Library
Bibliographic information for the sources referenced in each concept of the Kabutocho Dictionary, grouped by concept.
Asset-side Liquidity
Go to the concept →
Bank for International Settlements (BIS)- Interagency Policy Statement on Funding and Liquidity Risk Management
2010 · U.S. Federal Reserve Board (FRB)
Federal Reserve Bank of New York
Bank for International Settlements (BIS)
2021 · Bank for International Settlements (BIS), BIS Bulletin No. 39- Market Liquidity and Funding Liquidity
Markus K. Brunnermeier and Lasse H. Pedersen · 2009 · Review of Financial Studies, Vol. 22, No. 6 (2009) - International Banking and Liquidity Risk Transmission: Lessons from Across Countries
Claudia M. Buch and Linda S. Goldberg · 2015 · IMF Economic Review, Vol. 63, No. 3 (November 2015) - International Banking and Nonbank Financial Intermediation: Global Liquidity, Regulation, and Implications
Claudia M. Buch and Linda S. Goldberg · 2024 · Federal Reserve Bank of New York Staff Reports (2024) - Where Do Banks End and NBFIs Begin?
Viral V. Acharya, Nicola Cetorelli, and Bruce Tuckman · 2024 · Federal Reserve Bank of New York Staff Reports, No. 1119 (2024) - Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks
Viral V. Acharya, Nicola Cetorelli, and Bruce Tuckman · 2026 · Federal Reserve Bank of New York Staff Reports, No. 1176 (2026) - Bank Economic Capital
Beverly Hirtle and Matthew C. Plosser · 2025 · Federal Reserve Bank of New York Staff Reports, No. 1144 (March 2025)
Backwardation
Go to the concept →- A Treatise on Money
Keynes, J.M. · 1930 · Vol. II - Price Relations between July and September Wheat Futures at Chicago Since 1885
Working, H. · 1933 - Speculation and Economic Stability
Kaldor, N. · 1939 · Review of Economic Studies, Vol.7, No.1, pp.1-27 - The Theory of Price of Storage
Working, H. · 1949 · American Economic Review - The Supply of Storage
Brennan, M.J. · 1958 · American Economic Review - Commodity Futures Prices: Some Evidence on Forecast Power, Premiums, and the Theory of Storage
Fama, E.F., & French, K.R. · 1987 · Journal of Business, Vol.60, No.1, pp.55-73 - NYMEX WTI Crude Futures Settlement Prices
2022 · CME Group - Petroleum & Other Liquids Data / U.S. Ending Stocks of Crude Oil
2022 · EIA, U.S. Energy Information Administration
Basis Trading
Go to the concept →- CFTC Glossary
U.S. Commodity Futures Trading Commission - Economic Purpose of Futures Markets and How They Work
U.S. Commodity Futures Trading Commission - Quantifying Treasury Cash-Futures Basis TradesFull text verified
Glicoes, J., Iorio, B., Monin, P., & Petrasek, L. · 2024 · FEDS Notes, Board of Governors of the Federal Reserve System, March 8, 2024
CFTC
Go to the concept →- About the Commission
CFTC; Commodity Exchange Act of 1936 / Commodity Futures Trading Commission Act of 1974 - CFTC Market Surveillance Program
CFTC - Large Trader Reporting Program
CFTC - Commitments of Traders
CFTC - CFTC Letter No. 20-17
2020 · CFTC, May 13, 2020 - Interim Staff Report: Trading in NYMEX WTI Crude Oil Futures Contract Leading up to, on, and around April 20, 2020
2020 · CFTC, November 23, 2020 (Press Release No. 8315-20) - Statement of Commissioner Dan M. Berkovitz
Berkovitz, D.M. · 2020 · CFTC, November 23, 2020 (on the Interim Staff Report) - Statement of Commissioner Dan M. Berkovitz on Exchange Rules and Product Terms and Conditions that Fail to Impose Limits on Crude Oil 'Trading at Settlement' Transactions
Berkovitz, D.M. · 2021 · CFTC, March 15, 2021 - Bubbles, Food Prices, and Speculation: Evidence from the CFTC's Daily Large Trader Data Files
Aulerich, N.M., Irwin, S.H., & Garcia, P. · 2013 · NBER Working Paper No. 19065 - When Benchmarks Fail: The Causes and Consequences of Negative Oil Prices
Gilje, E.P., Ready, R.C., Roussanov, N., & Taillard, J.P. · 2026 · NBER Working Paper No. 34905
Cape of Good Hope
Go to the concept →- World Oil Transit Chokepoints
U.S. Energy Information Administration (EIA) - Review of Maritime Transport 2024
2024 · UNCTAD - Red Sea disruptions increase oil flows around Cape of Good Hope
2024 · EIA - Review of Maritime Transport 2025
