DOCSLIB.ORG

Optimizing Transport Assignment Using the Spot-Market Principle Daily Updated Transport Allocation Reduces Empty Runs and Cuts Costs WHITE PAPER SPOTMARKET

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Optimizing Transport Assignment Using the Spot-Market Principle Daily Updated Transport Allocation Reduces Empty Runs and Cuts Costs WHITE PAPER SPOTMARKET WHITE PAPER Optimizing transport assignment using the spot-market principle Daily updated transport allocation reduces empty runs and cuts costs WHITE PAPER SPOTMARKET Content INTRODUCTION .................................................................................... 3 UTILIZING THE SPOT MARKET ................................................................ 4 CUT TRANSPORTATION COSTS BY UP TO 10% ...................................... 5 ABILITY TO REACT TO MARKET FLUCTUATIONS .................................... 7 INTEGRATION ACHIEVES PROCESS ENHANCEMENTS ............................ 8 CLOUD PROVIDES OPEN, REAL-TIME TRANSPARENCY .......................... 9 THREE STEPS TO OPTIMIZED TRANSPORT ASSIGNMENT ...................... 10 2 WHITE PAPER SPOTMARKET Introduction European and global shippers face a range of challenges, particularly the cost of carrier inefficiencies. It has been estimated that 20% of all trucks in the European Union are running empty1 and, shockingly, German trucks travel without loads some 37% of the time2. Industry data reveals that empty trucks in the EU traveled approximately 350 billion kilometers in 20103. Enabling trips that allow for possible return loads or continuous-move traffic flows greatly benefits shipping companies looking to increase productivity and lower transportation costs. With far-reaching consequences for the environment and downstream economy, efficient use of existing capacity reduces traffic volumes and lowers CO2 emissions. And of course, this also cuts costs for shippers and carriers alike. 1European Comission (2014): Rules for Improving Trucking in the Interest of the Economy, Drivers and the Environment, press release from April 14, 2014 2The German Federal Motor Vehicle and Transport Authority (2015): An overview of 2014 monthly figures: January to December. Accessible at: http://www.kba.de/DE/Statistik/Kraftverkehr/deutscherLastkraftfahrzeuge/deutscherlastkraftfahrzeuge_node.html 3European Commission (2012): European Transport in Figures, Statistical Pocket Book 2012, Luxemburg, p. 19 = 350 bn. empty kilometers In the EU, 20% of all 20 % trucks on the road are without load 3 WHITE PAPER SPOTMARKET Utilizing the spot market Currently there is high capacity in the EU spot market for freight. This makes spot-market allocation more attractive to EU shippers – it’s a viable solution to optimally allocate empty truck space and minimize deadheads. However, to manually assign freight on the spot market requires enormous effort. After contacting multiple carriers via email and phone, and receiving all offers, the shipper has to type this information into lists and spreadsheets for comparison. Rates can fluctuate even while determinations are being made on whether to accept or reject each bid. While many companies still work this manual way, forward-thinking logistics managers have started to adopt web-based transport assignment systems instead. These systems automate the bidding process, saving time, money and manual effort for shipping companies. They also allow automatic order assignment to the lowest bidder at the end of the bidding process. And as some shipping companies are reluctant to relinquish decision making, these systems can revert to an experienced dispatcher to confirm carrier selection when price isn’t the only consideration. 4 WHITE PAPER SPOTMARKET Cut transportation costs by up to 10% Web-based logistics platforms and internet freight exchanges offer methods Example of Transporeon transport assignment process of handling freight assignment that are significantly more efficient than manual efforts. Web-based platforms carry out a ‘mini-bid’ process with Carrier a selection of carriers. Dispatchers enter relevant data to an order screen 1 and then release the information. Carriers can review requests and submit Offer load for bid an offer based on the specifications. In contrast to manual transport Load assignment, this process can be completed within 10 to 15 minutes. Based on 3 2 the situation and the market, a Transporeon solution allows the dispatcher to Bid 4 Bid selection choose from an average of four offers . submission Shipper Utilizing the spot-market principle reduces the possibility of empty runs 3 Carrier & and, as a result, increases efficiency for the carrier. In turn, agreed rates are price will be often less than fixed-contract pricing. In this way, shippers can reduce their imported into the ERP/TMS transport costs by up to 10%. Both sides benefit from on-the-spot transport 3 assignment. Load is assigned 3 Data is imported into the carrier’s system 4Transporeon (2016): Transport market compass; internal survey of the bids by ‘best carrier’ order. Based on the number of bids in web-based platforms with a closed 5 carrier pool. WHITE PAPER SPOTMARKET Advantages of web-based transport assignment ADVANTAGES FOR SHIPPERS ADVANTAGES FOR CARRIERS Reduction of empty runs up to 13% Reduction of fuel consumption and vehicle emissions Transport costs savings up to 10% Improved vehicle utilization due to return loads and traffic triangulation Minimal effort and expense to obtain optimum freight prices Workload reduction for dispatching Improved, guaranteed delivery Effective route planning Rapid response to freight market fluctuations Short-term ordering of additional transports Reduction of empty kilometers with the implementation of ‘best carrier‘ -13 % 560.000 487.200 Empty kilometers before Empty kilometers after Example saving of a