RESEARCH PAPER ON

DERIVATIVE STRATEGIES

M.COM (BANKING & FINANCE)

2021 – 2022

SAPNA.A.KESUR

Roll no. 27

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 H.R COLLEGE OF COMMERCE AND ECONOMICS
Vidyasagar Principal K.M. Kundnani Chowk, 123, Dinshaw Vacha Rd, Churchgate, Mumbai, Maharashtra 400020

M.COM (BANKING AND FINANCE)

2021 – 2022

RESEARCH PAPER ON
DERIVATIVE STRATEGIES

SAPNA.A.KESUR

Roll no. 27

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 Sr. No. PARTICULAR Page no.

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. LITERATURE REVIEW

4. DATA ANALYSIS & INTERPRETATION

5. CONCLUSION

6. BIBLIOGRAPHY

Abstract
Over the past decade, the wave of globalization and liberalization in the world has increased the volume of
international trade and business many times. Thus, the demand for international currencies and financial
instruments main has increased significantly worldwide. Changes in exchange rates, interest rates and stock
prices across various financial markets are increasing financial risks in the business world. Adverse changes
in macroeconomic factors threaten the survival of the business world. To manage this risk, is known as a
derivative in the Indian financial market. The fundamental objective of these products is to provide a day
future price guarantee in order to reduce the extent of financial risk and to protect against future adverse
price movements. Today, the increasingly popular financial derivatives, the , are the most widely used in the
financial world. It is growing at an incredible rate around the world, and is now known as the Derivatives
Revolution. In India, the emergence and growth of the derivatives market is a relatively recent phenomenon.
Since its inception in June 2000, the derivatives market has grown exponentially by in both cases.
Conditions on quantity and quantity of negotiated contracts market sales are 2000 2001 Rs. 2365 Cr.
Developed from Rs. 26444804.86Cr.During the brief 14.12 year period of 2013, derivatives traded in India
outperformed the cash segment in terms of sales and number of contracts traded. The approved survey
covers scope, history, concepts, definitions, types, characteristics, regulations, markets and trends. , Growth,
Future Prospects and challenges for derivatives in India, and the state of the Indian derivatives market in
relation to the global derivatives market.

Keywords: Bombay stock exchange, Derivatives, Exchange rate, Forward, Futures, National stock exchange, Notional value
underlying asset, Options, Risk management, Swaps.

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 INTRODUCTION

As the first step in the birth of derivatives trading in India, SEBI established a committee of 24,444 members
chaired by Dr LC Gupta on November 18, 1996 to develop an appropriate regulatory framework for
derivatives trading in India. On March 17, 1998, the Commission presented report recommending that
derivative products be declared securities so that the legal framework applicable to securities trading can
also govern transactions in derivative products. Subsequently, SEBI formed a group in June 1998, chaired
by 4,444 Professors J.R. Verma, to recommend submitting its report by October 1998. He developed
operational details of the escrow system, initial margin billing method, member details and net worth
criteria, margin requirements and real time tracking of claims about position.

Derivatives exchange started in India in June 2000, with SEBI allowing ESB and NSE to introduce
derivatives segment. To begin with, SEBI approved trading in the convenient and Senses-based index
futures contract, which commenced trading in June 2000. Individual shares commenced in November 2001.
Metropolitan Securities India Limited Exchange (MESI) started trading in derivatives in February 2013. The
Derivatives market in India dates back to 1875. Bombay Cotton Trade Association started trading in futures
this year. History shows that by 1900, India had become one of the largest futures trading industries in the
world. However, after independence in 1952, the government of India officially banned cash payments and
options trading. The ban on future trade in raw materials was lifted in 2000.

The introduction of the National Electronics Commodity Exchange made this possible, and in 1993 the
National Stock Exchange, a exchange based on electronic equipment, was born. The Bombay Stock
Exchange was fully operational for more than 4,444,100 years later. Aside from BSE, futures trading
already existed in the form of Badla trading, but officially trading in 4,444 derivatives did not begin in its
current form until after 2001. NSE began trading 4,444 contracts at term on indices Nifty 50 index.