2025 · UNCTAD - Suez and Panama Canal disruptions threaten global trade and development
UNCTAD - Red Sea attacks increase shipping times and freight rates
2024 · EIA - Risks and Resilience in Global Trade: Key Trends in 2023-2024
2024 · OECD, OECD Publishing, Paris - Systemic impacts of disruptions at maritime chokepoints
Verschuur, J., Lumma, J. & Hall, J.W. · 2025 · Nature Communications 16, 10421
Chokepoints
Go to the concept →- Review of Maritime Transport 2024: Navigating Maritime Chokepoints
2024 · UNCTAD, United Nations Conference on Trade and Development - Reports on Acts of Piracy and Armed Robbery Against Ships
International Maritime Organization (IMO), MSC.4/Circ. series
Commitments of Traders (COT)
Go to the concept →- Commitments of Traders
CFTC - Disaggregated Commitments of Traders Report Explanatory Notes
CFTC - Explanatory Notes
CFTC - Disaggregated Commitments of Traders – Futures Only
2026 · CFTC, September 29, 2026 (WTI-PHYSICAL, NYMEX, Code-067651) - Hedgers, funds, and small speculators in the energy futures markets: an analysis of the CFTC's Commitments of Traders reports
Sanders, D.R., Boris, K., & Manfredo, M. · 2004 · Energy Economics, 26(3), 425-445 - Do Speculators Drive Crude Oil Futures Prices?
Büyükşahin, B. & Harris, J.H. · 2011 · The Energy Journal, 32(2), 167-202 - Do speculators drive commodity prices away from supply and demand fundamentals?
Fishe, R.P.H. & Smith, A. · 2019 · Journal of Commodity Markets, 15, 100078
Contango
Go to the concept →- A Treatise on Money
Keynes, J.M. · 1930 · Vol. II - Price Relations between July and September Wheat Futures at Chicago Since 1885
Working, H. · 1933 - Speculation and Economic Stability
Kaldor, N. · 1939 · Review of Economic Studies, Vol.7, No.1, pp.1-27 - The Theory of Price of Storage
Working, H. · 1949 - The Supply of Storage
Brennan, M.J. · 1958 - The Strategic and Tactical Value of Commodity Futures
Erb, C.B., & Harvey, C.R. · 2006 · Financial Analysts Journal, Vol.62, No.2, pp.69-97 - The Fundamentals of Commodity Futures Returns
Gorton, G.B., Hayashi, F., & Rouwenhorst, K.G. · 2013 · Review of Finance, Vol.17, No.1, pp.35-105 - NYMEX WTI Crude Futures Settlement Prices
2022 · CME Group - Petroleum & Other Liquids Data / Spot Prices and Futures Curves
2015, 2016 · EIA, U.S. Energy Information Administration
Convenience Yield
Go to the concept →- Speculation and Economic Stability
Kaldor, N. · 1939 · Review of Economic Studies, Vol.7, No.1, pp.1-27 - The Theory of Price of Storage
Working, H. · 1949 · American Economic Review, Vol.39, No.6, pp.1254-1262 - The Supply of Storage
Brennan, M.J. · 1958 · American Economic Review, Vol.48, No.1, pp.50-72 - Stochastic Convenience Yield and the Pricing of Oil Contingent Claims
Gibson, R., & Schwartz, E.S. · 1990 · Journal of Finance, Vol.45, No.3, pp.959-976 - Weekly Cushing, OK Ending Stocks excluding SPR of Crude Oil
U.S. Energy Information Administration (EIA), weekly series - Oil Market Report – March 2022
2022 · International Energy Agency (IEA) - Why Cushing Matters: An Update on the WTI Benchmark
Brusstar, D., & Karas, R. · 2023 · CME Group, March 21, 2023
EIA
Go to the concept →- 42 U.S. Code Section 7135
Cornell LII - Information Quality Guidelines
U.S. Energy Information Administration - EIA's Weekly Petroleum Status Report provides a snapshot of petroleum balances
2022 · U.S. Energy Information Administration, Today in Energy, August 10, 2022 - The Use of Knowledge in Society
Hayek, F.A. · 1945 · The American Economic Review, 35(4): 519-530 - Efficient Capital Markets: A Review of Theory and Empirical Work
Fama, E.F. · 1970 · The Journal of Finance, 25(2): 383-417 - On the Impossibility of Informationally Efficient Markets
Grossman, S.J. and Stiglitz, J.E. · 1980 · The American Economic Review, 70(3): 393-408 - The Impact of Crude Oil Inventory Announcements on Prices: Evidence From Derivatives Markets
Miao, H., Ramchander, S., Wang, T. and Yang, J. · 2018 · Journal of Futures Markets, 38: 38-65 - About Us — Recognized Statistical Agencies and Units
U.S. Office of Management and Budget, StatsPolicy.gov
Hedge Fund