Transporeon customer 6 WHITE PAPER SPOTMARKET Ability to react to market fluctuations With daily updated transport assignment, shippers can react quickly to Prices developed in the opposite direction but shippers that continue to place transport market fluctuations. And these can be significant – particularly in orders only on a fixed-contract basis remain unable to take advantage of recent years, the phases between capacity shortages and oversupply have lower prices. By using the spot-market principle, on the other hand, shippers changed faster than ever before. The years 2017 and 2018 were marked by an can react with flexibility to changing capacity and price developments. extreme bottleneck in transport capacities throughout Europe. As the global economy became increasingly gloomy, capacity noticeably increased from the start of 2019. Price index between May 2018 and June 2019 60 120 50 110 40 100 30 90 20 80 12.1 10 70 Price index 5.1 4.5 3.2 3.9 0 1.3 0.6 60 Difference of the price index values of the price index Difference -1.9 -10 -3.8 50 -6.4 -5.0 -8.3 -8.3 -12.7 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Difference of the price index values Price index Source: Transport Market Radar 7 WHITE PAPER SPOTMARKET Integration achieves process enhancements A new transport assignment system should be compatible and integrate easily with any existing IT system through an ERP interface or plug-in. It should also be possible to leverage a common interface to each carrier’s IT platform, fully optimizing and increasing operating efficiencies through the simple import of shared data. Automating processes such as the import of order entry data prevents errors and frees up personnel and resources for more value-added activities. 8 WHITE PAPER SPOTMARKET Cloud provides open, real-time transparency When choosing a transport assignment system, cloud solutions typically offer access to a larger pool of potential carriers. All parties have easy access to the system via the internet, eliminating the need to set up and maintain complex interfaces. All involved – the shipper, the carrier and the customer – have real-time access to transport status. By contrast, shipper-specific systems do not promote efficiency or cross- supply chain collaboration since the data sits in an in-house system behind company walls. Additionally, cloud systems usually undergo continuous development and improvements without the need for complex system updates. 9 WHITE PAPER SPOTMARKET Three steps to optimized transport assignment 1. CLOSED/SELECTIVE OPEN FREIGHT TENDER EXCHANGE Use benchmark data Various benchmarking reports offer current monthly market data on price Manageable number of transport Higher number of transport and capacity development. For example, the Transporeon Transport Market service providers service providers Monitor provides general market data as well as sector-specific data (on Minor control of the process is Higher control of the process is wood, paper, building materials, and other industries). These indices can be necessary necessary used as benchmarks for data from the transport assignment system. Quality of shipping process is Quality of shipping process is easily tracked difficult to track 2. Deployment of reliable carriers Carriers are often unknown Choose between closed tenders and open freight exchange Single loads can either be sourced on the spot market via a web-based Relevant potential for savings in High potential for savings in transport costs transport costs logistics platform concentrated on a defined carrier pool or they can be sourced from an online freight exchange accessible to all transportation Price transparency for the Price transparency for the entire logistics providers. The majority of shippers rely on a closed system, ensuring shippers within the carrier pools, market the carrier pool comprises only proven partners of the highest quality. higher confidence level Proof of delivery is visible to all Communication about delivery parties involved status
Load more

Recommended publications
  • The Feasibility of Farm Revenue Insurance in Australia
    THE FEASIBILITY OF FARM REVENUE INSURANCE IN AUSTRALIA Miranda P.M. Meuwissen1, Ruud B.M. Huirne1, J. Brian Hardaker1/2 1 Department of Economics and Management, Wageningen Agricultural University, The Netherlands 2 Graduate School of Agricultural and Resource Economics, University of New England, Australia ABSTRACT Arrow (1965) stated that making markets for trading risk more complete can be socially beneficial. Within this perspective, we discuss the feasibility of farm revenue insurance for Australian agriculture. The feasibility is first discussed from an insurer's point of view. Well-known problems of moral hazard, adverse selection and systemic risk are central. Then, the feasibility is studied from a farmer’s point of view. A simulation model illustrates that gross revenue insurance can be both cheaper and more effective than separate price and yield insurance schemes. We argue that due to the systemic nature of price and yields risks within years and the positive correlation between years, some public- private partnership for reinsurance may be necessary for insurers to enter the gross revenue insurance market. Pros and cons of alternative forms of a public-private partnership are discussed. Once insurers can deal with the systemic risk problem, we conclude that there are opportunities for crop gross revenue insurance schemes, especially if based on area yields and on observed spot market prices. For insurance schemes to cover individual farmer’s yields and prices, we regard the concept of coinsurance as crucial. With respect to livestock commodities, we argue that yields are difficult to include in an insurance scheme and we propose aspects of further research in the field of price and rainfall insurance.
