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An Empirical Investigation of Speculation in the MISO Financial Transmission Rights Auction Market

Daniel Molzahn and Corey Singletary

The Electricity Journal, 2011, vol. 24, issue 5, 57-68

Abstract: Even with conservative assumptions, a statistical model indicates that speculators account for a significant share of transactions and profits in the Midwest Independent System Operator FTR auction market. While the large speculator profits are potentially concerning, the study also lends some credence to the argument that speculators confer useful liquidity benefits.

Date: 2011
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