Go to the concept →- Implications of the Growth of Hedge Funds
2003 · U.S. Securities and Exchange Commission (SEC), Division of Investment Management, Staff Report, September 2003 - Registration Under the Advisers Act of Certain Hedge Fund Advisers
2004 · U.S. Securities and Exchange Commission (SEC), Release No. IA-2266 - Financial Stability Report
2020 · Board of Governors of the Federal Reserve System (FRB), May 2020 - Market Liquidity and Funding Liquidity
Brunnermeier, M.K. and Pedersen, L.H. · 2009 · The Review of Financial Studies, 22(6): 2201-2238 - Liquidity Risk and Hedge Fund Ownership
Cao, C. and Petrasek, L. · 2012 · FEDS Working Paper 2011-49, Board of Governors of the Federal Reserve System
Heuristic
Go to the concept →- Subjective probability: A judgment of representativeness
Kahneman, D. & Tversky, A. · 1972 · Cognitive Psychology 3(3), 430–454 - Availability: A heuristic for judging frequency and probability
Tversky, A. & Kahneman, D. · 1973 · Cognitive Psychology 5(2), 207–232 - Judgment under Uncertainty: Heuristics and Biases
Tversky, A. & Kahneman, D. · 1974 · Science 185(4157), 1124–1131 - Belief in the Law of Small Numbers
Tversky, A. & Kahneman, D. · 1971 · Psychological Bulletin 76(2), 105–110 - Similarity and probability
Bar-Hillel, M. · 1974 · Organizational Behavior and Human Performance 11(2), 277–282 - Heuristic Decision Making
Gigerenzer, G. & Gaissmaier, W. · 2011 · Annual Review of Psychology 62, 451–482 - Rapid Decision Making on the Fire Ground
Klein, G., Calderwood, R. & Clinton-Cirocco, A. · 1986 · Proceedings of the Human Factors Society Annual Meeting 30(6), 576–580 - Rapid Decision Making on the Fire Ground
Klein, G., Calderwood, R. & Clinton-Cirocco, A. · 1988 · U.S. Army Research Institute for the Behavioral and Social Sciences, Technical Report 796 - Rapid Decision Making on the Fire Ground: The Original Study Plus a Postscript
Klein, G., Calderwood, R. & Clinton-Cirocco, A. · 2010 · Journal of Cognitive Engineering and Decision Making 4(3), 186–209 - Skiing
Hemon, A. · 2015 · Fortune, March 15, 2015, p.30
Information Cascade
Go to the concept →- A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades
Bikhchandani, S., Hirshleifer, D., & Welch, I. · 1992 · Journal of Political Economy, 100(5), 992–1026 - Information Cascades in the Laboratory
Anderson, L.R., & Holt, C.A. · 1997 · American Economic Review, 87(5), 847–862 - Multidimensional Uncertainty and Herd Behavior in Financial Markets
Avery, C., & Zemsky, P. · 1998 · American Economic Review, 88(4), 724–748 - Transaction Costs and Informational Cascades in Financial Markets
Cipriani, M., & Guarino, A. · 2008 · Journal of Economic Behavior & Organization, 68(3–4), 581–592
Liability-side Liquidity
Go to the concept →- Funding Liquidity Risk: Definition and Measurement
Mathias Drehmann and Kleopatra Nikolaou · 2010 · BIS Working Paper No. 316 (July 2010) - Market and Funding Liquidity – An Overview
William C. Dudley · speech by the President of the Federal Reserve Bank of New York, published in BIS Review - Interagency Policy Statement on Funding and Liquidity Risk Management
2010 · U.S. Federal Reserve Board (FRB) - Market Liquidity and Funding Liquidity
Markus K. Brunnermeier and Lasse H. Pedersen · 2009 · Review of Financial Studies, Vol. 22, No. 6 (2009) - The 2023 Banking Turmoil and the Bank Term Funding Program
David Glancy, Felicia F. Ionescu, Elizabeth Klee, Antonis Kotidis, Michael Siemer, and Andrei Zlate · 2024 · FEDS Working Paper 2024-045, Board of Governors of the Federal Reserve System (2024) - International Banking and Liquidity Risk Transmission: Lessons from Across Countries
Claudia M. Buch and Linda S. Goldberg · 2015 · IMF Economic Review, Vol. 63, No. 3 (2015) - Bank Funding Cost and Liquidity Supply Regimes
Eric Jondeau, Benoît Mojon, and Jean-Guillaume Sahuc · 2020 · BIS Working Paper No. 854 (April 2020, revised November 2020) - Fragile Wholesale Deposits, Liquidity Risk, and Banks' Maturity Transformation
Carola Müller et al. · 2025 · BIS Working Paper No. 1263 (April 2025)
Liquidity Provider