    [Show full text]
  • Securitization of Insurance Liabilities
    RECORD OF SOCIETY OF ACTUARIES 1995 VOL. 21 NO. 2 SECURITIZATION OF INSURANCE LIABILITIES Instructors: HANS B!2HLMANN* SAMUEL H. COX Recorder: SAMUEL H. COX Securitization of insurance liabilities allows capital to enter insurance markets more efficiently by establishing insurance-based securities. The mortgage market has been securitized, and it may be possible to make a similar market for insurance liabilities. This should be of interest to actuaries working in reinsurance (the Chicago Board of Trade options are in direct competition with property and casualty reinsurers), investments, or financial management. MR. SAMUEL H. COX: I'm from Georgia State University. This session is on securifiza- tion of insurance risk. Hans Biihlmann is the main instructor for this teaching session. Hans will give a presentation on some ideas about securifization of insurance risk. In the second period I'll give some specific examples from the Chicago Board of Trade's insur- ance futures and options. A third period will allow for discussion. Hans is visiting us from the Federal Institute of Technology in Zurich, where he is a professor of mathematics. He is also former president of the Institute and former dean of faculty. He serves on the board of Swiss Re and is involved in a number of other activities in the actuarial profession in Europe. With that brief introduction, I'll turn it over to Professor Bfihlmarm. MR. HANS BIJHLMANN: A symposium will beheld next week at Georgia State University. It is about alternative risk transfers, alternative in the sense that, until now, risk transfers in insurance have typically been done through the channel of reinsurance.
    [Show full text]
  • Is It Better Yet? Charting the Course of Various Asset Classes Through a Global Financial Crisis
    July 2009 Vol. 1 No. 3 Is It Better Yet? Charting the Course of Various Asset Classes through a Global Financial Crisis N A FINANCIAL CRISIS, it’s often said, “all correlations go to 1.” That may or may not be the case. More certain, however, is that crisis-induced dislocations will move various asset classes and market indicators in surprising directions. I Those movements generally are most discernable once a crisis subsides and markets trend back towards normalcy. This Market Insights examines the performance of a number of different asset classes from the beginning of 2008 through the end of 2Q09. Using charts and commentary, we highlight a variety of interesting changes in financial markets during that span and discuss the possible causes of those shifts. In the timelines of each chart, we’ve denoted important milestones that provide context for each of the asset classes shown. Four of these events (the Bear Stearns takeover, Lehman bankruptcy filing, TARP program announcement, and S&P 500 2009 year-to-date low) are presented in all of the charts, and additional events of special relevance to the chart in question are also included. Is It Better Yet? Exhibit 1. U.S. High-Yield Credit Outperforms U.S. Large Cap Stocks 1 2 3 4 1.2 U.S. Fiscal Stimulus 1.0 0.8 0.6 1 Bear Stearns takeover BAC purchase 2 Lehman filing 0.4 of Countrywide 3 TARP announcement Normalized Total Return 4 S&P 500 2009 low Madoff 0.2 0.0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 S&P 500 Barclays Capital U.S.
