Price Risk Management and Trading.
Energy risk management expert, Tom James, does it again. His latest
book is a timely addition to the rapidly developing energy trading
markets. This book should be on every energy trader, risk manager
and corporate planer’s desk. it is an easy read as Tom goes into
great detail to explain the intricacies of this market and its
various unique elements. – Peter C. Fusaro, Chairman, Global Change
Associates Inc., Best-selling Author and Energy Expert
This sensible and practical guide is essential for those seeking an
understanding of commerce in energy derivatives. beyond merely
informative, this hand book for the practitioner details the finer
points of the use of derivatives as tools for price-risk
management. No energy trading desk should be without it. – Ethan L.
Cohen, Senior Director, Utility and Energy Technology, Utili Point
International Inc.
Energy markets are much more volatile than other commodity markets,
so risk mitigation is more of a concern. Energy prices, for
example, can be affected by weather, geopo9litical turmoil, changes
in tax and legal systems, OPEC decisions, analysis’ reports,
transportation issues, and supply and demand – to name just a few
factors. Tom James’s book is a practical guide to assessing and
managing these risks. It is a must-read for senior management as
well as risk and financial professionals.- Don Stowers, Editor, Oil
& Gas Financial Journal
This book is the most comprehensive on price risk
management-centric efforts. It provides the reader with a tangible
experience of derivatives in today’s capital and energy markets.
The breadth and scope of the passages are immense, in that both
developed and developing countries’ energy markets are considered
and examples applied. Terrific read! – Rashpal Bhatti, Marketing
Manager, Energy Trading Asia, Enron/BHP Billiton
Tom James has simplified the intricacies of a very complex market.
In this new market of ‘hot’ commodities, he has been able to give a
fresh course to those who are new to the energy markets and a solid
review for those that are well seasoned. he covers everything
within the oil market from A to Z in this book and does it well.
Coming from a financial background myself, it’s good to finally
find a book that can bring a better understanding to the field of
energy commodities. – Carl Larry, Vice President Citi Energy Global
Commodities
表中的内容
Introduction vii
1. Risk Management in Energy Markets 1
2. The Energy Derivatives Markets 9
3. Energy Futures Contracts 27
4. Pricing Middle East Crude in the Next Century 73
5. Emissions Trading — Towards a Global Carbon Market 117
6. Options Trading and Hedging Application Strategies 135
7. Energy Option-pricing Models 157
8. Value at Risk and Stress Testing 163
9. Questions to Ask When Establishing a Risk-Management or Trading Program 175
10. Management Controls 179
11. Derivatives Controls & Usage Statement and Control Infrastructure 201
12. OTC Derivatives Legal Documentation 213
13. Energy-Market Hedging Scenarios 249
14. Key Technical Analysis for Energy Futures Markets 269
15. Operational Risk and its Management 305
16. A Practical Guide to Credit Control and Risk-Mitigation Methods 315
17. Accounting for Energy Derivatives Trades 343
Index 357
关于作者
Professor Tom James has been involved in energy and commodity
markets since 1989 and is an internationally know business
architect, leading market analyst, and trader in the commodity
sector within top tier financial institutions. he is currently Head
of Commodity Trading for the firm Liquid Capital (href=’http://www.liquidcapital.com/’>www.liquidcapital.com).
before joining Liquid Capital in July 2007, he was acting as an
advisor to numerous energy firms in Asia and Europe and prior to
this he held positions as Director for the Commodity Derivatives
Groups at the Bank of Tokyo Mitsubishi, Director of Traded Energy
Markets at Credit Agricole Indosuez and as Asia Pacific Regional
Head for Commodity Derivatives at Credit Lyonnais (Singapore).
His publications include Energy Price Risk (Palgrave Macmillan,
2003), which has been published in English, Chinese and Russian,
Energy Hedging in Asia (Palgrave Macmillan, 2005), and Energy &
Emissions Markets (John Wiley & Sons, 2006). He was a
contributor to Agribusiness & Commodity Risk Strategies (Risk
Books, 2003) and the Professional Risk Managers Association’s book
on Energy & Environmental Markets (PRMIA, 2007).
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