Commodity Derivatives and Finance [Paperback]

Kathleen Tener Smith (Author), Pam Kennison (Author)

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Product details

Paperback: 400 pages
Publisher: Euromoney Institutional Investor PLC; 2nd edition (Mar 1996)
Language English
ISBN-10: 1855643715
ISBN-13: 978-1855643710
Product Dimensions: 26 x 19.6 x 1.6 cm
Amazon Bestsellers Rank: 4,017,321 in Books (See Top 100 in Books)

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Product Description

A guide to derivative products and hedging strategies for all commodities, examining each of the main OTC and non-OTC products. It offers a perspective on risk management and analysis for established and newer markets. Useful reading for financiers, producers, lawyers and accountants.

Excerpted from Commodity Derivatives and Finance by Kathleen Tener Smith and Pam Kennison. Copyright © 1996. Reprinted by permission. All rights reserved

Chapter 7: Integrated risk management A company will find risk wherever it faces a market. No company faces just one market, rather most face a multitude. There are markets where companies sell their products, markets where they buy their raw materials, and markets where they obtain their financing. Some of the risks embedded in these markets are the business risks that the company was incorporated to manage, while others come from interest rate cycles, commodity price shifts, and exchange rate swings. None of these financial prices moves, or affects a company, in isolation. Arbitrage ensures that interest rates and exchange rates, for example, are tightly interlaced. More generally, major political and economic events will likely affect many financial prices simultaneously. It is well known, for instance, that as an economy nears the peak of its business cycle, its firms will likely encounter increases in both commodity prices and long term interest rates. In another example, both exchange rates and gold prices are likely to shift dramatically in response to political instabilities.

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