My Internship At The University Of Mobile Essay - 880 Words

During my internship at the University of Mobile, I have grown as a person – not only on a personal level but on a professional level as well. My experience at the University of Mobile went beyond being a regular intern. My fellow co-workers made me part of the overall team – giving me a huge number of responsibilities and allowing me to use my creative skills. I. Organization The University of Mobile began in 1961 as Mobile College then in 1993 changed the name to the University of Mobile. It is an accredited college by the Southern Association of Colleges. Located on 880 acres in Mobile Alabama, the University seeks to develop students, who embrace learning, while embracing their faith. My advisors for the internship where Dr. Jane Finley, who serves as the department head for the School of Business, and Mr. Nicholas Cillo, an assistant Professor of management and finance. II. Project description My overall responsibility was to coordinate with other students and create a video for the University of Mobile to promote the business department’s excellent program. I was to combine the different elements into a professional video that would promote the University of Mobile’s business department. Other students were involved from both the music and art department, who worked on the music, audio and the art. The music department worked on the music and audio while the art department worked on the visuals. 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The Lamp At Noon By Sinclair Ross - 1643 Words

Consequences of Isolation Socially isolated individuals fundamentally can not function in society as sufficiently as those with rich social lives, lacking the mental requirement of expression, all thoughts and feelings remaining internalized. A morbid study published in the American Journal of Epidemiology (Vol. 109, No. 2, pages 186-204) showed that socially isolated individuals were two to three times more likely to die during the nine year span the study took place over than those who had fellowship from peers. Ellen from the short story The Lamp at Noon is a perfect example of the effect referenced in this study; the weather acts symbolically to show her isolation from the rest of the world, the consequence being the loss of her own†¦show more content†¦Those that continued to work on their farms (Ellen and Paul) had a very hard time getting by, which led to immense mental and physical stress to try and keep things well. Mass famine and poverty broke out, and in general was a horrible time for ma ny in that time. This sets the basis for the short story, having the history of previous arguments being explained throughout the plot. Between the internal conflict of the decision whether or not to leave the farm, the external conflict of the weather ruining the farm, and the external conflict of the disagreement coming from Ellen and Paul’s opinions, a very difficult time was set for the two. The story begins with the lamp being lit, which acts as both a recurring motif and also a symbol for the futility of their attempts to make light of the situation, the lamp hardly doing anything to the â€Å"impenetrable fog† that surrounded them, even at noon. It parallels the couple’s feelings towards the farm, the lamp proving just as ineffective as they were, the lamp attempting to push light through the thick fog, and Paul attempting to grow crops on the landscape, described as a â€Å"desert† by Ellen. The conflict is a man vs. nature conflict, the protagonist being Ellen and Paul, the antagonist being the dust bowl. Both Ellen and Paul face isolation due to this conflict. Ellen’s parents run a shop in the city, and she desperately wants to work there instead, the uselessness of their attempts to work through the storm drivingShow MoreRelatedThe Lamp At Noon By Sinclair Ross1383 Words   |  6 Pagesa story. This is made evident by Sinclair Rossâ₠¬â„¢ ability to effectively utilize the literary devices at his disposal to develop a powerful, efficient short story in â€Å"The Lamp at Noon†. In the story, imagery, dialogue, and the omniscient point of view from which the story is perceived are formidable examples of how literary devices provide a significant role in shaping the plot, conflict and themes for the reader to experience. Sinclair Ross’ â€Å"The Lamp at Noon† effectively showcases the powerRead MoreThe Lamp At Noon By Sinclair Ross1326 Words   |  6 Pagesto be capable of many remarkable feats, there is one force that proves that man is relatively fragile. This force; though not living, is capable of rendering even man utterly weak and powerless. This force is nature. Throughout Sinclair Ross’ short story The Lamp at Noon, the historical context of the Great Depression helps to reinforce the story’s theme that nature is more powerful than man. This is evident through the fact that in the story and in real life; nature caused the Great Depression,Read MoreSymbolism : The Raven, By Edgar Allen Poe2339 Words   |  10 Pageswhich symbolizes loss and death. But very few authors use symbolism as effectively as Sinclair Ross did, in his famous short story â€Å"The Lamp at Noon.† Ross symbolizes objects, and personifies them in a way that they feel like actual cha racters to the reader. 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Democracy in Pakistan-a Dilemma Free Essays

Against the backdrop of recent surge in political temperature, speakers at a roundtable discussion forum stress the need for continuation of democratic process despite of all the current challenges faced by it. In a roundtable discussion forum â€Å"Political Expediency and the Future of Democracy in Pakistan† organized by the Center for Research and Security Studies (CRSS), at its office premises in Islamabad, issues and challenges related to current democratic governance and prospects of a democratic Pakistan were discussed in detail. Mr. We will write a custom essay sample on Democracy in Pakistan-a Dilemma or any similar topic only for you Order Now Ahmed Bilal Mahoob, executive director, Pakistan Institute of Legislative Development and Transparency(PILDAT) opened the discussion with an overly optimistic note and observed: â€Å"Democracy in Pakistan has never been as good as it is today. † He noted that it is the first time in history of Pakistan that three state pillars, those are Executive, Judiciary and the Legislature are carving out their respective ways out of this challenging political environment and it is a good omen for young democracy. In the past, judiciary was under the influence of executives, but now it is independent and assertive. Related essay: Pillars of Democracy in Tanzania Parliament in a democracy is always considered a vital state pillar, but again it tried to overpower the other state organs. Against this backdrop, during the era of current democratic government, the growth of all state organs is continuous and stable. Likewise, during current democratic rule, for the first time, Senate was chaired by an opposition representative. Then if we look towards media, we have a robust and independent media, which explicitly does not seem under the influence of government. Coming to the democratic governance, Mr. Mahboob asserted the notion that there is widespread political discontentment and disillusionment among the masses. And ironically, the people have directed all their criticism and scathing towards federal government and spared the provincial governments altogether, whereas under the 18th amendment, most of the ministries have been devolved to the provinces. Therefore when we disparage the federal government, we should also vent some anger on provincial governments as well. Discussing the recent upsurge in political temperature, Mr. Mahboob stated â€Å"As we are nearing to the close up of this government, therefore, all political parties want to gear up the political momentum in order to gain mileage out of it in coming elections. He further continued by saying that â€Å"Almost all opinion surveys and polls in recent months suggest that the people are fed up by the present government— and want a change, so this upsurge is not abnormal and nothing is worrisome in it†. He narrated that when we talk about the freedom of expression, we generally take a pride after looking at the countries, which enjoyed sustained periods of democracy. And this is something that we should cherish, despite of all short comings. He termed the â€Å"Imran Khan phenomenon† as a harbinger of positive change in the political arena of Pakistan. PPP leader and former federal minister, Syeda Abida Hussain said that since inception Pakistanis wished for democratic rule in the country, and it is because, â€Å"Pakistan born out of vote†. But, she lamented that we have been scathing under long dictatorial rules for better part of our political history and there are reasons for it. She observed that though we as a nation may have developed liking for democratic rule, but ironically we lack political temperament. Mrs. Hussain said that the voices for change are getting louder and louder with the passage of time. She acknowledged that there is rampant corruption in the country and no state department is free of it. â€Å"State institutions should be established on the basis of equality, charter of democracy should be written by all the parties struggling for rule of law in the country†, she suggested. Every one of us talks about poor governance but nobody did anything† she lamented. She reiterated that we have to make the system more responsive through sustained efforts for efficient democratic governance. Meanwhile, if we resorted for premature political solutions at this stage, then the future of democracy in Pakistan will be dark once again. She warned that the covert apparatus is once again out with its ulterior motives and the political parties will have understand its maneuvering for the benefit of democratic et up in the country. Former lawmaker from Swat, Mr. Adnan Aurangzeb said that in Pakistan â€Å"—the gap between political representatives and the represented is widening relentlessly† and this is not healthy sign for the future of democracy in the country. He underlined that there are structural problems, which are not letting the democratic culture take hold in Pakistan. He said that unfortunately, the legislators in Pakistan are not well connected with their constituencies, and therefore the people feel marginalized. According to him, there lies huge social, cultural, economic and political void between the rulers and the ruled. And this pertinent factor will continue to haunt the dream of a peaceful and prosperous democratic Pakistan. Participants in the roundtable discussion forum were of the view that there is need for a responsive democratic governance structure and without accountability the dividends of democracy will not trickle down the masses. And in consequence, the ubiquitous discontent will eventually lead towards the folding of the political system. How to cite Democracy in Pakistan-a Dilemma, Essay examples

