Case Package Rotman Online Trading Competition

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Case Package 2015. Rotman Online Trading Competition"

Transcription

1 Case Package 2015 Rotman Online Trading Competition

2 Table of Contents Table of Contents Important Information... 3 Case Summaries... 4 Sales & Trader Case... 5 Commodities Trading Case

3 Important Information Important Information Practice Servers Practice servers will be made available starting on January 16th, 2015 and will operate 24 hours a day 7 days a week until the start of the competition. Information on how to download and install the RIT v2.0 Client is available on the RIT website We will post information on how to login to any server port. Remember that you can type in any username and password and it will automatically create an account if it does not exist. If you have forgotten your password or the username appears to be taken, simply choose a new username and password to create a new account. Scoring and Ranking Methodology The Scoring and Ranking Methodology document will be released prior to the start of the competition on the ROTC website. Schedule and Timeline The competition is held online, it will start at 3:30 pm on January 24 th and end at 6:30pm and it will be run until the number of sub-heats described further in this document is completed. The Finance Lab team will not wait for anyone who is late. Competition Servers will be set up 10 minutes before the start. In the event of a server failure, the case session will be rerun and the scores from that session will not be kept. 3

4 Case Summaries Case Summaries Sales and Trader The Sales and Trader Case challenges participants to put their critical thinking and analytical abilities to the test in an environment that allows traders to have significant flexibility on the trading strategy they choose to implement. Traders will be faced with multiple tender offers requiring participants to make rapid judgments on the profitability and subsequent execution of these offers. Profits can be generated by taking advantage of pricing discrepancies, large tender offers, and market-making opportunities. Commodities Case The Commodities case will place competitors in a trading simulation, covering two months, in which they can transact both physical and financial crude oil products in different locations and different delivery points. The crude oil market will be affected by fundamental changes in the supply and demand of crude oil, while physical arbitrage conditions will link the crude oil markets to other upstream and downstream markets. 4

5 Sales & Trader Case Sales & Trader Case Overview The Sales and Trader Case challenges participants to put their critical thinking and analytical abilities to the test in an environment that allows traders to have significant flexibility on the trading strategy they choose to implement. Traders will be faced with multiple tender offers requiring participants to make rapid judgments on the profitability and subsequent execution of these offers. Profits can be generated by taking advantage of pricing discrepancies, large tender offers, and market-making opportunities. Description The trading session will consist of five, 10-minute heats with each heat to be independently traded and representing one month of calendar time. Each heat will have a unique objective and could involve up to four securities with different volatility and liquidity characteristics. Parameter Value Number of trading heats 5 Trading time per heat 600 seconds (10 minutes) Calendar time per heat 1 month (20 trading days) Tender offers will be generated by computerized traders and distributed at random intervals to random participants. Traders must subsequently evaluate the profitability of these tenders when accepting or bidding on them. Trading from excel using Rotman API will be disabled. Real time data (RTD) links will be enabled. Market Dynamics There are ten heats each with unique market dynamics and parameters ranging from changes in the spread of tender orders to the liquidity and volatility of various stocks. Below, you can find details regarding each heat allowing for participants to formulate trading strategies. Version 1 Stock Price Commissions Tender Spread Volatility Liquidity SWEET High High Medium SOUR High Medium Medium Version 2 Stock Price Commissions Tender Spread Volatility Liquidity PEACH Low High Medium BERRY Medium Medium Medium 5

6 Sales & Trader Case Version 3 Stock Price Commissions Tender Spread Volatility Liquidity NACHO Medium Low Low SALSA Low Low Medium GUAC High Medium High Version 4 Stock Price Commissions Tender Spread Volatility Liquidity HUBBLE Low Low Medium KEPLER Medium High Low SPUTNIK Medium Medium High Version 5 Stock Price Commissions Tender Spread Volatility Liquidity RED Low Medium Low GREEN High High Medium BLUE Medium Low High During each heat, traders will occasionally receive one of three different types of tender offers: private tenders, competitive auctions and winner takes all. Tender offers are generated by the server and randomly distributed to traders at different times. Each participant will get the same number of tender offers with variations in price and quantity. Private tenders are routed to individual traders and are offers to purchase or sell a fixed volume of stock at a fixed price. The tender price is influenced by the same pre-generated path that the liquidity traders follow in an attempt to drive the market price towards that path. Private tenders will give a spread based on the mid-market price when the order was generated (if the mid-market price is $10, and the spread was 1-2%, the tender offer will offer to buy shares for an amount between $10.10 and $10.20). Competitive auction offers will be sent to every participant at the same time. Traders will be required to determine a competitive, yet profitable price to submit for a given volume of stock from the auction. Any trader that submits an order that is better than the base-line reserve price (hidden from traders) will automatically have their order filled, regardless of other traders bids. If accepted, the fills will occur at the price that the trader submits. Winner takes all tenders request traders to submit bids to buy or sell a fixed volume of stock. After all prices have been received, the tender is awarded to the single highest bidder or lowest offer. The winning price however must meet a base-line reserve price. If no offer meets the reserve price, then the trade may not be awarded to anyone (i.e. if all traders bid $2.00 for a $10 stock, nobody will win). 6

7 Sales & Trader Case Trading Limits and Transaction Costs Each trader will be subject to gross and net trading limits: the net and gross trading limits for all of the versions are NET 250K shares, or GROSS 500K shares. The gross trading limit reflects the sum of the absolute values of the long and short positions across all securities; while the net trading limit reflects the sum of long and short positions such that short positions negate any long positions. Trading limits will be strictly enforced and traders will not be able to exceed them. The maximum trade size will be shares, restricting the volume of shares transacted per trade to There is a maximum stop loss of $1.5 Million per person for each trading heat. If a user loses more than $1.5 Million, he/she will be forced to stop trading for the remainder of the heat. Position Close-Out Any non-zero position will be closed out at the end of trading based on the last traded price. This includes any long or short position open in any security. Computerized market makers will increase the liquidity in the market towards the end of trading to ensure the closing price cannot be manipulated. Key Objectives Objective 1: Generate profits by market making in order to capture the bid-ask spread. Develop trading strategies based on the case descriptions to be distributed prior to the trading period in order to customize profitable trading strategies to each heat. Objective 2: Evaluate the profitability of tender offers and accept those that will generate profits while rejecting those that will create losses. Submit competitive, yet profitable, bids and offers on above reserve and winner takes all tenders in order to maximize potential profits. Objective 3: Limit market risk by managing open positions and optimally utilizing the gross and net trading limits to maximize profits. Maintaining large short or long positions may result in the market trading away from your transaction price, resulting in losses. Use a combination of limit and market orders to mitigate any liquidity and price risks from holding open positions. 7

