北欧电力合同的金融ETN和证书

Q4 Economics, Econometrics and Finance

Journal of Index Investing Pub Date : 2018-11-30 DOI:10.3905/jii.2018.9.3.024

Tarjei Kristiansen

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引用次数: 0

摘要

本文首次描述和分析了追踪北欧电力期货市场的交易所交易票据（ETN）和证书，使散户投资者能够在奥斯陆和斯德哥尔摩北欧证券交易所进行对冲和交易。我们调查了基础前一季度期货合约、其每日变化、滚动成本、欧元/挪威克朗和欧元/瑞典克朗汇率以及利率水平和费用对ETN和证书的影响。对2010年12月至2015年2月北欧证券交易所ETN和证书的分析显示，尽管在此期间价格持续下跌，但投资活动仍在持续。最后，我们介绍了一些散户投资者可以使用的策略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Financial ETNs and Certificates on Nordic Power Contracts

This article presents the first description and analysis of the exchange-traded notes (ETNs) and certificates tracking the Nordic power futures market that enable retail investors to hedge and trade on the Oslo and Stockholm Nordic stock exchanges. We investigate the impacts of the underlying front-quarter futures contract, its daily change, the roll cost, the EUR/NOK and EUR/SEK exchange rates, and the interest rate level and fees on the ETNs and certificates. An analysis of the ETNs and certificates on the Nordic stock exchanges from December 2010 to February 2015 shows continual investment activity, even though prices were in a consistent downtrend during the period. We conclude with a description of some strategies which retail investors can use.

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来源期刊

Journal of Index Investing Economics, Econometrics and Finance-Finance

CiteScore

0.70

自引率

0.00%

发文量