Creation of Web Portal and Database Essay Example | Topics and Well Written Essays - 1250 words

Creation of Web Portal and Database - Essay Example The business needs that will be achieved through the creation of a web portal within the institution includes an improved financial status, increased capacity and efficiency of service delivery, increased institution membership, increased student numbers and retention and enhanced satisfaction among the clients. The system implementation methodology should be applied within the institution in the adoption and installation of the web portal. This will ensure that the objective of the implementation process will be focused at appropriate design, adoption and application of the web portal within the institution (Villeneuve and Aminah, 2003). Additionally the institution will be able to ensure that the adoption and use of the web portal will be congruent with the policies and organization of Brisbane Institute of Art. The capability of the organization to implement the suggested solution is determined by the availability of resources and expertise that will design and maintain the web po rtal. Additionally, the organization must establish security policies that would play a role of securing the information within its databases through regulation of access. It is assumed that the organization has adequate financial resources that will be allocated for the adoption and implementation of the web portal. ... Therefore a cost benefit analysis will be conducted in relation to the strengths and weakness of the company to implement the opportunities of an effective web portal in its functions. More importantly, the stakeholders of the institution must be able to see the benefits that will be achieved through the implementation of the web portal (Griffith, Tansik and Benson, 2002). Solution Scope/Details The solution for Brisbane Institute of Art’s problem is the creation of an up to date website and database for effective management of its operations and enhanced communication among its stakeholders. The design and creation of the website should be compatible with modern software applications. This will enable the institution to enable more features within its website such as the use of multimedia as opposed to the current use of outdated Joomla package which is characterized by evident inefficiencies in processing data. More importantly, there should be creation of a database within the institution for efficient management of records. The creation of the database should also include sub databases such as student record management databases for finances, examinations, personal details and activities. Furthermore the solution for Brisbane Institute of Art should include a database for effective management of its human resource such as instructors to alleviate the problem of increased employee turnover. The creation of an up to date website will affect all areas of the institution. This includes the admissions, administration, human resource, records and human resource departments. For example the admissions department will be able to advertise on the

Primary and Secondary Sources Coursework Example | Topics and Well Written Essays - 250 words

Primary and Secondary Sources - Coursework Example Lincoln’s â€Å"Gettysburg Address†is an example of a primary source.Meanwhile, secondary sources are materials that digest, analyze, evaluate and interpret information contained within primary sources or other secondary sources.Examples of these are books and articles (Henderson, 2011, n.p.). In using primary sources to make a background review of a study, one of the main advantages it provides is reliabilityas it serves as the original source of information of the topic.Primary sources also avoid the problem encountered in secondary sources, where new author may distort and put their own spin on the findings of prior cited authors. Government records such as census are classified as primary sources and it provides an accurate and unbiased description of events. Choosing the right source whether primary or secondary sourcedepends upon the author themselves as both of the sources may have benefit and disadvantages. To sum it up, primary sources give raw data while secondary sources help to understand primary sources, thus these both types of sources can be of equal importance in the conduct of a

Land Law terms and conditional Essay Example | Topics and Well Written Essays - 1500 words

Land Law terms and conditional - Essay Example The most common problems resulting from tenancy agreements border on landlord ignorance of tenant rights or problems of transfer as the one detailed in this case. This is a situation where a current owner sells the property to another, the major question being whether current tenants are bound by agreements made under the previous owner. Most times, the two forms of tenancy are referred to as either assured or shorthold tenancy. However, there are other forms of tenancy that result, not because they are assured or recognized by the law but because they fail to meet the provisions stated for these two forms of tenancy. A license to occupy A license to occupy is appropriate only for temporary arrangement; it is less detailed in comparison to a full lease. For this reason, it cannot be used in place of a full lease, or where the occupant is going to occupy property for a lengthy period of time. License to occupy is adaptable to diverse situations, and is frequently used when a tenant is only interested to occupy property momentarily or when the procedures of a lease are being concluded. Individuals wishing to occupy property for a temporary time can avoid such long term commitments by drafting a license to occupy, in which case rent is to be paid in the next week or month. If such obligations are not met, the License will come to an end. Under a License to occupy the Landlord has exclusive rights to property access at any time. Lease Agreement Unlike a license to occupy, a Commercial Lease Agreement is appropriate for letting property for a period not less than six moths and not beyond three years. The longer the lease period, the more detailed the lease agreement becomes. An agreement which is anything beyond three years requires a well detailed agreement which should be prepared and reviewed by a qualified solicitor. One major difference between leases and other forms of tenancy is that lease agreements accords exclusive rights of occupancy to the lease holder. The implication of this is that the landlord cannot access the property unless under any identified circumstances specified in the agreement. Exclusive rights to property also mean that the tenant reserves the right of the owner for the period of the lease, this means he can sub let, through a Sublease Agreement. Leasing is not common for residential property but is mostly embraced for commercial reasons. Lease forms a contractual obligation binding the property owner the lessee, however, it also creates an interest in property. For this reason, it must be issued for a definite period of time, but can extend beyond this period. In such a case, it becomes a Tenancy at Will which can be terminated through an adequate notice. Adequate time for the notice might be detailed in the lease agreement, however, if such is not included the notice period will equate to the frequency of payment of rent as indicated in the agreement. The main difference between a lease agreement and a License is that a lease conveys interest in land, something which a license does not. This was well indicated in a 1673 case, Thomas v Sorrell: In this case, it was passed that a license passes no interest, and does not alter or transfer property; all it does is make an act lawful which without the license had been unlawful. A similar, position was taken by Justice Macdonald in Baker v Gee, the Justice held; that according to the provisions of

Contemporary Organisational Theory Assignment Example | Topics and Well Written Essays - 1500 words