Absolute rock performance Essay Example For Students

Absolute rock performance Essay On Thursday, December 4th, there was a presentation called Absolute Rock, performed by the Corporate Saturday Rock Band and Absolute Leadership Development, which was happening in the Gym that afternoon. I personal really like the presentation, and I think it was excellent performed because of the three following reasons: 1/ How it was started. The begging is often one of the most important parts in a presentation, and because of the unique start of this presentation, it became one of the best presentations I ever seen. It started with some great rock music, which many students in our school really like it. So when the grade 7 and 8 students walked into the Gym, we were all really excited about it. And I believe the Rock not only helped the students focused and enjoyed the presentation a lot, but also became the main reason that we participated actively in the presentation. Also, those rock music not only sounded great, but also had some sort of theme and idea about the presentation in it, so I think when people heard them, they can probably figure out a little bit of what the presentation was about. So I think the director really put a lot of time and effort to create this successful beginning for the presentation. 2/ The effective personal experiences from several speakers and some true facts that were given out on the presentation. After heard several wonderful rock music, the second part of the presentation, which were some true personal experiences of the some speakers from the Corporate Saturday Rock Band and Absolute Leadership Development. For example, Bobby (one of the guitar players of the Corporate Saturday) was one of the speakers. He said that when he was in high school, he was always making fun and being rude to his friends and classmates, because he thought that is how people should act in high school. But that caused his friends started not to hang out with him for a while. When he found out about that, he tried to act nice to everybody and not only everything was going back to normal again, but he also got many new friends because of that. So not only the Bobby and other speakers were tried to use their personal experiences to develop our characters, but they also believed that we can change the social, or even the world by doing small things, and if we keep going, not only more people will join and help us and we would become a bigger team, but also we can actually see the results and things will change more if we continue to do it. Some shock facts were also given in the video that we watched during the presentation. For example, average people lie 3 times in every minute of a conversation, and this fact really shocked me, because I always saw people lying at school, and some of the lies were even white lies, and I never thought lying was something wrong before. But after watched this video, I learned that sometimes lying, even a really small lie can cause serious problem, such as lead to a fight and cause physical and psychological damages to others. So I decided that I would try not to lie for my whole life, and I also hope that people around me can stop lying too. Because maybe one day, lying might cause you to be the one who got physical injuries or psychological damages. 3/ The funny activities. I remember there is also an activity in the presentation that three students went onto the stage and rock with the band as hard as they can. After that, those three students switched with the three teachers the students chose to rock on the stage, which made a lot of students laughed. So I think the activity was tried to show the other side of teachers heart- can be really crazy with something too. They always acted seriously in school, because that is their job. I think the overall presentation was really impressive and I really like the way that the presentation was organized. I also learned a lot of things from the presentation. .u4d4280eb4fbf96c351b1a694c10927ed , .u4d4280eb4fbf96c351b1a694c10927ed .postImageUrl , .u4d4280eb4fbf96c351b1a694c10927ed .centered-text-area { min-height: 80px; position: relative; } .u4d4280eb4fbf96c351b1a694c10927ed , .u4d4280eb4fbf96c351b1a694c10927ed:hover , .u4d4280eb4fbf96c351b1a694c10927ed:visited , .u4d4280eb4fbf96c351b1a694c10927ed:active { border:0!important; } .u4d4280eb4fbf96c351b1a694c10927ed .clearfix:after { content: ""; display: table; clear: both; } .u4d4280eb4fbf96c351b1a694c10927ed { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4d4280eb4fbf96c351b1a694c10927ed:active , .u4d4280eb4fbf96c351b1a694c10927ed:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4d4280eb4fbf96c351b1a694c10927ed .centered-text-area { width: 100%; position: relative ; } .u4d4280eb4fbf96c351b1a694c10927ed .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4d4280eb4fbf96c351b1a694c10927ed .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4d4280eb4fbf96c351b1a694c10927ed .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4d4280eb4fbf96c351b1a694c10927ed:hover .ctaButton { background-color: #34495E!important; } .u4d4280eb4fbf96c351b1a694c10927ed .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4d4280eb4fbf96c351b1a694c10927ed .u4d4280eb4fbf96c351b1a694c10927ed-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4d4280eb4fbf96c351b1a694c10927ed:after { content: ""; display: block; clear: both; } READ: 'The Great Gatsby' by Scott Fitzgerald and 'The Grapes of Wrath' by John Steinbeck EssayI remember that at the end of the presentation, the one of the hosts of the presentation told us the website of Absolute Rock. I think it would be interesting to find out more information about this organization, so I went on to absolute.org this Wednesday. And I found a lot of information that talk about the organization and what the organization does: 1/ Absolute was officially registered as a non-profit charity with the Government of Canada on January 1, 2000, and it was founded by Vaden and Christal Earle. 2/ Vaden and Christal found this organization because they realized that teen agers are seek to make an impact, and try to find a purpose larger than themselves. So began to envision a generation of youth who focused their thoughts and energies on helping others and who were themselves changed in the process and developed the Absolute organization and Absolute motivational assembly. 3/ Their goal is to empower emerging generations to change their world by living their lives with purpose. 4/ To reach their goal, they put a lot of time and effort on planning and taking hundreds of students to engage in humanitarian relief work to presenting a message of hope to hundreds of thousands. A good example for it would be the Hero Holiday, which is program that provides opportunities for high school students to participate in humanitarian relief projects by bringing practical assistance, such as building homes, distributing supplies, providing food, mobile medical clinics to those living in extreme poverty. The reason that they started this trip is because they believe that youth has the capacity to affect change on the earth. 5/ After their hard work for two years, the Absolute staff (volunteer and paid) has grown from three to thirty, and over 600,000 young people have attended the assemblies which have developed into outstanding multi-media presentations aimed specifically at the teenage audience and the programs for teenagers, such as humanitarian aid trips, leadership training and internship programs. Just like what the goal of absolute organization is: to empower emerging generations to change their world by living their lives with purpose and I believe that every teenager, every adult, or even every child has dreams and purposes in their life, although some of it is selfish dreams. For example, earning a lot of money; become a president of a country; own the biggest house on the planet; or even become the richest man in the world. But the point is, whatever your dream is, you still have the power to change the world. For example, if you become the richest man in the world, you can change the world by donate money to those countries that are in need. And I believe not only you can help the people in those countries, you can also promote your companys reputation at the same time. So if you have a chance to do something that can change the poor conditions that some counties are now in, I think you should do it! My first reaction to the absolute organization, and the presentation was shock, shock and shock. Because I never thought there was somebody in our country has a dream like that- empower emerging generations to change their world by living their lives with purpose. But they did not just let it stay as a dream forever, they used really actions to achieve their dream; to make it come true. For example, they put a lot of time and effort to organize the THINK DAY school presentations; to create an excellent website for the organization; to plan the Hero Holiday for teenagers and adults. They did all these, because they want people to realize: even though we are small, we can still change the world. So I think more people should join this organization, and become one of the members of this amazing organization. Because not only help the organization achieve their goals, but you can also help those people that are in need to achieve their dreams. So please help by join the team immediately.

St. Augustines Just War Theory And The Persion Gulf War On August 2nd,

St. Augustine's Just War Theory and the Persion Gulf War On August 2nd, 1990 the first Iraqi tanks crossed into Kuwait, as part of an invasion that marked the start of a six-month conflict between the United States and Iraq. These tanks were ordered to invade Kuwait by Saddam Hussein, the ruthless dictator of Iraq. The Iraqi troops looted Kuwaiti businesses and brutalized Kuwaiti civilians. Saudi Arabia began to fear that they may be invaded as well, and on August 7th they formally asked President Bush for US assistance. The US pledged to defend the Saudis, and to remove the Iraqis from Kuwait. Great masses of troops from many different nations were deployed in the Persian Gulf area. At 4:30 PM EST on January 16, 1991, the first aircraft with orders to attack Iraqi targets were launched from Saudi Arabia, marking the beginning of Operation Desert Storm. Dictators like Mr. Hussein cannot be allowed to take advantage of smaller countries like bullies after lunch money. There has to be someone to stop them, or they will gain more and more power and land, just as Adolf Hitler tried to do in World War II. That someone, in the case of Mr. Hussein, was the United States, along with a multinational coalition. The US had just cause in entering a war against Iraq because of Iraq's invasion of the small and defenseless nation of Kuwait. Actions such as that must be repulsed. Iraq had no just cause in invading Kuwait; their reasons were either obscure or for their benefit. The US had to help Kuwait regain their nation. In protecting the Saudis from invasion and removing the Iraqis from Kuwait the US had the right intention. The real reason the US decided to fight the Iraqis was to restore Kuwait's government and to defend Saudi Arabia. There was no underlying reason, such as to receive better prices on oil or to make the Kuwaitis indebted to the US so as to receive favors. Throughout the war, the US made clear their purpose and intent in fighting the Iraqis, and not on ce did they stray from it. Legitimate authority was established when the Congress voted to follow United Nations resolution 678, section two of which "Authorizes Member States co-operating with the Government of Kuwait, unless Iraq on or before 15 January 1991 fully implements, as set forth in paragraph 1 above, the foregoing resolutions, to use all necessary means to uphold and implement resolution 660 (1990) and all subsequent relevant resolutions and to restore international peace and security in the area." The vote to follow the resolution was as good as a declaration of war, as far as legitimate authority is concerned, and is in some ways better. The adoption of the resolution only authorized the use of force to remove Iraq from Kuwait. This limited the ability of our military to completely destroy Iraq's military or to drive Hussein from power. Our authority to remove Iraq from Kuwait was clearly legitimate. The Gulf War was fought with proportionality clearly in the leadershi p's mind. President Bush planned to get Iraq's troops out of Kuwait and then stop. He had no intention of carrying the war further. Although Bush would have dearly liked to have marched US troops toward Baghdad to destroy Hussein's government, he did not, because of the risk of heavy casualties, and because it went against the proportionality idea. The leaders who picked targets for our forces never targeted civilians. Civilians were killed, for sure, but they were not deliberately targeted. Non-combatant immunity is an important part of every war the US has been engaged in. The Iraqis definitely targeted civilians, as was quite evident by their SCUD attacks on Israel and Saudi Arabia. Many civilians and military personnel were killed by SCUDs during the course of the war. Civilians are not responsible for harm done to one's country, and therefore deserve immunity. Upon entering the conflict, The US obviously had a reasonable hope of success. The Iraqis had several hundred thousand poorly trained, poorly equipped, and poorly led troops, while the Allied forces numbered about 800,000. The allied troops were better trained, equipped, and led than the Iraqis. They were St. Augustines Just War Theory And The Persion Gulf War On August 2nd, St. Augustine's Just War Theory and the Persion Gulf War On August 2nd, 1990 the first Iraqi tanks crossed into Kuwait, as part of an invasion that marked the start of a six-month conflict between the United States and Iraq. These tanks were ordered to invade Kuwait by Saddam Hussein, the ruthless dictator of Iraq. The Iraqi troops looted Kuwaiti businesses and brutalized Kuwaiti civilians. Saudi Arabia began to fear that they may be invaded as well, and on August 7th they formally asked President Bush for US assistance. The US pledged to defend the Saudis, and to remove the Iraqis from Kuwait. Great masses of troops from many different nations were deployed in the Persian Gulf area. At 4:30 PM EST on January 16, 1991, the first aircraft with orders to attack Iraqi targets were launched from Saudi Arabia, marking the beginning of Operation Desert Storm. Dictators like Mr. Hussein cannot be allowed to take advantage of smaller countries like bullies after lunch money. There has to be someone to stop them, or they will gain more and more power and land, just as Adolf Hitler tried to do in World War II. That someone, in the case of Mr. Hussein, was the United States, along with a multinational coalition. The US had just cause in entering a war against Iraq because of Iraq's invasion of the small and defenseless nation of Kuwait. Actions such as that must be repulsed. Iraq had no just cause in invading Kuwait; their reasons were either obscure or for their benefit. The US had to help Kuwait regain their nation. In protecting the Saudis from invasion and removing the Iraqis from Kuwait the US had the right intention. The real reason the US decided to fight the Iraqis was to restore Kuwait's government and to defend Saudi Arabia. There was no underlying reason, such as to receive better prices on oil or to make the Kuwaitis indebted to the US so as to receive favors. Throughout the war, the US made clear their purpose and intent in fighting the Iraqis, and not on ce did they stray from it. Legitimate authority was established when the Congress voted to follow United Nations resolution 678, section two of which "Authorizes Member States co-operating with the Government of Kuwait, unless Iraq on or before 15 January 1991 fully implements, as set forth in paragraph 1 above, the foregoing resolutions, to use all necessary means to uphold and implement resolution 660 (1990) and all subsequent relevant resolutions and to restore international peace and security in the area." The vote to follow the resolution was as good as a declaration of war, as far as legitimate authority is concerned, and is in some ways better. The adoption of the resolution only authorized the use of force to remove Iraq from Kuwait. This limited the ability of our military to completely destroy Iraq's military or to drive Hussein from power. Our authority to remove Iraq from Kuwait was clearly legitimate. The Gulf War was fought with proportionality clearly in the leadershi p's mind. President Bush planned to get Iraq's troops out of Kuwait and then stop. He had no intention of carrying the war further. Although Bush would have dearly liked to have marched US troops toward Baghdad to destroy Hussein's government, he did not, because of the risk of heavy casualties, and because it went against the proportionality idea. The leaders who picked targets for our forces never targeted civilians. Civilians were killed, for sure, but they were not deliberately targeted. Non-combatant immunity is an important part of every war the US has been engaged in. The Iraqis definitely targeted civilians, as was quite evident by their SCUD attacks on Israel and Saudi Arabia. Many civilians and military personnel were killed by SCUDs during the course of the war. Civilians are not responsible for harm done to one's country, and therefore deserve immunity. Upon entering the conflict, The US obviously had a reasonable hope of success. The Iraqis had several hundred thousand poorly trained, poorly equipped, and poorly led troops, while the Allied forces numbered about 800,000. The allied troops were better trained, equipped, and led than the Iraqis. They were St. Augustines Just War Theory And The Persion Gulf War On August 2nd, St. Augustine's Just War Theory and the Persion Gulf War On August 2nd, 1990 the first Iraqi tanks crossed into Kuwait, as part of an invasion that marked the start of a six-month conflict between the United States and Iraq. These tanks were ordered to invade Kuwait by Saddam Hussein, the ruthless dictator of Iraq. The Iraqi troops looted Kuwaiti businesses and brutalized Kuwaiti civilians. Saudi Arabia began to fear that they may be invaded as well, and on August 7th they formally asked President Bush for US assistance. The US pledged to defend the Saudis, and to remove the Iraqis from Kuwait. Great masses of troops from many different nations were deployed in the Persian Gulf area. At 4:30 PM EST on January 16, 1991, the first aircraft with orders to attack Iraqi targets were launched from Saudi Arabia, marking the beginning of Operation Desert Storm. Dictators like Mr. Hussein cannot be allowed to take advantage of smaller countries like bullies after lunch money. There has to be someone to stop them, or they will gain more and more power and land, just as Adolf Hitler tried to do in World War II. That someone, in the case of Mr. Hussein, was the United States, along with a multinational coalition. The US had just cause in entering a war against Iraq because of Iraq's invasion of the small and defenseless nation of Kuwait. Actions such as that must be repulsed. Iraq had no just cause in invading Kuwait; their reasons were either obscure or for their benefit. The US had to help Kuwait regain their nation. In protecting the Saudis from invasion and removing the Iraqis from Kuwait the US had the right intention. The real reason the US decided to fight the Iraqis was to restore Kuwait's government and to defend Saudi Arabia. There was no underlying reason, such as to receive better prices on oil or to make the Kuwaitis indebted to the US so as to receive favors. Throughout the war, the US made clear their purpose and intent in fighting the Iraqis, and not on ce did they stray from it. Legitimate authority was established when the Congress voted to follow United Nations resolution 678, section two of which "Authorizes Member States co-operating with the Government of Kuwait, unless Iraq on or before 15 January 1991 fully implements, as set forth in paragraph 1 above, the foregoing resolutions, to use all necessary means to uphold and implement resolution 660 (1990) and all subsequent relevant resolutions and to restore international peace and security in the area." The vote to follow the resolution was as good as a declaration of war, as far as legitimate authority is concerned, and is in some ways better. The adoption of the resolution only authorized the use of force to remove Iraq from Kuwait. This limited the ability of our military to completely destroy Iraq's military or to drive Hussein from power. Our authority to remove Iraq from Kuwait was clearly legitimate. The Gulf War was fought with proportionality clearly in the leadershi p's mind. President Bush planned to get Iraq's troops out of Kuwait and then stop. He had no intention of carrying the war further. Although Bush would have dearly liked to have marched US troops toward Baghdad to destroy Hussein's government, he did not, because of the risk of heavy casualties, and because it went against the proportionality idea. The leaders who picked targets for our forces never targeted civilians. Civilians were killed, for sure, but they were not deliberately targeted. Non-combatant immunity is an important part of every war the US has been engaged in. The Iraqis definitely targeted civilians, as was quite evident by their SCUD attacks on Israel and Saudi Arabia. Many civilians and military personnel were killed by SCUDs during the course of the war. Civilians are not responsible for harm done to one's country, and therefore deserve immunity. Upon entering the conflict, The US obviously had a reasonable hope of success. The Iraqis had several hundred thousand poorly trained, poorly equipped, and poorly led troops, while the Allied forces numbered about 800,000. The allied troops were better trained, equipped, and led than the Iraqis. They were

