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Foreign exchange

Western congestion

Despite huge strides to improve power transmission efficiency in California since 2001, the region is still flagged a 'critical congestion area' by the US Department of Energy. Neil O'Hara looks at the state of play

Future imperfect

Hedging physical deals with derivatives may be active risk management, but if the physical contract is breached, it can result in unnecessary losses. Andrew Meads looks at whether the innocent party can recover these losses

CME, CBOT to merge

The Chicago Mercantile Exchange is to merge with the Chicago Board of Trade in a move the exchanges say is “expected to transform global derivatives markets.”

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