Sugar & Spice
For an asset class that plays such a pivotal role in people's daily lives, commodities are often sorely under represented in investment portfolios. In addition to their fundamental investment value, commodities offer an excellent hedge against declining returns elsewhere writes Jason Webster.
By Jason Webster, Sagitta Asset Management.

Carbon Markets Continue to Shine
2004 promises to be a watershed year for world trade in greenhouse gas emissions (GHGs). While some of the uncertainties that have plagued emissions trading have not yet been laid to rest, Point Carbon's mid-year review points to a doubling of volumes traded in 2004 compared to 2003, and in more diverse markets.
Point Carbon.

Life on Hedge Row
At what point in the great investment cycle did you realise that the 'Internet Bubble' was a reality and it was time to cash in on the millions of dollars that you had made in the NASDAQ stock market? Similarly at what point did you realise that interest rates were going to head south and settle at pre World War II rates for almost a year? And at what point did you realise that hedge fund investments probably made sense but only for the long haul?
By Cai Palmer, Managing Director, Court Cavendish Consultancy.

Base Metals: Conflicting Signals
Ingrid Sternby of Barclays Capital looks at the prospects for base metals.
By Ingrid Sternby, Base Metals Analyst, Barclays Capital.

PGMs: Mixed Fortunes to Continue
Platinum prices have traded above US$750 throughout the first eight months of 2004. Palladium prices have written a very different story. But these markets actually are as straight-forward as basic economics, even if they do not seem that way at times.
By Jeffrey M. Christian, CPM Group.

CO2 Emissions Trading - Literally Spoken
The European Energy Exchange (EEX) is planning the introduction of a daily or weekly price determination for emission certificates by the beginning of 2005. Inter alia, this decision is based on a survey that is presented here by Dr. Stefan Niessen & Jasper Boehnke.
By Dr. Stefan Niessen & Jasper Boehnke, European Energy Exchange.

Indian Commodity Trading – Continuing Improvements
Indian commodity markets have a long history but have been restricted for many years. Now, with the enactment of the Forward Contracts Regulation Act (FCR), volumes on India's commodity markets look set to overtake those of the capital markets. But further essential improvements to the market's infrastructure need to be implemented. Here, Mr P.H. Ravikumar, CEO & Managing Director of the National Commodity and Derivatives Exchange (NCDEX), outlines the progress to date and the potential for Indian market participants to access more effective commodity pricing mechanisms.
By Mr P.H. Ravikumar, CEO & Managing Director of the National Commodity and Derivatives Exchange (NCDEX).

Corporate Compliance: Saint or Sinner?
CEOs, CIOs and CFOs must consider one area that will play a major role in not only ensuring an efficient ability to comply with the provisions outlined in new corporate government legislation, but also inspire a further level of confidence in reports and results, reduced costs, and streamline operations. Data management is the key, as Emma Garvey of SunGard Data Management Solutions explains.
By Emma Garvey, SunGard Data Management Solutions.

Commissioning an ETRM System - Do's & Don'ts
Changing your ETRM software? Matt Frye of OpenLink, shares best practices and pointers for navigating the maze of an energy trading and risk management (ETRM) system selection. Here is a step-by-step 'roadmap' with shortcuts and advice to make or break a projec's chances of success.
By Matt Frye, Managing Director, OpenLink Houston.

EWRM for Energy Firms: Enterprise-Wide Risk Management with Risk Literacy
The practice of managing risk often previously fragmented by risk category into different departments is quickly becoming an enterprise wide activity in companies trading in the international energy markets. Here, Carlos Blanco & Robert Mark introduce the best practices in risk governance, linking risk management with corporate governance, and explore the building blocks and key benefits of implementing an EWRM framework.
By Carlos Blanco, Principal, Black Swan Risk Advisors & Robert Mark, CEO, Black Diamond.

Realistic Natural Gas Storage Models II: Trading Strategies
A key ingredient to the valuation and risk management of natural gas storage assets is the definition of the trading strategy that is executed by storage operators and monitored by risk managers. This trading strategy, which details the hedging style, allows for the extraction of value from the storage facility.
By Dr. Josh Gray & Dr. Pankaj Khandelwal.