Effective Classroom Management Essays

Effective Classroom Management Essays Effective Classroom Management Essay Effective Classroom Management Essay Effective Classroom Management When I was an undergraduate, I looked to strengthening my mathematics skills so I could know as much as possible about the subject area I was going to teach. I also knew that I would need other skills to teach in a high school classroom as well. In fact, I felt that in order to be an effective teacher, I needed to have good classroom management skills. The article I read on the subject is titled Effective Classroom Management: Teacher Preparation and Professional Development written by Regina M. Oliver and Daniel J. Reschly from Vanderbilt University. The paper starts out stating that classes with economically disadvantaged students tend to have disruptive behavior as a problem. This is why teachers need to have effective classroom management techniques. Without this, not only do the students described above have low achievement in the classroom but at-risk students fall prey to this as well when the teacher does not have firm control of his or her class. The article goes on to say that ongoing professional development is important for improving classroom management skills. This is a good way to help new teachers get some good ideas for their classes, as well as seasoned teachers who need to improve on their current management skills. There were two recommendations to schools that in theory would best help new teachers with much needed classroom management skills. The first is to provide teachers with instructional approaches through coursework and guided practice with feedback. This involves developing instructional material that students will find educationally relevant, a logical order related to skill development and immediate feedback to the student and to correct any errors the student has during the process of learning in the class. The second recommendation is to address those challenges that teachers face and to create a positive classroom context. This involves clearly stated rules for the classroom that are kept at a minimum, are positively stated, simple and appropriate to the developmental level of the students, and are aligned with school policy. With these rules in place, it is something that students know from the beginning and as long as they are constantly and consistently enforced, the students know exactly whatâ„ ¢s expected of them. They will know the consequences of their actions should they decide to break the rules. In conclusion, this article offered some interesting comments on effective classroom management. It also provided some recommendations for providing new and experienced teachers with professional development to help with their existing ideas on how to have a firm hold on classroom behavior. Another thing I liked about this article was that classroom management did not focus strictly on student behavior, but on the fact that the material being taught as well as the way it is being taught is key to keeping the students involved in the learning process rather than on other distractions. Reschly, Daniel J. Effective Classroom Management: Teacher Preparation and Professional Development. National Comprehensive Center for Teacher Quality Dec. 2007: 13.

Business law Research Paper Example | Topics and Well Written Essays - 1500 words

Business law - Research Paper Example There are tones of organizations turning to the arbitration processes whereby majority are avoiding courts and preferring to solve disputes through an arbitrator. Preference of this method of solving legal disputes has left numerous concerns as to whether all these parties are all for it. This is the basis for the choice for the articles below on arbitration, in order to evaluate the process keenly to eliminate any uncertainties pertaining to it as well as provide a scrutiny of what the legal system requires to do so as to enforce arbitration processes and close loop holes that are manifesting in the mechanism and utilize it properly since despite many encumbrances facing it, it is a cost effective procedure that can be very popular among contracting parties. â€Å"Forced Arbitration: Corporations Opting Out of Justice and Fairness† and â€Å"Delaware Rapid Arbitration Act to Take Effect in May 2015† are two articles of my choice that will help me scrutinize the process of arbitration and the reasons why organizations are preferring this method of dispute resolution. The scrutiny of these articles will enable me understand arbitration especially that which touches on business organizations and its ability to provide justice to the aggrieved parties. This study will also help identify strengths and areas of improvement in the process in the legal system concerning Arbitration. â€Å"Forced Arbitration: Corporations Opting Out of Justice and Fairness† article contends that the contractual agreements giving permission to allow arbitration as a means of resolving conflicts. This contractual agreement is present in many businesses and individuals sign without the knowledge that they have embedded their signature to permit such a process. This is the reason why the article calls the process as a forced arbitration because majority of participant are unaware of

Approach to care Essay Example | Topics and Well Written Essays - 1250 words

Approach to care - Essay Example The extra cells form a mass of tissues which take the shape of a tumor. Apart from a number of preliminary tests, positive diagnosis is made by investigation of a biopsy sample of concerned cancer tissue. Cancer staging is mostly decided by biopsy outcomes which provide definite clues to decide the level of the cancer type and the magnitude of cancer spread. Staging also enables the caregivers to arrive at the conclusion of treatment modes. Staging is also pointer to the aggressiveness and indicator as to how widespread the cancer in the body is. Loss of desire for food or inexplicable weight loss, exhaustion, cachexia, headaches, bone or joint pain, neurological indications, such as wobbly walk or memory loss, neck or facial enlargement, unusual bleeding, hoarseness in voice etc. are the warning signs for the impending attack of cancer. The most important part of the treatment mode is the concerned cancer patient. The treatment protocol must fit into the needs of the individual, on the basis of various reports before the caregiver, including that of biopsy. Generally, more than one cancer specialists are involved in taking the decision about the modalities of treatment. The treatment will include one or all of the following procedures, depending on the stage of the cancer. They are: â€Å"surgery, chemotherapy, and radiation therapy†. (Davis, 2014) At this stage, the caretaker has taken the decision about the nature of cancer and the treatment modalities. Cancer is the unrestrained growth of nonstandard cells anywhere in the body. The causes of cancer are many and some remain unknown till date. The broad, potential cause of cancer is the abnormal development of the body cell/s. Such development may be due to genetic makeup and combination of other factors. Specific enumeration of causes that result in cancer is impossibility. With the details available through scientific research, caregivers now