    [Show full text]
  • Market Organization and Structure Larry Harris Los Angeles, USA Contents
    1 Market Organization and Structure Larry Harris Los Angeles, U.S.A. Contents: LEARNING OUTCOMES ......................................................................................................................................... 3 1 INTRODUCTION .............................................................................................................................................. 3 2 THE FUNCTIONS OF THE FINANCIAL SYSTEM .................................................................................... 4 2.1 HELPING PEOPLE ACHIEVE THEIR PURPOSES IN USING THE FINANCIAL SYSTEM ................................................. 4 2.1.1 Saving .................................................................................................................................................... 5 2.1.2 Borrowing .............................................................................................................................................. 5 2.1.3 Raising Equity Capital ........................................................................................................................... 6 2.1.4 Managing Risks ..................................................................................................................................... 7 2.1.5 Exchanging Assets for Immediate Delivery (Spot Market Trading) ...................................................... 7 2.1.6 Information-Motivated Trading ............................................................................................................. 8 2.1.7
    [Show full text]
  • Short- and Long-Term Markets
    www.energyinnovation.org 98 Battery Street, Suite 202 San Francisco, CA 94111 [email protected] WHOLESALE ELECTRICITY MARKET DESIGN FOR RAPID DECARBONIZATION: LONG-TERM MARKETS, WORKING WITH SHORT-TERM ENERGY MARKETS BY STEVEN CORNELI, ERIC GIMON, AND BRENDAN PIERPONT ● JUNE 2019 Competitive electricity markets will play TABLE OF CONTENTS an important role in rapid decarbonization of the power sector. WHY LONG-TERM MARKETS? 2 Competitive markets can drive the HOW OUR PROPOSALS ADDRESS KEY efficient development, financing, and CONCERNS 6 operation of an evolving, innovative, and CRITICAL DIFFERENCES IN THE THREE low-cost mix of resources that can also PROPOSALS 11 ensure reliability and safety. These SUMMARY 13 abilities may well be critical to the successful transformation of the electric APPENDIX 15 sector to a zero-carbon platform for an entirely clean energy sector. Efficient prices are essential features of competitive markets. They underlie markets’ ability to attract investment, ensure a least-cost resource mix capable of meeting consumer needs, and allocate risks to those best able to manage them. Yet today’s clean energy technologies have characteristics that raise concerns about whether current wholesale electricity market designs will support price levels sufficient to sustain – directly or indirectly – investment in the types and mix of resources needed to achieve deep decarbonization. In our view, current market designs, combined with high levels of variable renewable energy (VRE) resources with negligible short- run marginal costs, face a serious risk of failing to produce market price signals sufficient to sustain the investment needed for successful decarbonization. This is a particular concern since VRE appears certain to play a large and critical role in the rapid decarbonization of the power sector, due to the low and falling costs of wind and solar power in many regions and their ability to be deployed quickly.
    [Show full text]
  • An Equilibrium Model for Spot and Forward Prices of Commodities Arxiv
    An equilibrium model for spot and forward prices of commoditiesI Michail Anthropelosa,1, Michael Kupperb,2, Antonis Papapantoleonc,3 ABSTRACT AUTHORS INFO We consider a market model that consists of financial investors and a University of Piraeus, 80 Karaoli and Dim- itriou Str., 18534 Piraeus, Greece producers of a commodity. Producers optionally store some produc- b tion for future sale and go short on forward contracts to hedge the University of Konstanz, Universitätstraße 10, 78464 Konstanz uncertainty of the future commodity price. Financial investors take po- c Institute of Mathematics, TU Berlin, Straße sitions in these contracts in order to diversify their portfolios. The spot des 17. Juni 136, 10623 Berlin, Germany and forward equilibrium commodity prices are endogenously derived 1 [email protected] as the outcome of the interaction between producers and investors. As- 2 [email protected] 3 suming that both are utility maximizers, we first prove the existence of [email protected] an equilibrium in an abstract setting. Then, in a framework where the PAPER INFO consumers’ demand and the exogenously priced financial market are correlated, we provide semi-explicit expressions for the equilibrium AMS CLASSIFICATION: 91B50, 90B05 prices and analyze their dependence on the model parameters. The JEL CLASSIFICATION: Q02, G13, G11, C62 model can explain why increased investors’ participation in forward commodity markets and higher correlation between the commodity and the stock market could result in higher spot prices and lower for- ward premia. KEYWORDS: Commodities, equilibrium, spot and forward prices, for- ward premium, stock and commodity market correlation. 1. Introduction Since the early 2000s, the futures and forward contracts written on commodities have been a widely popular investment asset class for many financial institutions.
