Globalization has increased investing opportunities, but also speculation. This globalized market offers development opportunities, not only for large companies and investors, but also for small producers, such as agricultural goods producers, by trading their products in a commodity exchange. The thesis examines the function of commodity exchange markets and the prospects of a commodity exchange in Greece. Commodity exchanges are markets where many commodities and derivatives can be traded. Various materials can be traded in a commodity exchange, such as agricultural products, metals, oil, energy and so forth, while there can be trading of derivative contracts on these materials, such as forwards, futures and options.
The topic is considered to be very important, as commodity prices may influence macroeconomic fluctuations, for example, oil price shocks (Chinn & Coibion, 2010) or food price shocks (Blider & Rudd, 2008). On the other hand, economic conditions can affect commodity prices (Anzuini et al., 2013). These effects are even more important for small and developing economies, which are more dependent on some commodities. Referring to derivatives on commodities, they may have a predictive power on the commodity prices (Williams & Wright, 1991). There are also fears that commodity derivatives may increase speculation in the market (Ahuja, 2006). All these issues are being analyzed, through literature review. Moreover, the current situation in Greece and the prospects of establishing a commodity market are examined, using a qualitative analysis of case study. The research is conducted with an interview of the manager of an investment company in Thessaloniki, which published a feasibility analysis for the creation of a commodity exchange in Thessaloniki.
Globalization has increased investing opportunities, but also speculation. This globalized market offers development opportunities, not only for large companies and investors, but also for small producers, such as agricultural goods producers, by trading their products in a commodity exchange. The thesis examines the function of commodity exchange markets and the prospects of a commodity exchange in Greece. Commodity exchanges are markets where many commodities and derivatives can be traded. Various materials can be traded in a commodity exchange, such as agricultural products, metals, oil, energy and so forth, while there can be trading of derivative contracts on these materials, such as forwards, futures and options.
The topic is considered to be very important, as commodity prices may influence macroeconomic fluctuations, for example, oil price shocks (Chinn & Coibion, 2010) or food price shocks (Blider & Rudd, 2008). On the other hand, economic conditions can affect commodity prices (Anzuini et al., 2013). These effects are even more important for small and developing economies, which are more dependent on some commodities. Referring to derivatives on commodities, they may have a predictive power on the commodity prices (Williams & Wright, 1991). There are also fears that commodity derivatives may increase speculation in the market (Ahuja, 2006). All these issues are being analyzed, through literature review. Moreover, the current situation in Greece and the prospects of establishing a commodity market are examined, using a qualitative analysis of case study. The research is conducted with an interview of the manager of an investment company in Thessaloniki, which published a feasibility analysis for the creation of a commodity exchange in Thessaloniki.
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Commodity exchange market: The prospects of a Greek commodity exchange - Identifier: 89821
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