During the last decade, the wave of globalization and liberalization of around the world has multiplied the
volume of business and international trade. As a result, the demand for international currencies and financial
instruments increased significantly to reach world-class. In this regard, changes in interest rates, exchange
rates and share prices in the various financial markets have increased the financial risk for the corporate
world. Negative changes even threaten the very existence of the business world. Therefore, they manages
this risk. New financial products were developed in financial markets in Financial markets are also
commonly referred to as financial derivatives .The main goal of these tools is commitments to prices for
future dates for giving protection against adverse movements in future prices, in order to reduce the extent of
financial risks. Not only that, it also provides the opportunity to profit from those who are willing to take a
higher risk. . In other words, these tools actually facilitate the transfer of risk from those who want to avoid
it to those who are willing to accept it.

A Chronology of events: Financial Derivatives in India: Sl. No. Progress Date Progress of Financial Derivatives

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 14th Dec. 1995 NSE asked SEBI for permission to trade index futures
18th Nov. 1996 SEBI setup L. C. Gupta Committee to draft a policy framework for
index futures
11th May 1998 L. C. Gupta Committee submitted report.
7th July 1999 RBI gave permission for OTC forward rate agreements (FRAs) and
interest rate swaps
24th May 2000 SIMEX chose Nifty for trading futures and options on an Indian
index.
25th May 2000 SEBI gave permission to NSE and BSE to do index futures trading.
9th June 2000 2000 Trading of BSE Sensex futures commenced at BSE.
12th June Trading of Nifty futures commenced at NSE.
31st Aug. 2000 Trading of Nifty futures commenced at NSE.
July 2001 Trading of Equity Index Options at NSE
July 2001 Trading of Stock Options at NSE
NSE November 9, Trading of Single Stock futures at BSE
2002
June 2003 Trading of Interest Rate Futures at NSE
September 13, 2004 Weekly Options at BSE
January 1, 2008 Trading of Chhota(Mini) Sensex at BSE
January 1, 2008 Trading of Mini Index Futures & option at BSE
NSE August 29,2008 Trading of Currency
Futures at NSE
October 2,2008 Trading of Currency
Futures at BSE
OBJECTIVES OF STUDY

 To analyze the role of derivatives in the Indian stock market

 To identify and compare the futures, options, and swaps in derivatives in Indian stock
market.
 To illustrate the growth and performance of futures and options and swaps.
 To explore the evolution of Capital Market in India.
 To assess performance of Indian Derivative Market.
 To analyze the factors contributing towards the growth of Derivative Markets

NEED FOR THE STUDY

 It helps the investors to construct a diversified portfolio.
 This study suggests investors about investment in futures, options, and swaps.
 It is used to know the risk management in derivatives.

RESEARCH METHODOLOGY

It is important to always review the information presented at the source, especially when the material may be
collected to address some other issue. Furthermore, many secondary sources do not clearly explain issues

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such as the purpose of the study, how the data were collected, analyzed, and interpreted, and researchers
rated its usefulness. To overcome this, I tried them to analyze the secondary data using several independent
sources. Information on issues was collected from Research journals, industry journals, and annual banking
and Internet reports. For the, which evaluates “derivations and evolution of key elements, we focused on the
most up-to-date material possible. Latest developments in this field I have published numerous articles in
academic and business journals. We also used the second piece of information from an Internet discussion
forum.

LITERATURE REVIEW

 PARTICIPANTS OF DERIVATIVES MARKET

The participants in the derivatives market can be broadly categorized into the following four
groups:

1. Hedgers

Hedging is when a person invests in financial markets to reduce the risk of price volatility in
exchange markets, i.e., eliminate the risk of future price movements. Derivatives are the
most popular instruments in the sphere of hedging. It is because derivatives are effective in
offsetting risk with their respective underlying assets.

2. Speculators

Speculation is the most common market activity that participants of a financial market take
part in. It is a risky activity that investors engage in. It involves the purchase of any financial
instrument or an asset that an investor speculates to become significantly valuable in the
future. Speculation is driven by the motive of potentially earning lucrative profits in the
future.

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3. Arbitrageurs

Arbitrage is a very common profit-making activity in financial markets that comes into effect
by taking advantage of or profiting from the price volatility of the market. Arbitrageurs make
a profit from the price difference arising in an investment of a financial instrument such as
bonds, stocks, derivatives, etc.