Go to the concept →- Market Liquidity: Research Findings and Selected Policy Implications
1999 · BIS - Market-making and proprietary trading: industry trends, drivers and policy implications
2014 · BIS, CGFS Papers No 54 - MiFID II, Article 4(1)(7)
- Shifting tides – market liquidity and market-making in fixed income instruments
2015 · BIS - Financial Stability Report
2020 · Federal Reserve Board (May 2020 / November 2020) - Market Making / Lead Market Maker Performance Requirements
NYSE Arca - Dealer Balance Sheets and Bond Liquidity Provision
Adrian, T., Boyarchenko, N. & Shachar, O. · 2017 · Journal of Monetary Economics, 89, pp.92-109 - Dealer Liquidity Provision and the Breakdown of the Law of One Price: Evidence from the CDS–Bond Basis
Choi, J., Shachar, O. & Shin, S.S. · 2019 · Management Science, 65(9), pp.4100-4122 - Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers
Harkrader, J.C. & Puglia, M. · 2020 · FEDS 2020-096
Managed Money
Go to the concept →- Disaggregated Explanatory Notes
CFTC, Commodity Futures Trading Commission - Commitments of Traders
CFTC, Commodity Futures Trading Commission - Disaggregated Commitments of Traders Report — Metals and Other (Futures Only)
2026 · CFTC, September 15, 2026 - Price Dynamics, Price Discovery and Large Futures Trader Interactions in the Energy Complex
Haigh, M.S., Hranaiova, J., & Overdahl, J.A. · 2005 · CFTC Office of the Chief Economist, First Draft, April 28, 2005 - Hedging and Speculative Trading in Agricultural Futures Markets
Fishe, R.P.H., Janzen, J.P., & Smith, A. · 2014 · American Journal of Agricultural Economics, 96(2), 542-556 - Do Speculators Drive Commodity Prices Away from Supply and Demand Fundamentals?
Fishe, R.P.H., & Smith, A. · 2019 · Journal of Commodity Markets, 15 - Speculation and the Informational Efficiency of Commodity Futures Markets
Bohl, M.T., Pütz, A., & Sulewski, C. · 2021 · Journal of Commodity Markets, 23, 100159 - Speculation and the 2008 Oil Bubble: The DCOT Report Analysis
Tokic, D. · 2012 · Energy Policy, 45, 541-550 - Is There Smart Money? How Information in the Commodity Futures Market Is Priced into the Cross Section of Stock Returns with Delay
Ho, S.W., & Lauwers, A.R. · 2023 · Journal of Financial and Quantitative Analysis, 58(8), 3201-3230
Margin
Go to the concept →- Oxford English Dictionary (OED)
- Merriam-Webster Dictionary
- Chicago Board of Trade (CBOT) Archives
1865 - History of the Board of Trade of the City of Chicago
Charles H. Taylor · 1917 - Markham v. Jaudon, 41 N.Y. 235
1869 · Court of Appeals of New York - Margin Requirements Guide / Cboe Option Margin Manual
Chicago Board Options Exchange (Cboe) - Regulation T (12 CFR Part 220) / Securities Exchange Act of 1934, Section 7
U.S. Federal Reserve Board (FRB) - Rule 4210 (Margin Requirements)
Financial Industry Regulatory Authority (FINRA) - The role of margin requirements and haircuts in procyclicality
2010 · Bank for International Settlements (BIS), Committee on the Global Financial System (CGFS) Publication No. 36, March 2010 - The Effect of Investment Literacy on the Likelihood of Retail Investor Margin Trading and Having a Margin Call
Hohyun Kim, Kyoung Tae Kim, Sherman D. Hanna · 2022 · Finance Research Letters, Vol. 45 (March 2022), Article 102146
Margin Call
Go to the concept →- Rule 4210 (Margin Requirements), particularly 4210(c)
Financial Industry Regulatory Authority (FINRA) - educational materials
CME Group - Persistence and Procyclicality in Margin Requirements
Paul Glasserman and Qi Wu · 2018 · Management Science, Vol. 64, No. 12 (2018), pp. 5705–5724 - An Empirical Analysis of Futures Margin Changes: Determinants and Policy Implications
Nicole Abruzzo and Yang-Ho Park · 2014, 2016 · FEDS Working Paper No. 2014-86 / Journal of Financial Services Research, Vol. 49, No. 1 (2016), pp. 65–100 - Financial Stability Report
2022 · Board of Governors of the Federal Reserve System, May 2022, Box 4.2
Market Maker
Go to the concept →- MiFID II, Article 4(1)(7)
EUR-Lex, Directive 2014/65/EU - Market-making and proprietary trading: industry trends, drivers and policy implications
