Golden Cross House, 8 Duncannon Street, WC2N 4JF, LONDON, UK
Tel: +44 20 7484 5327, Fax: +44 20 7484 5167
Email: tradingdesk@geminimarkets.com
Tel: +44 20 7484 5327, Fax: +44 20 7484 5167
Email: tradingdesk@geminimarkets.com
Energy Volatility Update - Feb 2012
Six month change
Near Contract Implied Historical Underlying Value
Dec 12 CER +29.63% +41.69% -50.87%
Dec 12 EUA +25.79% +25.43% -36.55%
Coal N/A +6.51% -22.69%
One month change
Near Contract Implied Historical Underlying Value
Dec 12 CER -1.25% +0.03% +15.09%
Dec 12 EUA -1.16% -0.26% +6.47%
Coal N/A -1.20% -4.51%
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Energy Volatility Update - Jan 2012
Near Contract Implied Historical Underlying Value
Dec 12 CER +29.63% +41.69% -50.87%
Dec 12 EUA +25.79% +25.43% -36.55%
Coal N/A +6.51% -22.69%
One month change
Near Contract Implied Historical Underlying Value
Dec 12 CER -1.25% +0.03% +15.09%
Dec 12 EUA -1.16% -0.26% +6.47%
Coal N/A -1.20% -4.51%
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Six month change
Near Contract Implied Historical Underlying Value
Dec 12 CER +36.02% +50.85% -56.99%
Dec 12 EUA +30.40% +25.73% -36.04%
Coal N/A +6.02% -18.78%
One month change
Near Contract Implied Historical Underlying Value
Dec 12 CER +2.29% -7.74% -7.35%
Dec 12 EUA -1.31% -5.86% +9.84%
Coal N/A +4.76% -8.14%
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Energy Volatility Update - Dec 2011
Near Contract Implied Historical Underlying Value
Dec 12 CER +36.02% +50.85% -56.99%
Dec 12 EUA +30.40% +25.73% -36.04%
Coal N/A +6.02% -18.78%
One month change
Near Contract Implied Historical Underlying Value
Dec 12 CER +2.29% -7.74% -7.35%
Dec 12 EUA -1.31% -5.86% +9.84%
Coal N/A +4.76% -8.14%
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Six month change
Near Contract Implied Historical Underlying Value
Dec 11 CER +29.91% +27.44% -61.95%
Dec 11 EUA +29.91% +27.44% -47.38%
One month change
Near Contract Implied Historical Underlying Value
Dec 11 CER +8.15% +37.76% -23.69%
Dec 11 EUA +7.02% +26.80% -16.25%
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Energy Volatility Update - Jan 2011Near Contract Implied Historical Underlying Value
Dec 11 CER +29.91% +27.44% -61.95%
Dec 11 EUA +29.91% +27.44% -47.38%
One month change
Near Contract Implied Historical Underlying Value
Dec 11 CER +8.15% +37.76% -23.69%
Dec 11 EUA +7.02% +26.80% -16.25%
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May 2010
EMISSIONS RESEARCH - VIRTUAL POWER PLANTS
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May 2010 ------------------------------------------------------------------------------
STRATEGIES OUTPERFORMANCE SUMMARY
1. WRITING A COVERED STRIP OF DAILY CDS CALLS
2. WRITING A COVERED STRIP OF DAILY CDS PUTS
3. BUYING A PROTECTIVE STRIP OF DAILY CDS PUTS
4. BUYING A STRIP OF DAILY CDS CALLS MARKET
ASSUMPTIONS
ANNEX: CDS OPTION TERM SHEET
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Energy Volatility Update - Feb 2010 1. WRITING A COVERED STRIP OF DAILY CDS CALLS
2. WRITING A COVERED STRIP OF DAILY CDS PUTS
3. BUYING A PROTECTIVE STRIP OF DAILY CDS PUTS
4. BUYING A STRIP OF DAILY CDS CALLS MARKET
ASSUMPTIONS
ANNEX: CDS OPTION TERM SHEET
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Feb 2010
EMISSIONS RESEARCH - ENHANCING CLEAN POWER SPREADS
1. REDUCING COSTS FOR COAL
2. REDUCING COSTS FOR GAS
3. DYNAMIC HEDGING FOR LIGNITE
4. DYNAMIC HEDGING FOR UK COAL
5. REDUCING COSTS FOR UK GAS
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Energy Volatility Update - Jan 20101. REDUCING COSTS FOR COAL
2. REDUCING COSTS FOR GAS
3. DYNAMIC HEDGING FOR LIGNITE
4. DYNAMIC HEDGING FOR UK COAL
5. REDUCING COSTS FOR UK GAS
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Energy Volatility Update - Sept 2009
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Sept 2009
EMISSIONS RESEARCH - ENHANCING THE CLEAN DARK SPREAD
MARKET ASSUMPTIONS
1. REDUCING COSTS
2. SECURING FUEL DELIVERY AND COMPLIANCE
3. CAPPING COSTS
4. SECURING DELIVERIES AND REDUCING COSTS
5. DYNAMIC HEDGING
6. CONTRACT SPECIFICATIONS
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Energy Volatility Update - Feb 20091. REDUCING COSTS
2. SECURING FUEL DELIVERY AND COMPLIANCE
3. CAPPING COSTS
4. SECURING DELIVERIES AND REDUCING COSTS
5. DYNAMIC HEDGING
6. CONTRACT SPECIFICATIONS
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Feb 2009
EMISSIONS RESEARCH - DERIVATIVE STRATEGIES
FOR UTILITIES
1. INTRODUCTION
2. MARKET ASSUMPTIONS
3. CARBON SPREAD OPTIONS
4. COMPLIANCE STRATEGIES
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Energy Volatility Update - Jan 2009 FOR UTILITIES
1. INTRODUCTION
2. MARKET ASSUMPTIONS
3. CARBON SPREAD OPTIONS
4. COMPLIANCE STRATEGIES
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Dec 2008
EMISSIONS RESEARCH - CARBON DERIVATIVES
AN ALTERNATIVE TO THE CER-EUA SWAP
CONSIDERING VALUE IN CER CALL OPTIONS
PUTS AND PUT CALL COMBINATIONS FOR UTILITIES
CARBON SPREAD OPTIONS
CARBON, COAL, GAS, OIL AND ELECTRICITY FUTURES
REVIEWING THE EUA-CER SPREAD: A CARBON SPREAD OPTION APPLICATION
CDM PROJECTS: MANAGING PRICE RISK AND FUNDING WITH OPTIONS
CARBON SWAPS AND SWAP OPTIONS: CONSIDERING THE OPTION TO SWAP CARBON ASSETS
VOLATILITY IN THE CARBON AND ENERGY MARKETS
Gemini Markets Ltd. (GML) has significant expertise
in the following areas:
• Derivative structuring and broking
• Physical Commodity Origination
• Physical Commodity Asset Consulting
• Bespoke Commodity and Derivative based research
GML draws from its substantial network of contacts worldwide to connect producers of commodity products with manufactures and other cargo receivers (end users).
With a proven track record in commodity derivative markets, GML also provides its clients with strategies to mitigate trading and price risk by enhancing positions efficiently.
in the following areas:
• Derivative structuring and broking
• Physical Commodity Origination
• Physical Commodity Asset Consulting
• Bespoke Commodity and Derivative based research
GML draws from its substantial network of contacts worldwide to connect producers of commodity products with manufactures and other cargo receivers (end users).
With a proven track record in commodity derivative markets, GML also provides its clients with strategies to mitigate trading and price risk by enhancing positions efficiently.
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