8 Commodities Case Commodities Trading Case The Commodities Trading 5 Case challenges traders ability to respond to the highly dynamic world of commodity trading. Primarily, traders will buy and sell crude oil and related products in response to their analysis of various news releases affecting the price of oil. In addition, traders will be challenged to take advantage of arbitrage opportunities occurring in the spot and futures markets as well as across different locations and crude oil products. Lastly, traders will learn about the physical requirements to trade physical product, such as storage, pipeline (transportation) and refinery costs. Description The Commodities Trading 5 case will consist of 2 periods of 10 minutes each. There are 7 tradable securities and 6 assets. Trading from Excel using the Rotman API will be disabled. Real time data (RTD) links will be enabled. Parameter Value Number of trading sub-heats 3 Trading time per sub-heat 1200 seconds (20 minutes) Calendar time per sub-heat 2 months Number of periods per sub-heat 2 Trading time per period 600 seconds (10 minutes) Calendar time per period 1 month Max order size 30 contracts Mark-to-market frequency Daily (every 30 seconds) Market Dynamics Securities Securities Description Contract Size Shortable CL Crude oil spot (in Cushing) 1,000 Barrels No CL-AK Crude oil in Alaska 1,000 Barrels No CL-NYC Crude oil in New York City 1,000 Barrels No CL-1F Month 1 futures contract for CL 1,000 Barrels Yes CL-2F Month 2 futures contract for CL 1,000 Barrels Yes HO Heating Oil 42,000 Gallons No RB RBOB Gasoline 42,000 Gallons No 8

9 Commodities Case Traders will be able to utilize the following assets which are required for storing, moving, or refining physical crude product. Assets Assets Description Capacity Transport or Cost Conversion Period CL-STORAGE Storage for Crude Oil 10K Barrels N/A $500/day Spot in Cushing AK-STORAGE Storage for Crude Oil in 10K Barrels N/A $500/day Alaska NYC-STORAGE Storage for Crude Oil in 10K Barrels N/A $500/day New York City AK-CS-PIPE Pipeline from Alaska to 10K Barrels 1 Day (30 seconds) $40,000/use Cushing CS-NYC-PIPE Pipeline from Cushing 10K Barrels 1 Day (30 seconds) $20,000/use to New York City CL-REFINERY Crude Oil Refinery (3:2:1) 30K Barrels 1.5 Days (45 seconds) $300,000 per 2 days *Note: There are no storage requirements for the physical products: RBOB Gasoline and Heating Oil. Automatic storage at no cost can be assumed for these products. Traders will need to focus on four main models that interact with the physical (spot) market for crude oil: the fundamental model, the storage model, the transport model and the refinery model. In the fundamental model, traders will receive news releases affecting the supply of crude oil, which can be used to forecast commodity prices. These releases will be amongst updates on geopolitical news and general economic indicators further affecting the energy market in North America. Traders will respond to the various news releases by buying and selling futures contracts. In the storage, transport, and refinery models, traders will balance the costs of operation with expected returns to earn arbitrage profits. For example, based on the refinery s fixed cost to operate, traders can calculate when it s profitable to purchase crude oil, convert it into products, and sell the products. Similarly, traders can calculate when it s profitable to purchase crude in Alaska, transport it to Cushing, and sell crude oil spot. Fundamental Model The fundamental model will test the ability of traders to correctly interpret news releases and predict the price impact on crude oil. The fundamental value of crude oil is based on two distinct factor shocks: news effects and the weekly EIA reports. In this case, all news releases are independent of one another. P CL = P CL,Start + Effects from EIA Reports + Effects from News Reports 9

10 Commodities Case There are 8 weekly EIA reports that will be released. Each report will contain an expected storage build/draw, and the actual storage build/draw. The fundamental value of CL will adjust at a ratio of $1 for every 10 million barrel differential. For example, if analysts expected a 6 million barrel build, and the actual EIA value was a 16 million barrel draw, the price of CL would increase by $2.20. (expected +6, actual -16, difference +22). In addition, there will be news reports that mention geopolitical events (pipeline outages, geopolitical tension, etc.) that will affect the supply or demand for crude oil. You should, if at all possible, quantify the effect of these events - as they will also have an effect on the price of crude oil (CL). These events will have an effect on the price, but weekly storage values are not directly linked to them. Information Release Schedule Time elapsed Release 90 seconds 1st Week EIA Report 240 seconds 2 nd Week EIA Report 390 seconds 3 rd Week EIA Report 540 seconds 4 th Week EIA Report 600 seconds End of period Random times News Reports Storage Model Traders must lease storage before buying spot crude oil. A storage tank holds up to 10,000 barrels of crude oil and costs $500 per day (charged every 30 seconds). Each storage tank must be leased in its entirety (i.e. traders cannot lease half a tank). Note that futures contracts settle at the end of their respective months and settle into physical product. If traders are long one futures contract of Month 1 crude oil at the end of the first month, they will receive 1,000 barrels of crude oil spot. If they are short one contract of Month 1 crude oil at the end of the first month, they will be required to deliver 1,000 barrels of crude oil spot. If traders do not have sufficient storage upon settlement of their futures contracts, a storage unit will automatically be leased at a penalty of $2500 per unit in addition to regular lease prices. There are three storage tanks available for lease, one for crude oil in each region: CL-STORAGE, AK- STORAGE, NYC-STORAGE. Traders are limited to having up to 10 of each storage unit simultaneously. The risk-free rate and convenience yield are both assumed to be zero so that storage costs are the only component of cost-of-carry for this case. 10

