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Commodity Research and Reports

Glencore targets $11 bln as IPO draws big guns

London, 4 May 2011: Reuters

Top commodity trader Glencore sought a strong debut for this month's share offering, capping planned proceeds at $11 billion and placing 31 percent with key investors led by Abu Dhabi. The world's largest diversified commodities trader set a 480 to 580 pence per share price range for the London initial public offering (IPO). That values it at 36.5 billion pounds ($60 billion) at the mid-point, which is below the price some analysts say the company is worth, and was seen as an attempt to leave something on the table.

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Diversification matters... but not for risk

London, May 2011

EDHEC-Risk Institute: Since the global financial crisis of 2008, improving risk management practices— management of extreme risks, in particular—has been a hot topic. The post-modern quantitative techniques suggested as extensions of mean-variance analysis, however, exploit diversification as a general method.

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Gulf gets taste of recovery one year after spill

Louisiana, 21 April 2011: Reuters

A year after the worst U.S. offshore oil spill swamped the Gulf coast with petroleum and misery, officials on Wednesday declared the hard-hit region reborn. It is still too early to know the long-term damage to the Gulf's rich and complex ecosystem. But, so far, predictions made at the height of the spill of an impending environmental Armageddon appear well overstated.

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FTC and CFTC to Share Confidential Information

Washington 19 April 2011

The U.S. Federal Trade Commission and the U.S. Commodity Futures Trading Commission signed a memorandum of understanding that will facilitate the sharing of non-public information for “official law enforcement purposes,” and increase investigation risks for firms: McDermott Will & Emery

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IOSCO progresses G20 objectives on commodity markets

Madrid, April 2011

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published its Task Force on Commodity Futures Markets - Report to the Financial Stability Board. The Report sets out IOSCO’s current work on the supervision of commodity derivative markets, market transparency, and the ongoing monitoring of developments in OTC financial oil markets.

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Oil market hunts for signs of demand destruction

London, 15 April 2011: Reuters

Demand destruction has taken over from geopolitical risk as the number one concern in the oil market -- as participants assess whether prices have risen enough or must go further to cut demand in line with diminished expectations about supply and spare capacity.

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CFTC, Prudential Regulators Propose Margin Rules for Non-Cleared Swaps

New York, 14 April 2011

On April 12, 2011, the Commodity Futures Trading Commission ("CFTC") voted 4-1 to issue proposed rules establishing minimum initial and variation margin requirements for non-cleared swaps entered into by CFTC-regulated swap dealers and major swap participants.

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The MiFID Review: What it Means For Commodities

London, April 2011

The European Commission's December 2010 consultation paper on wholesale revisions to MiFID has focused on commodities derivatives as an area for regulatory intervention and oversite. The proposals are likely to lead to significant infrastructure changes for firms that trade commodities derivatives, particularly those firms that now rely on exemptions for own account and "ancillary" trading, according to Cadwalader, Wickersham & Taft.

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Implications of rising commodity prices for inflation and monetary policy

Chicago, April 2011

What are the implications of rising commodity prices for inflation and monetary policy? The recent run-ups in oil and other commodity prices and their implications for infla­tion and monetary policy have grabbed the attention of many commentators in the media.

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Wise and Otherwise: Bart Chilton

Las Vegas, April 2011

Speech of Commissioner Bart Chilton to the Platts 26th Annual Global Power Markets Conference, Las Vegas, NV. Thank you very much.  It’s good to be with you this morning.  I want to especially thank James Gillies for the kind invitation to speak with you today.

If the government had shut down, I wouldn’t have been able to be with you in person.  While I was one of the fortunate few who would have still been paid, traveling during a shut down isn’t allowed. The only exception is for emergencies.  I don’t think one of you doubling down and splitting tens would have qualified as an emergency. But for heaven’s sake, don’t do it!

 

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