Contemporary Organisational Theory - Assignment Example nsion felt in 24 nations in the world, signifying the complexities required for the management of such organisation, it has defiled the conventional methods adopted by organisations with the same complexities. The system adopted by Gore sought to deviate from the conventional methods of management. The concept was based on theory Y, which sought to build human relation. The theory assumes that people get motivation within self. When one is self-motivated, they become anxious to identify solutions for different problems. Besides, the theory ascribes that such individuals have the potential of working together in tasks without jeopardising the peace in the work environment. The method used by Bill and Vieve limited the number of employees for every given plant facility. For instance, they believe that 200 associates are appropriate for the model because it encourage the development of interpersonal trust. The two believes that if the number is exceeded, the productivity is likely to decline. They solved the problem by ensuring that every time the number is reached they opened a new facility instead of expanding. The concept of a limited number of employees is based on the anthropological concepts developed by Robin Dunbar. The concept asserts that social groupings correlates with the size that human can manage. Cases of complex social relations are not appropriate when encouraging human relationship. The number of people each employee can relate with was estimated to be 148 according to Dunbar. The new associates were given mentors who guided them and carried them through the units in the organisation to identify areas that match with their skills and talents. The approach is unique because it enables new entrance to identify areas within the organisation that matches with their preferences and hence improves their output. These strategies are unique because most organisations have right job descriptions used for employing new people based on the items listed in the

Despairing Companionship Essay Example for Free

Despairing Companionship Essay â€Å"Modern Love,† a poetic sequence by George Meredith, describes a skeptical opinion on the idea of modern love. Meredith’s devastating tone, complex similes and metaphors, and dark imagery convey a sad and regretful outlook on the love of this time. â€Å"Modern Love† is riddled with a tone full of regret and heartache, making this modern love seem more like the opposite of love. The speaker says â€Å"she wept with waking eyes† and her â€Å"strange low sobs† were â€Å"strangled mute.† The words describing this woman are full of grief, full of â€Å"vain regret. † Her husband is painfully aware of his wife’s sadness, through her reaction to â€Å"his hand’s light quiver by her head† and her sobs that were â€Å"dreadfully venomous to him.† The speaker’s worried tone shows how much the husband wishes for his wife to be happy, but his actions of loving care and cautiousness do nothing to quell her tears. This makes modern love seem hopeless and full of despair for both the man and his distraught wife. Use of intense simile and metaphor throughout â€Å"Modern Love† also demonstrates a grim view on the concept of modern love. The muffled cries of the wife are called â€Å"little gaping snakes† showing how afraid and vulnerable the husband is to them. The man’s wife has a â€Å"Giant heart of Memory and Tears† which shows the heavy, almost useless organ that the wife carries around within her, empty of love, only able to remember the sadness to which she has been subjected to. Then, the husband and wife are said to be â€Å"like sculpture effigies† in their â€Å"common bed,† lying â€Å"stone-still.† Instead of two lovers talking to each other and loving each other in their bed, a place shared between the two of them, they are â€Å"moveless† and silent. This makes modern love seem empty of joy, empty of companionship, and devoid of love. â€Å"Modern Love† also utilizes imagery to portray the sadness and tension of modern love. The wife is described as lying â€Å"stone-still.† They are both â€Å"moveless† as they look back through their â€Å"dead black years.† Their life is described as â€Å"black,† which provides the image of nothingness, as if there is no memory worth seeing. Their modern love provides no light with which their lives might be made happy. They are seen as â€Å"sculptured effigies,† wishing for the â€Å"sword that severs all.† Instead of wishing for a good relationship or positive time together, they want something to end their marriage, to end the one thing that ties them together. This modern love is not love at all, but a forced binding between two people who want nothing of it. The poetic sequence â€Å"Modern Love† by George Meredith conveys a dark and regretful view of modern love through heartbreaking tone, deep similes and metaphors, and intense imagery.

Commodity Futures and Markets

Commodity Futures and Markets Chapter 1 Introduction to Commodity Market What is â€Å"Commodity†? Any product that can be used for commerce or an article of commerce which is traded on an authorized commodity exchange is known as commodity. The article should be movable of value, something which is bought or sold and which is produced or used as the subject or barter or sale. In short commodity includes all kinds of goods. Indian Forward Contracts (Regulation) Act (FCRA), 1952 defines â€Å"goods† as â€Å"every kind of movable property other than actionable claims, money and securities†. In current situation, all goods and products of agricultural (including plantation), mineral and fossil origin are allowed for commodity trading recognized under the FCRA. The national commodity exchanges, recognized by the Central Government, permits commodities which include precious (gold and silver) and non-ferrous metals, cereals and pulses, ginned and un-ginned cotton, oilseeds, oils and oilcakes, raw jute and jute goods, sugar and gur, potatoes and onions, coffee and tea, rubber and spices. Etc. What is a commodity exchange? A commodity exchange is an association or a company or any other body corporate organizing futures trading in commodities for which license has been granted by regulating authority. What is Commodity Futures? A Commodity futures is an agreement between two parties to buy or sell a specified and standardized quantity of a commodity at a certain time in future at a price agreed upon at the time of entering into the contract on the commodity futures exchange. The need for a futures market arises mainly due to the hedging function that it can perform. Commodity markets, like any other financial instrument, involve risk associated with frequent price volatility. The loss due to price volatility can be attributed to the following reasons: Consumer Preferences: In the short-term, their influence on price volatility is small since it is a slow process permitting manufacturers, dealers and wholesalers to adjust their inventory in advance. Changes in supply: They are abrupt and unpredictable bringing about wild fluctuations in prices. This can especially noticed in agricultural commodities where the weather plays a major role in affecting the fortunes of people involved in this industry. The futures market has evolved to neutralize such risks through a mechanism; namely hedging. The objectives of Commodity futures: * Hedging with the objective of transferring risk related to the possession of physical assets through any adverse moments in price. Liquidity and Price discovery to ensure base minimum volume in trading of a commodity through market information and demand supply factors that facilitates a regular and authentic price discovery mechanism. * Maintaining buffer stock and better allocation of resources as it augments reduction in inventory requirement and thus the exposure to risks related with price fluctuation declines. Resources can thus be diversified for investments. * Price stabilization along with balancing demand and supply position. Futures trading leads to predictability in assessing the domestic prices, which maintains stability, thus safeguarding against any short term adverse price movements. Liquidity in Contracts of the commodities traded also ensures in maintaining the equilibrium between demand and supply. * Flexibility, certainty and transparency in purchasing commodities facilitate bank financing. Predictability in prices of commodity would lead to stability, which in turn would eliminate the risks associated with running the business of trading commodities. This would make funding easier and less stringent for banks to commodity market players. Benefits of Commodity Futures Markets:- The primary objectives of any futures exchange are authentic price discovery and an efficient price risk management. The beneficiaries include those who trade in the commodities being offered in the exchange as well as those who have nothing to do with futures trading. It is because of price discovery and risk management through the existence of futures exchanges that a lot of businesses and services are able to function smoothly. 