PIAŢA VALUTARĂ. ORGANIZAREA PIEŢEI VALUTARE

Cumpărarea speculativă a opțiunilor. (DOC) PIAŢA VALUTARĂ. ORGANIZAREA PIEŢEI VALUTARE | Adyna AY - andreea-radu.ro

History[ edit ] With the appearance of the stock ticker machine inwhich removed the need for traders to be physically present on the floor of a stock exchange, stock speculation underwent a dramatic expansion through the end of the s. The number of shareholders increased, perhaps, from 4.

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Some sources note that speculation is simply a higher risk form of investment. Others define speculation more narrowly as positions not characterized as hedging.

Commodity Futures Trading Commission defines a speculator as "a trader who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements". He admits, however, that " Nicholas Kaldor [6] has long recognized the price-stabilizing role of speculators, who tend to even out "price-fluctuations due to changes in the conditions of demand or supply", by possessing "better than cumpărarea speculativă a opțiunilor foresight". This view was later echoed by the speculator Victor Niederhofferin "The Speculator as Hero", [7] who describes the benefits of speculation: Let's consider some of the principles that explain the causes of shortages and surpluses and the role of speculators.

When a harvest is too small to satisfy consumption at its normal rate, speculators come in, hoping to profit from the scarcity by buying.

Their purchases raise the price, thereby checking consumption so that the smaller supply will last longer. Producers encouraged by the high price further lessen the shortage by growing or importing to reduce the shortage. On the other side, when the price is higher than the speculators think the facts warrant, they sell.

This reduces prices, encouraging consumption and exports and helping to reduce the surplus.

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Another service provided by speculators to a market is that cumpărarea speculativă a opțiunilor risking their own capital in the hope of profit, they add liquidity to the market and make it easier or even possible for others to offset riskincluding those who may be classified as hedgers and cumpărarea speculativă a opțiunilor. Market liquidity and efficiency[ edit ] If any market, such as pork bellieshad no speculators, only producers hog farmers and consumers butchers, etc.

With fewer players in the market, there would be a larger spread between the current bid and ask price of pork bellies. Any new cumpărarea speculativă a opțiunilor in the market who wanted to trade pork bellies would be forced to accept this illiquid market and might trade at market prices with large bid-ask spreads or even face difficulty finding a co-party to buy or sell to.

By contrast, a commodity speculator may profit the difference in the spread and, in competition with other speculators, reduce the spread. Some schools of thought argue that speculators increase the liquidity in a market, and therefore promote an efficient market. Speculators take information and speculate on how it affects prices, producers and consumers, who may want to hedge their risks, needing counterparties if they could find each other without markets it certainly would happen as it would be cheaper.

A very beneficial by-product of speculation for the economy is price discovery.

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On the other hand, as more speculators participate in a market, underlying real demand and supply can diminish compared to trading volume, and prices may become distorted.

For example, a farmer might be considering planting corn on some unused farmland.

However, he might not want to do so because he is concerned that the price might fall too far by harvest time. By selling his crop in advance at a fixed price to a speculator, he is now able to hedge the price risk and so he can plant the corn.

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Thus, speculators can actually increase production through their willingness to take on risk not at the loss of profit.

Finding environmental and other risks[ edit ] Speculative hedge funds that do fundamental analysis "are far more likely than other investors to try to cumpărarea speculativă a opțiunilor a firm's off-balance-sheet exposures" including "environmental or social liabilities present in a market or company cumpărarea speculativă a opțiunilor not explicitly accounted for in traditional numeric valuation or mainstream investor analysis". Hence, they make the prices better reflect the true quality of operation of the firms.

The winner's curse, is however, not very significant to markets with high liquidity for both buyers and sellers, as the auction for selling the product and the auction for buying the product occur simultaneously, and the two prices are separated only by a relatively small spread.

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That mechanism prevents the winner's curse phenomenon from causing mispricing to any degree greater than the spread. Economic bubbles[ edit ] Speculation is often associated with economic bubbles. But the situation is serious when enterprise becomes the bubble on a whirlpool of speculation. As the Bursar of the Cambridge University King's College, he managed two investment funds, one of which, called Chest Fund, invested not only in the then 'emerging' market US stocks, but to a smaller extent periodically included commodity futures and foreign currencies see Chua and Woodward, Their provision of capital and information may help stabilize prices closer to their true values.

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On the other hand, crowd behavior and positive feedback loops in market participants may also increase volatility. Government responses and regulation[ edit ] The economic disadvantages of speculation have resulted in a number of attempts over the years to introduce regulations and restrictions to try to limit or reduce the impact of speculators.

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States often enact such financial regulation in response to a crisis. Note for example the Bubble Actwhich the British government passed at the height of the South Sea Bubble to try to stop speculation in such schemes.

It remained in place for over a hundred years until repealed in The Glass—Steagall Act passed in during the Great Depression in the United States provides another example; most of the Glass-Steagall provisions were repealed during the s and s.

The Onion Futures Act bans the trading of futures contracts on onions in the United States, after speculators successfully cornered the market in the mids; it remains in effect as of [update].

PIAŢA VALUTARĂ. ORGANIZAREA PIEŢEI VALUTARE

It included the ability to restrict or ban the trading in derivatives on food commodities. After achieving independence inIndia in the s continued to struggle with feeding its population and the government increasingly restricted trading in food commodities.

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Just at the time the Forward Markets Commission was established inthe government felt that derivative markets increased speculation, which led to increased food costs and price instabilities. In it finally prohibited options- and futures-trading altogether. The CFTC offers three basic elements for their regulatory framework: "the size or levels of the limits themselves; the exemptions from the limits for example, hedged positions and; the policy on aggregating accounts for purposes of applying the limits".

Passed on 21 Januaryit states that those investments played a key role in the financial crisis of —

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