The arbitrator, a retired judge with jowls like a bloodhound, removed his reading glasses. “Mr. Croft, your response?”
Elena, a forensic accountant with a permanent furrow in her brow, stared at the number. 18.7%. That was the premium investors had paid for the Energy Transfer Partners exchange-traded product over the value of the actual crude oil in the tanks, the pipelines, the physical molecules themselves. etp premium
The lawyer smiled. “We sold them access . The ETP offered daily rolls, contango protection, a frictionless bet on winter heating demand. The premium reflected convenience.” The arbitrator, a retired judge with jowls like
She pulled out her own exhibit: a flowchart titled The Smile Curve . removed his reading glasses. “Mr. Croft