1. Price Discovery:-Based on inputs regarding specific market information, the demand and supply equilibrium, weather forecasts, expert views and comments, inflation rates, Government policies, market dynamics, hopes and fears, buyers and sellers conduct trading at futures exchanges. This transforms in to continuous price discovery mechanism. The execution of trade between buyers and sellers leads to assessment of fair value of a particular commodity that is immediately disseminated on the trading terminal. 2. Price Risk Management: Hedging is the most common method of price risk management. It is strategy of offering price risk that is inherent in spot market by taking an equal but opposite position in the futures market. Futures markets are used as a mode by hedgers to protect their business from adverse price change. This could dent the profitability of their business. Hedging benefits who are involved in trading of commodities like farmers, processors, merchandisers, manufacturers, exporters, importers etc. 3. Import- Export competitiveness: The exporters can hedge their price risk and improve their competitiveness by making use of futures market. A majority of traders which are involved in physical trade internationally intend to buy forwards. The purchases made from the physical market might expose them to the risk of price risk resulting to losses. The existence of futures market would allow the exporters to hedge their proposed purchase by temporarily substituting for actual purchase till the time is ripe to buy in physical market. In the absence of futures market it will be meticulous, time consuming and costly physical transactions. 4. Predictable Pricing: The demand for certain commodities is highly price elastic. The manufacturers have to ensure that the prices should be stable in order to protect their market share with the free entry of imports. Futures contracts will enable predictability in domestic prices. The manufacturers can, as a result, smooth out the influence of changes in their input prices very easily. With no futures market, the manufacturer can be caught between severe short-term price movements of oils and necessity to maintain price stability, which could only be possible through sufficient financial reserves that could otherwise be utilized for making other profitable investments. 5. Benefits for farmers/Agriculturalists: Price instability has a direct bearing on farmers in the absence of futures market. There would be no need to have large reserves to cover against unfavorable price fluctuations. This would reduce the risk premiums associated with the marketing or processing margins enabling more returns on produce. Storing more and being more active in the markets. The price information accessible to the farmers determines the extent to which traders/processors increase price to them. Since one of the objectives of futures exchange is to make available these prices as far as possible, it is very likely to benefit the farmers. Also, due to the time lag between planning and production, the market-determined price information disseminated by futures exchanges would be crucial for their production decisions. 6. Credit accessibility: The absence of proper risk management tools would attract the marketing and processing of commodities to high-risk exposure making it risky business activity to fund. Even a small movement in prices can eat up a huge proportion of capital owned by traders, at times making it virtually impossible to payback the loan. There is a high degree of reluctance among banks to fund commodity traders, especially those who do not manage price risks. If in case they do, the interest rate is likely to be high and terms and conditions very stringent. This posses a huge obstacle in the smooth functioning and competition of commodities market. Hedging, which is possible through futures markets, would cut down the discount rate in commodity lending. 7. Improved product quality: The existence of warehouses for facilitating delivery with grading facilities along with other related benefits provides a very strong reason to upgrade and enhance the quality of the commodity to grade that is acceptable by the exchange. It ensures uniform standardization of commodity trade, including the terms of quality standard: the quality certificates that are issued by the exchange-certified warehouses have the potential to become the norm for physical trade. Chapter 2 History of Evolution of commodity markets Commodities future trading was evolved from need of assured continuous supply of seasonal agricultural crops. The concept of organized trading in commodities evolved in Chicago, in 1848. But one can trace its roots in Japan. In Japan merchants used to store Rice in warehouses for future use. To raise cash warehouse holders sold receipts against the stored rice. These were known as â€Å"rice tickets†. Eventually, these rice tickets become accepted as a kind of commercial currency. Latter on rules came in to being, to standardize the trading in rice tickets. In 19th century Chicago in United States had emerged as a major commercial hub. So that wheat producers from Mid-west attracted here to sell their produce to dealers distributors. Due to lack of organized storage facilities, absence of uniform weighing grading mechanisms producers often confined to the mercy of dealers discretion. These situations lead to need of establishing a common meeting place for farmers and dealers to transact in spot grain to deliver wheat and receive cash in return. Gradually sellers buyers started making commitments to exchange the produce for cash in future and thus contract for â€Å"futures trading† evolved. Whereby the producer would agree to sell his produce to the buyer at a future delivery date at an agreed upon price. In this way producer was aware of what price he would fetch for his produce and dealer would know about his cost involved, in advance. This kind of agreement proved beneficial to both of them. As if dealer is not interested in taking delivery of the produce, he could sell his contract to someone who needs the same. Similarly producer who not intended to deliver his produce to dealer could pass on the same responsibility to someone else. The price of such contract would dependent on the price movements in the wheat market. Latter on by making some modifications these contracts transformed in to an instrument to protect involved parties against adverse factors such as unexpected price movements and unfavorable climat ic factors. This promoted traders entry in futures market, which had no intentions to buy or sell wheat but would purely speculate on price movements in market to earn profit. Trading of wheat in futures became very profitable which encouraged the entry of other commodities in futures market. This created a platform for establishment of a body to regulate and supervise these contracts. Thats why Chicago Board of Trade (CBOT) was established in 1848. In 1870 and 1880s the New York Coffee, Cotton and Produce Exchanges were born. Agricultural commodities were mostly traded but as long as there are buyers and sellers, any commodity can be traded. In 1872, a group of Manhattan dairy merchants got together to bring chaotic condition in New York market to a system in terms of storage, pricing, and transfer of agricultural products. In 1933, during the Great Depression, the Commodity Exchange, Inc. was established in New York through the merger of four small exchanges the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. The largest commodity exchange in USA is Chicago Board of Trade, The Chicago Mercantile Exchange, the New York Mercantile Exchange, the New York Commodity Exchange and New York Coffee, sugar and cocoa Exchange. Worldwide there are major futures trading exchanges in over twenty countries including Canada, England, India, France, Singapore, Japan, Australia and New Zealand. Chapter 3 India and the commodity market History of Commodity Market in India:- The history of organized commodity derivatives in India goes back to the nineteenth century when Cotton Trade Association started futures trading in 1875, about a decade after they started in Chicago. Over the time datives market developed in several commodities in India. Following Cotton, derivatives trading started in oilseed in Bombay (1900), raw jute and jute goods in Calcutta (1912), Wheat in Hapur (1913) and Bullion in Bombay (1920). However many feared that derivatives fuelled unnecessary speculation and were detrimental to the healthy functioning of the market for the underlying commodities, resulting