tailieunhanh - CORPORATE AFTERSHOCK 2 PHẦN 1

điểm này, một người trong Enron chỉ ra của khối lượng khí đốt tự nhiên trên EnronOnline (ước tính khoảng 85% tổng khối lượng EnronOnline), tăng đến 80% khối lượng đã từng được tạo ra bởi chỉ có 10 người tham gia thị trường lớn nhất. Do tính chất song phương của những người tham gia B2B và tín dụng chất lượng cao cần thiết cho giao dịch OTC, sự tăng trưởng của những "trao đổi" hậu Enron do đó có thể được hạn chế. Tuy nhiên, mô hình B2B trao đổi sẽ tồn tại trong tương lai. . | ONLINE TRADING AND CLEARING AFTER ENRON 141 this point an Enron insider indicated that of natural gas volume on EnronOnline estimated at 85 percent of total EnronOnline volume up to 80 percent of the volume was once generated by only 10 of the largest market participants. Given the bilateral nature of B2B participants and the high credit quality required for OTC trading the growth of these exchanges post-Enron thus may be limited. Nevertheless the B2B model of exchanges will survive well into the future. Market Transparency after Enron EnronOnline and the army of marketers that operated the phones attracted over the years a significant number of energy companies that had never participated in energy and or power trading especially associated derivatives contracts. EnronOnline also prided itself on displaying numerous prices both constantly and at a fine bid offer spread. As such EnronOnline became a focal point for market information a point that cannot be overemphasized. NYMEX prices and data have been available freely for many years but the same cannot be said for the other two major energy B2B entities discussed in the prior section. As such transparency of market information in energy markets is bound to fall following EnronOnline s demise. And with the decline of transparent price information liquidity and actual trading volumes may also suffer. Numerous market rumors abound as to market plays that emerged during the final days of EnronOnline. There may be some validity to activities such as attempts of larger and more stable energy companies and particularly investment banks with energy trading desks to squeeze Enron and other smaller entities from certain products especially as smaller traders attempted to exit from their Enron positions at any cost. Although these will most likely remain the secrets of traders bar discussions this activity is not unusual in less illiquid and or distressed markets. As one trader commented For me Enron s failure is virtually