11 Transportation Model Traders are able to transport crude oil from one location to another. Doing so effectively converts crude oil in location A to crude oil in location B. For example, transporting 1000 barrels of crude oil from Cushing to NYC converts 1000 barrels of CL into CL-NYC. In order to transport crude oil, traders must lease and use pipelines. Unlike storage, pipelines must be used immediately after lease. The transport process will take 30 seconds to complete. The pipeline will automatically be released at the end of the lease period. There are two pipelines available: AK-CS-PIPE and CS-NYC-PIPE. (Oil only flows one way in these pipes, from the location of supply to the location of demand). Traders are limited to leasing up to 10 of each pipeline simultaneously. A pipeline can transport up to 10,000 barrels of crude oil at a time and costs $1,000 per use. This cost is subject to change at random times during the case. Traders will be notified of changes to pipeline costs through news releases. Refinery Model Traders are able to refine crude oil to produce RBOB gasoline and heating oil. The Crude Oil Refinery (3:2:1) converts 3 contracts (3000 barrels) of crude oil in Cushing into 2 contracts (84,000 gallons ) of RBOB gasoline and 1 contract (42,000 gallons) of heating oil, hence the (3:2:1) specification. Each trader will be limited to using one refinery at a time. To refine crude oil, traders must lease refineries. The lease price covers the cost of production, additives, and the facility. Each lease period is 2 days (60 seconds), and the refining process will take 45 seconds to complete. Once the refinery process is complete, traders must release the refinery otherwise they will be charged for another lease period of 2 days. There is one refinery available in Cushing: CL-REFINERY. Trading Limits and Transaction Costs Each trader will be subject to gross and net trading limits of 500 contracts and 100 contracts respectively. The gross trading limit reflects the sum of the absolute values of the long and short positions across all securities and cannot exceed 500 contracts. The net trading limit reflects the sum of long and short positions such that short positions negate any long positions and has an upper bound of 100 contracts of crude equivalent products. Trading limits will be strictly enforced and traders will not be able to exceed them. For example, a long position of 1 crude oil contract (1000 barrels) and a short position of 1 futures contract (1000 barrels) results in a net limit usage of 0/100 and a gross limit usage of 2/500. Similarly, 11

12 Commodities Case for heating oil or RBOB gasoline, a long position of 1 contract (42,000 gallons) and short position of 1 contact result in a net limit usage of 0/100 and a gross limit usage of 2/500. The maximum trade size will be 30 contracts, restricting the volume of contracts transacted per trade to 30. Transaction fees will be set at $1 per contract traded. Position Close-Out All positions will be marked-to-market every 30 seconds with any profits and losses reflected in the traders cash balance by the mark-to-market operation. Futures contracts will settle at the end of each period and be converted into CL. The final value of CL will be based on the formula described earlier. Crude in Alaska and NYC, and the RBOB and HO products will be valued at their last traded price. Computerized market makers will increase the liquidity in the market towards the end of trading to ensure the closing price cannot be manipulated. 12

Commodities Capstone

Commodities Capstone RIT Case Brief COM5 Build 1.02 Commodities Capstone The Commodities Trading 5 Case challenges traders ability to respond to the highly dynamic world of commodity trading. Primarily, traders will buy and

More information

Structure and Main Features of the RIT Market Simulator Application

Structure and Main Features of the RIT Market Simulator Application Build 1.00 Structure and Main Features of the RIT Market Simulator Application Overview The Rotman Interactive Trader is a market-simulator that provides students with a hands-on approach to learning finance.

More information

Trading Periods 3 Period Time 600 Seconds (10 minutes) Calendar Time per Period Compounding Interval 1 Day (30 seconds)

Trading Periods 3 Period Time 600 Seconds (10 minutes) Calendar Time per Period Compounding Interval 1 Day (30 seconds) RIT Case Brief COM2 Commodities 2 By Kevin Mak and Tom McCurdy The purpose of this case is to challenge traders ability to respond to the highly dynamic world of commodities trading. In this case, traders

More information

Internet Appendix to Momentum, Reversal, and Uninformed Traders in Laboratory Markets * 1. I. Instructions for Experiment One

Internet Appendix to Momentum, Reversal, and Uninformed Traders in Laboratory Markets * 1. I. Instructions for Experiment One Internet Appendix to Momentum, Reversal, and Uninformed Traders in Laboratory Markets * 1 I. Instructions for Experiment One Overview During this session, you will trade shares in 12 different securities

More information

CME Group 2012 Commodities Trading Challenge. Competition Rules and Procedures

CME Group 2012 Commodities Trading Challenge. Competition Rules and Procedures Competition Rules and Procedures CME Group with assistance from CQG and the University of Houston, is sponsoring a commodities trading competition among colleges and universities. Students will compete

More information

Futures Contracts. Futures. Forward Contracts. Futures Contracts. Delivery or final cash settlement usually takes place

Futures Contracts. Futures. Forward Contracts. Futures Contracts. Delivery or final cash settlement usually takes place Futures 1 Futures Contracts Forward Contracts Futures Contracts Forwards Private contract between 2 parties Not standardized Usually one specified contract date Settled at end of contract Delivery or final

More information

Forward and Futures Markets. Class Objectives. Class Objectives

Forward and Futures Markets. Class Objectives. Class Objectives Forward and Futures Markets Peter Ritchken Kenneth Walter Haber Professor of Finance Case Western Reserve University Cleveland, Ohio, 44106 Peter Ritchken Forwards and Futures 1 Class Objectives Buying

More information

Practice Set #1: Forward pricing & hedging.