Multiculturalism in Human Resource Management Essay

Multiculturalism in Human Resource Management - Essay Example I believe that the essence of diversity, cultural or otherwise, is the co-existence of different attributes within a single social environment. For instance, if there are different cultures involved, but each culture is encountered within the context of its own social milieu, then there is multiculturalism but no diversity, because the employees are not members of a minority culture subjected to a dominant culture. On the other hand, if the variety of cultures were encountered within the United States, then one might say that cultural diversity existed. The essence of â€Å"diversity† is pluralism within a single context, â€Å"diversity in the creation of a common society† (McGraw & Formicola, 2005, p. 14). Therefore, if the multiculturalism involved a multinational hiring individuals of different races or cultures in different overseas subsidiaries only because a particular race or culture is prevalent in that particular host country, then diversity did not exist as p lurality because the cultures were dominant in their own locales. The answer to the third question affirms that diversity and inclusion are important in the business environment, but is not clear on why diversity is important. The example given is that diversity draws world customers closer to the organization rather than alienates them. However, culture-sensitive marketing strategy changes consumer perception of the firm, without necessarily transforming the parent corporation into a diverse and inclusive entity (Van Mesdag, 1999). A devolved management approach that employs cultural adaptation in its marketing efforts does not necessarily result in a diverse work force, although a diverse work force may draw customers of different attributes and backgrounds, within the parent company’s environment, closer to it. Response for the post of Student 2 (Brandon Burton) The post points out an important challenge to diversity, that is, how the ideals and theoretical principles of d iversity are actualized so that one may say, â€Å"Our corporation has achieved diversity†. The difficulty in arriving at a cogent description of diversity is underscored by Brandon’s questions: Is it hiring more minorities? Is it seeking minorities who think differently? While these ambiguities are well illustrated, there appears to be something missing in the definition that is arrived at. Diversity in this post is defined in terms of possessing different ideas, personal as well as business experiences, and culture (in what sense is uncertain – culture related to nationality or ethnicity, or culture related to personal upbringing and orientation?). It appears that this definition defeats the concept behind â€Å"diversity and inclusion† because it ignores the sense behind â€Å"inclusion.† â€Å"It is generally accepted that ‘Inclusion’ means inviting those who have been historically locked out to ‘come in’.† (Asa nte, n.d.). The post is correct in stressing that the person with the right qualifications must be hired, but the implicit premise here is that diversity will compel the business to hire one who is not qualified. Diversity and inclusion are specific in that they are initiatives which aim to set straight the historical prejudices that relegated people of certain races, creeds, cultures, and other attributes to cycles of poverty and exclusion. Diversity is â€Å"a moral imperative to ensure justice and fair treatment of all members of society†¦The comprehensive proactive organization focuses not only on the business case for diversity, but also actively on the social justice case and what is ‘the right thing to do’