2014 · BIS, CGFS Papers No. 52 (November 2014) - Optimal Dealer Pricing under Transactions and Return Uncertainty
Thomas Ho and Hans R. Stoll · 1981 · Journal of Financial Economics, Vol. 9, No. 1 (1981) - NYSE Arca Market Making
NYSE - Designated Market Makers (DMMs) / NYSE Rules
NYSE - Financial Stability Report
2020 · Board of Governors of the Federal Reserve System, May 2020 - Dealer Balance Sheets and Bond Liquidity Provision
Tobias Adrian, Nina Boyarchenko, and Or Shachar · 2017 · Journal of Monetary Economics, Vol. 89 (2017), pp. 92-109 - Dealer capacity and US Treasury market functionality
Darrell Duffie, Michael Fleming, Frank Keane, Claire Nelson, Or Shachar, and Peter Van Tassel · 2023 · BIS Working Papers No. 1138 (October 2023)
Number of Traders
Go to the concept →- Explanatory Notes
CFTC (Commodity Futures Trading Commission, Market Reports: Commitments of Traders) - Commitments of Traders Report (Petroleum, Futures Only)
2026 · CFTC, July 7, 2026 - A Thin Year-end Range, and a Split Inside the Fund Long Build
2024 · Burginvest Research (December 2024 issue)
OPEC+
Go to the concept →- Declaration of Cooperation
OPEC - OPEC official statement (opec.org/pr-detail/593-1-march-2026.html)
2026 · OPEC - OPEC official statement (opec.org/pr-detail/557-03-april-2025.html)
2025 · OPEC - OPEC official statement (opec.org/pr-detail/572-03-august-2025.html)
2025 · OPEC - OPEC Bulletin (December 2025 issue)
2025 · OPEC - IEA Oil Market Report (January 2026 issue)
2026 · IEA - OPEC official statement (opec.org/pr-detail/582-30-november-2025.html)
2025 · OPEC - OPEC Monthly Oil Market Report
OPEC - Forward Curve Transformation Under OPEC+ Output Hike and Rebound Risk
2025 · Burginvest Research (December 2025 issue) - EIA updates its definitions and estimates of OPEC crude oil production capacity
U.S. Energy Information Administration
Open Interest
Go to the concept →- Explanatory Notes
CFTC - CFTC Glossary
CFTC - Disaggregated Commitments of Traders Report Explanatory Notes
CFTC - On measuring speculative and hedging activities in futures markets from volume and open interest data
Lucia, J.J., & Pardo, A. · 2010 · Applied Economics, 42(12), 1549-1557 - What does futures market interest tell us about the macroeconomy and asset prices?
Hong, H., & Yogo, M. · 2012 · Journal of Financial Economics, 105(3), 473-490
Outright Transaction
Go to the concept →- Principles for financial market infrastructuresFull text verified
2012 · CPSS-IOSCO, April 2012, Principle 6: Margin (pp. 50–54) - 先物取引のすべて (in Japanese)Full text verified
Osaka Exchange (PDF) - 日経225先物 制度概要 (in Japanese)Full text verified
2024 · Osaka Exchange (updated November 4, 2024) - 指数先物取引・国債先物取引（現金決済先物取引）・金利先物取引の決済方法 (in Japanese)Full text verified
Japan Securities Clearing Corporation (JSCC) - 証拠金 (in Japanese)Full text verified
2024 · Japan Securities Clearing Corporation (JSCC) (as of December 18, 2024) - 日報「日経225先物」／清算価格 (in Japanese)Full text verified
2026 · Osaka Exchange (October 1, 2, and 5, 2026); Japan Exchange Group (October 6, 2026) - Optimal Portfolio Liquidation with Distress RiskFull text verified
Brown, D. B., Carlin, B. I., & Lobo, M. S. · 2010 · Management Science, 56(11), 1997–2014 - Market Liquidity and Funding LiquidityFull text verified
Brunnermeier, M. K., & Pedersen, L. H. · 2009 · Review of Financial Studies
Overconfidence
Go to the concept →- Knowing with Certainty: The Appropriateness of Extreme Confidence
Fischhoff, B., Slovic, P., & Lichtenstein, S. · 1977 · Journal of Experimental Psychology: Human Perception and Performance, 3(4), 552–564 - The Trouble with Overconfidence
Moore, D.A., & Healy, P.J. · 2008 · Psychological Review, 115(2), 502–517 - On the Survival of Overconfident Traders in a Competitive Securities Market
Hirshleifer, D., & Luo, G.Y. · 2001 · Journal of Financial Markets, 4(1), 73–84 - Volume, Volatility, Price, and Profit When All Traders Are Above Average
Odean, T. · 1998 · Journal of Finance, 53(6), 1887–1934
Prime Broker
Go to the concept →- The Long and Short of Hedge Funds: Effects of Strategies for Managing Market Risk