Practice Set #1: Forward pricing & hedging. Derivatives (3 credits) Professor Michel Robe What to do with this practice set? Practice Set #1: Forward pricing & hedging To help students with the material, eight practice sets with solutions shall

More information

Short-Term Energy Outlook Market Prices and Uncertainty Report

Short-Term Energy Outlook Market Prices and Uncertainty Report February 2016 Short-Term Energy Outlook Market Prices and Uncertainty Report Crude Oil Prices: The North Sea Brent front month futures price settled at $34.46/b on February 4 $2.76 per barrel (b) below

More information

9 Hedging the Risk of an Energy Futures Portfolio UNCORRECTED PROOFS. Carol Alexander 9.1 MAPPING PORTFOLIOS TO CONSTANT MATURITY FUTURES 12 T 1)

9 Hedging the Risk of an Energy Futures Portfolio UNCORRECTED PROOFS. Carol Alexander 9.1 MAPPING PORTFOLIOS TO CONSTANT MATURITY FUTURES 12 T 1) Helyette Geman c0.tex V - 0//0 :00 P.M. Page Hedging the Risk of an Energy Futures Portfolio Carol Alexander This chapter considers a hedging problem for a trader in futures on crude oil, heating oil and

More information

Client Software Feature Guide

Client Software Feature Guide RIT User Guide Build 1.00 Client Software Feature Guide Introduction Welcome to Rotman Interactive Trader 2.0 (RIT 2.0). This document assumes that you have installed the Rotman Interactive Trader 2.0

More information

Introduction to Equity Derivatives on Nasdaq Dubai NOT TO BE DISTRIUTED TO THIRD PARTIES WITHOUT NASDAQ DUBAI S WRITTEN CONSENT

Introduction to Equity Derivatives on Nasdaq Dubai NOT TO BE DISTRIUTED TO THIRD PARTIES WITHOUT NASDAQ DUBAI S WRITTEN CONSENT Introduction to Equity Derivatives on Nasdaq Dubai NOT TO BE DISTRIUTED TO THIRD PARTIES WITHOUT NASDAQ DUBAI S WRITTEN CONSENT CONTENTS An Exchange with Credentials (Page 3) Introduction to Derivatives»

More information

XIV. Additional risk information on forward transactions in CFDs

XIV. Additional risk information on forward transactions in CFDs XIV. Additional risk information on forward transactions in CFDs The following information is given in addition to the general risks associated with forward transactions. Please read the following information

More information

Trading Manual. Effective date: 07 July 2015

Trading Manual. Effective date: 07 July 2015 Trading Manual Effective date: 07 July 2015 LMAX Trading Manual Effective date: 07 July 2015 This Trading Manual ( the Manual ) provides further information and worked examples on our trading services.

More information

SMG... 2 3 4 SMG WORLDWIDE

SMG... 2 3 4 SMG WORLDWIDE U S E R S G U I D E Table of Contents SMGWW Homepage........... Enter The SMG............... Portfolio Menu Page........... 4 Changing Your Password....... 5 Steps for Making a Trade....... 5 Investor

More information

CHAPTER 22: FUTURES MARKETS

CHAPTER 22: FUTURES MARKETS CHAPTER 22: FUTURES MARKETS PROBLEM SETS 1. There is little hedging or speculative demand for cement futures, since cement prices are fairly stable and predictable. The trading activity necessary to support

More information

Trading Tutorial. Microstructure 2 Liquidity. Rotman School of Management http://rit.rotman.utoronto.ca Page 1 of 9

Trading Tutorial. Microstructure 2 Liquidity. Rotman School of Management http://rit.rotman.utoronto.ca Page 1 of 9 Microstructure 2 Tutorial Introduction Welcome to Rotman Interactive Trader (RIT). This document begins assuming that you have installed and run the Rotman Interactive Trader client application (RIT Client).

More information

CHAPTER 3. Arbitrage and Financial Decision Making. Chapter Synopsis

CHAPTER 3. Arbitrage and Financial Decision Making. Chapter Synopsis CHAPTER 3 Arbitrage and Financial Decision Making Chapter Synopsis 3.1 Valuing Decisions When considering an investment opportunity, a financial manager must systematically compare the costs and benefits

More information

3/11/2015. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Outline

3/11/2015. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Outline 1 Phoenix Energy Marketing Consultants Inc. 2 Outline What is crude oil price risk management? Why manage crude oil price risk? How do companies manage crude oil price risk? What types of deals do companies

More information

Algorithmic Trading Session 1 Introduction. Oliver Steinki, CFA, FRM

Algorithmic Trading Session 1 Introduction. Oliver Steinki, CFA, FRM Algorithmic Trading Session 1 Introduction Oliver Steinki, CFA, FRM Outline An Introduction to Algorithmic Trading Definition, Research Areas, Relevance and Applications General Trading Overview Goals

More information

Futures Contract Introduction

Futures Contract Introduction Futures Contract Introduction 1 The first futures exchange market was the Dojima Rice exchange in Japan in the 1730s, to meet the needs of samurai who being paid in rice and after a series of bad harvests

More information

JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY

JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY Testimony of Kenneth B. Medlock III, PhD James A. Baker, III, and Susan G. Baker Fellow in Energy and Resource Economics, and Senior Director,

More information

BRENT CRUDE OIL QUANTO HEATING OIL GASOLINE NATURAL GAS

BRENT CRUDE OIL QUANTO HEATING OIL GASOLINE NATURAL GAS CONTRACT SPECIFICATIONS ENERGY DERIVATIVES, QUANTO FUTURES FUTURES CONTRACT Trading system code QBRN QHEA QGAS QNAT Trading hours 08:30 to 17:00 South African time. Admin period from 17h00 to 17h15 (Monday

More information

Complete Tender Management E AUCTIONS

Complete Tender Management E AUCTIONS Complete Tender Management E AUCTIONS Authority Guide April 2012 CTM_Auction_CA EN 6.9.docx Page 1 Version Control Version Date Amendment 1.0 March 2012 Split Tender and Contract Management manuals NEW

More information

Hedging Strategies Using Futures. Chapter 3

Hedging Strategies Using Futures. Chapter 3 Hedging Strategies Using Futures Chapter 3 Fundamentals of Futures and Options Markets, 8th Ed, Ch3, Copyright John C. Hull 2013 1 The Nature of Derivatives A derivative is an instrument whose value depends

More information

Oil Trading. Simon Basey / November 28, 2013

Oil Trading. Simon Basey / November 28, 2013 Oil Trading Simon Basey / November 28, 2013 What does IST do? Markets BP s equity crude oil, NGLs and natural gas Offers risk management products to third parties Imports crude oil and other feedstocks