4. Margin traders

In the finance industry, margin is the collateral deposited by an investor investing in a

financial instrument to the counterparty to cover the credit risk associated with the
investment

 DERIVATIVE PRODUCT
While forwards, futures, options and swaps can be viewed as the mechanics of derivation, the value of these
contracts are based on the prices of the underlying assets. In this section, we discuss a range of derivatives
products that derive their values from the performance of five underlying asset classes: equity, fixed-income
instrument, commodity, foreign currency and credit event. However, given the speed of financial innovation
over the past two decades, the variety of derivatives products have grown substantially. Thus a few key
examples will be discussed below. For a more detailed discussion of other major financial innovations in
recent years, see Anderson and McKay (2008).

1. Equity Derivative

An equity derivative is a financial instrument whose value is based on equity movements of the underlying
asset. For example, a stock option is an equity derivative, because its value is based on the price movements
of the underlying stock. Investors can use equity derivatives to hedge the risk associated with taking long or
short positions in stocks, or they can use them to speculate on the price movements of the underlying asset. 

2. Interest Rate Derivative

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An interest rate derivative is a financial instrument with a value that is linked to the movements of an
interest rate or rates. These may include futures, options, or swaps contracts. Interest rate derivatives are
often used as hedges by institutional investors, banks, companies, and individuals to protect themselves
against changes in market interest rates, but they can also be used to increase or refine the holder's risk
profile or to speculate on rate moves.

3. Commodity Derivatives

Commodities constitute a major asset class like equities, fixed income instruments and money market
instruments. Commodities are basically raw materials or primary products regularly used for consumption. The
value or the price of commodity changes as per the demand supply situation in the commodity market.
Commodity Derivative is the contract whose value is derived from the underlying commodity that is to be
settled on a specific future date. The main purpose of commodity derivative contracts is to reduce risk arising
out of future price uncertainty. Commodity derivatives were the first form of derivatives ever introduced and
later the concept of derivatives was introduced in other securities and assets.

4. Foreign Exchange Derivative

A foreign exchange derivative is a financial derivative whose payoff depends on the foreign exchange rates
of two currencies. These instruments are commonly used for currency speculation and arbitrage or for
hedging foreign exchange risk. Countries generally relaxed restrictions on domestic and foreign financial
institutions and foreign investors. Changes in macroeconomic factors led to market risk and the demand for
foreign exchange derivatives market increasing further, what promoted the development of the derivatives
market. Under such circumstances, financial institutions continue to create new financial tools to meet the
needs of traders for avoiding the risk. Therefore, many foreign exchange derivatives were widely used,
making the foreign exchange market expand from the traditional transactions market to the derivatives
market, and develop rapidly.

5. Credit derivatives

A credit derivative is a contract in which a party (the credit protection seller) promises a payment to another
(The credit protection buyer) contingent upon the occurrence of a credit event with respect to a particular
entity (the reference entity). A credit event in general refers to an incident that affects the cash flows of a
financial instrument (the reference obligation). There is no precise definition, but in practice, it could be
filing for bankruptcy, failing to pay, debt repudiation or moratorium.

The fastest growing type of credit derivatives over the past decade is credit default swap (CDS). In essence,
it is an insurance policy that protects the buyer against the loss of principal on a bond in case of a default by
the issuer. The buyer of CDS pays a periodic premium to the seller over the life of the contract.
The premium reflects the buyer’s assessment of the probability of default and the expected loss given
default. In the event of a credit incident, the buyer has a right to demand compensation from the seller.

 TYPES OF DERIVATIVES
Major types of derivatives There are four main types of derivatives contracts: forwards;
futures, options and swaps. This section discusses the basics of these four types of
derivatives with the help of some specific examples of these instruments.

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1. Forwards and futures contracts
Forward and futures contracts are usually discussed together as they share a similar feature: a forward or
futures contract is an agreement to buy or sell a specified quantity of an asset at a specified price with
delivery at a specified date in the future. But there are important differences in the ways these contracts are
transacted. First, participants trading futures can realise gains and losses on a daily basis while forwards
transaction requires cash settlement at delivery. Second, futures contracts are standardised while forwards
are customised to meet the special needs of the two parties involved (counterparties). Third, unlike futures
contracts which are settled through established clearing house, forwards are settled between the
counterparties. Fourth, because of being exchange-traded, futures are regulated whereas forwards, which are
mostly over-the-counter (OTC) contracts, and loosely regulated (at least in the run up to the global financial
crisis). This importance of exchange-traded versus OTC instruments will be discussed further in later
section.