Chairman William H. Donaldson · 2003 · U.S. Securities and Exchange Commission; Testimony, Before the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises (May 22, 2003) - Electronic Submission of Securities Transaction Information by Exchange Members, Brokers, and Dealers
2001 · U.S. Securities and Exchange Commission, Release No. 34-44494 (June 29, 2001) - The prime broker–hedge fund nexus: recent evolution and implications for bank risks
D.K.G. de Araujo, B.H. Cohen and K. Tracol · 2024 · Bank for International Settlements, BIS Quarterly Review (March 2024) - The foreign exchange market
A. Chaboud, D. Rime and V. Sushko · 2023 · Bank for International Settlements, BIS Working Papers No. 1094 (April 2023) - New developments in clearing and settlement arrangements for OTC derivatives
2007 · Committee on Payment and Settlement Systems (Bank for International Settlements), March 2007 - Financial Stability Report
2020 · Board of Governors of the Federal Reserve System, May 2020
Prompt Spread
Go to the concept →- Speculation and Economic Stability
Kaldor, N. · 1939 · Review of Economic Studies, Vol.7, No.1, pp.1-27 - The Theory of Price of Storage
Working, H. · 1949 · American Economic Review, Vol.39, No.6, pp.1254-1262 - Weekly Petroleum Status Report
2023 · EIA, U.S. Energy Information Administration, September 27, 2023 (Table 4 and Table 13) - Cushing, OK Crude Oil Future Contract 1 / Contract 2
EIA, U.S. Energy Information Administration (daily series) - U.S. crude oil storage capacity utilization now up to 60%
2015 · EIA, Today in Energy, March 4, 2015 - What are tank bottoms?
2026 · EIA, Today in Energy, July 16, 2026 - Initial Listing of Three (3) Crude Oil Futures Contracts
2023 · NYMEX, Submission No. 23-064, Exhibit E, submitted to the CFTC, March 1, 2023
Prospect Theory
Go to the concept →- Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. · 1979 · Econometrica, 47(2), pp.263-292 - Advances in Prospect Theory: Cumulative Representation of Uncertainty
Tversky, A., & Kahneman, D. · 1992 · Journal of Risk and Uncertainty, 5(4), pp.297-323 - Realized Returns on Common Stock Investments: The Experience of Individual Investors
Schlarbaum, G.G., Lewellen, W.G., & Lease, R.C. · 1978 · Journal of Business, 51(2), pp.299-325 - The Disposition to Sell Winners Too Soon and Ride Losers Too Long: Theory and Evidence
Shefrin, H., & Statman, M. · 1985 · Journal of Finance, 40(3), pp.777-790 - Are Investors Reluctant to Realize Their Losses?
Odean, T. · 1998 · Journal of Finance, 53(5), pp.1775-1798 - Myopic Loss Aversion and the Equity Premium Puzzle
Benartzi, S., & Thaler, R.H. · 1995 · Quarterly Journal of Economics, 110(1), pp.73-92 - Reference Point Adaptation: Tests in the Domain of Security Trading
Arkes, H.R., Hirshleifer, D., Jiang, D., & Lim, S. · 2008 · Organizational Behavior and Human Decision Processes, 105(1), pp.67-81 - Reference Point Formation by Market Investors
Kliger, D., & Kudryavtsev, A. · 2008 · Journal of Banking & Finance, 32(9), pp.1782-1794 - The Disposition Effect and the Relevance of the Reference Period: Evidence Among Sophisticated Investors
Sarmiento, J., Rendón, J., Sandoval, J.S., & Cayon, E. · 2019 · Journal of Behavioral and Experimental Finance, 24, 100211 - Wide Framing Disposition Effect: An Empirical Study
Brettschneider, J., Burro, G., & Henderson, V. · 2021 · Journal of Economic Behavior & Organization, 185, pp.330-347 - Disposition Effect and Reference Points: An Experimental Study
da Costa Jr., N., Paraboni, A.L., & Goulart, M. · 2023 · PLoS ONE, 18(4), e0284171 - The Portfolio-Driven Disposition Effect
An, L., Engelberg, J., Henriksson, M., Wang, B., & Williams, J. · 2024 · Journal of Finance, 79(5), pp.3459-3495
Roll Yield
Go to the concept →- The Theory of Price of Storage
Working, H. · 1949 · American Economic Review, Vol.39, No.6, pp.1254-1262 - The Strategic and Tactical Value of Commodity Futures
Erb, C.B., & Harvey, C.R. · 2006 · Financial Analysts Journal, Vol.62, No.2, pp.69-97 - Long-Short Commodity Investing: A Review of the Literature
Miffre, J. · 2016 · Journal of Commodity Markets, Vol.1, No.1, pp.3-13 - Implications of WTI Oil Futures In Backwardation Amid the Supply Crunch