More information

The Petroleum Economics Monthly

The Petroleum Economics Monthly The Petroleum Economics Monthly Philip K. Verleger, Jr. Volume XXIX, No. 6 June 2012 Structural Changes Make Crude Inventories Irrelevant (Publication Date: 7/30/2012) 2012, PKVerleger LLC. All rights

More information

Liquidity in U.S. Treasury spot and futures markets

Liquidity in U.S. Treasury spot and futures markets Liquidity in U.S. Treasury spot and futures markets Michael Fleming and Asani Sarkar* Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045 (212) 720-6372 (Fleming) (212) 720-8943 (Sarkar)

More information

Auctioning German Auctioning of Emission Allowances Periodical Report: First Quarter 2014

Auctioning German Auctioning of Emission Allowances Periodical Report: First Quarter 2014 Auctioning German Auctioning of Emission Allowances Periodical Report: First Quarter 2014 Deutsche Emissionshandelsstelle Impressum Publisher German Emissions Trading Authority (DEHSt) at the Federal Environment

More information

TRADING PLACES inside the oil futures market. Karen Matusic

TRADING PLACES inside the oil futures market. Karen Matusic TRADING PLACES inside the oil futures market Karen Matusic Nymex Facts Biggest commodities futures market Volumes account for more than 10 times world oil production Started as a milk and butter exchange

More information

FTS Real Time Client: Equity Portfolio Rebalancer

FTS Real Time Client: Equity Portfolio Rebalancer FTS Real Time Client: Equity Portfolio Rebalancer Many portfolio management exercises require rebalancing. Examples include Portfolio diversification and asset allocation Indexation Trading strategies

More information

INTRODUCTION. Production / Extraction of Oil. Distribution & Sale to refined products to end users

INTRODUCTION. Production / Extraction of Oil. Distribution & Sale to refined products to end users CRUDE OIL INTRODUCTION Crude oil holds prominence as input to the global growth engine since it is the most important source of energy accounting for more than two fifth of the global energy consumption.

More information

CFDs YOUR STARTER KIT

CFDs YOUR STARTER KIT CFDs YOUR STARTER KIT Risk Warning: Forex and CFDs are leveraged products and you may lose your initial deposit as well as substantial amounts of your investment. Trading leveraged products carries a high

More information

Brief Overview of Futures and Options in Risk Management

Brief Overview of Futures and Options in Risk Management Brief Overview of Futures and Options in Risk Management Basic Definitions: Derivative Security: A security whose value depends on the worth of other basic underlying variables. E.G. Futures, Options,

More information

Chapter 3: Commodity Forwards and Futures

Chapter 3: Commodity Forwards and Futures Chapter 3: Commodity Forwards and Futures In the previous chapter we study financial forward and futures contracts and we concluded that are all alike. Each commodity forward, however, has some unique

More information

THE UNDAMENTALS AND ECHNIQUES RADING OMMODITY PREADS. c s

THE UNDAMENTALS AND ECHNIQUES RADING OMMODITY PREADS. c s c s THE UNDAMENTALS AND ECHNIQUES OF RADING OMMODITY PREADS The purpose of this booklet is to give you a better understanding of various aspects of spread trading in the futures market. Center for Futures

More information

Inventory Settlement Procedure Express and Platte Pipelines

Inventory Settlement Procedure Express and Platte Pipelines INTRODUCTION Inventory Settlement Procedure Express and Platte Pipelines August 1, 2015 Inventory gains and losses between commodities are a normal part of transporting unlike materials in a batched pipeline.

More information

Fundamentals of Futures and Options (a summary)

Fundamentals of Futures and Options (a summary) Fundamentals of Futures and Options (a summary) Roger G. Clarke, Harindra de Silva, CFA, and Steven Thorley, CFA Published 2013 by the Research Foundation of CFA Institute Summary prepared by Roger G.

More information

Spring 2015 Hawaii Stock Market Simulation INVESTING RULES

Spring 2015 Hawaii Stock Market Simulation INVESTING RULES Spring 2015 Hawaii Stock Market Simulation INVESTING RULES 1. Initial Cash Balance: The Hawaii Stock Market Simulation begins on February 16, 2015 and ends on April 24, 2015. Each team will begin with

More information

Financial Markets. Itay Goldstein. Wharton School, University of Pennsylvania

Financial Markets. Itay Goldstein. Wharton School, University of Pennsylvania Financial Markets Itay Goldstein Wharton School, University of Pennsylvania 1 Trading and Price Formation This line of the literature analyzes the formation of prices in financial markets in a setting

More information

Single Stock Futures

Single Stock Futures Single Stock Futures Single Stock Futures (or Individual Equity Futures) are exchange traded derivative instruments offering investors amplified exposure to price movements in a wide array of listed shares.

More information

Mechanics of the Futures Market. Andrew Wilkinson

Mechanics of the Futures Market. Andrew Wilkinson Mechanics of the Futures Market Andrew Wilkinson Risk Disclosure Options and Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading

More information

Overlapping ETF: Pair trading between two gold stocks

Overlapping ETF: Pair trading between two gold stocks MPRA Munich Personal RePEc Archive Overlapping ETF: Pair trading between two gold stocks Peter N Bell and Brian Lui and Alex Brekke University of Victoria 1. April 2012 Online at http://mpra.ub.uni-muenchen.de/39534/

More information

Chapter Five: Risk Management and Commodity Markets

Chapter Five: Risk Management and Commodity Markets Chapter Five: Risk Management and Commodity Markets All business firms face risk; agricultural businesses more than most. Temperature and precipitation are largely beyond anyone s control, yet these factors

More information

General Forex Glossary

General Forex Glossary General Forex Glossary A ADR American Depository Receipt Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, with the aim of creating profits without

More information

CFD-FX Trading platform Software User Guide. May 2006

CFD-FX Trading platform Software User Guide. May 2006 CFD-FX Trading platform Software User Guide May 2006 CONTENTS Introduction........................................................1 Installing the trading platform........................................1

More information

Tools for Mitigating Credit Risk in Foreign Exchange Transactions 1

Tools for Mitigating Credit Risk in Foreign Exchange Transactions 1 Tools for Mitigating Credit Risk in Foreign Exchange Transactions November 2010 Introduction In November 2009, the Foreign Exchange Committee (FXC) and its Buy-Side Subcommittee released a paper that reviewed

