SKU: 61876884643

The Cme Vulnerability

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Description

The Cme VulnerabilityIn 2020, the global lockdowns caused by the COVID 19, or coronavirus, pandemic had resulted in a sharp drop in demand for crude oil. This impact was so severe that on April 8, 2020, a proposal to update the Chicago Mercantile Exchange Holdings Inc. (CME) trading rule to permit negative prices was applied to CME's WTI Oil futures contracts; this led to a novel phenomenon in which the closing clearing price of WTI Oil May future was $ 37. 63 barrel

In 2020, the global lockdowns caused by the COVID-19, or coronavirus, pandemic had resulted in a sharp drop in demand for crude oil. This impact was so severe that on April 8, 2020, a proposal to update the Chicago Mercantile Exchange Holdings Inc. (CME) trading rule to permit negative prices was applied to CME's WTI Oil futures contracts; this led to a novel phenomenon in which the closing clearing price of WTI Oil May future was $-37.63/barrel based on fewer than 400 contracts' trading volume in the last three minutes, reflecting less than 0.2% of the total trading contracts volume on April 20, 2020. This occurrence of negative closing clearing price for CME's WTI Oil futures trading, cannot be explained simply by just the principle of supply and demand; instead, it highlights vulnerabilities caused by CME's allowance of negative price trading (based on its trading platform), a decision which brings potential and fundamental challenges to the global financial system.

This event challenges not just our basic concepts of "value" and trading "price" of commodities and goods that underline our understanding of the framework for the invisible hand and general equilibrium theory in economics established by a few generations of scholars since Adam Smith in 1776 for market economies, but also have wider implications on the fundamentals that underpin our ideas of value and labor in the organization, activity, and behavior of civilizations and individual liberties.

The scope of this book is limited to covering the impact of the negative oil futures derivatives' trading between April 20 and 21, 2020. This book focuses on exploring the issues, challenges, and possible impacts on global financial markets due to the negative clearing prices of WTI Oil futures contracts and related problems from different perspectives. Topics covered include the responsibilities and liabilities of the CME; critique to the fundamental theory of economics and the modern understanding of value and labor; and challenges to the global financial systems and businesses and introduction to new methods of application.

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SKU: 61876884643

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4.4 ★★★★★
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R
Ruddin
Lowell, US
★★★★★ 5
immersive
Format: Hardcover
Once in awhile when I feel there are a lot of things pulling at me all at once, I will read this book to guide me/ give me ideas to sort out all the pulls. Highly recommended for those who find works in the connected world expect us to attend to all details and requests immediately but we know that are not the right deals for us.
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Reviewed in the United States on January 11, 2006
M
Monsop Collado Madrigal.
Louisville, US
★★★★★ 3
A Few Gems, but Not the Right Fit for Me
Format: Kindle
This book focuses on the 80/20 principle, emphasizing the importance of identifying and maximizing the 20% of activities that yield the greatest results. While it offers valuable insights on growth, creativity, and leveraging strengths, it didn’t resonate with me personally, and I found the reading experience less enjoyable. Key Takeaways: • Growth requires creating something new and meaningful, not maintaining the status quo. • Focus on your “20% spike”—your unique strengths—and develop them like an athlete. • Use the 80/20 principle to identify the most profitable parts of a business. Overall, the ideas are useful, but the book didn’t fully capture my interest or provide practical applications I could relate to.
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Reviewed in the United States on January 19, 2025
B
Verified Purchase
Bubbalicious
Waukegan, US
★★★★★ 1
An empty-hearted effort
Format: Kindle
Managing personal efficiency is no doubt an important skill. And judging from the author's success from the first book, I assume he is a credible author. But this book is just way too shallow and lacks the evidence of any sinerity for the readers. If you are new to the concept of life efficiency management, it might be good to read his first book. If you are looking for a good framework or advice on how to achieve your goal, then you will for sure be disappointed. This whole book is just about stressing the importance of efficiency management. Absolutely anything else!
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Reviewed in the United States on October 20, 2012
G
Verified Purchase
gg
Battle Creek, US
★★★★★ 4
Four Stars
Format: Hardcover
great for the 80/20 library
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Reviewed in the United States on April 26, 2016
K
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KT
Belleville, US
★★★★★ 5
Book Review of The Alchemist
Format: Paperback
In The Alchemist, Paulo Coelho uses diction, syntax, and the hero cycle to keep the pace of the book constant, and keep the reader intrigued. But, he does have a few flaws present in the book. The Alchemist is a book about a boy named Santiago, who goes on an adventure to find his “Personal Legend” or treasure. Coelho uses the hero cycle to add more emphasis on the plot, which overall makes the story more entertaining. In the story, the Old King tells Santiago that “when someone wants to realize his or her Personal Legend,” he will “always [be] nearby.” (67) This is an example of atonement with the father, because the Old King’s closeness creates a father like figure in him, who is there to support Santiago. The hero cycle for me made the story more enjoyable and kept me reading. Also most of the book is him trying to obtain his Personal Legend, which is “what you have always wanted to accomplish.” (23) Compared to other books I have read this year in my English class, this one was easier to follow in terms of diction. The language that Paulo Coelho uses in the novel overall is not too difficult to understand. Word choice is done very well, and lets the reader flow through the book at a constant pace. The diction also makes the book a novel for a wide range of readers. The hero cycle with the clean diction made the story very enjoyable. While reading this book, I found that it was fairly easy to understand the passage, and that it was very inviting. Paulo Coelho structures the syntax of the book in an easy-to-understand format. Throughout the book, the syntax helps the reader understand where they are on the page, and it also positively affects the pace set by the diction in the book. Towards the middle of the novel, the boy says that “An army is coming,” and he knows because he “had a vision.” This dialogue is quickly followed up by a response from a camel driver, saying that “the desert fills men’s hearts with visions.” (104) The quick pace of dialogue keeps the book driving keeps the pace constantly in motion. The syntax made it easier for me to follow the story and follow which character was speaking and what they where feeling or doing. Even though I enjoyed a great bit of the book, there was still another bit that I didn’t fully enjoy. At the beginning of the Alchemist, the book seems to go a slower speed then the rest of it. The first portion of the book has a lot to do with introducing Santiago, the plot, the setting, and more. There is a part in the story where it goes from page 35 to page 38 with very little dialogue, which I felt stopped progress of the story. The first part also has to do a lot with how he discovers his Personal Legend. It took me a little while longer to read the first part of the book then the rest because I was mostly bored while reading it. I also felt that there was more descriptive text than the rest of the book, which really dragged out the first part. In conclusion, the book has lots of great traits and only a few bad ones. I would definitely recommend this book to a friend or anyone who enjoys reading about adventure.
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Reviewed in the United States on January 12, 2016

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