Commodities Now Glossary

Marex Spectron - The world’s largest privately owned broker of financial products in the commodities sector and a leader in brokering physical energy products. Our entire organisation is dedicated to offering clients the highest levels of service and discretion and access to commodity and financial markets globally.

Margin call - 
A call from a clearinghouse to a clearing member, or from a brokerage firm to a customer, to bring margin deposits up to a required minimum level.

Market Coupling - Market Coupling mechanisms allow the optimization of the allocation process of cross-border capacities thanks to a coordinated price formation mechanism, taking into account orders placed by the members of different exchanges. Market coupling uses implicit auctions in which players do not actually receive allocations of cross-border capacity themselves but bid for energy on their exchange. The exchanges then use the available cross-border transmission capacity to minimize the price difference between two or more areas.

Market maker - 
To debit or credit on a daily basis a margin account based on the close of that day’s trading session. In this way, buyers and sellers are protected against the possibility of contract default.

Mercado a Termino de Buenos Aires (MATba) - MATba is a business Co. which registers and guarantees futures and options transactions. MATba neither trades nor participates in price making; these fuctions are operators' exclusivity since they represent supply and demand.

Montréal Climate Exchange (MCeX) - The Montréal Climate Exchange (MCeX) provides a market-based solution to help companies and all those involved in addressing the most serious environmental challenges, especially reducing air pollutant and greenhouse gas (GHG) emissions.

MCX - Multi Commodity Exchange of India Ltd is a demutualised nationwide electronic commodity futures exchange set up by Financial Technologies (India) Ltd. with permanent recognition from Government of India for facilitating online trading, clearing & settlement operations for futures market across the country. The exchange started operations in November 2003.

MENA – Middle East and North Africa, an acronym often used in academic and business writing.

MEPS - MEPS (INTERNATIONAL) LTD. is a leading independent supplier of steel market information. Our regular monitoring of steel markets provides us with a unique insight of consumption and production trends worldwide.

Mercuria - a privately-owned international group of companies active over a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas (including LNG), power, coal, biodiesel, vegetable oils and carbon emissions. It is one of the world's five largest independent energy traders and has a longstanding sector expertise.

Mexican Derivatives Exchange (MexDer) - MexDer, Mercado Mexicano de Derivados, S.A. de C.V., is the Mexican Derivatives Exchange. It began operations on December 15th, 1998, with the listing of futures on financial underlying assets, and was incorporated as a corporation under the mexican law (S.A. de C.V.), authorized by the Ministry of Finance and Public Credit (SHCP). MexDer and its clearinghouse (Asigna) are self-regulatory entities that function under the supervision of the following financial authorities: the SHCP, Banco de México, and the National Banking and Securities Commission (CNBV).

Minneapolis Grain Exchange (MGEX) - MGEX has been the principal market for hard red spring wheat (HRSW) – first as a cash market, then futures and options. Millers, exporters, elevators, farmers and speculators look to MGEX when they trade HRSW wheat – and with good reason. Known for its stable and reliable trading environment, MGEX has a reputation as a good place to do business.

MiFID - Markets in Financial Instruments Directive: MiFID is the cornerstone of the European Commission's Financial Services Action Plan whose measures are significantly changing how EU financial service markets operate. MiFID is the most significant piece of legislation introduced under the 'Lamfalussy' procedure designed to accelerate the adopting of legislation.

Minimum price fluctuation - 
The smallest allowable increment of price movement for a contract.

Monitoring Plan A set of requirements for monitoring and verification of emission reductions achieved by a project.

Moving average - 
A mathematical procedure to smooth or eliminate the fluctuations in data and to assist in determining when to buy and sell. Moving averages emphasize the direction of a trend, confirm trend reversals and smooth out price and volume fluctuations or “noise” that can confuse interpretation of the market; the sum of a value plus a selected number of previous values divided by the total number of values.

Multilateral Trading Facility - MTF: a specific type of European financial trading system. The concept was introduced within the Markets in Financial Instruments Directive (MiFID)

Montréal Exchange (MX) - The Montréal Exchange (MX), Canada's oldest exchange, has leadership in three areas of finance: financial derivatives market, clearing services and IT business solutions. In 1975, the Montréal Exchange changed the Canadian financial environment by introducing stock options. Years later, it established a major futures market.