This project aims to examine recent developments in commodity derivatives markets. The changed industrial organization and the financialization of these markets are major phenomena, both of which call for changes in regulation.

In recent years, commodity derivatives markets have undergone profound changes in how they are regulated. This process of regulatory change is clearly not complete. It is, however, already giving rise to specific problems that need to be assessed, or even identified. By way of illustration, restrictive regulations on so-called legitimate uses of derivatives, i.e. related not to speculation but to risk management in commodity trading, raise practical problems. Indeed it is difficult to identify legitimate operations in an objective, swift and uncircumventable way. To properly understand the issues and potential problems arising from such regulation, we propose, in the framework of the thematic semester, to interpret it as stemming from two major phenomena at work simultaneously: the changed industrial organization of these markets and their financialization.

 

Organizing Committee

Delphine Lautier (Member of the Scientific Committee of the Chair, Université Paris-Dauphine)
Bertrand Villeneuve (Université Paris-Dauphine)
Clémence Alasseur (Executive Director of IdR FiME, EDF R&D)
Damien Fessler (Chaire FDD & IdR FiME)

Scientific committee

René Aïd (EDF R&D, FIME)
Clémence Alasseur (EDF R&D, FIME)
René Carmona (Princeton University)
Ivar Ekeland (Université Paris-Dauphine)
Delphine Lautier (Université Paris-Dauphine)
Michel Robe (American University, Washington)
Nizar Touzi (Ecole Polytechnique)
Bertrand Villeneuve (Université Paris Dauphine)

Research Initiatives and associated institutions

The thematic semester is supported by:
Institut Louis Bachelier
Global Risk Institute
Conseil Français de l’Energie
“Finance for Energy Markets” Research Initiative
“Finance & Sustainable Development” Chair
“Financial Risks” Chair
DRM-Finance

The thematic seminars will aim to present innovative research in connection with the proposed themes. These seminars will be organized throughout the semester, with a two-hour session approximately every month (a one-hour presentation and an hour for discussion). They will be held in Paris on Friday afternoons.

Confirmed speakers:
April 3rd 2015: Evgenia Passari (Assistant Professor, Université Paris-Dauphine)

Organizer

  • Chaire Finance et Développement Durable & de l’Initiative de Recherche Finance des Marchés d’Énergies

Lieu

Institut Henri Poincaré 11 rue Pierre et Marie Curie, Paris, 75005 France