in to banning of commodity options trading and cash settlement of commodities futures after independence in 1952. The parliament passed the Forward Contracts (Regulation) Act, 1952, which regulated contracts in Commodities all over the India. The act prohibited options trading in Goods along with cash settlement of forward trades, rendering a crushing blow to the commodity derivatives market. Under the act only those associations/exchanges, which are granted reorganization from the Government, are allowed to organize forward trading in regulated commodities. The act envisages three tire regulations: (i) Exchange which organizes forward trading in commodities can regulate trading on day-to-day basis; (ii) Forward Markets Commission provides regulatory oversight under the powers delegated to it by the central Govern ment. (iii) The Central Government- Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution- is the ultimate regulatory authority. The commodities future market remained dismantled and remained dormant for about four decades until the new millennium when the Government, in a complete change in a policy, started actively encouraging commodity market. After Liberalization and Globalization in 1990, the Government set up a committee (1993) to examine the role of futures trading. The Committee (headed by Prof. K.N. Kabra) recommended allowing futures trading in 17 commodity groups. It also recommended strengthening Forward Markets Commission, and certain amendments to Forward Contracts (Regulation) Act 1952, particularly allowing option trading in goods and registration of brokers with Forward Markets Commission. The Government accepted most of these recommendations and futures trading was permitted in all recommended commodities. It is timely decision since internationally the commodity cycle is on upswing and the next decade being touched as the decade of Commodities. Commodity exchange in India plays an important role where the prices of any commodity are not fixed, in an organized way. Earlier only the buyer of produce and its seller in the market judged upon the prices. Others never had a say. Today, commodity exchanges are purely speculative in nature. Before discovering the price, they reach to the producers, end-users, and even the retail investors, at a grassroots level. It brings a price transparency and risk management in the vital market. A big difference between a typical auction, where a single auctioneer announces the bids and the Exchange is that people are not only competing to buy but also to sell. By Exchange rules and by law, no one can bid under a higher bid, and no one can offer to sell higher than someone elses lower offer. That keeps the market as efficient as possible, and keeps the traders on their toes to make sure no one gets the purchase or sale before they do. Since 2002, the commodities future market in India has experienced an unexpected boom in terms of modern exchanges, number of commodities allowed for derivatives trading as well as the value of futures trading in commodities, which crossed $ 1 trillion mark in 2006. Since 1952 till 2002 commo dity datives market was virtually non- existent, except some negligible activities on OTC basis. In India there are 25 recognized future exchanges, of which there are three national level multi-commodity exchanges. After a gap of almost three decades, Government of India has allowed forward transactions in commodities through Online Commodity Exchanges, a modification of traditional business known as Adhat and Vayda Vyapar to facilitate better risk coverage and delivery of commodities. The three exchanges are: National Commodity Derivatives Exchange Limited (NCDEX) Mumbai, Multi Commodity Exchange of India Limited (MCX) Mumbai and National Multi-Commodity Exchange of India Limited (NMCEIL) Ahmedabad.There are other regional commodity exchanges situated in different parts of India. Legal framework for regulating commodity futures in India:- The commodity futures traded in commodity exchanges are regulated by the Government under the Forward Contracts Regulations Act, 1952 and the Rules framed there under. The regulator for the commodities trading is the Forward Markets Commission, situated at Mumbai, which comes under the Ministry of Consumer Affairs Food and Public Distribution Forward Markets Commission (FMC):- It is statutory institution set up in 1953 under Forward Contracts (Regulation) Act, 1952. Commission consists of minimum two and maximum four members appointed by Central Govt. Out of these members there is one nominated chairman. All the exchanges have been set up under overall control of Forward Market Commission (FMC) of Government of India. National Commodities Derivatives Exchange Limited (NCDEX) National Commodities Derivatives Exchange Limited (NCDEX) promoted by ICICI Bank Limited (ICICI Bank), Life Insurance Corporation of India (LIC), National Bank of Agriculture and Rural Development (NABARD) and National Stock Exchange of India Limited (NSC). Punjab National Bank (PNB), Credit Ratting Information Service of India Limited (CRISIL), Indian Farmers Fertilizer Cooperative Limited (IFFCO), Canara Bank and Goldman Sachs by subscribing to the equity shares have joined the promoters as a share holder of exchange. NCDEX is the only Commodity Exchange in the country promoted by national level institutions. NCDEX is a public limited company incorporated on 23 April 2003. NCDEX is a national level technology driven on line Commodity Exchange with an independent Board of Directors and professionals not having any vested interest in Commodity Markets. It is committed to provide a world class commodity exchange platform for market participants to trade in a wide spectrum of commodity derivatives driven by best global practices, professionalism and transparency. NCDEX is regulated by Forward Markets Commission (FMC). NCDEX is also subjected to the various laws of land like the Companies Act, Stamp Act, Contracts Act, Forward Contracts Regulation Act and various other legislations. NCDEX is located in Mumbai and offers facilities to its members in more than 550 centers through out India. NCDEX currently facilitates trading of 57 commodities. Commodities Traded at NCDEX:-  · Bullion:- Gold KG, Silver, Brent  · Minerals:- Electrolytic Copper Cathode, Aluminum Ingot, Nickel Cathode, Zinc Metal Ingot, Mild steel Ingots  · Oil and Oil seeds:- Cotton seed, Oil cake, Crude Palm Oil, Groundnut (in shell), Groundnut expeller Oil, Cotton, Mentha oil, RBD Pamolein, RM seed oil cake, Refined soya oil, Rape seeds, Mustard seeds, Caster seed, Yellow soybean, Meal  · Pulses:- Urad, Yellow peas, Chana, Tur, Masoor,  · Grain:- Wheat, Indian Pusa Basmati Rice, Indian parboiled Rice (IR- 36/IR-64), Indian raw Rice (ParmalPR-106), Barley, Yellow red maize  · Spices:- Jeera, Turmeric, Pepper  · Plantation:- Cashew, Coffee Arabica, Coffee Robusta  · Fibers and other:- Guar Gum, Guar seeds, Guar, Jute sacking bags, Indian 28 mm cotton, Indian 31mm cotton, Lemon, Grain Bold, Medium Staple, Mulberry, Green Cottons, , , Potato, Raw Jute, Mulberry raw Silk, V-797 Kapas, Sugar, Chilli LCA334  · Energy:- Crude Oil, Furnace oil, Thermal Coal, Brent Crude Oil, Natural Gas, Gasoline, Heating Oil Multi Commodity Exchange of India Limited (MCX) Multi Commodity Exchange of India Limited (MCX) is an independent and de-mutulized exchange with permanent reorganization from Government of India, having Head Quarter in Mumbai. Key share holders of MCX are Financial Technologies (India) Limited, State Bank of India, Union Bank of India, Corporation Bank of India, Bank of India and Cnnara Bank. MCX facilitates online trading, clearing and settlement operations for commodity futures market across the country. MCX started of trade in Nov 2003 and has built strategic alliance with Bombay Bullion Association, Bombay Metal Exchange, Solvent Extractors Association of India, pulses Importers Association and Shetkari Sanghatana. MCX deals wit about 100 commodities. Commodities Traded at MCX:-  · Bullion:- Gold, Silver, Silver Coins,  · Minerals:- Aluminum, Copper, Nickel, Iron/steel, Tin, Zinc, Lead  · Oil and Oil seeds:- Castor oil/castor seeds, Crude Palm oil/ RBD Pamolein, Groundnut oil, Mustard/ Rapeseed oil, Soy seeds/Soy meal/Refined Soy Oil, Coconut Oil Cake, Copra, Sunflower oil, Sunflower Oil cake, Tamarind seed oil,  · Pulses:- Chana, Masur, Tur, Urad, Yellow peas  · Grains:- Rice/ Basmati Rice, Wheat, Maize, Bajara, Barley,  · Spices:- Pepper, Red Chili, Jeera, Cardamom, Cinnamon, Clove, Ginger,  · Plantation:- Cashew