[20080715]RS22918_能源衍生品及其监管入门.pdf

Order Code RS22918July 15, 2008Primer on Energy Derivatives and Their RegulationMark JicklingSpecialist in Financial EconomicsGovernment and Finance DivisionSummaryPrices for oil and other energy commodities are set in futures and derivativesmarkets, where producers, commercial users, and financial speculators buy and sellcontracts whose value is linked to the price of the underlying commodity. Tradingoccurs on regulated futures exchanges and in a largely unregulated over-the-counter(OTC) market; both forms of trading are global in scope. This report presents basicinformation about these markets, the instruments traded, the regulatory framework,speculation, and current legislative proposals. The report will be updated as warranted.Derivative financial contracts gain or lose value as the price of some underlyingcommodity, financial indicator, or other variable changes. In essence, traders promise tobuy or sell a commodity in the future at todays price. The terms of derivative contracts which include futures contracts, options, and swaps may be simple or complex, butall involve two parties, one of whom stands to gain if prices rise, the other if they fall.Thus, futures markets are “z