More information

Toms Market Outlook and Trade Alerts for Oct 19 th, 2014. Message from Tom

Toms Market Outlook and Trade Alerts for Oct 19 th, 2014. Message from Tom Toms Market Outlook and Trade Alerts for Oct 19 th, 2014 Message from Tom I believe the markets have finally cooled their selling ways, partly due to the fact that Ebola is not a concern like people thought

More information

Margin FX and CFDs Product Disclosure Statement 26 June 2015

Margin FX and CFDs Product Disclosure Statement 26 June 2015 Margin FX and CFDs 26 June 2015 Issuer: Forex Capital Trading Pty Ltd AFSL No. 306400 and ABN 69 119 086 270 1 P a g e 1. Important Information 1.1 About this PDS This PDS is issued by Forex Capital Trading

More information

Frequent Asked Questions Regarding After Hours Futures Trading (AHFT)

Frequent Asked Questions Regarding After Hours Futures Trading (AHFT) Frequent Asked Questions Regarding After Hours Futures Trading (AHFT) 1. What are the purposes for introducing AHFT? Response: The introduction of AHFT would provide trading/hedging opportunities to investors

More information

Chapter 10 Forwards and Futures

Chapter 10 Forwards and Futures Chapter 10 Forwards and Futures Road Map Part A Introduction to finance. Part B Valuation of assets, given discount rates. Part C Determination of risk-adjusted discount rate. Part D Introduction to derivatives.

More information

SWFX - Swiss FX Marketplace Manual V.18.06.2010

SWFX - Swiss FX Marketplace Manual V.18.06.2010 SWFX - Swiss FX Marketplace Manual V.18.06.2010 1/41 Table of contents 1. Disclaimer... 3 1.1. Market Risk... 3 1.2. Operational Risk... 3 1.3. Platform User Guide... 3 1.4. Demo Versus Live Platform...

More information

Post - Graduate Diploma in Security Analysis & Trading (2 nd Semester Examination)

Post - Graduate Diploma in Security Analysis & Trading (2 nd Semester Examination) Post - Graduate Diploma in Security Analysis & Trading (2 nd Semester Examination) Paper 203 Commodities for Capital Market Maximum Marks: 100 Time Allowed: 3 hours Roll No. Name. INSTRUCTIONS: 1. This

More information

The Extended Oil & Gas Supply Chain

The Extended Oil & Gas Supply Chain The Extended Oil & Gas Supply Chain SAP Business Forum 05 Series Houston, Texas March 22, 2005 Mickey McBroom, Industry Principal Downstream Dirk Williams, Manager, Field Services, IBU Oil & Gas Introduction

More information

EQUALIZATION PROCEDURES GUIDE

EQUALIZATION PROCEDURES GUIDE EQUALIZATION PROCEDURES GUIDE DEVELOPED ON BEHALF OF THE CANADIAN CRUDE AND CONDENSATE SHIPPERS AND APPLIED BY THE EQUALIZED TERMINALS AND PIPELINES EQUALIZATION STEERING COMMITTEE REVISED December 2014

More information

Trade Energy with Confidence. Crude Oil, Natural Gas, Heating Oil and Gasoline Futures and Options

Trade Energy with Confidence. Crude Oil, Natural Gas, Heating Oil and Gasoline Futures and Options Trade Energy with Confidence Crude Oil, Natural Gas, Heating Oil and Gasoline Futures and Options Contract Specifications The World s energy Marketplace As the world s largest and most diverse derivatives

More information

9. MARGIN REQUIREMENT

9. MARGIN REQUIREMENT 9. 9.1 Marginable Position SEOCH requires margin for open option positions and pending stock positions. This is calculated and collected, where necessary, on a daily basis using routine procedures which

More information

Guide to Understanding Portfolios READING PORTFOLIO PAGES

Guide to Understanding Portfolios READING PORTFOLIO PAGES Guide to Understanding Portfolios READING PORTFOLIO PAGES The Welcome page is the first page teams see when they login. Teams have access to nine portfolio functions Teams click an icon to view rankings,

More information

mobiletws for iphone

mobiletws for iphone mobiletws for iphone Table of Contents Log in to mobiletws... 1 Logging In... 1 Trade... 5 Submit an Order... 5 The Order Ticket... 6 Quotes, Charts, Trading... 7 Add a Contract... 8 View Expanded Ticker...

More information

Lecture 7: Bounds on Options Prices Steven Skiena. http://www.cs.sunysb.edu/ skiena

Lecture 7: Bounds on Options Prices Steven Skiena. http://www.cs.sunysb.edu/ skiena Lecture 7: Bounds on Options Prices Steven Skiena Department of Computer Science State University of New York Stony Brook, NY 11794 4400 http://www.cs.sunysb.edu/ skiena Option Price Quotes Reading the

More information

Market Microstructure: An Interactive Exercise

Market Microstructure: An Interactive Exercise Market Microstructure: An Interactive Exercise Jeff Donaldson, University of Tampa Donald Flagg, University of Tampa ABSTRACT Although a lecture on microstructure serves to initiate the inspiration of

More information

Weekly Petroleum Status Report

Weekly Petroleum Status Report DOE/EIA-0208(2013-04) Distribution Category UC-98 Data for Week Ended: January 25, 2013 Weekly Petroleum Status Report EIA DATA ARE AVAILABLE IN ELECTRONIC FORM The tables in the Weekly Petroleum Status

More information

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska Remarks by Marianne Kah Chief Economist Cautionary Statement The following presentation includes forward-looking statements.

More information

Office Phone: 337-281-1094

Office Phone: 337-281-1094 FREEMAN SCHOOL OF BUSINESS ENRG 4200-21 Energy Fundamentals and Trading Fall 2014 Instructor: John Foreman Office: GWII, M119 Office Hours: By Appointment Class Meeting Day & Time: Office Phone: 337-281-1094

More information

At 17:00 hours (5:00 pm) each Friday, trading will be disabled until Sunday 17:00 hours (5:00 pm).

