Avertissement : les CFD sont des instruments complexes et comportent un risque élevé de perte rapide d'argent en raison de l'effet de levier.
Vous devez vous demander si vous comprenez le fonctionnement des CFD et si vous pouvez vous permettre de prendre le risque élevé de perdre votre argent.
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Carbon Credits
Tradeable certificates that give the owner the right to emit one metric tonne of carbon dioxide or its equivalent in other greenhouse gases. They are the currency of emissions trading systems (ETS), which set caps on emissions from covered sectors and allow companies to trade allowances within those caps. Companies which emit less than their allowance can sell their excess credits. If it goes over its allowance, it has to buy credits or pay penalties.
The EU Emissions Trading System (EU ETS) is the world’s biggest carbon market. EU carbon credit prices have climbed over the years on the back of tighter supply caps, increased policy commitments and energy-sector demand. At those prices, carbon is a material cost for heavy industry, such as steel, cement, aviation, power generation and a meaningful driver of investment decisions.
Voluntary carbon markets are independent from compliance regimes and allow companies to offset emissions. There are enormous differences in quality and reliability.
Example: A German cement maker facing a €50m carbon bill can curb its emissions by investing in cleaner kilns, buying EU allowances on the open market, or a mix of the two. The economics of capital investment are attractive at € 80/tonne. The carbon price is doing its job, making pollution sufficiently costly to change behavior.
Cardano (ADA)
A proof-of-stake blockchain platform and its native cryptocurrency, ADA. Cardano was co-founded by Charles Hoskinson, one of the original co-founders of Ethereum, and is developed by the research-driven organisation IOHK. What makes Cardano unique is that it employs an academic methodology; protocol changes are subject to peer-reviewed research before being put into place, which is an unusually rigorous standard for the cryptocurrency industry.
Cardano employs a proof-of-stake consensus protocol known as Ouroboros, which is far more energy-efficient than Bitcoin’s proof-of-work. ADA is a yield-bearing asset in its own ecosystem, as ADA holders can delegate their coins to stake pools and earn rewards. The platform supports smart contracts, decentralized applications and native token issuance, making it a direct competitor to Ethereum and Solana for developer attention.
ADA has consistently ranked within the top ten cryptocurrencies by market capitalisation, but has faced criticism for slow ecosystem development relative to the ambition of its technical roadmap.
Example: ADA reached an all-time high of around $3.10 in September 2021 during the broader crypto bull market, then crashed more than 90% to below $0.25 in the 2022 bear market. Like most altcoins, it had extreme beta to Bitcoin’s price and its own project-specific narrative risk. Those investors who divorced the technology thesis from the price action did better analytically, if not always financially.
Carry Trade
A carry trade is a strategy where an investor borrows a lower-yielding currency to buy a higher-yielding one, profiting from the interest rate gap.
Cash market
The market upon which financial instruments or commodities are bought and sold so that the exchange occurs immediately, as opposed to the futures or options markets, where the exchange occurs at a later date. It is also known as the spot market. When you purchase 100 shares of a company with your brokerage today, you are actually trading in the cash market. The settlement is usually in two business days (or T + 2 in most markets).
The difference between cash and derivatives markets is important to pricing. The cash price plus the cost of carry (financing, storage, dividends, convenience yield, depending on the asset) is typical of futures prices. In a futures market where futures trade at a discount to cash, the market is in backwardation. When they are selling at a premium, it is contango. The anchor is the cash price; the futures price is the cash price with some adjustments.
In the case of physical commodities, the cash market is one where actual grain, oil, or metal is exchanged. The derivatives market is largely financial; hedgers and speculators put money into the market without necessarily having a tanker of crude in their driveway.
Example: A jeweler in Mumbai who requires gold today buys it in the spot market on the Multi-Commodity Exchange and takes delivery to use immediately. When a speculator believes that gold will increase in three months, he purchases a futures contract on the same exchange, with no plan to ever receive physical delivery. Same underlying and same exchange; very different markets and motives.
Catalyst
A news item or event that causes a large movement in the price. The catalyst is the spark. The fuel is the positioning and sentiment that were already in place before it arrived. You can take away the positioning, and the same catalyst is barely registering.
Markets spend most of their time grinding slowly. Catalysts are the moments that break the equilibrium, such as earnings reports, central bank decisions, geopolitical shocks, regulatory changes, and product launches. A catalyst is differentiated from noise by the extent to which it alters the market’s expected value of the asset.
Professional traders pay as much attention to the setup around a catalyst as they do to the catalyst itself. A heavily shorted stock that reports strong earnings can trigger a violent short-covering rally. Earnings on a stock priced for perfection can also cause a “sell the news” drop. Same catalyst. Opposite outcome. “The positioning was different.
Often moves are made on anticipated catalysts before the event, the buy the rumor, sell the news pattern. Unforeseen catalysts leave voids with no time to react.
Example: A pharmaceutical company announced today that a drug treating a condition for which there is no existing treatment has shown positive late-stage trial results. The stock has been in a trading range for months due to uncertainty. The data is the catalyst for the re-rating. Institutional buyers have been on the sidelines and then come in at once, and the share price shoots up dramatically in one session.
Cayman Islands Dollar (KYD)
The official currency of the Cayman Islands, a British Overseas Territory in the Caribbean Sea. It is pegged to the US dollar at 0.82 KYD to 1 USD . So one Cayman dollar is worth about $1.22 US dollars. Issued by the Cayman Islands Monetary Authority. It is divided into 100 cents.
The peg has been in place since 1974 and has never been seriously challenged, particularly because the Cayman economy is very stable. Tourism is important, but the real anchor is financial services. The Caymans are home to one of the world’s largest offshore banking and fund-domicile industries. It is registered there for legal and tax efficiency reasons. Hedge funds, private equity vehicles, and structured finance entities register there. That activity generates steady USD inflows that make the peg easy to defend.
US dollars are also accepted and circulated throughout the islands. For most everyday transactions, residents and visitors have little difficulty switching back and forth.
Example: George Town fund administrator accepts subscriptions in USD. When a local contractor invoices in KYD, it is an automatic conversion. It is pretty much arithmetic with a fixed rate and no FX risk on either side of the trade.
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