Commodity Futures and Markets

Commodity Futures and Markets Chapter 1 Introduction to Commodity Market What is â€Å"Commodity†? Any product that can be used for commerce or an article of commerce which is traded on an authorized commodity exchange is known as commodity. The article should be movable of value, something which is bought or sold and which is produced or used as the subject or barter or sale. In short commodity includes all kinds of goods. Indian Forward Contracts (Regulation) Act (FCRA), 1952 defines â€Å"goods† as â€Å"every kind of movable property other than actionable claims, money and securities†. In current situation, all goods and products of agricultural (including plantation), mineral and fossil origin are allowed for commodity trading recognized under the FCRA. The national commodity exchanges, recognized by the Central Government, permits commodities which include precious (gold and silver) and non-ferrous metals, cereals and pulses, ginned and un-ginned cotton, oilseeds, oils and oilcakes, raw jute and jute goods, sugar and gur, potatoes and onions, coffee and tea, rubber and spices. Etc. What is a commodity exchange? A commodity exchange is an association or a company or any other body corporate organizing futures trading in commodities for which license has been granted by regulating authority. What is Commodity Futures? A Commodity futures is an agreement between two parties to buy or sell a specified and standardized quantity of a commodity at a certain time in future at a price agreed upon at the time of entering into the contract on the commodity futures exchange. The need for a futures market arises mainly due to the hedging function that it can perform. Commodity markets, like any other financial instrument, involve risk associated with frequent price volatility. The loss due to price volatility can be attributed to the following reasons: Consumer Preferences: In the short-term, their influence on price volatility is small since it is a slow process permitting manufacturers, dealers and wholesalers to adjust their inventory in advance. Changes in supply: They are abrupt and unpredictable bringing about wild fluctuations in prices. This can especially noticed in agricultural commodities where the weather plays a major role in affecting the fortunes of people involved in this industry. The futures market has evolved to neutralize such risks through a mechanism; namely hedging. The objectives of Commodity futures: * Hedging with the objective of transferring risk related to the possession of physical assets through any adverse moments in price. Liquidity and Price discovery to ensure base minimum volume in trading of a commodity through market information and demand supply factors that facilitates a regular and authentic price discovery mechanism. * Maintaining buffer stock and better allocation of resources as it augments reduction in inventory requirement and thus the exposure to risks related with price fluctuation declines. Resources can thus be diversified for investments. * Price stabilization along with balancing demand and supply position. Futures trading leads to predictability in assessing the domestic prices, which maintains stability, thus safeguarding against any short term adverse price movements. Liquidity in Contracts of the commodities traded also ensures in maintaining the equilibrium between demand and supply. * Flexibility, certainty and transparency in purchasing commodities facilitate bank financing. Predictability in prices of commodity would lead to stability, which in turn would eliminate the risks associated with running the business of trading commodities. This would make funding easier and less stringent for banks to commodity market players. Benefits of Commodity Futures Markets:- The primary objectives of any futures exchange are authentic price discovery and an efficient price risk management. The beneficiaries include those who trade in the commodities being offered in the exchange as well as those who have nothing to do with futures trading. It is because of price discovery and risk management through the existence of futures exchanges that a lot of businesses and services are able to function smoothly. 1. Price Discovery:-Based on inputs regarding specific market information, the demand and supply equilibrium, weather forecasts, expert views and comments, inflation rates, Government policies, market dynamics, hopes and fears, buyers and sellers conduct trading at futures exchanges. This transforms in to continuous price discovery mechanism. The execution of trade between buyers and sellers leads to assessment of fair value of a particular commodity that is immediately disseminated on the trading terminal. 2. Price Risk Management: Hedging is the most common method of price risk management. It is strategy of offering price risk that is inherent in spot market by taking an equal but opposite position in the futures market. Futures markets are used as a mode by hedgers to protect their business from adverse price change. This could dent the profitability of their business. Hedging benefits who are involved in trading of commodities like farmers, processors, merchandisers, manufacturers, exporters, importers etc. 3. Import- Export competitiveness: The exporters can hedge their price risk and improve their competitiveness by making use of futures market. A majority of traders which are involved in physical trade internationally intend to buy forwards. The purchases made from the physical market might expose them to the risk of price risk resulting to losses. The existence of futures market would allow the exporters to hedge their proposed purchase by temporarily substituting for actual purchase till the time is ripe to buy in physical market. In the absence of futures market it will be meticulous, time consuming and costly physical transactions. 4. Predictable Pricing: The demand for certain commodities is highly price elastic. The manufacturers have to ensure that the prices should be stable in order to protect their market share with the free entry of imports. Futures contracts will enable predictability in domestic prices. The manufacturers can, as a result, smooth out the influence of changes in their input prices very easily. With no futures market, the manufacturer can be caught between severe short-term price movements of oils and necessity to maintain price stability, which could only be possible through sufficient financial reserves that could otherwise be utilized for making other profitable investments. 5. Benefits for farmers/Agriculturalists: Price instability has a direct bearing on farmers in the absence of futures market. There would be no need to have large reserves to cover against unfavorable price fluctuations. This would reduce the risk premiums associated with the marketing or processing margins enabling more returns on produce. Storing more and being more active in the markets. The price information accessible to the farmers determines the extent to which traders/processors increase price to them. Since one of the objectives of futures exchange is to make available these prices as far as possible, it is very likely to benefit the farmers. Also, due to the time lag between planning and production, the market-determined price information disseminated by futures exchanges would be crucial for their production decisions. 6. Credit accessibility: The absence of proper risk management tools would attract the marketing and processing of commodities to high-risk exposure making it risky business activity to fund. Even a small movement in prices can eat up a huge proportion of capital owned by traders, at times making it virtually impossible to payback the loan. There is a high degree of reluctance among banks to fund commodity traders, especially those who do not manage price risks. If in case they do, the interest rate is likely to be high and terms and conditions very stringent. This posses a huge obstacle in the smooth functioning and competition of commodities market. Hedging, which is possible through futures markets, would cut down the discount rate in commodity lending. 7. Improved product quality: The existence of warehouses for facilitating delivery with grading facilities along with other related benefits provides a very strong reason to upgrade and enhance the quality of the commodity to grade that is acceptable by the exchange. It ensures uniform standardization of commodity trade, including the terms of quality standard: the quality certificates that are issued by the exchange-certified warehouses have the potential to become the norm for physical trade. Chapter 2 History of Evolution of commodity markets Commodities future trading was evolved from need of assured continuous supply of seasonal agricultural crops. The concept of organized trading in commodities evolved in Chicago, in 1848. But one can trace its roots in Japan. In Japan merchants used to store Rice in warehouses for future use. To raise cash warehouse holders sold receipts against the stored rice. These were known as â€Å"rice tickets†. Eventually, these rice tickets become accepted as a kind of commercial currency. Latter on rules came in to being, to standardize the trading in rice tickets. In 19th century Chicago in United States had emerged as a major commercial hub. So that wheat producers from Mid-west attracted here to sell their produce to dealers distributors. Due to lack of organized storage facilities, absence of uniform weighing grading mechanisms producers often confined to the mercy of dealers discretion. These situations lead to need of establishing a common meeting place for farmers and dealers to transact in spot grain to deliver wheat and receive cash in return. Gradually sellers buyers started making commitments to exchange the produce for cash in future and thus contract for â€Å"futures trading† evolved. Whereby the producer would agree to sell his produce to the buyer at a future delivery date at an agreed upon price. In this way producer was aware of what price he would fetch for his produce and dealer would know about his cost involved, in advance. This kind of agreement proved beneficial to both of them. As if dealer is not interested in taking delivery of the produce, he could sell his contract to someone who needs the same. Similarly producer who not intended to deliver his produce to dealer could pass on the same responsibility to someone else. The price of such contract would dependent on the price movements in the wheat market. Latter on by making some modifications these contracts transformed in to an instrument to protect involved parties against adverse factors such as unexpected price movements and unfavorable climat ic factors. This promoted traders entry in futures market, which had no intentions to buy or sell wheat but would purely speculate on price movements in market to earn profit. Trading of wheat in futures became very profitable which encouraged the entry of other commodities in futures market. This created a platform for establishment of a body to regulate and supervise these contracts. Thats why Chicago Board of Trade (CBOT) was established in 1848. In 1870 and 1880s the New York Coffee, Cotton and Produce Exchanges were born. Agricultural commodities were mostly traded but as long as there are buyers and sellers, any commodity can be traded. In 1872, a group of Manhattan dairy merchants got together to bring chaotic condition in New York market to a system in terms of storage, pricing, and transfer of agricultural products. In 1933, during the Great Depression, the Commodity Exchange, Inc. was established in New York through the merger of four small exchanges the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. The largest commodity exchange in USA is Chicago Board of Trade, The Chicago Mercantile Exchange, the New York Mercantile Exchange, the New York Commodity Exchange and New York Coffee, sugar and cocoa Exchange. Worldwide there are major futures trading exchanges in over twenty countries including Canada, England, India, France, Singapore, Japan, Australia and New Zealand. Chapter 3 India and the commodity market History of Commodity Market in India:- The history of organized commodity derivatives in India goes back to the nineteenth century when Cotton Trade Association started futures trading in 1875, about a decade after they started in Chicago. Over the time datives market developed in several commodities in India. Following Cotton, derivatives trading started in oilseed in Bombay (1900), raw jute and jute goods in Calcutta (1912), Wheat in Hapur (1913) and Bullion in Bombay (1920). However many feared that derivatives fuelled unnecessary speculation and were detrimental to the healthy functioning of the market for the underlying commodities, resulting in to banning of commodity options trading and cash settlement of commodities futures after independence in 1952. The parliament passed the Forward Contracts (Regulation) Act, 1952, which regulated contracts in Commodities all over the India. The act prohibited options trading in Goods along with cash settlement of forward trades, rendering a crushing blow to the commodity derivatives market. Under the act only those associations/exchanges, which are granted reorganization from the Government, are allowed to organize forward trading in regulated commodities. The act envisages three tire regulations: (i) Exchange which organizes forward trading in commodities can regulate trading on day-to-day basis; (ii) Forward Markets Commission provides regulatory oversight under the powers delegated to it by the central Govern ment. (iii) The Central Government- Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution- is the ultimate regulatory authority. The commodities future market remained dismantled and remained dormant for about four decades until the new millennium when the Government, in a complete change in a policy, started actively encouraging commodity market. After Liberalization and Globalization in 1990, the Government set up a committee (1993) to examine the role of futures trading. The Committee (headed by Prof. K.N. Kabra) recommended allowing futures trading in 17 commodity groups. It also recommended strengthening Forward Markets Commission, and certain amendments to Forward Contracts (Regulation) Act 1952, particularly allowing option trading in goods and registration of brokers with Forward Markets Commission. The Government accepted most of these recommendations and futures trading was permitted in all recommended commodities. It is timely decision since internationally the commodity cycle is on upswing and the next decade being touched as the decade of Commodities. Commodity exchange in India plays an important role where the prices of any commodity are not fixed, in an organized way. Earlier only the buyer of produce and its seller in the market judged upon the prices. Others never had a say. Today, commodity exchanges are purely speculative in nature. Before discovering the price, they reach to the producers, end-users, and even the retail investors, at a grassroots level. It brings a price transparency and risk management in the vital market. A big difference between a typical auction, where a single auctioneer announces the bids and the