Directional trades

India, Southeast Asia, the Middle East, and northern Africa centuries before it was used by ancient Greeks and Romans. In ancient times, it was used as a spice, preservative, and medicine. Pepper was such a valuable commodity that it was often used as a medium of exchange and as a form of money. Centers of commerce such as Alexandria, Constantinople (Istanbul), Calicut, and Venice arose from the trade of pepper. Arab monopolies for pepper (and other spices) kept prices high, making pepper a spice for the wealthy. To break the Arab monopolies, European powers explored for direct trade routes to India. Portugal built on Vasco da Gama s (1469-1524) trade route completed in 1488 to India to establish its own pepper monopoly in the 16th century. This in turn prompted Spain to search for western routes to India. 

As we have said already, trading in nominal space has its analogue in real space. So there are directional trades, real yield curve trades, and anomaly (or relative value ) trades between issues. There are also trades between the real and nominal markets, in inflation space — buying and selling break-even inflation, and expressing views on the term structure of break-even inflation. Exhibits 8.17 and 8.18 show histories of real yields and break-even inflation, respectively, for the three main European inflation-linked markets, while Exhibit 8.19 highlights the volatility in the UK s real yield and break-even inflation curves. 

When both the supplier and the buyer are in weak bargaining positions (limited outside options), or when direct trade is expected to be volatile (as characterized by the breakdown probability), intermediated trade will be desirable. Conversely, when either the supplier or the buyer is in a strong bargaining position, or when direct trade is expected to be stable, disintermediation is likely to occur. 

In this strategy, the fund manager runs a position in two different credits that attempts to exploit the spread differential between the two. As it is a relative value position, one name is put on long and the other short. A pair-wise spread trade can be put on as a credit carry trade, which attempts to exploit a stable spread, and a credit directional trade, where one expects the spread to widen or narrow. Generally the pair of credits will be names from the same industrial sector. 

Straight directional punt trade, and generally fund manj ers are given more latitude to put on relative value-style curve shaping trades compared to directional trades. However, this approach ultimately calls for the manager to call the directional move in the market r ht. 

Although the number of contracts transacted on the LME is large, the volume of physical lead sales (and those of other metals) actually made through the LME is small when compared with the amount of lead bought and sold in direct trading. 

The pressure equipment directive was adopted by the European Parliament and the European Council in May 1997. It harmonises the national laws of the 15 Member States of the European Union relating to equipment subject to the pressure risk. That directive is one of the series of technical harmonisation directives such as for machinery, medical devices, simple pressure vessels, gas appliances and so on, which were foreseen by the Communities programme for the elimination of technical barriers to trade. It therefore aims to ensure the free placing on the market and putting into service of the equipment concerned within the European Union and the European Economic Area. At the same time it permits a flexible regulatory environment, allowing European industry to develop new techniques increasing thereby its international competitiveness. 

The generic name of a drug is not directly de rived from systematic nomenclature Furthermore different pharmaceutical companies will call the same drug by their own trade name which is differ ent from its generic name Generic names are in vented on request (for a fee) by the U S Adopted Names Council a private organization founded by the American Medical Association the American Pharmaceutical Association and the U S Pharma copeial Convention... 

Trace-element analysis, using emission spectroscopy (107) and, especially, activation analysis (108) has been appHed in provenance studies on archaeological ceramics with revolutionary results. The attribution of a certain geographic origin for the clay of an object excavated elsewhere has a direct implication on past trade and exchange relationships. 

From about 1815, fast vessels gave Salem, Massachusetts a virtual monopoly of the pepper trade with Sumatra. In the nineteenth and twentieth centuries, the spice trade began to play a secondary role ia economic and pohtical influence. The demand for spices ia the United States directed the shift of the occidental spice center to New York while the oriental center was at Siagapore. 

Economic Market. The spice trade is controlled by many direct elements and responds slowly to supply and demand fluctuations. Resupply depends on growth to plant maturity, which for certain items, such as black pepper or nutmeg, can be several years. The raw material is directly affected by climate, adverse weather conditions, and control of plant diseases and insect and animal pests. Limited agricultural scientific advances are appHed to the cultivation of the botanicals, and there are many grades of product and degrees of quahty caused by different growing or processing conditions, sometimes by unknown factors as well. 

It is common to employ microwave power monitoring by means of a dual-directional coupler in the waveguide transmission system between the power tube and the useful load. Part of the coupled signals may be used for examination with spectmm analy2ers, frequency meters, and other microwave instmmentation for special purposes. Generally, this is not necessary in a practical appHcation. Many microwave measurement techniques have been described (59,60). AvailabiHty of components, plumbing, and instmmentation is weU described in trade journals. 

Employees should be regularly briefed on the organisation s trade secret program. These briefings should be directed toward the clarification of issues, questions, and concerns. If an employee leaves the company, the organisation should remind the employee of its rights and that the obligations of confidentiaHty continue to bind the employee even after termination of employment. 

Labeling. Labeling, controUed by FDA regulations, includes not only the affixed labels, but also the package inserts that provide mote detailed information. Trade, generic, or common name, dose, number of dose units present, and name and address of manufacturer and distributor ate requited. For nonptescription products, adequate directions for use ate requited. Prescription products must beat the phrase, "Caution Federal law prohibits use without a prescription" on theit labels. 

Phase 11 of Title IV hmits the majority of plants >20 MW and all plants >75 MW to maximum emissions of 1.2 pounds of SO2 per 10 Btu after the year 2000. In general, new plants would have to acquire banked emission allowances in order to be built. Emission allowances will be traded through a combination of seU/purchase with other utilities, EPA auctions and direct sales. 

The electrolyte is a perfluorosulfonic acid ionomer, commercially available under the trade name of Nafion . It is in the form of a membrane about 0.17 mm (0.007 in) thick, and the electrodes are bonded directly onto the surface. The elec trodes contain veiy finely divided platinum or platinum alloys supported on carbon powder or fibers. The bipolar plates are made of graphite or metal. 

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