2. Options contracts
Options contracts can be either standardised or customised. There are two types of option: call and put
options. Call option contracts give the purchaser the right to buy a specified quantity of a commodity or
financial asset at a particular price (the exercise price) on or before a certain future date (the expiration date).
Similarly, put option contracts give the buyer the right to sell a specified quantity of an asset at a particular
price on a before a certain future date.
In options transaction, the purchaser pays the seller – the writer of the options – an amount for the right to
buy or sell. This amount is known as the option premium. Note that an important difference between options
contracts and futures and forwards contracts is that options do not require the purchaser to buy or sell the
underlying asset under all circumstances. In the event that options are not exercised at expiration, the
purchaser simply loses the premium paid. If the options are exercised, however, the option writer will be
liable for covering the costs of any changes in the value of the underlying that benefit the purchasers.

3. Swaps
Swaps are agreements between two counterparties to exchange a series of cash payments for a stated period
of time. The periodic payments can be charged on fixed or floating interest rates, depending on contract
terms. The calculation of these payments is based on an agreed-upon amount, called the notional principal
amount or simply the notional.

4. LEAPS:
LEAPS (an acronym for Long Term Equity Anticipation Security) are options of longer terms than other
more common options. In traditional short-term options, LEAPS are available in two forms, calls and puts.

 ROLE OF DERIVATIVE MARKETS

Derivative markets are markets for contractual instruments whose performance is determined by the way in
which another instrument performs. Derivative contracts are agreement between a buyer and a seller for
monetary considerations. Derivative contracts can either be over-the-counter (OTC) contracts or exchange-
traded contracts. OTC contracts are between private parties and the terms of the contract are decided
between them initially. These contracts are highly unregulated and less transparent. E.g., forwards, swaps,
etc. Exchange traded contracts are traded and regulated on derivative exchanges in order to ensure
transparency.
 Role and Functions of Derivatives
Derivatives usually perform the following functions:
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1. Price discovery of the underlying asset

Price discovery is a method of determining the price for a specific commodity or security through basic
supply and demand factors related to the market. Price discovery is the general process used in determining
the spot price. These prices are dependent upon market conditions affecting supply and demand. For
example, if the demand for a particular commodity is higher than its supply, the price will typically increase
and vice versa.
Futures market prices depend on a continuous flow of information from around the world and require a high
degree of transparency. A broad range of factors (climatic conditions, political situations, debt default,
refugee displacement, land reclamation and environmental health, for example) impact supply and demand
of assets (commodities in particular) - and thus the current and future prices of the underlying asset on which
the derivative contract is based. This kind of information and the way people absorb it constantly changes
the price of a commodity. This process is known as price discovery.

2. Techniques of risk management

Financial derivatives are useful for dealing with various types of risks, mainly market, credit and
operational risks. The importance of derivatives has been increasing since the instrument has been used to
hedge against price movements. The financial tool assists with the transfer of risks associated with a specific
portfolio without requiring selling the portfolio itself. Essentially, derivatives allow investors to manage
their risks and so reach the desired risk profile and allocation more efficiently.
The relationship between derivatives and risk management is relatively simple. Derivatives are seen as the
tool that enables banks and other financial institutions to break down risks into smaller elements. From this,
the elements can be bought or sold to align with the risk management objectives. So, the original purpose of
derivatives was to hedge and spread risks. The main motive of the financial tool has aided with the great
development and expansion of derivatives.

3. Operational advantages

Derivative markets entail lower transaction costs. They have greater liquidity compared to spot markets.
Derivative markets allow short selling of underlying securities more easily.

4. Market efficiency

Spot markets for securities probably would be efficient even if there were no derivative markets. A few
profitable arbitrage opportunities exist, however, even in markets that are usually efficient. The presence of
these opportunities means that the price of some assets is temporarily out of line. Investors can earn return s
that exceed what the market deems fair for the given risk level. There are important linkages between spot
and derivative prices .The ease and low cost of transacting in these markets facilitate the arbitrage trading
and rapid price adjustments that quickly eradicate these profit opportunities .Society benefits because the
prices of underlying goods more accurately reflect the good’s true economic values.

