Betekenis van:
futures market

Voorbeeldzinnen

1. In the sugar sector, export operations are normally governed by contracts defined as fob on the London futures market.
2. warrants, futures, but only if they have a market value because they are tradable or can be offset,
3. futures, but only if they have a market value because they are tradable or can be offset;
4. futures, but only if they have a market value because they are tradable or can be offset,
5. However, the present electricity market in Great Britain is not such a market. It is mostly based on bilateral contracts, with several futures markets.
6. Companies active on the futures markets for raw material products are usually private companies functioning according to the rules of the market economy.
7. VPPs are commonly used to promote competition in the wholesale market, insofar as they remove the incentive for the dominant operator to use its market power to maintain prices at a high level in the spot and futures markets.
8. In conclusion, therefore, the result is that the aid for the FPAP for the acquisition of options on the futures markets cannot be considered compatible with the common market under any of the exemptions permitted by the Treaty.
9. France also points out that the FPAP is the only French trade organisation made up of fisheries undertakings with the objective of acting on the oil futures market and that membership of the Fund is free.
10. In relation to State aid, the objective of the FPAP has to be considered in two ways: firstly, it is aimed at acquiring financial options on the futures markets. Although this is not explicitly stated, those futures markets are obviously the markets for oil or oil by-products. Thus the FPAP, while being constituted as a trade association, operates on these futures markets by acquiring options, as any ordinary private company active on this kind of market and operating according to the rules of the market economy would do.
11. The FPAP also points to the total transparency of its management: in this respect, since it does not carry out any economic activity for its own account, it cannot have any impact on the relevant futures market.
12. It is mostly based on bilateral contracts, with several futures markets. Furthermore, the market is fundamentally divided between wholesale and direct supply to business, the second segment being apparently more commercially valuable.
13. In addition, the FPAP disputes the claim that it enjoyed preferential conditions for carrying out its activity as investor on the futures market — in its own words: ‘the FPAP operated on the world commodities market with specialised brokers or financial institutions (…) [It] did not enjoy any tariff advantage, nor any special conditions vis-à-vis all the other operators on the market’.
14. For the purpose of this calculation the monthly average of the quotations at the London No. 5 white sugar futures market for the nearest term, that is to say the nearest delivery month for which trading of white sugar is possible, should be considered as the world market price.
15. Thus the FPAP, while being constituted as a trade association, operates on these futures markets by buying and selling options, as any ordinary private company active on this kind of market and operating according to the rules of the market economy would do’.