Kernel, Rubber, Areca nut, Betel nuts, Coconut, Coffee,  · Fiber and others:- Kapas, Kapas Khalli, Cotton (long staple, medium staple, short staple), Cotton Cloth, Cotton Yarn, Gaur seed and Guargum, Gur and Sugar, Khandsari, Mentha Oil, Potato, Art Silk Yarn, Chara or Berseem, Raw Jute, Jute Goods, Jute Sacking,  · Petrochemicals:- High Density Polyethylene (HDPE), Polypropylene (PP), Poly Vinyl Chloride (PVC)  · Energy:- Brent Crude Oil, Crude Oil, Furnace Oil, Middle East Sour Crude Oil, Natural Gas  · Whether:- Carbon (CER), Carbon (CFI) National Multi Commodity Exchange of India Limited (NMCEIL) National Multi Commodity Exchange of India Limited (NMCEIL) is the first de-mutualised Electronic Multi Commodity Exchange in India. On 25th July 2001 it was granted approval by Government to organize trading in edible oil complex. It is being supported by Central warehousing Corporation Limited, Gujarat State Agricultural Marketing Board and Neptune Overseas Limited. It got reorganization in Oct 2002. NMCEIL Head Quarter is at Ahmedabad. Chapter 4 INTERNATIONAL COMMODITY EXCHANGES Futures trading is a result of solution to a problem related to the maintenance of a year round supply of commodities/ products that are seasonal as is the case of agricultural produce. The United States, Japan, United Kingdom, Brazil, Australia, Singapore are homes to leading commodity futures exchanges in the world. The New York Mercantile Exchange (NYMEX):- The New York Mercantile Exchange is the worlds biggest exchange for trading in physical commodity futures. It is a primary trading forum for energy products and precious metals. The exchange is in existence since last 132 years and performs trades trough two divisions, the NYMEX division, which deals in energy and platinum and the COMEX division, which trades in all the other metals. Commodities traded: Light sweet crude oil, Natural Gas, Heating Oil, Gasoline, RBOB Gasoline, Electricity Propane, Gold, Silver, Copper, Aluminum, Platinum, Palladium, etc. London Metal Exchange:- The London Metal Exchange (LME) is the worlds premier non-ferrous market, with highly liquid contracts. The exchange was formed in 1877 as a direct consequence of the industrial revolution witnessed in the 19th century. The primary focus of LME is in providing a market for participants from non-ferrous based metals related industry to safeguard against risk due to movement in base metal prices and also arrive at a price that sets the benchmark globally. The exchange trades 24 hours a day through an inter office telephone market and also through a electronic trading platform. It is famous for its open-outcry trading between ring dealing members that takes place on the market floor. Commodities traded:- Aluminum, Copper, Nickel, Lead, Tin, Zinc, Aluminum Alloy, North American Special Aluminum Alloy (NASAAC), Polypropylene, Linear Low Density Polyethylene, etc. The Chicago Board of Trade:- The first commodity exchange established in the world was the Chicago Board of Trade (CBOT) during 1848 by group of Chicago merchants who were keen to establish a central market place for trade. Presently, the Chicago Board of Trade is one of the leading exchanges in the world for trading futures and options. More than 50 contracts on futures and options are being offered by CBOT currently through open outcry and/or electronically. CBOT initially dealt only in Agricultural commodities like corn, wheat, non storable agricultural commodities and non-agricultural products like gold and silver. Commodities Traded: Corn, Soybean, Oil, Soybean meal, Wheat, Oats, Ethanol, Rough Rice, Gold, Silver etc. Tokyo Commodity Exchange (TOCOM):- The Tokyo Commodity Exchange (TOCOM) is the second largest commodity futures exchange in the world. It trades in to metals and energy contracts. It has made rapid advancement in commodity trading globally since its inception 20 years back. One of the biggest reasons for that is the initiative TOCOM took towards establishing Asia as the benchmark for price discovery and risk management in commodities like the Middle East Crude Oil. TOCOMs recent tie up with the MCX to explore cooperation and business opportunities is seen as one of the steps towards providing platform for futures price discovery in Asia for Asian players in Crude Oil since the demand-supply situation in U.S. that drives NYMEX is different from demand-supply situation in Asia. In Jan 2003, in a major overhaul of its computerized trading system, TOCOM fortified its clearing system in June by being first commodity exchange in Japan to introduce an in-house clearing system. TOCOM launched options on gold futures, the firs t option contract in Japanese market, in May 2004. Commodities traded: Gasoline, Kerosene, Crude Oil, Gold, Silver, Platinum, Aluminum, Rubber, etc Chicago Mercantile Exchange:- The Chicago Mercantile Exchange (CME) is the largest futures exchange in the US and the largest futures clearing house in the world for futures and options trading. Formed in 1898 primarily to trade in Agricultural commodities, the CME introduced the worlds first financial futures more than 30 years ago. Today it trades heavily in interest rates futures, stock indices and foreign exchange futures. Its products often serves as a financial benchmark and witnesses the largest open interest in futures profile of CME consists of livestock, dairy and forest products and enables small family farms to large Agri-business to manage their price risks. Trading in CME can be done either through pit trading or electronically. Commodities Traded: Butter milk, Diammonium phosphate, Feeder cattle, frozen pork bellies, Lean Hogs, Live cattle, Non-fat Dry Milk, Urea, Urea Ammonium Nitrate, etc Chapter 5 How Commodity market works? There are two kinds of trades in commodities. The first is the spot trade, in which one pays cash and carries away the goods. The second is futures trade. The underpinning for futures is the warehouse receipt. A person deposits certain amount of say, good X in a ware house and gets a warehouse receipt. Which allows him to ask for physical delivery of the good from the warehouse. But some one trading in commodity futures need not necessarily posses such a receipt to strike a deal. A person can buy or sale a commodity future on an exchange based on his expectation of where the price will go. Futures have something called an expiry date, by when the buyer or seller either closes (square off) his account or give/take delivery of the commodity. The broker maintains an account of all dealing parties in which the daily profit or loss due to changes in the futures price is recorded. Squiring off is done by taking an opposite contract so that the net outstanding is nil. For commodity futures to work, the seller should be able to deposit the commodity at warehouse nearest to him and collect the warehouse receipt. The buyer should be able to take physical delivery at a location of his choice on presenting the warehouse receipt. But at present in India very few warehouses provide delivery for specific commodities. Following diagram gives a fair idea about working of the Commodity market. Today Commodity trading system is fully computerized. Traders need not visit a commodity market to speculate. With online commodity trading they could sit in the confines of their home or office and call the shots. The commodity trading system consists of certain prescribed steps or stages as follows: I. Trading: At this stage the following is the system implemented- Order receiving Execution Matching Reporting Surveillance Price limits Position limits II. Clearing: This stage has following system in place- Matching Registration Clearing Clearing limits Notation Margining Price limits Position limits Clearing house. III. Settlement: This stage has following system followed as follows- Marking to market Receipts and payments Reporting Delivery upon expiration or maturity. Chapter 6 Investments in Commodities How to invest in a Commodities? With whom investor can transact a business? An investor can transact a business with the approved clearing member of previously mentioned Commodity Exchanges. The investor can ask for the details from the Commodity Exchanges about the list of approved members. What is Identity Proof? When investor approaches Clearing Member, the member will ask for identity proof. For which Xerox copy of any one of the following can be given a) PAN card Number b) Driving License c) Vote ID d) Passport What statements should be given for Bank Proof? The front page of Bank Pass Book and a canceled cheque of