 RECENT TRENDS IN DERIVATIVES MARKET IN INDIA

1. FMC-SEBI merger

The commodity futures market in India was chiefly regulated by Forwards Market Commission (FMC). As
of 2014, it regulated 17 trillion worth of commodity trades in India. On 28 September 2015, the FMC was
merged with the Securities and Exchange Board of India (SEBI) to make the regulation of commodity
futures market strong. India decided to swim against the tide and merged two regulatory bodies instead of
the traditional practise of creating a new one. This is the first major case of two regulators being merged.
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The commodities market has been known to be more prone to speculative activities compared to the better-
regulated stock market, while illegal activities like ‘dabba trading’ have also been more frequent in this
segment. The merger was supposed to tighten the noose around such activities and impose stringent control
measures to increase the efficiency of the commodity market. Regulators in India’s capital markets have
been the direct outcome of scams, which were the result of loopholes and the lack of an authority to enforce
rules. This merger too, came in the backdrop of a scam at commodities exchange NSEL, but the key
difference is that it was already in the works. It is in line with the recommendation of the Financial Sector
Legislative Reforms Commission (FSLRC), of creating one regulator encompassing the securities,
commodities, insurance, and pension markets. It has restored confidence among market participants about
regulatory oversight on commodities that is as strong as in equities.

2. Mutual Fund participation in Commodity Derivatives

To include institutional investors into exchange traded commodity market SEBI has allowed the
participation of Mutual Funds in commodity derivatives like gold, crude, copper, silver etc. Sensitive
commodities like agro products which are those subject to frequent government intervention and the
Essential Commodities Act are however, excluded. Effective 2019 May 21, MFs can participate in gold
derivatives only through Gold exchange traded funds launched by asset management companies (AMCs)
and in other commodity derivatives through hybrid schemes, which currently invest in equity, debt and gold,
SEBI said in a circular on the same date. “SEBI’s decision to amend SEBI (Custodian of Securities)
Regulations, 1996 will allow small players to hedge their commodity risk through mutual funds. Until now,
traders were allowed only through direct membership,” said Kishore Narne, Associate Director
(commodities and currencies), and Motilal Oswal Financial Services Ltd.

3. Reduction in penalty for abnormal trades

On December 13, 2018 both BSE and NSE issued a circular on abnormal or non-genuine transactions. They
asked the trading members to refrain from practices leading to tax evasion and such. While stating that the
decision of whether a trade is abnormal or non-genuine would rest with the exchange, the circular said that
exchanges would levy on brokers 100% penalty of the traded value for ‘abnormal trades’ executed on behalf
of their clients. This sparked widespread protests among trade bodies. What has miffed brokers, though, is
that exchanges have not defined what is ‘abnormal trading.’
The National Stock Exchange on 2020 January 7, decided to slash the quantum of fine imposed on stock
brokers for "abnormal trades" executed on behalf of their clients. They reduced the fine to 15%. "The
exchange shall levy a penalty of 15% of the profit earned or loss incurred on the trading members for both
profit and loss making abnormal or non-genuine transactions after following the due process and providing
necessary opportunity to the trading member for clarification in the matter," NSE said in a circular. In
addition, the exchange has also asked trading members to put in place requisite systems to monitor such
abnormal or non-genuine transactions. The decision whether a trade is abnormal or non-genuine still rests
with the exchange.

4. Physical settlement of Stock derivatives

Prior to January 2019, in the futures and options market the settlement was either on a cash basis or
physical. Lion share of the settlements were cash basis. On the New Year’s Day of 2019, SEBI issued a
framework for making physical settlement of stock derivatives mandatory. This was done in a phased
manner. Stocks which were being cash settled were ranked in descending order based on daily market
capitalization averaged for the month of December 2018. In each quarter of 2019, the bottom 50 stocks were
moved to physical settlement. In 2019 January SEBI flagged this off by moving 42 stocks. This move did
not meet with major problems & so the process continued. By October 2019, SEBI achieved the target of

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complete physical settlement of stock derivatives. This was carried out to curb excessive speculation and
volatility in share prices.

