normal backwardationの例文

• The opposite market condition to normal backwardation is known as contango.
• It is often called'normal backwardation'as the futures buyer is rewarded for risk he takes off the producer.
• "' Normal backwardation "', also sometimes called "'backwardation "', is the market condition wherein the price of a forward or futures contract is trading below the expected spot price at contract maturity.
• Forward / futures prices converge with the spot price at maturity, as can be seen from the previous relationships by letting T go to 0 ( see also basis ); then normal backwardation implies that futures prices for a certain maturity are increasing over time.
• Bouchoueva applied the changes in investor behaviour to " the classical Keynes-Hicks theory of normal backwardation, and the Kaldor-Working-Brennan theory of storage, and looked at how calendar spread options ( CSOs ) became an increasingly popular risk management tool ."
• In " Treatise on Money " ( 1930, chapter 29 ), economist John Maynard Keynes argued that in commodity markets, backwardation is not an abnormal market situation, but rather arises naturally as " normal backwardation " from the fact that producers of commodities are more prone to hedge their price risk than consumers.
• Keynes called the situation where the futures price is less than the expected spot price at delivery ( and hence the futures price is expected to rise ) normal backwardation . " Industrial hedgers'preference for long rather than short forward positions results in a situation of normal backwardation . " Speculators fill the gap by taking profitable short positions, with the risk offset by higher current spot prices ."
• Keynes called the situation where the futures price is less than the expected spot price at delivery ( and hence the futures price is expected to rise ) normal backwardation . " Industrial hedgers'preference for long rather than short forward positions results in a situation of normal backwardation . " Speculators fill the gap by taking profitable short positions, with the risk offset by higher current spot prices ."