At 17:00 hours (5:00 pm) each Friday, trading will be disabled until Sunday 17:00 hours (5:00 pm). Trading Hours A Client may execute a trade 24 hours a day beginning at 17:00 hours (5:00 pm) on Sunday, (17:30 hours for off-exchange options) and ending at 17:00 hours (5:00 pm) on Friday for all investment

More information

K 1 < K 2 = P (K 1 ) P (K 2 ) (6) This holds for both American and European Options.

K 1 < K 2 = P (K 1 ) P (K 2 ) (6) This holds for both American and European Options. Slope and Convexity Restrictions and How to implement Arbitrage Opportunities 1 These notes will show how to implement arbitrage opportunities when either the slope or the convexity restriction is violated.

More information

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS Halifax New Zealand Limited Financial

More information

GAIN Capital FOREX.com Australia Pty Limited EXECUTION POLICY for the Dealbook Suite of Platforms

GAIN Capital FOREX.com Australia Pty Limited EXECUTION POLICY for the Dealbook Suite of Platforms GAIN Capital FOREX.com Australia Pty Limited EXECUTION POLICY for the Dealbook Suite of Platforms 1) Introduction The Execution Policy should be read in conjunction with our Account Agreement or General

More information

Oil Speculation by Jussi Keppo July 8, 2008

Oil Speculation by Jussi Keppo July 8, 2008 Oil Speculation by Jussi Keppo July 8, 2008 The increase in the oil spot price seems to be mainly driven by the global demand. According to the U.S. Energy Information Administration, in 1999 the global

More information

RT Spread Scanner. Quick overview

RT Spread Scanner. Quick overview RT Spread Scanner RT Spread Scanner... 1 Quick overview... 1 Some hints on usage... 4 Stock filters... 5 Option filters... 5 Stock and option advanced filters... 6 Stock advanced filters... 7 Option advanced

More information

Chapter 21: Options and Corporate Finance

Chapter 21: Options and Corporate Finance Chapter 21: Options and Corporate Finance 21.1 a. An option is a contract which gives its owner the right to buy or sell an underlying asset at a fixed price on or before a given date. b. Exercise is the

More information

Day Trading the Emini S&P 500 (ES) and Light Sweet Crude Oil (CL)

Day Trading the Emini S&P 500 (ES) and Light Sweet Crude Oil (CL) Day Trading the Emini S&P 500 (ES) and Light Sweet Crude Oil (CL) Live Trade Room with Carlos Diaz Disclaimer: The information in this guide is provided for your entertainment only. We cannot and do not

More information

BEST EXECUTION AND ORDER HANDLING POLICY

BEST EXECUTION AND ORDER HANDLING POLICY BEST EXECUTION AND ORDER HANDLING POLICY 1. INTRODUCTION 1.1 etoro (Europe) Ltd (the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission ( CySEC ) with license number

More information

Contents Risk Disclaimer... 3 Introduction... 4 Choosing the Right Broker... 4 The Financial Markets... 5 The Forex Market...

Contents Risk Disclaimer... 3 Introduction... 4 Choosing the Right Broker... 4 The Financial Markets... 5 The Forex Market... Contents Risk Disclaimer... 3 Introduction... 4 Choosing the Right Broker... 4 The Financial Markets... 5 The Forex Market... 6 Trading methodologies... 7 Developing a trading strategy... 8 Risk Management...

More information

Lecture Notes: Basic Concepts in Option Pricing - The Black and Scholes Model

Lecture Notes: Basic Concepts in Option Pricing - The Black and Scholes Model Brunel University Msc., EC5504, Financial Engineering Prof Menelaos Karanasos Lecture Notes: Basic Concepts in Option Pricing - The Black and Scholes Model Recall that the price of an option is equal to

More information

Discussion of The Returns to Currency Speculation

Discussion of The Returns to Currency Speculation Discussion of The Returns to Currency Speculation John H. Cochrane January 5, 2007 UIP Uk interest rate = 5%, US interest rate = 2%. Invest in UK? 1. Naive: Yes, Make 3% more 2. Traditional: No, Pound

More information

Affine-structure models and the pricing of energy commodity derivatives

Affine-structure models and the pricing of energy commodity derivatives Affine-structure models and the pricing of energy commodity derivatives Nikos K Nomikos n.nomikos@city.ac.uk Cass Business School, City University London Joint work with: Ioannis Kyriakou, Panos Pouliasis

More information

WORKING CAPITAL MANAGEMENT

WORKING CAPITAL MANAGEMENT CHAPTER 9 WORKING CAPITAL MANAGEMENT Working capital is the long term fund required to run the day to day operations of the business. The company starts with cash. It buys raw materials, employs staff

More information

BULLETIN # 128 April 23 2013. Parkland Fuel Corporation PKI-TSX; PKIUF-OTC

BULLETIN # 128 April 23 2013. Parkland Fuel Corporation PKI-TSX; PKIUF-OTC BULLETIN # 128 April 23 2013 Parkland Fuel Corporation PKI-TSX; PKIUF-OTC Parkland is the largest independent marketer and distributor of refined fuels in Canada. They are simply the middle man between

More information

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways:

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways: BENEFITS Online links to further information are shown in underlined text below. Contents 1. Your own benefits 2. Benefits on death 3. Issues to consider 4. Other points These notes outline the benefits

More information

Margin FX and CFDs Product Disclosure Statement 26 April 2016

Margin FX and CFDs Product Disclosure Statement 26 April 2016 Margin FX and CFDs 26 April 2016 Issuer: Forex Capital Trading Pty Ltd AFSL No. 306400 and ABN 69 119 086 270 1 P a g e 1. Important Information 1.1 About this PDS This PDS is issued by Forex Capital Trading

More information

FAQ (FUTURES/OPTIONS TRADING)

FAQ (FUTURES/OPTIONS TRADING) FAQ (FUTURES/OPTIONS TRADING) Introduction to Futures and Options Trading 1. What is a futures contract? Futures contracts are legally binding commitments between two parties to buy or sell a specific

More information

ค ม อการใช งานเว บไซต เคท ซ ม โก WEBSITE MANUAL

ค ม อการใช งานเว บไซต เคท ซ ม โก WEBSITE MANUAL ค ม อการใช งานเว บไซต เคท ซ ม โก WEBSITE MANUAL PART 1 Subscription temporary Subscription temporary You can register for a temporary account pass www.kt ZMICO.com to a trial access free for 21 days from