Exchange is that people are not only competing to buy but also to sell. By Exchange rules and by law, no one can bid under a higher bid, and no one can offer to sell higher than someone elses lower offer. That keeps the market as efficient as possible, and keeps the traders on their toes to make sure no one gets the purchase or sale before they do. Since 2002, the commodities future market in India has experienced an unexpected boom in terms of modern exchanges, number of commodities allowed for derivatives trading as well as the value of futures trading in commodities, which crossed $ 1 trillion mark in 2006. Since 1952 till 2002 commo dity datives market was virtually non- existent, except some negligible activities on OTC basis. In India there are 25 recognized future exchanges, of which there are three national level multi-commodity exchanges. After a gap of almost three decades, Government of India has allowed forward transactions in commodities through Online Commodity Exchanges, a modification of traditional business known as Adhat and Vayda Vyapar to facilitate better risk coverage and delivery of commodities. The three exchanges are: National Commodity Derivatives Exchange Limited (NCDEX) Mumbai, Multi Commodity Exchange of India Limited (MCX) Mumbai and National Multi-Commodity Exchange of India Limited (NMCEIL) Ahmedabad.There are other regional commodity exchanges situated in different parts of India. Legal framework for regulating commodity futures in India:- The commodity futures traded in commodity exchanges are regulated by the Government under the Forward Contracts Regulations Act, 1952 and the Rules framed there under. The regulator for the commodities trading is the Forward Markets Commission, situated at Mumbai, which comes under the Ministry of Consumer Affairs Food and Public Distribution Forward Markets Commission (FMC):- It is statutory institution set up in 1953 under Forward Contracts (Regulation) Act, 1952. Commission consists of minimum two and maximum four members appointed by Central Govt. Out of these members there is one nominated chairman. All the exchanges have been set up under overall control of Forward Market Commission (FMC) of Government of India. National Commodities Derivatives Exchange Limited (NCDEX) National Commodities Derivatives Exchange Limited (NCDEX) promoted by ICICI Bank Limited (ICICI Bank), Life Insurance Corporation of India (LIC), National Bank of Agriculture and Rural Development (NABARD) and National Stock Exchange of India Limited (NSC). Punjab National Bank (PNB), Credit Ratting Information Service of India Limited (CRISIL), Indian Farmers Fertilizer Cooperative Limited (IFFCO), Canara Bank and Goldman Sachs by subscribing to the equity shares have joined the promoters as a share holder of exchange. NCDEX is the only Commodity Exchange in the country promoted by national level institutions. NCDEX is a public limited company incorporated on 23 April 2003. NCDEX is a national level technology driven on line Commodity Exchange with an independent Board of Directors and professionals not having any vested interest in Commodity Markets. It is committed to provide a world class commodity exchange platform for market participants to trade in a wide spectrum of commodity derivatives driven by best global practices, professionalism and transparency. NCDEX is regulated by Forward Markets Commission (FMC). NCDEX is also subjected to the various laws of land like the Companies Act, Stamp Act, Contracts Act, Forward Contracts Regulation Act and various other legislations. NCDEX is located in Mumbai and offers facilities to its members in more than 550 centers through out India. NCDEX currently facilitates trading of 57 commodities. Commodities Traded at NCDEX:-  · Bullion:- Gold KG, Silver, Brent  · Minerals:- Electrolytic Copper Cathode, Aluminum Ingot, Nickel Cathode, Zinc Metal Ingot, Mild steel Ingots  · Oil and Oil seeds:- Cotton seed, Oil cake, Crude Palm Oil, Groundnut (in shell), Groundnut expeller Oil, Cotton, Mentha oil, RBD Pamolein, RM seed oil cake, Refined soya oil, Rape seeds, Mustard seeds, Caster seed, Yellow soybean, Meal  · Pulses:- Urad, Yellow peas, Chana, Tur, Masoor,  · Grain:- Wheat, Indian Pusa Basmati Rice, Indian parboiled Rice (IR- 36/IR-64), Indian raw Rice (ParmalPR-106), Barley, Yellow red maize  · Spices:- Jeera, Turmeric, Pepper  · Plantation:- Cashew, Coffee Arabica, Coffee Robusta  · Fibers and other:- Guar Gum, Guar seeds, Guar, Jute sacking bags, Indian 28 mm cotton, Indian 31mm cotton, Lemon, Grain Bold, Medium Staple, Mulberry, Green Cottons, , , Potato, Raw Jute, Mulberry raw Silk, V-797 Kapas, Sugar, Chilli LCA334  · Energy:- Crude Oil, Furnace oil, Thermal Coal, Brent Crude Oil, Natural Gas, Gasoline, Heating Oil Multi Commodity Exchange of India Limited (MCX) Multi Commodity Exchange of India Limited (MCX) is an independent and de-mutulized exchange with permanent reorganization from Government of India, having Head Quarter in Mumbai. Key share holders of MCX are Financial Technologies (India) Limited, State Bank of India, Union Bank of India, Corporation Bank of India, Bank of India and Cnnara Bank. MCX facilitates online trading, clearing and settlement operations for commodity futures market across the country. MCX started of trade in Nov 2003 and has built strategic alliance with Bombay Bullion Association, Bombay Metal Exchange, Solvent Extractors Association of India, pulses Importers Association and Shetkari Sanghatana. MCX deals wit about 100 commodities. Commodities Traded at MCX:-  · Bullion:- Gold, Silver, Silver Coins,  · Minerals:- Aluminum, Copper, Nickel, Iron/steel, Tin, Zinc, Lead  · Oil and Oil seeds:- Castor oil/castor seeds, Crude Palm oil/ RBD Pamolein, Groundnut oil, Mustard/ Rapeseed oil, Soy seeds/Soy meal/Refined Soy Oil, Coconut Oil Cake, Copra, Sunflower oil, Sunflower Oil cake, Tamarind seed oil,  · Pulses:- Chana, Masur, Tur, Urad, Yellow peas  · Grains:- Rice/ Basmati Rice, Wheat, Maize, Bajara, Barley,  · Spices:- Pepper, Red Chili, Jeera, Cardamom, Cinnamon, Clove, Ginger,  · Plantation:- Cashew Kernel, Rubber, Areca nut, Betel nuts, Coconut, Coffee,  · Fiber and others:- Kapas, Kapas Khalli, Cotton (long staple, medium staple, short staple), Cotton Cloth, Cotton Yarn, Gaur seed and Guargum, Gur and Sugar, Khandsari, Mentha Oil, Potato, Art Silk Yarn, Chara or Berseem, Raw Jute, Jute Goods, Jute Sacking,  · Petrochemicals:- High Density Polyethylene (HDPE), Polypropylene (PP), Poly Vinyl Chloride (PVC)  · Energy:- Brent Crude Oil, Crude Oil, Furnace Oil, Middle East Sour Crude Oil, Natural Gas  · Whether:- Carbon (CER), Carbon (CFI) National Multi Commodity Exchange of India Limited (NMCEIL) National Multi Commodity Exchange of India Limited (NMCEIL) is the first de-mutualised Electronic Multi Commodity Exchange in India. On 25th July 2001 it was granted approval by Government to organize trading in edible oil complex. It is being supported by Central warehousing Corporation Limited, Gujarat State Agricultural Marketing Board and Neptune Overseas Limited. It got reorganization in Oct 2002. NMCEIL Head Quarter is at Ahmedabad. Chapter 4 INTERNATIONAL COMMODITY EXCHANGES Futures trading is a result of solution to a problem related to the maintenance of a year round supply of commodities/ products that are seasonal as is the case of agricultural produce. The United States, Japan, United Kingdom, Brazil, Australia, Singapore are homes to leading commodity futures exchanges in the world. The New York Mercantile Exchange (NYMEX):- The New York Mercantile Exchange is the worlds biggest exchange for trading in physical commodity futures. It is a primary trading forum for energy products and precious metals. The exchange is in existence since last 132 years and performs trades trough two divisions, the NYMEX division, which deals in energy and platinum and the COMEX division, which trades in all the other metals. Commodities traded: Light sweet crude oil, Natural Gas, Heating Oil, Gasoline, RBOB Gasoline, Electricity Propane, Gold, Silver, Copper, Aluminum, Platinum, Palladium, etc. London Metal Exchange:- The London Metal Exchange (LME) is the worlds premier non-ferrous market, with highly liquid contracts. The exchange was formed in 1877 as a direct consequence of the industrial revolution witnessed in the 19th century. The primary focus of LME is in providing a market for participants from non-ferrous based metals related industry to safeguard against risk due to movement in base metal prices and also arrive at a price that sets the benchmark globally. The exchange trades 24 hours a day through an inter office telephone market and also through a electronic trading platform. It is famous for its open-outcry trading between ring dealing members that takes place on the market floor. Commodities traded:- Aluminum, Copper, Nickel, Lead, Tin, Zinc, Aluminum Alloy, North American Special Aluminum Alloy (NASAAC), Polypropylene, Linear Low Density Polyethylene, etc. The Chicago Board of Trade:- The first commodity exchange established in the world was the Chicago Board of Trade (CBOT) during 1848 by group of Chicago merchants who were keen to establish a central market place for trade. Presently, the Chicago Board of Trade is one of the leading exchanges in the world for trading futures and options. More than 50 contracts on futures and options are being offered by CBOT currently through open outcry and/or electronically. CBOT initially dealt only in Agricultural commodities like corn, wheat, non storable agricultural commodities and non-agricultural products like gold and silver. Commodities Traded: Corn, Soybean, Oil, Soybean meal, Wheat, Oats, Ethanol, Rough Rice, Gold, Silver etc. Tokyo Commodity Exchange (TOCOM):- The Tokyo Commodity Exchange (TOCOM) is the second largest commodity futures exchange in the world. It trades in to metals and energy contracts. It has made rapid advancement in commodity trading globally since its inception 20 years back. One of the biggest reasons for that is the initiative TOCOM took towards establishing Asia as the benchmark for price discovery and risk management in commodities like the Middle East Crude Oil. TOCOMs recent tie up with the MCX to explore cooperation and business opportunities is seen as one of the steps towards providing platform for futures price discovery in Asia for Asian players in Crude Oil since the demand-supply situation in U.S. that drives NYMEX is different from demand-supply situation in Asia. In Jan 2003, in a major overhaul of its computerized trading system, TOCOM fortified its clearing system in June by being first commodity exchange in Japan to introduce an in-house clearing system. TOCOM launched options on gold futures, the firs t option contract in Japanese market, in May 2004. Commodities traded: Gasoline, Kerosene, Crude Oil, Gold, Silver, Platinum, Aluminum, Rubber, etc Chicago Mercantile Exchange:- The Chicago Mercantile Exchange (CME) is the largest futures exchange in the US and the largest futures clearing house in the world for futures and options trading. Formed in 1898 primarily to trade in Agricultural commodities, the CME introduced the worlds first financial futures more than 30 years ago. Today it trades heavily in interest rates futures, stock indices and foreign exchange futures. Its products often serves as a financial benchmark and witnesses the largest open interest in futures profile of CME consists of livestock, dairy and forest products and enables small family farms to large Agri-business to manage their price risks. Trading in CME can be done either through pit trading or electronically. Commodities Traded: Butter milk, Diammonium phosphate, Feeder cattle, frozen pork bellies, Lean Hogs, Live cattle, Non-fat Dry Milk, Urea, Urea Ammonium Nitrate, etc Chapter 5 How Commodity market works? There are two kinds of trades in commodities. The first is the spot trade, in which one pays cash and carries away the goods. The second is futures trade. The underpinning for futures is the warehouse receipt. A person deposits certain amount of say, good X in a ware house and gets a warehouse receipt. Which allows him to ask for physical delivery of the good from the warehouse. But some one trading in commodity futures need not necessarily posses such a receipt to strike a deal. A person can buy or sale a commodity future on an exchange based on his expectation of where the price will go. Futures have something called an expiry date, by when the buyer or seller either closes (square off) his account or give/take delivery of the commodity. The broker maintains an account of all dealing parties in which the daily profit or loss due to changes in the futures price is recorded. Squiring off is done by taking an opposite contract so that the net outstanding is nil. For commodity futures to work, the seller should be able to deposit the commodity at warehouse nearest to him and collect the warehouse receipt. The buyer should be able to take physical delivery at a location of his choice on presenting the warehouse receipt. But at present in India very few warehouses provide delivery for specific commodities. Following diagram gives a fair idea about working of the Commodity market. Today Commodity trading system is fully computerized. Traders need not visit a commodity market to speculate. With online commodity trading they could sit in the confines of their home or office and call the shots. The commodity trading system consists of certain prescribed steps or stages as follows: I. Trading: At this stage the following is the system implemented- Order receiving Execution Matching Reporting Surveillance Price limits Position limits II. Clearing: This stage has following system in place- Matching Registration Clearing Clearing limits Notation Margining Price limits Position limits Clearing house. III. Settlement: This stage has following system followed as follows- Marking to market Receipts and payments Reporting Delivery upon expiration or maturity. Chapter 6 Investments in Commodities How to invest in a Commodities? With whom investor can transact a business? An investor can transact a business with the approved clearing member of previously mentioned Commodity Exchanges. The investor can ask for the details from the Commodity Exchanges about the list of approved members. What is Identity Proof? When investor approaches Clearing Member, the member will ask for identity proof. For which Xerox copy of any one of the following can be given a) PAN card Number b) Driving License c) Vote ID d) Passport What statements should be given for Bank Proof? The front page of Bank Pass Book and a canceled cheque of a concerned bank. Otherwise the Bank Statement containing details can be given. What are the particulars to be given for address proof? In order to ascertain the address of investor, the clearing member will insist on Xerox copy of Ration card or the Pass Book/ Bank Statement where the address of investor is given. What are the other forms to be signed by the investor? The clearing member will ask the client to sign a) Know your client form b) Risk Discloser Document The above things are only procedure in character and the risk involved and only after understanding the business, he wants to transact business. What aspects should be conside