a concerned bank. Otherwise the Bank Statement containing details can be given. What are the particulars to be given for address proof? In order to ascertain the address of investor, the clearing member will insist on Xerox copy of Ration card or the Pass Book/ Bank Statement where the address of investor is given. What are the other forms to be signed by the investor? The clearing member will ask the client to sign a) Know your client form b) Risk Discloser Document The above things are only procedure in character and the risk involved and only after understanding the business, he wants to transact business. What aspects should be conside Commodity Futures and Markets Commodity Futures and Markets Chapter 1 Introduction to Commodity Market What is â€Å"Commodity†? Any product that can be used for commerce or an article of commerce which is traded on an authorized commodity exchange is known as commodity. The article should be movable of value, something which is bought or sold and which is produced or used as the subject or barter or sale. In short commodity includes all kinds of goods. Indian Forward Contracts (Regulation) Act (FCRA), 1952 defines â€Å"goods† as â€Å"every kind of movable property other than actionable claims, money and securities†. In current situation, all goods and products of agricultural (including plantation), mineral and fossil origin are allowed for commodity trading recognized under the FCRA. The national commodity exchanges, recognized by the Central Government, permits commodities which include precious (gold and silver) and non-ferrous metals, cereals and pulses, ginned and un-ginned cotton, oilseeds, oils and oilcakes, raw jute and jute goods, sugar and gur, potatoes and onions, coffee and tea, rubber and spices. Etc. What is a commodity exchange? A commodity exchange is an association or a company or any other body corporate organizing futures trading in commodities for which license has been granted by regulating authority. What is Commodity Futures? A Commodity futures is an agreement between two parties to buy or sell a specified and standardized quantity of a commodity at a certain time in future at a price agreed upon at the time of entering into the contract on the commodity futures exchange. The need for a futures market arises mainly due to the hedging function that it can perform. Commodity markets, like any other financial instrument, involve risk associated with frequent price volatility. The loss due to price volatility can be attributed to the following reasons: Consumer Preferences: In the short-term, their influence on price volatility is small since it is a slow process permitting manufacturers, dealers and wholesalers to adjust their inventory in advance. Changes in supply: They are abrupt and unpredictable bringing about wild fluctuations in prices. This can especially noticed in agricultural commodities where the weather plays a major role in affecting the fortunes of people involved in this industry. The futures market has evolved to neutralize such risks through a mechanism; namely hedging. The objectives of Commodity futures: * Hedging with the objective of transferring risk related to the possession of physical assets through any adverse moments in price. Liquidity and Price discovery to ensure base minimum volume in trading of a commodity through market information and demand supply factors that facilitates a regular and authentic price discovery mechanism. * Maintaining buffer stock and better allocation of resources as it augments reduction in inventory requirement and thus the exposure to risks related with price fluctuation declines. Resources can thus be diversified for investments. * Price stabilization along with balancing demand and supply position. Futures trading leads to predictability in assessing the domestic prices, which maintains stability, thus safeguarding against any short term adverse price movements. Liquidity in Contracts of the commodities traded also ensures in maintaining the equilibrium between demand and supply. * Flexibility, certainty and transparency in purchasing commodities facilitate bank financing. Predictability in prices of commodity would lead to stability, which in turn would eliminate the risks associated with running the business of trading commodities. This would make funding easier and less stringent for banks to commodity market players. Benefits of Commodity Futures Markets:- The primary objectives of any futures exchange are authentic price discovery and an efficient price risk management. The beneficiaries include those who trade in the commodities being offered in the exchange as well as those who have nothing to do with futures trading. It is because of price discovery and risk management through the existence of futures exchanges that a lot of businesses and services are able to function smoothly. 1. Price Discovery:-Based on inputs regarding specific market information, the demand and supply equilibrium, weather forecasts, expert views and comments, inflation rates, Government policies, market dynamics, hopes and fears, buyers and sellers conduct trading at futures exchanges. This transforms in to continuous price discovery mechanism. The execution of trade between buyers and sellers leads to assessment of fair value of a particular commodity that is immediately disseminated on the trading terminal. 2. Price Risk Management: Hedging is the most common method of price risk management. It is strategy of offering price risk that is inherent in spot market by taking an equal but opposite position in the futures market. Futures markets are used as a mode by hedgers to protect their business from adverse price change. This could dent the profitability of their business. Hedging benefits who are involved in trading of commodities like farmers, processors, merchandisers, manufacturers, exporters, importers etc. 3. Import- Export competitiveness: The exporters can hedge their price risk and improve their competitiveness by making use of futures market. A majority of traders which are involved in physical trade internationally intend to buy forwards. The purchases made from the physical market might expose them to the risk of price risk resulting to losses. The existence of futures market would allow the exporters to hedge their proposed purchase by temporarily substituting for actual purchase till the time is ripe to buy in physical market. In the absence of futures market it will be meticulous, time consuming and costly physical transactions. 4. Predictable Pricing: The demand for certain commodities is highly price elastic. The manufacturers have to ensure that the prices should be stable in order to protect their market share with the free entry of imports. Futures contracts will enable predictability in domestic prices. The manufacturers can, as a result, smooth out the influence of changes in their input prices very easily. With no futures market, the manufacturer can be caught between severe short-term price movements of oils and necessity to maintain price stability, which could only be possible through sufficient financial reserves that could otherwise be utilized for making other profitable investments. 5. Benefits for farmers/Agriculturalists: Price instability has a direct bearing on farmers in the absence of futures market. There would be no need to have large reserves to cover against unfavorable price fluctuations. This would reduce the risk premiums associated with the marketing or processing margins enabling more returns on produce. Storing more and being more active in the markets. The price information accessible to the farmers determines the extent to which traders/processors increase price to them. Since one of the objectives of futures exchange is to make available these prices as far as possible, it is very likely to benefit the farmers. Also, due to the time lag between planning and production, the market-determined price information disseminated by futures exchanges would be crucial for their production decisions. 6. Credit accessibility: The absence of proper risk management tools would attract the marketing and processing of commodities to high-risk exposure making it risky business activity to fund. Even a small movement in prices can eat up a huge proportion of capital owned by traders, at times making it virtually impossible to payback the loan. There is a high degree of reluctance among banks to fund commodity traders, especially those who do not manage price risks. If in case they do, the interest rate is likely to be high and terms and conditions very stringent. This posses a huge obstacle in the smooth functioning and competition of commodities market. Hedging, which is possible through futures markets, would cut down the discount rate in commodity lending. 