Norland, E. · 2026 · CME Group Economic Research, April 16, 2026 - Form 8-K
2020 · United States Oil Fund, LP; filed with the U.S. Securities and Exchange Commission, April 27, 2020
SPR
Go to the concept →- Strategic Petroleum Reserve
U.S. Department of Energy (DOE) - SPR Fact Sheet
U.S. Department of Energy (DOE) - History of SPR Releases
U.S. Department of Energy (DOE) - SPR Quick Facts
U.S. Department of Energy (DOE) - The Strategic Petroleum Reserve
1983 · U.S. Government Accountability Office (GAO) - Analyses of the Strategic Petroleum Reserve Drawdown Plan and the Strategic Petroleum Reserve Drawdown and Distribution Report
1983 · U.S. Government Accountability Office (GAO), GAO/RCED-83-85 - Informing SPR Policy Through Oil Futures and Inventory Dynamics
Richard G. Newell and Brian C. Prest · 2017 · NBER Working Paper No. 23974 - Strategic Petroleum Reserve: DOE Needs to Strengthen Its Approach to Planning the Future of the Emergency Stockpile
2018 · U.S. Government Accountability Office (GAO), GAO-18-477 - Energy Security: Congress and DOE Need a Unified Plan to Align Priorities and Investments for the Strategic Petroleum Reserve
2026 · U.S. Government Accountability Office (GAO), GAO-26-106918
Spare Capacity
Go to the concept →- speech by Dr Maizar Rahman
2004 · Organization of the Petroleum Exporting Countries (OPEC), July 29, 2004 - EIA updates its definitions and estimates of OPEC crude oil production capacity
2025 · U.S. Energy Information Administration (EIA), Today in Energy, December 19, 2025 - multiple pages (energyexplained, finance/markets/supply-opec, etc.)
U.S. Energy Information Administration (EIA) - Effects of crude oil supply disruptions: how long can they last?
2011 · U.S. Energy Information Administration (EIA), Today in Energy, March 30, 2011 - International Energy Statistics (Table 11.5, World Crude Oil Production)
U.S. Energy Information Administration (EIA) - OPEC's Impact on Oil Price Volatility: The Role of Spare Capacity
Pierru, A., Smith, J.L. and Zamrik, T. · 2018 · The Energy Journal, 39(2): 103-122 - The Value of OPEC's Spare Capacity to the Oil Market and Global Economy
Almutairi, H., Pierru, A. and Smith, J.L. · 2021 · OPEC Energy Review, 45(1): 29-43 - Oil price jumps and the uncertainty of oil supplies in a geopolitical perspective: The role of OPEC's spare capacity
Selmi, R., Bouoiyour, J. and Miftah, A. · 2020 · International Economics, 164: 18-35
Strait of Hormuz
Go to the concept →- Strait of Hormuz
International Energy Agency - Strait of Hormuz Factsheet
2026 · International Energy Agency (2026 edition) - Ships' Routeing
International Maritime Organization - World Oil Transit Chokepoints Analysis
U.S. Energy Information Administration - 石油統計速報 (in Japanese)
Japan's Ministry of Economy, Trade and Industry / Agency for Natural Resources and Energy - 石油備蓄の現況 (in Japanese)
2026 · Japan's Ministry of Economy, Trade and Industry / Agency for Natural Resources and Energy (published June 2026) - Standard War Risks Clause for Time Charter Parties 2013 (CONWARTIME 2013)
2013 · Baltic and International Maritime Council - Hull War, Piracy, Terrorism and Related Perils Listed Areas
Joint War Committee (Lloyd's Market Association)
Strait of Malacca
Go to the concept →- World Oil Transit Chokepoints
2026 · U.S. Energy Information Administration (EIA) - Safety of straits used for international navigation — FAQs
International Maritime Organization (IMO) - Safety and sustainability in Straits of Malacca and Singapore
2015 · IMO - Singapore Maritime Lecture
IMO - Seminar on CSR activities for the shipping industry
IMO - Vessel Traffic Information System
Singapore Maritime and Port Authority (MPA) - Voluntary Pilotage Services in the Straits of Malacca and Singapore
Singapore MPA - More than 30% of global maritime crude oil trade moves through the South China Sea
2018 · EIA - Joint Hydrographic Survey in Malacca and Singapore Straits
JICA - The Situation in the Malacca and Singapore Straits
Nippon Foundation - The economic importance of the Straits of Malacca and Singapore: An extreme-scenario analysis