5. Increased trading hours for commodity derivatives market.

In December 2018, SEBI increased the trading time in the commodity derivatives market by an hour. The
move was in line with the recommendation of Commodity Derivatives Advisory Committee. The objective
of the change is to deepen the commodity derivatives market as well as to enhance the participation of
stakeholders, including farmer produce organisation and foreign entities. For non-agricultural commodities,
the revised timings will be from 9 am to 11.55 pm, while for agricultural and agro-processed commodities,
the trading hours will be from 9 am to 9 pm. Earlier, the SEBI had fixed the trading hours for non-
agriculture commodities from 10 am to 11.55 pm and for agricultural commodities, it was 10 am to 09:30
pm.

6. AI & Derivatives

Artificial Intelligence (AI) seems to have a finger in every pie these days. Financial markets are still
dominated by humans. But it is soon set to change. Already some of the big firms like Manulife (a Canadian
financial service group), JP Morgan, Bank of America etc utilizes AI in different manner. Even for complex
derivatives, artificial intelligence can certainly provide some great value, in terms of pricing, valuations,
extracting information, etc. For example, there is a start-up called Droit Financial Technologies, which is
based in the U.S., that leverages artificial intelligence for derivatives trading and does some advanced risk
checks to ensure that transactions are compliant with overall conduct and also does some reporting activity.

NSE is betting big on AI. The idea, according to Vikram Limaye, managing director and chief executive
officer (CEO) of NSE, is to enhance the efficacy of the capital markets, improve surveillance operations to
prevent manipulation of its systems, and enable more efficient reporting to regulators. In coming years AI
can be big game changer in the overall financial market.

7. Reducing dependence on LME

In 2013, Multi Commodity Exchange of India (MCX) signed a licensing agreement with the London Metal
Exchange (LME), according to which MCX would use the current prevailing prices on the LME for settling
future contracts. The exchange was paying high fees to LME & Chicago Mercantile Exchange for price
discovery. This was because even those domestic companies that needed hedging stayed away due to non-
availability of local prices. Here speculators were very much dominant. However the London Metal
Exchange (LME) could soon be de-linked from India’s commodity markets. Calendar 2019 got a very good
start in which MCX has taken a step to modify optional delivery of zinc and aluminium to compulsory
delivery mechanism. Now, both aluminium and zinc contracts have become ‘compulsorily deliverable
instead of ‘both options’ (cash and delivery). Domestic price discovery is possible if delivery of goods is
involved as it could promote local price pooling. This will in turn reduce the dependence on LME for price
discovery up to a point where LME can be completely de-linked from India’s commodity markets.

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 BIBLIOGRAPHY

❏ James Chen (2019 May 19) Derivative - https://www.investopedia.com/terms/d/derivative.asp

❏ Greeshma Francis, (2019, April) A study on Emerging Trends in Indian Derivative Market, International Research
Journal of Engineering and Technology, Volume: 06 Issue: 04
❏ Ms. Shalini H S, Dr. Raveendra P V, (Mar-Apr, 2014) A Study of Derivatives Market in India and its Current Position
in Global Financial Derivatives Markets, IOSR Journal of Economics and Finance (IOSRJEF), Volume 3, Issue 3, PP 25-
42
❏ Dayanand Arora, Francis Rathinam, (April 2010) OTC Derivatives Market in India: Recent Regulatory Initiatives and
Open Issues for Market Stability and Development, Indian Council For Research On International Economic Relations,
Working paper No. 248
❏ Dr O. S. Deol, (February. 2018) OTC Financial Derivatives Market in India - Development, Regulatory Framework
and Issues, IOSR Journal of Business and Management, Volume 20, Issue 2, PP 13-22
❏ https://www.mcxindia.com/
❏ https://shodhganga.inflibnet.ac.in/bitstream/10603/89942/12/12chapter%203.pdf
❏ https://www.nseindia.com/national-stock-exchange/nse-volume-business-growth
❏ Ankit Goyal, (2019 May 27) Indian derivatives market – things you must know before investing -
https://rmoneyindia.com/research-blog-traders/indian-derivatives-market-investing/
❏ Forwards Market Commission - https://en.wikipedia.org/wiki/Forward_Markets_Commission
❏ Jaitley rings in FMC-Sebi merger - https://www.moneycontrol.com/news/business/markets/jaitley-ringsfmc-sebi-
merger-1493749.html
❏ FMC merges with SEBI - https://www.thehindu.com/business/fmc-merges-with-sebi/article7697770.ece
❏ Merger of FMC with Sebi restored confidence on regulatory oversight of commodities -

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