Protected: Traders or Commodity Finance Banks Part XVI. Gazprom and the bad Gnomes
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At the beginning of the year, a trader knows exactly how it’s going to cost to the company in overheads and variable costs. Additionally he preserves the company working capital by generating an adequate trade-to-cash to cover items such hedge margin calls, credit losses and to capture physical imbalances materializing through the course of the year. Therefore he has to earn above this mark to come out even and make a profit at the end of the year. Continue reading