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Tud Ön hullámlovagolni? 2012 után a kibocsátás-kereskedelemben Baráth Barna Vertis Zrt. 2011. szeptember 15.

Tud Ön hullámlovagolni?

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Tud Ön hullámlovagolni?. 2012 után a kibocsátás-kereskedelemben Baráth Barna Vertis Zrt . 2011. szeptember 15. Kiosztás vs. kibocsátás 2006. Mikor adjak el? 2005-2007. Kiosztás vs. kibocsátás 2010. Mikor adjak el? 2008-2011. Mikor swappoljak ?. - PowerPoint PPT Presentation

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Tud n hullmlovagolni?2012 utn a kibocsts-kereskedelembenBarth Barna Vertis Zrt.

2011. szeptember 15.

#1Kioszts vs. kibocsts2006

#2Mikor adjak el? 2005-2007

#3

#Kioszts vs. kibocsts2010

#5Mikor adjak el?2008-2011

#6Mikor swappoljak?

#7

#

#A hiny s az r alakulsaMtCO2e/v

/tCO2#Discuss requirement for margining on exchangeDiscuss focus of speculation on very short term market as a result of margining and VARDiscuss role of speculative trading at compliance buying companies the providers of market liquidity and smokescreens!Discuss role of utilities in assisting their customers to arrange compliance tradingDiscuss ability of power companies to do dirty power deals with power customers10

#11HINY mindenhol

Egy kzponti jegyzkRendszeres rversek

Milyen kibocsts-cskkentsi lehetsgek vannak hzon bell? Milyen ron?Mi lesz a vrhat egyenlegem? Mennyire biztos ez? Min mlik?Tudom-e rvnyesteni a termk rban a megemelkedett kltsgeket?Van-e vlemnyem az EUA s a CER/ERU egysgek rfolyamrl?Milyen kockzatot szeretnk/tudok vllalni?Mennyi pnzem van (milyen a likviditsom)?Milyen kereskedsi stratgival tudom cskkenteni a kockzatomat?

P3 mik a f krdsek?#Milyen kibocsts-cskkentsi lehetsgek vannak hzon bell? Milyen ron?Mi lesz a vrhat egyenlegem? Mennyire biztos ez? Min mlik?Tudom-e rvnyesteni a termk rban a megemelkedett kltsgeket?Van-e vlemnyem az EUA s a CER/ERU egysgek rfolyamrl?Milyen kockzatot szeretnk/tudok vllalni?Mennyi pnzem van (milyen a likviditsom)?Milyen kereskedsi stratgival tudom cskkenteni a kockzatomat?

#Kockzat..? Ha nem veszem meg a CO2 egysget, akkorEladok egy termket adott ron, de nem tudom a kltsgemetLegyrtok egy termket, de nem tudom a kltsgemetCO2 kltsgEgyb kltsgekEladsi rFedezet#Akkor rgztsk az egysg rtCO2 kltsgEgyb kltsgekEladsi rFedezet#Mikor,mennyit s hogyan?

#Fedezek vagy spekullok?

#Fedezeti gyletOlyan gylet, amely egy msik gylet kockzatt hivatott ellenslyozni, vagy kikszblni.

Clja a meglv nyitott pozci kockzata ellen trtn vdekezs, egy ellenttes irny de nem felttlenl ugyanarra a hatridre szl pozci nyitsval.

#

Spekulci - tradelsFogads a jvbeni rmozgsokra, nyeresg elrse cljbl

#

Ha biztos hinyunk van s vrunk, akkor spekullunk!

#K: Mikor keletkezik valban a hiny?#K: Mikor nyitjuk meg a short pozcinkat?V: Amikor termelnk, vagy amikor elre eladjuk a termket#

#23

EURhnapFolyamatos spot vtel#24Hatrids vsrls

EURhnap#Spot vagy hatrid?

#26SPOT rak vltoznak ves tlagot kapja!Letti szmla

Lehet egy j r a piacon

Mi van ha cskken az r?

#27

#

#

#Barth Barna, Vertis Zrt., [email protected], +36 1 488 8422, www.vertisfinance.com

tradingblog.vertisfinance.com##Chart516666603341551.003794515020572.740643596703735.39804938391049.1886388410082524.350226511778171.145875813477999.863961715182020.818233116890244.347875418602680.817573220319340.617573220319340.617573220319340.617573220319340.6175732

ForwardCost of carry3.00%Spot price 1 Jan 201X20.00Implied fwd price 30 April 201Y20.75Total compliance amount1,000,000Amount per month83,333Margin amount15.00%MonthSpot priceSpot purchaseCumultive cash spent on spot purchasesFwd purchaseCumul amount purchased forwardCash spent on forward purchasesCumulative cash spent on forward purchases120.001,666,6601,666,6601,729,3921,729,392259,409259,409220.101,674,8913,341,5511,729,3923,458,785259,409518,818320.151,679,0225,020,5731,729,3925,188,177259,409778,227420.201,683,1636,703,7351,729,3926,917,570259,4091,037,635520.251,687,3148,391,0491,729,3928,646,962259,4091,297,044620.301,691,47510,082,5241,729,39210,376,354259,4091,556,453720.351,695,64711,778,1711,729,39212,105,747259,4091,815,862820.401,699,82913,478,0001,729,39213,835,139259,4092,075,271920.451,704,02115,182,0211,729,39215,564,532259,4092,334,6801020.501,708,22416,890,2441,729,39217,293,924259,4092,594,0891120.551,712,43618,602,6811,729,39219,023,316259,4092,853,4971220.601,716,66020,319,3411,729,39220,752,709259,4093,112,9061320.6520,319,34120,752,7093,112,9061420.7020,319,34120,752,7093,112,9061520.7520,319,34120,752,70917,639,80220,752,709

Forward

Chart31037635.433372731297044.291715911556453.150059091815862.008402282075270.866745462334679.725088642594088.583431822853497.441775013112906.300118193112906.300118193112906.3001181920752708.6674546

ForwardCost of carry3.00%Spot price 1 Jan 201X20.00Implied fwd price 30 April 201Y20.75Total compliance amount1,000,000Amount per month83,333Margin amount15.00%MonthSpot priceSpot purchaseCumultive cash spent on spot purchasesFwd purchaseCumul amount purchased forwardCash spent on forward purchasesCumulative cash spent on forward purchases120.001,666,6601,666,6601,729,3921,729,392259,409259,409220.101,674,8913,341,5511,729,3923,458,785259,409518,818320.151,679,0225,020,5731,729,3925,188,177259,409778,227420.201,683,1636,703,7351,729,3926,917,570259,4091,037,635520.251,687,3148,391,0491,729,3928,646,962259,4091,297,044620.301,691,47510,082,5241,729,39210,376,354259,4091,556,453720.351,695,64711,778,1711,729,39212,105,747259,4091,815,862820.401,699,82913,478,0001,729,39213,835,139259,4092,075,271920.451,704,02115,182,0211,729,39215,564,532259,4092,334,6801020.501,708,22416,890,2441,729,39217,293,924259,4092,594,0891120.551,712,43618,602,6811,729,39219,023,316259,4092,853,4971220.601,716,66020,319,3411,729,39220,752,709259,4093,112,9061320.6520,319,34120,752,7093,112,9061420.7020,319,34120,752,7093,112,9061520.7520,319,34120,752,70917,639,80220,752,709

Forward