More information

FIN-40008 FINANCIAL INSTRUMENTS SPRING 2008

FIN-40008 FINANCIAL INSTRUMENTS SPRING 2008 FIN-40008 FINANCIAL INSTRUMENTS SPRING 2008 Options These notes consider the way put and call options and the underlying can be combined to create hedges, spreads and combinations. We will consider the

More information

MODEL TEST PAPER COMMODITIES MARKET MODULE

MODEL TEST PAPER COMMODITIES MARKET MODULE MODEL TEST PAPER COMMODITIES MARKET MODULE Q:1. Which of the following can be the underlying for a commodity derivative contract? (a) Interest Rate (b) Euro-Indian Rupee (c) Gold (d) NIFTY Q:2. Daily mark

More information

PRICING OF GAS SWING OPTIONS. Andrea Pokorná. UNIVERZITA KARLOVA V PRAZE Fakulta sociálních věd Institut ekonomických studií

PRICING OF GAS SWING OPTIONS. Andrea Pokorná. UNIVERZITA KARLOVA V PRAZE Fakulta sociálních věd Institut ekonomických studií 9 PRICING OF GAS SWING OPTIONS Andrea Pokorná UNIVERZITA KARLOVA V PRAZE Fakulta sociálních věd Institut ekonomických studií 1 Introduction Contracts for the purchase and sale of natural gas providing

More information

Day Trade Warrior. Business Plan Trading as a Business

Day Trade Warrior. Business Plan Trading as a Business Day Trade Warrior Business Plan Trading as a Business I want to be a Professional Day Trader What do I need to do? Just like any other profession, if you are serious, you have to evaluate whether or not

More information

Interconnection Trading System. Exchange Traded Funds (ETFs) MARKET MODEL DESCRIPTION

Interconnection Trading System. Exchange Traded Funds (ETFs) MARKET MODEL DESCRIPTION Interconnection Trading System Exchange Traded Funds (ETFs) MARKET MODEL DESCRIPTION November 2011 TABLE OF CONTENTS 1. INTRODUCTION 3 1.1. Background 3 2. PRODUCTS 3 2.1. General product description 3

More information

Best Online Trading Platform Saudi Arabia

Best Online Trading Platform Saudi Arabia Best Online Trading Platform Saudi Arabia 2009 2009 A NEW CHAPTER BEGINS The kingdom of Saudi Arabia is about to witness a major development in the capital market with the launch of a new asset class (Exchange

More information

Trading. 1. What are the trading sessions and trading period of MCX? 2. What are the different terms in contract specifications?

Trading. 1. What are the trading sessions and trading period of MCX? 2. What are the different terms in contract specifications? Trading 1. What are the trading sessions and trading period of MCX? 2. What are the different terms in contract specifications? 3. What is base price? 4. What are the order matching rules? 5. Can a Member

More information

OPTIONS EDUCATION GLOBAL

OPTIONS EDUCATION GLOBAL OPTIONS EDUCATION GLOBAL TABLE OF CONTENTS Introduction What are FX Options? Trading 101 ITM, ATM and OTM Options Trading Strategies Glossary Contact Information 3 5 6 8 9 10 16 HIGH RISK WARNING: Before

More information

Finance 436 Futures and Options Review Notes for Final Exam. Chapter 9

Finance 436 Futures and Options Review Notes for Final Exam. Chapter 9 Finance 436 Futures and Options Review Notes for Final Exam Chapter 9 1. Options: call options vs. put options, American options vs. European options 2. Characteristics: option premium, option type, underlying

More information

(c) 2006-2014 Gary R. Evans. May be used for non-profit educational purposes only without permission of the author.

(c) 2006-2014 Gary R. Evans. May be used for non-profit educational purposes only without permission of the author. The futures markets Introduction and Mechanics, using Natural Gas as the example (c) 2006-2014 Gary R. Evans. May be used for non-profit educational purposes only without permission of the author. Forward

More information

Crude Oil: What every investor needs to know By Andy Hecht

Crude Oil: What every investor needs to know By Andy Hecht Crude Oil: What every investor needs to know By Andy Hecht Crude oil is considered by many to be the most important commodity market in the world. The value of crude oil affects almost every individual

More information

CHAPTER 22: FUTURES MARKETS

CHAPTER 22: FUTURES MARKETS CHAPTER 22: FUTURES MARKETS 1. a. The closing price for the spot index was 1329.78. The dollar value of stocks is thus $250 1329.78 = $332,445. The closing futures price for the March contract was 1364.00,

More information

IMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES

IMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES IMPORTANT DISCLOSURES AND CONSIDERATIONS FOR INVESTORS IN AUCTION RATE SECURITIES Goldman, Sachs & Co., as a Broker-Dealer of Auction Rate Securities, provides the following important information about

More information

CTS T4 Administrators Guide

CTS T4 Administrators Guide User Guide CTS T4 Administrators Guide I. Introduction This document is for administrators and outlines how to setup users and accounts. It also covers how to enable risk management and configure risk

More information

LOCKING IN TREASURY RATES WITH TREASURY LOCKS

LOCKING IN TREASURY RATES WITH TREASURY LOCKS LOCKING IN TREASURY RATES WITH TREASURY LOCKS Interest-rate sensitive financial decisions often involve a waiting period before they can be implemen-ted. This delay exposes institutions to the risk that

More information

The Balances section shows your account balances for securities, commodities and in total. These balances don't include margin requirements.

The Balances section shows your account balances for securities, commodities and in total. These balances don't include margin requirements. Balances The Balances section shows your account balances for securities, commodities and in total. These balances don't include margin requirements. To view all Balances values, expand the section using

More information

Price risks & Volatility: Impact on Commodity Trading Companies

Price risks & Volatility: Impact on Commodity Trading Companies Global Commodities Forum Palais des Nations, Geneva 23-24 January 2012 Price risks & Volatility: Impact on Commodity Trading Companies By Mr. Samir Zreikat, Director, Dealigents Sàrl, Geneva "The views

More information