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Mastering the Commodities Markets by Francesca Taylor

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Spot Trading and Balancing

The UK and European gas markets have grown considerably since the arrival of electronic broking (see Table 4.3), particularly because ‘the screen’ has brought greater efficiency to trading on a day-to-day basis. Much like an exchange, traders can leave resting numbers on an electronic screen manned by brokers. These live prices in the format of a bid–ask spread, also known as ‘initiated’ numbers, can then be ‘aggressed’ by another trader. Aggressors have the option to trade by clicking on the screen or to pick up the phone and opt to trade a voice-quoted market by one of their brokers. A trader would, naturally, trade where the best market can be found.

Spot trading

There are a range of hubs (see Table 4.2), and the ...

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