
Andrew Spence
Chief Economist and Vice
Key topics for 2008 include:
President, Asset Mix
s
Ontario Teachers’
Global macroeconomics and market dynamics
Pension Plan
s Going mainstream, the explosion of the commodity markets
s Tried and tested institutional commodity allocations
s
Dr Graham Birch
Successfully incorporating commodities into your portfolio
Managing Director and CIO,
s Strategic and tactical asset allocation
Natural Resources
s Analysing financial instruments offering commodity exposure
BlackRock
s Enhancing your returns through active commodity investment
Organised by
s Assessing different active methodologies
Frans De Wit
With speed networking, Q&A sessions and social evenings you will meet
Senior Investment Manager
PGGM
the people you need to make the most of your commodity investments.
For more information please contact Paul Gilbertson
Tel: +44 (0)20 7092 1245 Fax: +44 (0)20 7242 1508
Email:
paul.gilbertson@terrapinn.com Web:
www.terrapinn.com/2008/ciwuk Booking code: CN
Comm Week Eur 2008 Ad 180-130-CN.indd 1 8/6/08 3:12:14 PM
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102