Qu, X. & Meng, Q. · 2012 · Transportation Research Part E: Logistics and Transportation Review 48(1), 258–265 - Navigational regulation materials
NUS Centre for International Law - World Ocean Review 5: Living with the Coasts — The Strait of Malacca: a historical shipping metropolis
2017 · maribus gGmbH - Evidence Session No.24 (testimony of 25 November 2014, included in the 2015 report "Responding to a Changing Arctic")
2014 · House of Lords, Select Committee on the Arctic - Press Statement: Singapore granted observership in the Arctic Council
2013 · Singapore Ministry of Foreign Affairs - China's Arctic Policy
2018 · State Council Information Office of China - Towards a balanced view of Arctic shipping
Yumashev, D., van Hussen, K., Gille, J., & Whiteman, G. · 2017 · Climatic Change 143, 143–155 - Southeast Asian Region Maritime Connectivity and the Potential Development of the Northern Sea Route for Commercial Shipping
Idris, H. & Ramli, M. F. · 2018 · JATI 23(2), 25–46 - Maritime Logistics, Geo-Economic Integration, and Economic Rent Capture in the Malacca Strait
Langelo, F. N. & Aprilia, C. · 2026 · JISS 7(6)
Suez Canal
Go to the concept →- About Suez Canal
Suez Canal Authority - Why Suez Canal? / Importance & Advantages
Suez Canal Authority - Canal Characteristics
Suez Canal Authority - AICC HUANGHU transit (13 February 2025)
2025 · Suez Canal Authority - BANGKOK MAERSK (22 August 2026)
2026 · Suez Canal Authority - CMA CGM VENDOME (9 June 2026)
2026 · Suez Canal Authority - Canal History
Suez Canal Authority - SCA Overview
Suez Canal Authority - Vision & Mission
Suez Canal Authority - Review of Maritime Transport 2024
2024 · UNCTAD - Review of Maritime Transport 2025
2025 · UNCTAD - Maritime transportation disruptions and international trade
OECD - Distance, trade, and income — The 1967 to 1975 closing of the Suez canal as a natural experiment
Feyrer, J. · 2021 · Journal of Development Economics 153, 102708 - Analysis of the impact of Suez Canal blockage on the global shipping network
Wan, Z. et al. · 2023 · Ocean & Coastal Management 245, 106868 - Systemic impacts of disruptions at maritime chokepoints
Verschuur, J., Lumma, J. & Hall, J.W. · 2025 · Nature Communications 16, 10421
Unwind
Go to the concept →- unwind
Oxford Learner's Dictionaries - Carry off, carry onFull text verified
2024 · Bank for International Settlements, BIS Quarterly Review, September 2024 - The market turbulence and carry trade unwind of August 2024Full text verified
Aquilina, M., Lombardi, M., Schrimpf, A., & Sushko, V. · 2024 · BIS Bulletin No 90, 27 August 2024 - Margins, debt capacity, and systemic riskFull text verified
Aramonte, S., Schrimpf, A., & Shin, H. S. · 2023 · BIS Working Papers No 1121, September 2023 - Financial Stability ReportFull text verified
2020 · Board of Governors of the Federal Reserve System, May 2020 - Sergio BusquetsFull text verified
FC Barcelona, official website (player page)
DOI / Official link: https://www.fcbarcelona.jp/ja/football/first-team/players/4963/sergio-busquets - Sergio Busquets cierra su preciosa carrera con la SelecciónFull text verified
2022 · Real Federación Española de Fútbol, 16 December 2022
DOI / Official link: https://rfef.es/es/noticias/gracias-busquets-gracias-capitan
Weekly Petroleum Status Report (WPSR)
Go to the concept →- Weekly Petroleum Status Report
U.S. Energy Information Administration (EIA) - EIA's Weekly Petroleum Status Report provides a snapshot of petroleum balances
EIA - What drives crude oil prices: Balance
EIA - WPSR provides comprehensive crude oil and refined products balances
2011 · EIA - The informational content of inventory announcements: Intraday evidence from crude oil futures market
Ye, Shiyu & Karali, Berna · 2016 · Energy Economics 59, 349–364 - Crude oil adjustment balances independently developed supply and disposition components
EIA - What are tank bottoms?
2026 · EIA - Effect of inventory announcements on crude oil price volatility
Bu, Hui · 2014 · Energy Economics 46, 485–494 - The Use of Knowledge in Society
Hayek, Friedrich A. · 1945 · American Economic Review 35(4), 519–530