Commodity Futures and Markets Commodity Futures and Markets Chapter 1 Introduction to Commodity Market What is â€Å"Commodity†? Any product that can be used for commerce or an article of commerce which is traded on an authorized commodity exchange is known as commodity. The article should be movable of value, something which is bought or sold and which is produced or used as the subject or barter or sale. In short commodity includes all kinds of goods. Indian Forward Contracts (Regulation) Act (FCRA), 1952 defines â€Å"goods† as â€Å"every kind of movable property other than actionable claims, money and securities†. In current situation, all goods and products of agricultural (including plantation), mineral and fossil origin are allowed for commodity trading recognized under the FCRA. The national commodity exchanges, recognized by the Central Government, permits commodities which include precious (gold and silver) and non-ferrous metals, cereals and pulses, ginned and un-ginned cotton, oilseeds, oils and oilcakes, raw jute and jute goods, sugar and gur, potatoes and onions, coffee and tea, rubber and spices. Etc. What is a commodity exchange? A commodity exchange is an association or a company or any other body corporate organizing futures trading in commodities for which license has been granted by regulating authority. What is Commodity Futures? A Commodity futures is an agreement between two parties to buy or sell a specified and standardized quantity of a commodity at a certain time in future at a price agreed upon at the time of entering into the contract on the commodity futures exchange. The need for a futures market arises mainly due to the hedging function that it can perform. Commodity markets, like any other financial instrument, involve risk associated with frequent price volatility. The loss due to price volatility can be attributed to the following reasons: Consumer Preferences: In the short-term, their influence on price volatility is small since it is a slow process permitting manufacturers, dealers and wholesalers to adjust their inventory in advance. Changes in supply: They are abrupt and unpredictable bringing about wild fluctuations in prices. This can especially noticed in agricultural commodities where the weather plays a major role in affecting the fortunes of people involved in this industry. The futures market has evolved to neutralize such risks through a mechanism; namely hedging. The objectives of Commodity futures: * Hedging with the objective of transferring risk related to the possession of physical assets through any adverse moments in price. Liquidity and Price discovery to ensure base minimum volume in trading of a commodity through market information and demand supply factors that facilitates a regular and authentic price discovery mechanism. * Maintaining buffer stock and better allocation of resources as it augments reduction in inventory requirement and thus the exposure to risks related with price fluctuation declines. Resources can thus be diversified for investments. * Price stabilization along with balancing demand and supply position. Futures trading leads to predictability in assessing the domestic prices, which maintains stability, thus safeguarding against any short term adverse price movements. Liquidity in Contracts of the commodities traded also ensures in maintaining the equilibrium between demand and supply. * Flexibility, certainty and transparency in purchasing commodities facilitate bank financing. Predictability in prices of commodity would lead to stability, which in turn would eliminate the risks associated with running the business of trading commodities. This would make funding easier and less stringent for banks to commodity market players. Benefits of Commodity Futures Markets:- The primary objectives of any futures exchange are authentic price discovery and an efficient price risk management. The beneficiaries include those who trade in the commodities being offered in the exchange as well as those who have nothing to do with futures trading. It is because of price discovery and risk management through the existence of futures exchanges that a lot of businesses and services are able to function smoothly. 1. Price Discovery:-Based on inputs regarding specific market information, the demand and supply equilibrium, weather forecasts, expert views and comments, inflation rates, Government policies, market dynamics, hopes and fears, buyers and sellers conduct trading at futures exchanges. This transforms in to continuous price discovery mechanism. The execution of trade between buyers and sellers leads to assessment of fair value of a particular commodity that is immediately disseminated on the trading terminal. 2. Price Risk Management: Hedging is the most common method of price risk management. It is strategy of offering price risk that is inherent in spot market by taking an equal but opposite position in the futures market. Futures markets are used as a mode by hedgers to protect their business from adverse price change. This could dent the profitability of their business. Hedging benefits who are involved in trading of commodities like farmers, processors, merchandisers, manufacturers, exporters, importers etc. 3. Import- Export competitiveness: The exporters can hedge their price risk and improve their competitiveness by making use of futures market. A majority of traders which are involved in physical trade internationally intend to buy forwards. The purchases made from the physical market might expose them to the risk of price risk resulting to losses. The existence of futures market would allow the exporters to hedge their proposed purchase by temporarily substituting for actual purchase till the time is ripe to buy in physical market. In the absence of futures market it will be meticulous, time consuming and costly physical transactions. 4. Predictable Pricing: The demand for certain commodities is highly price elastic. The manufacturers have to ensure that the prices should be stable in order to protect their market share with the free entry of imports. Futures contracts will enable predictability in domestic prices. The manufacturers can, as a result, smooth out the influence of changes in their input prices very easily. With no futures market, the manufacturer can be caught between severe short-term price movements of oils and necessity to maintain price stability, which could only be possible through sufficient financial reserves that could otherwise be utilized for making other profitable investments. 5. Benefits for farmers/Agriculturalists: Price instability has a direct bearing on farmers in the absence of futures market. There would be no need to have large reserves to cover against unfavorable price fluctuations. This would reduce the risk premiums associated with the marketing or processing margins enabling more returns on produce. Storing more and being more active in the markets. The price information accessible to the farmers determines the extent to which traders/processors increase price to them. Since one of the objectives of futures exchange is to make available these prices as far as possible, it is very likely to benefit the farmers. Also, due to the time lag between planning and production, the market-determined price information disseminated by futures exchanges would be crucial for their production decisions. 6. Credit accessibility: The absence of proper risk management tools would attract the marketing and processing of commodities to high-risk exposure making it risky business activity to fund. Even a small movement in prices can eat up a huge proportion of capital owned by traders, at times making it virtually impossible to payback the loan. There is a high degree of reluctance among banks to fund commodity traders, especially those who do not manage price risks. If in case they do, the interest rate is likely to be high and terms and conditions very stringent. This posses a huge obstacle in the smooth functioning and competition of commodities market. Hedging, which is possible through futures markets, would cut down the discount rate in commodity lending. 7. Improved product quality: The existence of warehouses for facilitating delivery with grading facilities along with other related benefits provides a very strong reason to upgrade and enhance the quality of the commodity to grade that is acceptable by the exchange. It ensures uniform standardization of commodity trade, including the terms of quality standard: the quality certificates that are issued by the exchange-certified warehouses have the potential to become the norm for physical trade. Chapter 2 History of Evolution of commodity markets Commodities future trading was evolved from need of assured continuous supply of seasonal agricultural crops. The concept of organized trading in commodities evolved in Chicago, in 1848. But one can trace its roots in Japan. In Japan merchants used to store Rice in warehouses for future use. To raise cash warehouse holders sold receipts against the stored rice. These were known as â€Å"rice tickets†. Eventually, these rice tickets become accepted as a kind of commercial currency. Latter on rules came in to being, to standardize the trading in rice tickets. In 19th century Chicago in United States had emerged as a major commercial hub. So that wheat producers from Mid-west attracted here to sell their produce to dealers distributors. Due to lack of organized storage facilities, absence of uniform weighing grading mechanisms producers often confined to the mercy of dealers discretion. These situations lead to need of establishing a common meeting place for farmers and dealers to transact in spot grain to deliver wheat and receive cash in return. Gradually sellers buyers started making commitments to exchange the produce for cash in future and thus contract for â€Å"futures trading† evolved. Whereby the producer would agree to sell his produce to the buyer at a future delivery date at an agreed upon price. In this way producer was aware of what price he would fetch for his produce and dealer would know about his cost involved, in advance. This kind of agreement proved beneficial to both of them. As if dealer is not interested in taking delivery of the produce, he could sell his contract to someone who needs the same. Similarly producer who not intended to deliver his produce to dealer could pass on the same responsibility to someone else. The price of such contract would dependent on the price movements in the wheat market. Latter on by making some modifications these contracts transformed in to an instrument to protect involved parties against adverse factors such as unexpected price movements and unfavorable climat ic factors. This promoted traders entry in futures market, which had no intentions to buy or sell wheat but would purely speculate on price movements in market to earn profit. Trading of wheat in futures became very profitable which encouraged the entry of other commodities in futures market. This created a platform for establishment of a body to regulate and supervise these contracts. Thats why Chicago Board of Trade (CBOT) was established in 1848. In 1870 and 1880s the New York Coffee, Cotton and Produce Exchanges were born. Agricultural commodities were mostly traded but as long as there are buyers and sellers, any commodity can be traded. In 1872, a group of Manhattan dairy merchants got together to bring chaotic condition in New York market to a system in terms of storage, pricing, and transfer of agricultural products. In 1933, during the Great Depression, the Commodity Exchange, Inc. was established in New York through the merger of four small exchanges the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. The largest commodity exchange in USA is Chicago Board of Trade, The Chicago Mercantile Exchange, the New York Mercantile Exchange, the New York Commodity Exchange and New York Coffee, sugar and cocoa Exchange. Worldwide there are major futures trading exchanges in over twenty countries including Canada, England, India, France, Singapore, Japan, Australia and New Zealand. Chapter 3 India and the commodity market History of Commodity Market in India:- The history of organized commodity derivatives in India goes back to the nineteenth century when Cotton Trade Association started futures trading in 1875, about a decade after they started in Chicago. Over the time datives market developed in several commodities in India. Following Cotton, derivatives trading started in oilseed in Bombay (1900), raw jute and jute goods in Calcutta (1912), Wheat in Hapur (1913) and Bullion in Bombay (1920). However many feared that derivatives fuelled unnecessary speculation and were detrimental to the healthy functioning of the market for the underlying commodities, resulting in to banning of commodity options trading and cash settlement of commodities futures after independence in 1952. The parliament passed the Forward Contracts (Regulation) Act, 1952, which regulated contracts in Commodities all over the India. The act prohibited options trading in Goods along with cash settlement of forward trades, rendering a crushing blow to the commodity derivatives market. Under the act only those associations/exchanges, which are granted reorganization from the Government, are allowed to organize forward trading in regulated commodities. The act envisages three tire regulations: (i) Exchange which organizes forward trading in commodities can regulate trading on day-to-day basis; (ii) Forward Markets Commission provides regulatory oversight under the powers delegated to it by the central Govern ment. (iii) The Central Government- Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution- is the ultimate regulatory authority. The commodities future market remained dismantled and remained dormant for about four decades until the new millennium when the Government, in a complete change in a policy, started actively encouraging commodity market. After Liberalization and Globalization in 1990, the Government set up a committee (1993) to examine the role of futures trading. The Committee (headed by Prof. K.N. Kabra) recommended allowing futures trading in 17 commodity groups. It also recommended strengthening Forward Markets Commission, and certain amendments to Forward Contracts (Regulation) Act 1952, particularly allowing option trading in goods and registration of brokers with Forward Markets Commission. The Government accepted most of these recommendations and futures trading was permitted in all recommended commodities. It is timely decision since internationally the commodity cycle is on upswing and the next decade being touched as the decade of Commodities. Commodity exchange in India plays an important role where the prices of any commodity are not fixed, in an organized way. Earlier only the buyer of produce and its seller in the market judged upon the prices. Others never had a say. Today, commodity exchanges are purely speculative in nature. Before discovering the price, they reach to the producers, end-users, and even the retail investors, at a grassroots level. It brings a price transparency and risk management in the vital market. A big difference between a typical auction, where a single auctioneer announces the bids and the