    [Show full text]
  • Chapter 1 International Financial Markets: Basic Concepts
    Chapter 1 International Financial Markets: Basic Concepts In daily life, we find ourselves in constant contact with internationally traded goods. If you enjoy music, you may play a U.S. manufactured CD of music by a Polish composer through a Japanese amplifier and British speakers. You may be wearing clothing made in China or eating fruit from Chile. As you drive to work, you will see cars manufactured in half a dozen different countries on the streets. Less visible in daily life is the international trade in financial assets, but its dollar volume is much greater. This trade takes place in the international financial markets. When inter- national trade in financial assets is easy and reliable|due to low transactions costs in liquid markets|we say international financial markets are characterized by high capital mobility. Financial capital was highly mobile in the nineteenth century. The early twentieth cen- tury brought two world wars and the Great Depression. Many governments implemented controls on international capital flows, which fragmented the international financial markets and reduced capital mobility. Postwar efforts to increase the stability and integration of markets for goods and services included the creation of the General Agreement on Tariffs and Trade (the GATT, the precursor to the World Trade Organization, or WTO). Until 1 2 CHAPTER 1. FINANCIAL MARKETS recently, no equivalent efforts addressed international trade in securities. The low level of capital mobility is reflected in the economic models of the 1950s and 1960s: economists felt comfortable conducting international analyses under the assumption of capital immobility. Financial innovations, such as the Eurocurrency markets, undermined the effectiveness of capital controls.1 Technological innovations lowered the costs of international transactions.
    [Show full text]
  • SPOT MARKETS for FOREIGN CURRENCY Markets by Location and by Currency Markets by Delivery Date
    Spot Markets P. Sercu, International Finance: Theory into Practice Overview Part II The Currency Market and its Satellites Spot Markets P. Sercu, International Finance: Theory into Practice Overview Chapter 3 Spot Markets for Foreign Exchange Overview Spot Markets Exchange Rates P. Sercu, HC FC International The / Convention (—ours) Finance: Theory into The FC/HC Convention Practice Bid and Ask Primary and Cross Rates Overview Inverting bid and asks Major Markets for Foreign Exchange How Exchange Markets Work Markets by Location and by Currency Markets by Delivery Date The Law Of One Price in Spot Mkts Price Differences Across Market Makers Triangular Arbitrage and the LOP PPP Exchange Rates and Real Rates PPP Exchange Rates The Real Rate or Deviation from APPP Is the RER constant? Devs from RPPP What have we learned in this chapter? Overview Spot Markets Exchange Rates P. Sercu, HC FC International The / Convention (—ours) Finance: Theory into The FC/HC Convention Practice Bid and Ask Primary and Cross Rates Overview Inverting bid and asks Major Markets for Foreign Exchange How Exchange Markets Work Markets by Location and by Currency Markets by Delivery Date The Law Of One Price in Spot Mkts Price Differences Across Market Makers Triangular Arbitrage and the LOP PPP Exchange Rates and Real Rates PPP Exchange Rates The Real Rate or Deviation from APPP Is the RER constant? Devs from RPPP What have we learned in this chapter? Overview Spot Markets Exchange Rates P. Sercu, HC FC International The / Convention (—ours) Finance: Theory into The FC/HC Convention Practice Bid and Ask Primary and Cross Rates Overview Inverting bid and asks Major Markets for Foreign Exchange How Exchange Markets Work Markets by Location and by Currency Markets by Delivery Date The Law Of One Price in Spot Mkts Price Differences Across Market Makers Triangular Arbitrage and the LOP PPP Exchange Rates and Real Rates PPP Exchange Rates The Real Rate or Deviation from APPP Is the RER constant? Devs from RPPP What have we learned in this chapter? Overview Spot Markets Exchange Rates P.
    [Show full text]
  • Over-The-Counter Market Liquidity and Securities Lending by Nathan Foley-Fisher, Stefan Gissler and Stéphane Verani
    BIS Working Papers No 768 Over-the-Counter Market Liquidity and Securities Lending by Nathan Foley-Fisher, Stefan Gissler and Stéphane Verani Monetary and Economic Department February 2019 JEL classification: G01, G12, G22, G23 Keywords: Over-the-counter markets, corporate bonds, market liquidity, securities lending, insurance companies, broker-dealers BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2019. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Over-the-Counter Market Liquidity and Securities Lending∗ Nathan Foley-Fisher Stefan Gissler Stéphane Verani y December 2018 Abstract This paper studies how over-the-counter market liquidity is affected by securities lending. We combine micro-data on corporate bond market trades with securities lending transactions and individual corporate bond holdings by U.S. insurance companies. Applying a difference-in-differences empirical strategy, we show that the shutdown of AIG’s securities lending program in 2008 caused a statistically and economically significant reduction in the market liquidity of corporate bonds predominantly held by AIG. We also show that an important mechanism behind the decrease in corporate bond liquidity was a shift towards relatively small trades among a greater number of dealers in the interdealer market.
    [Show full text]
  • Understanding FX Spot Transactions
    Understanding FX Spot Transactions A Guide for Microfinance Practitioners Foreign Exchange Spot Use: The Spot Contract is the most basic foreign exchange product. Microfinance clients use this product to buy and sell a foreign currency at the current market exchange rate. This product is used for immediate exchange of funds. Structure: A spot contract is a binding obligation to buy or sell a certain amount of foreign currency at a price which is the the "spot exchange rate" or the current exchange rate for settlement in two business days time. The trade date is the day on which a spot contract is executed. The settlement date is the day on which funds are physically exchanged as per market convention for "spot delivery" (this is the day when the funds will show in the receiver's account). Spot Trade The difference between the trade date and the settlement date in a spot transaction reflects both the need to arrange the transfer of funds and, the time difference between currency centers involved. Pricing: Pricing of foreign exchange or the spot exchange rate is determined by the demand and supply of the currency in the market. The demand and supply of a currency can be affected by a country's current rate of inflation and expected future inflation rates, the country's balance of payments, the monetary and fiscal policies of the country's government, various economic indicators which create expectations about the country's economic health, differences between foreign and domestic interest rates and central bank interventions. A foreign exchange rate quotation consists of two currencies: the 'base' (fixed) currency and the 'term' (variable) currency.
    [Show full text]
  • Download the Shareholder Circular and Notice of EGM PDF 0.13Mb
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you should consult your stockbroker, solicitor, accountant, bank manager or other independent financial adviser duly authorised under the Financial Services and Markets Act 2000 immediately. If you have sold or otherwise transferred some or all of your Ordinary Shares, please send this document, together with the accompanying Form of Proxy, as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for delivery to the purchaser or transferee. Cazenove & Co. Ltd is acting for InterContinental Hotels Group PLC and no-one else in connection with the Special Dividend and Share Consolidation and will not be responsible to anyone other than InterContinental Hotels Group PLC for providing the protections afforded to its clients or for giving advice in relation to the Special Dividend and Share Consolidation. InterContinental Hotels Group PLC Incorporated and registered in England and Wales under the Companies Act 1985 Registered number 4551528 Special Dividend of 72 pence per Existing Ordinary Share and Share Consolidation and Notice of EGM Application will be made to the UK Listing Authority for the New Ordinary Shares arising from the proposed consolidation of the Company’s ordinary share capital to be admitted to the Official List and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange’s market for listed securities. It is expected that dealings in the Existing Ordinary Shares will continue until close of business on Friday 10 December 2004 and that Admission of the New Ordinary Shares will become effective and dealings for normal settlement will commence at 8.00 a.m.
    [Show full text]
  • Trading Mechanisms and the Price Volatility : Spot Versus Futures
    UNIVERSITY OF ILLINOIS LIBRARY AT URBANA-CHAMPAIGN BOOKSTACKS ; U3 < 00 o t < id E a m C : < 1 s en to _1 CO W D r/i J > ^ CO o . CO H o Jte s X * o CO r z n LU 5 I co o z CO o\ u X on o CD rj U3 > «3 o z I > m R -• S 2 c. a o m o - :-) o j *- n g O H m „ F * < n TO g c H s < O j to o (£ CO CO z D 5 h= H | J i o HP O o LU D 5 CM tH a >1 Hi r-l Zo in - . 9 5 s OiS' TOR cy o o z ro ^ c en Ol (C 00 00 > '5 rr 10 A '43 . LU L. tH = tH A a *1 I > 1 fr ^ z Cl) O ^ u <tf 2 M {x en VI 2 r* — r««. h H QS rtf z & vo v io <M ttfm rf 2 OS • < o D O tH in tH fr. c a, o a; rt; ? P3 U 0J CTt • 00 • 10 o ft S m 03 O < CT» O oo 00 o O H PS o a; fr 3: A «-• CO LU-C 2 m s U v D ^ D X i- c <m th o en oo r- XLU 2 WOJNH 1- 3: 3: :::• fH r-i u a a u u u X 6 > BEBR FACULTY WORKING PAPER NO. 90-1683 330 1385 STX o. 1683 COPY 2 Trading Mechanisms and the Price Volatility: Spot versus Futures Hun Y.
    [Show full text]