Exchange is that people are not only competing to buy but also to sell. By Exchange rules and by law, no one can bid under a higher bid, and no one can offer to sell higher than someone elses lower offer. That keeps the market as efficient as possible, and keeps the traders on their toes to make sure no one gets the purchase or sale before they do. Since 2002, the commodities future market in India has experienced an unexpected boom in terms of modern exchanges, number of commodities allowed for derivatives trading as well as the value of futures trading in commodities, which crossed $ 1 trillion mark in 2006. Since 1952 till 2002 commo dity datives market was virtually non- existent, except some negligible activities on OTC basis. In India there are 25 recognized future exchanges, of which there are three national level multi-commodity exchanges. After a gap of almost three decades, Government of India has allowed forward transactions in commodities through Online Commodity Exchanges, a modification of traditional business known as Adhat and Vayda Vyapar to facilitate better risk coverage and delivery of commodities. The three exchanges are: National Commodity Derivatives Exchange Limited (NCDEX) Mumbai, Multi Commodity Exchange of India Limited (MCX) Mumbai and National Multi-Commodity Exchange of India Limited (NMCEIL) Ahmedabad.There are other regional commodity exchanges situated in different parts of India. Legal framework for regulating commodity futures in India:- The commodity futures traded in commodity exchanges are regulated by the Government under the Forward Contracts Regulations Act, 1952 and the Rules framed there under. The regulator for the commodities trading is the Forward Markets Commission, situated at Mumbai, which comes under the Ministry of Consumer Affairs Food and Public Distribution Forward Markets Commission (FMC):- It is statutory institution set up in 1953 under Forward Contracts (Regulation) Act, 1952. Commission consists of minimum two and maximum four members appointed by Central Govt. Out of these members there is one nominated chairman. All the exchanges have been set up under overall control of Forward Market Commission (FMC) of Government of India. National Commodities Derivatives Exchange Limited (NCDEX) National Commodities Derivatives Exchange Limited (NCDEX) promoted by ICICI Bank Limited (ICICI Bank), Life Insurance Corporation of India (LIC), National Bank of Agriculture and Rural Development (NABARD) and National Stock Exchange of India Limited (NSC). Punjab National Bank (PNB), Credit Ratting Information Service of India Limited (CRISIL), Indian Farmers Fertilizer Cooperative Limited (IFFCO), Canara Bank and Goldman Sachs by subscribing to the equity shares have joined the promoters as a share holder of exchange. NCDEX is the only Commodity Exchange in the country promoted by national level institutions. NCDEX is a public limited company incorporated on 23 April 2003. NCDEX is a national level technology driven on line Commodity Exchange with an independent Board of Directors and professionals not having any vested interest in Commodity Markets. It is committed to provide a world class commodity exchange platform for market participants to trade in a wide spectrum of commodity derivatives driven by best global practices, professionalism and transparency. NCDEX is regulated by Forward Markets Commission (FMC). NCDEX is also subjected to the various laws of land like the Companies Act, Stamp Act, Contracts Act, Forward Contracts Regulation Act and various other legislations. NCDEX is located in Mumbai and offers facilities to its members in more than 550 centers through out India. NCDEX currently facilitates trading of 57 commodities. Commodities Traded at NCDEX:-  · Bullion:- Gold KG, Silver, Brent  · Minerals:- Electrolytic Copper Cathode, Aluminum Ingot, Nickel Cathode, Zinc Metal Ingot, Mild steel Ingots  · Oil and Oil seeds:- Cotton seed, Oil cake, Crude Palm Oil, Groundnut (in shell), Groundnut expeller Oil, Cotton, Mentha oil, RBD Pamolein, RM seed oil cake, Refined soya oil, Rape seeds, Mustard seeds, Caster seed, Yellow soybean, Meal  · Pulses:- Urad, Yellow peas, Chana, Tur, Masoor,  · Grain:- Wheat, Indian Pusa Basmati Rice, Indian parboiled Rice (IR- 36/IR-64), Indian raw Rice (ParmalPR-106), Barley, Yellow red maize  · Spices:- Jeera, Turmeric, Pepper  · Plantation:- Cashew, Coffee Arabica, Coffee Robusta  · Fibers and other:- Guar Gum, Guar seeds, Guar, Jute sacking bags, Indian 28 mm cotton, Indian 31mm cotton, Lemon, Grain Bold, Medium Staple, Mulberry, Green Cottons, , , Potato, Raw Jute, Mulberry raw Silk, V-797 Kapas, Sugar, Chilli LCA334  · Energy:- Crude Oil, Furnace oil, Thermal Coal, Brent Crude Oil, Natural Gas, Gasoline, Heating Oil Multi Commodity Exchange of India Limited (MCX) Multi Commodity Exchange of India Limited (MCX) is an independent and de-mutulized exchange with permanent reorganization from Government of India, having Head Quarter in Mumbai. Key share holders of MCX are Financial Technologies (India) Limited, State Bank of India, Union Bank of India, Corporation Bank of India, Bank of India and Cnnara Bank. MCX facilitates online trading, clearing and settlement operations for commodity futures market across the country. MCX started of trade in Nov 2003 and has built strategic alliance with Bombay Bullion Association, Bombay Metal Exchange, Solvent Extractors Association of India, pulses Importers Association and Shetkari Sanghatana. MCX deals wit about 100 commodities. Commodities Traded at MCX:-  · Bullion:- Gold, Silver, Silver Coins,  · Minerals:- Aluminum, Copper, Nickel, Iron/steel, Tin, Zinc, Lead  · Oil and Oil seeds:- Castor oil/castor seeds, Crude Palm oil/ RBD Pamolein, Groundnut oil, Mustard/ Rapeseed oil, Soy seeds/Soy meal/Refined Soy Oil, Coconut Oil Cake, Copra, Sunflower oil, Sunflower Oil cake, Tamarind seed oil,  · Pulses:- Chana, Masur, Tur, Urad, Yellow peas  · Grains:- Rice/ Basmati Rice, Wheat, Maize, Bajara, Barley,  · Spices:- Pepper, Red Chili, Jeera, Cardamom, Cinnamon, Clove, Ginger,  · Plantation:- Cashew Kernel, Rubber, Areca nut, Betel nuts, Coconut, Coffee,  · Fiber and others:- Kapas, Kapas Khalli, Cotton (long staple, medium staple, short staple), Cotton Cloth, Cotton Yarn, Gaur seed and Guargum, Gur and Sugar, Khandsari, Mentha Oil, Potato, Art Silk Yarn, Chara or Berseem, Raw Jute, Jute Goods, Jute Sacking,  · Petrochemicals:- High Density Polyethylene (HDPE), Polypropylene (PP), Poly Vinyl Chloride (PVC)  · Energy:- Brent Crude Oil, Crude Oil, Furnace Oil, Middle East Sour Crude Oil, Natural Gas  · Whether:- Carbon (CER), Carbon (CFI) National Multi Commodity Exchange of India Limited (NMCEIL) National Multi Commodity Exchange of India Limited (NMCEIL) is the first de-mutualised Electronic Multi Commodity Exchange in India. On 25th July 2001 it was granted approval by Government to organize trading in edible oil complex. It is being supported by Central warehousing Corporation Limited, Gujarat State Agricultural Marketing Board and Neptune Overseas Limited. It got reorganization in Oct 2002. NMCEIL Head Quarter is at Ahmedabad. Chapter 4 INTERNATIONAL COMMODITY EXCHANGES Futures trading is a result of solution to a problem related to the maintenance of a year round supply of commodities/ products that are seasonal as is the case of agricultural produce. The United States, Japan, United Kingdom, Brazil, Australia, Singapore are homes to leading commodity futures exchanges in the world. The New York Mercantile Exchange (NYMEX):- The New York Mercantile Exchange is the worlds biggest exchange for trading in physical commodity futures. It is a primary trading forum for energy products and precious metals. The exchange is in existence since last 132 years and performs trades trough two divisions, the NYMEX division, which deals in energy and platinum and the COMEX division, which trades in all the other metals. Commodities traded: Light sweet crude oil, Natural Gas, Heating Oil, Gasoline, RBOB Gasoline, Electricity Propane, Gold, Silver, Copper, Aluminum, Platinum, Palladium, etc. London Metal Exchange:- The London Metal Exchange (LME) is the worlds premier non-ferrous market, with highly liquid contracts. The exchange was formed in 1877 as a direct consequence of the industrial revolution witnessed in the 19th century. The primary focus of LME is in providing a market for participants from non-ferrous based metals related industry to safeguard against risk due to movement in base metal prices and also arrive at a price that sets the benchmark globally. The exchange trades 24 hours a day through an inter office telephone market and also through a electronic trading platform. It is famous for its open-outcry trading between ring dealing members that takes place on the market floor. Commodities traded:- Aluminum, Copper, Nickel, Lead, Tin, Zinc, Aluminum Alloy, North American Special Aluminum Alloy (NASAAC), Polypropylene, Linear Low Density Polyethylene, etc. The Chicago Board of Trade:- The first commodity exchange established in the world was the Chicago Board of Trade (CBOT) during 1848 by group of Chicago merchants who were keen to establish a central market place for trade. Presently, the Chicago Board of Trade is one of the leading exchanges in the world for trading futures and options. More than 50 contracts on futures and options are being offered by CBOT currently through open outcry and/or electronically. CBOT initially dealt only in Agricultural commodities like corn, wheat, non storable agricultural commodities and non-agricultural products like gold and silver. Commodities Traded: Corn, Soybean, Oil, Soybean meal, Wheat, Oats, Ethanol, Rough Rice, Gold, Silver etc. Tokyo Commodity Exchange (TOCOM):- The Tokyo Commodity Exchange (TOCOM) is the second largest commodity futures exchange in the world. It trades in to metals and energy contracts. It has made rapid advancement in commodity trading globally since its inception 20 years back. One of the biggest reasons for that is the initiative TOCOM took towards establishing Asia as the benchmark for price discovery and risk management in commodities like the Middle East Crude Oil. TOCOMs recent tie up with the MCX to explore cooperation and business opportunities is seen as one of the steps towards providing platform for futures price discovery in Asia for Asian players in Crude Oil since the demand-supply situation in U.S. that drives NYMEX is different from demand-supply situation in Asia. In Jan 2003, in a major overhaul of its computerized trading system, TOCOM fortified its clearing system in June by being first commodity exchange in Japan to introduce an in-house clearing system. TOCOM launched options on gold futures, the firs t option contract in Japanese market, in May 2004. Commodities traded: Gasoline, Kerosene, Crude Oil, Gold, Silver, Platinum, Aluminum, Rubber, etc Chicago Mercantile Exchange:- The Chicago Mercantile Exchange (CME) is the largest futures exchange in the US and the largest futures clearing house in the world for futures and options trading. Formed in 1898 primarily to trade in Agricultural commodities, the CME introduced the worlds first financial futures more than 30 years ago. Today it trades heavily in interest rates futures, stock indices and foreign exchange futures. Its products often serves as a financial benchmark and witnesses the largest open interest in futures profile of CME consists of livestock, dairy and forest products and enables small family farms to large Agri-business to manage their price risks. Trading in CME can be done either through pit trading or electronically. Commodities Traded: Butter milk, Diammonium phosphate, Feeder cattle, frozen pork bellies, Lean Hogs, Live cattle, Non-fat Dry Milk, Urea, Urea Ammonium Nitrate, etc Chapter 5 How Commodity market works? There are two kinds of trades in commodities. The first is the spot trade, in which one pays cash and carries away the goods. The second is futures trade. The underpinning for futures is the warehouse receipt. A person deposits certain amount of say, good X in a ware house and gets a warehouse receipt. Which allows him to ask for physical delivery of the good from the warehouse. But some one trading in commodity futures need not necessarily posses such a receipt to strike a deal. A person can buy or sale a commodity future on an exchange based on his expectation of where the price will go. Futures have something called an expiry date, by when the buyer or seller either closes (square off) his account or give/take delivery of the commodity. The broker maintains an account of all dealing parties in which the daily profit or loss due to changes in the futures price is recorded. Squiring off is done by taking an opposite contract so that the net outstanding is nil. For commodity futures to work, the seller should be able to deposit the commodity at warehouse nearest to him and collect the warehouse receipt. The buyer should be able to take physical delivery at a location of his choice on presenting the warehouse receipt. But at present in India very few warehouses provide delivery for specific commodities. Following diagram gives a fair idea about working of the Commodity market. Today Commodity trading system is fully computerized. Traders need not visit a commodity market to speculate. With online commodity trading they could sit in the confines of their home or office and call the shots. The commodity trading system consists of certain prescribed steps or stages as follows: I. Trading: At this stage the following is the system implemented- Order receiving Execution Matching Reporting Surveillance Price limits Position limits II. Clearing: This stage has following system in place- Matching Registration Clearing Clearing limits Notation Margining Price limits Position limits Clearing house. III. Settlement: This stage has following system followed as follows- Marking to market Receipts and payments Reporting Delivery upon expiration or maturity. Chapter 6 Investments in Commodities How to invest in a Commodities? With whom investor can transact a business? An investor can transact a business with the approved clearing member of previously mentioned Commodity Exchanges. The investor can ask for the details from the Commodity Exchanges about the list of approved members. What is Identity Proof? When investor approaches Clearing Member, the member will ask for identity proof. For which Xerox copy of any one of the following can be given a) PAN card Number b) Driving License c) Vote ID d) Passport What statements should be given for Bank Proof? The front page of Bank Pass Book and a canceled cheque of a concerned bank. Otherwise the Bank Statement containing details can be given. What are the particulars to be given for address proof? In order to ascertain the address of investor, the clearing member will insist on Xerox copy of Ration card or the Pass Book/ Bank Statement where the address of investor is given. What are the other forms to be signed by the investor? The clearing member will ask the client to sign a) Know your client form b) Risk Discloser Document The above things are only procedure in character and the risk involved and only after understanding the business, he wants to transact business. What aspects should be conside