7. Improved product quality: The existence of warehouses for facilitating delivery with grading facilities along with other related benefits provides a very strong reason to upgrade and enhance the quality of the commodity to grade that is acceptable by the exchange. It ensures uniform standardization of commodity trade, including the terms of quality standard: the quality certificates that are issued by the exchange-certified warehouses have the potential to become the norm for physical trade. Chapter 2 History of Evolution of commodity markets Commodities future trading was evolved from need of assured continuous supply of seasonal agricultural crops. The concept of organized trading in commodities evolved in Chicago, in 1848. But one can trace its roots in Japan. In Japan merchants used to store Rice in warehouses for future use. To raise cash warehouse holders sold receipts against the stored rice. These were known as â€Å"rice tickets†. Eventually, these rice tickets become accepted as a kind of commercial currency. Latter on rules came in to being, to standardize the trading in rice tickets. In 19th century Chicago in United States had emerged as a major commercial hub. So that wheat producers from Mid-west attracted here to sell their produce to dealers distributors. Due to lack of organized storage facilities, absence of uniform weighing grading mechanisms producers often confined to the mercy of dealers discretion. These situations lead to need of establishing a common meeting place for farmers and dealers to transact in spot grain to deliver wheat and receive cash in return. Gradually sellers buyers started making commitments to exchange the produce for cash in future and thus contract for â€Å"futures trading† evolved. Whereby the producer would agree to sell his produce to the buyer at a future delivery date at an agreed upon price. In this way producer was aware of what price he would fetch for his produce and dealer would know about his cost involved, in advance. This kind of agreement proved beneficial to both of them. As if dealer is not interested in taking delivery of the produce, he could sell his contract to someone who needs the same. Similarly producer who not intended to deliver his produce to dealer could pass on the same responsibility to someone else. The price of such contract would dependent on the price movements in the wheat market. Latter on by making some modifications these contracts transformed in to an instrument to protect involved parties against adverse factors such as unexpected price movements and unfavorable climat ic factors. This promoted traders entry in futures market, which had no intentions to buy or sell wheat but would purely speculate on price movements in market to earn profit. Trading of wheat in futures became very profitable which encouraged the entry of other commodities in futures market. This created a platform for establishment of a body to regulate and supervise these contracts. Thats why Chicago Board of Trade (CBOT) was established in 1848. In 1870 and 1880s the New York Coffee, Cotton and Produce Exchanges were born. Agricultural commodities were mostly traded but as long as there are buyers and sellers, any commodity can be traded. In 1872, a group of Manhattan dairy merchants got together to bring chaotic condition in New York market to a system in terms of storage, pricing, and transfer of agricultural products. In 1933, during the Great Depression, the Commodity Exchange, Inc. was established in New York through the merger of four small exchanges the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. The largest commodity exchange in USA is Chicago Board of Trade, The Chicago Mercantile Exchange, the New York Mercantile Exchange, the New York Commodity Exchange and New York Coffee, sugar and cocoa Exchange. Worldwide there are major futures trading exchanges in over twenty countries including Canada, England, India, France, Singapore, Japan, Australia and New Zealand. Chapter 3 India and the commodity market History of Commodity Market in India:- The history of organized commodity derivatives in India goes back to the nineteenth century when Cotton Trade Association started futures trading in 1875, about a decade after they started in Chicago. Over the time datives market developed in several commodities in India. Following Cotton, derivatives trading started in oilseed in Bombay (1900), raw jute and jute goods in Calcutta (1912), Wheat in Hapur (1913) and Bullion in Bombay (1920). However many feared that derivatives fuelled unnecessary speculation and were detrimental to the healthy functioning of the market for the underlying commodities, resulting in to banning of commodity options trading and cash settlement of commodities futures after independence in 1952. The parliament passed the Forward Contracts (Regulation) Act, 1952, which regulated contracts in Commodities all over the India. The act prohibited options trading in Goods along with cash settlement of forward trades, rendering a crushing blow to the commodity derivatives market. Under the act only those associations/exchanges, which are granted reorganization from the Government, are allowed to organize forward trading in regulated commodities. The act envisages three tire regulations: (i) Exchange which organizes forward trading in commodities can regulate trading on day-to-day basis; (ii) Forward Markets Commission provides regulatory oversight under the powers delegated to it by the central Govern ment. (iii) The Central Government- Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution- is the ultimate regulatory authority. The commodities future market remained dismantled and remained dormant for about four decades until the new millennium when the Government, in a complete change in a policy, started actively encouraging commodity market. After Liberalization and Globalization in 1990, the Government set up a committee (1993) to examine the role of futures trading. The Committee (headed by Prof. K.N. Kabra) recommended allowing futures trading in 17 commodity groups. It also recommended strengthening Forward Markets Commission, and certain amendments to Forward Contracts (Regulation) Act 1952, particularly allowing option trading in goods and registration of brokers with Forward Markets Commission. The Government accepted most of these recommendations and futures trading was permitted in all recommended commodities. It is timely decision since internationally the commodity cycle is on upswing and the next decade being touched as the decade of Commodities. Commodity exchange in India plays an important role where the prices of any commodity are not fixed, in an organized way. Earlier only the buyer of produce and its seller in the market judged upon the prices. Others never had a say. Today, commodity exchanges are purely speculative in nature. Before discovering the price, they reach to the producers, end-users, and even the retail investors, at a grassroots level. It brings a price transparency and risk management in the vital market. A big difference between a typical auction, where a single auctioneer announces the bids and the Exchange is that people are not only competing to buy but also to sell. By Exchange rules and by law, no one can bid under a higher bid, and no one can offer to sell higher than someone elses lower offer. That keeps the market as efficient as possible, and keeps the traders on their toes to make sure no one gets the purchase or sale before they do. Since 2002, the commodities future market in India has experienced an unexpected boom in terms of modern exchanges, number of commodities allowed for derivatives trading as well as the value of futures trading in commodities, which crossed $ 1 trillion mark in 2006. Since 1952 till 2002 commo dity datives market was virtually non- existent, except some negligible activities on OTC basis. In India there are 25 recognized future exchanges, of which there are three national level multi-commodity exchanges. After a gap of almost three decades, Government of India has allowed forward transactions in commodities through Online Commodity Exchanges, a modification of traditional business known as Adhat and Vayda Vyapar to facilitate better risk coverage and delivery of commodities. The three exchanges are: National Commodity Derivatives Exchange Limited (NCDEX) Mumbai, Multi Commodity Exchange of India Limited (MCX) Mumbai and National Multi-Commodity Exchange of India Limited (NMCEIL) Ahmedabad.There are other regional commodity exchanges situated in different parts of India. Legal framework for regulating commodity futures in India:- The commodity futures traded in commodity exchanges are regulated by the Government under the Forward Contracts Regulations Act, 1952 and the Rules framed there under. The regulator for the commodities trading is the Forward Markets Commission, situated at Mumbai, which comes under the Ministry of Consumer Affairs Food and Public Distribution Forward Markets Commission (FMC):- It is statutory institution set up in 1953 under Forward Contracts (Regulation) Act, 1952. Commission consists of minimum two and maximum four members appointed by Central Govt. Out of these members there is one nominated chairman. All the exchanges have been set up under overall control of Forward Market Commission (FMC) of Government of India. National Commodities Derivatives Exchange Limited (NCDEX) National Commodities Derivatives Exchange Limited (NCDEX) promoted by ICICI Bank Limited (ICICI Bank), Life Insurance Corporation of India (LIC), National Bank of Agriculture and Rural Development (NABARD) and National Stock Exchange of India Limited (NSC). Punjab National Bank (PNB), Credit Ratting Information Service of India Limited (CRISIL), Indian Farmers Fertilizer Cooperative Limited (IFFCO), Canara Bank and Goldman Sachs by subscribing to the equity shares have joined the promoters as a share holder of exchange. NCDEX is the only Commodity Exchange in the country promoted by national level institutions. NCDEX is a public limited company incorporated on 23 April 2003. NCDEX is a national level technology driven on line Commodity Exchange with an independent Board of Directors and professionals not having any vested interest in Commodity Markets. It is committed to provide a world class commodity exchange platform for market participants to trade in a wide spectrum of commodity derivatives driven by best global practices, professionalism and transparency. NCDEX is regulated by Forward Markets Commission (FMC). NCDEX is also subjected to the various laws of land like the Companies Act, Stamp Act, Contracts Act, Forward Contracts Regulation Act and various other legislations. NCDEX is located in Mumbai and offers facilities to its members in more than 550 centers through out India. NCDEX currently facilitates trading of 57 commodities. Commodities Traded at NCDEX:-  · Bullion:- Gold KG, Silver, Brent  · Minerals:- Electrolytic Copper Cathode, Aluminum Ingot, Nickel Cathode, Zinc Metal Ingot, Mild steel Ingots  · Oil and Oil seeds:- Cotton seed, Oil cake, Crude Palm Oil, Groundnut (in shell), Groundnut expeller Oil, Cotton, Mentha oil, RBD Pamolein, RM seed oil cake, Refined soya oil, Rape seeds, Mustard seeds, Caster seed, Yellow soybean, Meal  · Pulses:- Urad, Yellow peas, Chana, Tur, Masoor,  · Grain:- Wheat, Indian Pusa Basmati Rice, Indian parboiled Rice (IR- 36/IR-64), Indian raw Rice (ParmalPR-106), Barley, Yellow red maize  · Spices:- Jeera, Turmeric, Pepper  · Plantation:- Cashew, Coffee Arabica, Coffee Robusta  · Fibers and other:- Guar Gum, Guar seeds, Guar, Jute sacking bags, Indian 28 mm cotton, Indian 31mm cotton, Lemon, Grain Bold, Medium Staple, Mulberry, Green Cottons, , , Potato, Raw Jute, Mulberry raw Silk, V-797 Kapas, Sugar, Chilli LCA334  · Energy:- Crude Oil, Furnace oil, Thermal Coal, Brent Crude Oil, Natural Gas, Gasoline, Heating Oil Multi Commodity Exchange of India Limited (MCX) Multi Commodity Exchange of India Limited (MCX) is an independent and de-mutulized exchange with permanent reorganization from Government of India, having Head Quarter in Mumbai. Key share holders of MCX are Financial Technologies (India) Limited, State Bank of India, Union Bank of India, Corporation Bank of India, Bank of India and Cnnara Bank. MCX facilitates online trading, clearing and settlement operations for commodity futures market across the country. MCX started of trade in Nov 2003 and has built strategic alliance with Bombay Bullion Association, Bombay Metal Exchange, Solvent Extractors Association of India, pulses Importers Association and Shetkari Sanghatana. MCX deals wit about 100 commodities. Commodities Traded at MCX:-  · Bullion:- Gold, Silver, Silver Coins,  · Minerals:- Aluminum, Copper, Nickel, Iron/steel, Tin, Zinc, Lead  · Oil and Oil seeds:- Castor oil/castor seeds, Crude Palm oil/ RBD Pamolein, Groundnut oil, Mustard/ Rapeseed oil, Soy seeds/Soy meal/Refined Soy Oil, Coconut Oil Cake, Copra, Sunflower oil, Sunflower Oil cake, Tamarind seed oil,  · Pulses:- Chana, Masur, Tur, Urad, Yellow peas  · Grains:- Rice/ Basmati Rice, Wheat, Maize, Bajara, Barley,  · Spices:- Pepper, Red Chili, Jeera, Cardamom, Cinnamon, Clove, Ginger,  · Plantation:- Cashew Kernel, Rubber, Areca nut, Betel nuts, Coconut, Coffee,  · Fiber and others:- Kapas, Kapas Khalli, Cotton (long staple, medium staple, short staple), Cotton Cloth, Cotton Yarn, Gaur seed and Guargum, Gur and Sugar, Khandsari, Mentha Oil, Potato, Art Silk Yarn, Chara or Berseem, Raw Jute, Jute Goods, Jute Sacking,  · Petrochemicals:- High Density Polyethylene (HDPE), Polypropylene (PP), Poly Vinyl Chloride (PVC)  · Energy:- Brent Crude Oil, Crude Oil, Furnace Oil, Middle East Sour Crude Oil, Natural Gas  · Whether:- Carbon (CER), Carbon (CFI) National Multi Commodity Exchange of India Limited (NMCEIL) National Multi Commodity Exchange of India Limited (NMCEIL) is the first de-mutualised Electronic Multi Commodity Exchange in India. On 25th July 2001 it was granted approval by Government to organize trading in edible oil complex. It is being supported by Central warehousing Corporation Limited, Gujarat State Agricultural Marketing Board and Neptune Overseas Limited. It got reorganization in Oct 2002. NMCEIL Head Quarter is at Ahmedabad. Chapter 4 INTERNATIONAL COMMODITY EXCHANGES Futures trading is a result of solution to a problem related to the maintenance of a year round supply of commodities/ products that are seasonal as is the case of agricultural produce. The United States, Japan, United Kingdom, Brazil, Australia, Singapore are homes to leading commodity futures exchanges in the world. The New York Mercantile Exchange (NYMEX):- The New York Mercantile Exchange is the worlds biggest exchange for trading in physical commodity futures. It is a primary trading forum for energy products and precious metals. The exchange is in existence since last 132 years and performs trades trough two divisions, the NYMEX division, which deals in energy and platinum and the COMEX division, which trades in all the other metals. Commodities traded: Light sweet crude oil, Natural Gas, Heating Oil, Gasoline, RBOB Gasoline, Electricity Propane, Gold, Silver, Copper, Aluminum, Platinum, Palladium, etc. London Metal Exchange:- The London Metal Exchange (LME) is the worlds premier non-ferrous market, with highly liquid contracts. The exchange was formed in 1877 as a direct consequence of the industrial revolution witnessed in the 19th century. The primary focus of LME is in providing a market for participants from non-ferrous based metals related industry to safeguard against risk due to movement in base metal prices and also arrive at a price that sets the benchmark globally. The exchange trades 24 hours a day through an inter office telephone market and also through a electronic trading platform. It is famous for its open-outcry trading between ring dealing members that takes place on the market floor. Commodities traded:- Aluminum, Copper, Nickel, Lead, Tin, Zinc, Aluminum Alloy, North American Special Aluminum Alloy (NASAAC), Polypropylene, Linear Low Density Polyethylene, etc. The Chicago Board of Trade:- The first commodity exchange established in the world was the Chicago Board of Trade (CBOT) during 1848 by group of Chicago merchants who were keen to establish a central market place for trade. Presently, the Chicago Board of Trade is one of the leading exchanges in the world for trading futures and options. More than 50 contracts on futures and options are being offered by CBOT currently through open outcry and/or electronically. CBOT initially dealt only in Agricultural commodities like corn, wheat, non storable agricultural commodities and non-agricultural products like gold and silver. Commodities Traded: Corn, Soybean, Oil, Soybean meal, Wheat, Oats, Ethanol, Rough Rice, Gold, Silver etc. Tokyo Commodity Exchange (TOCOM):- The Tokyo Commodity Exchange (TOCOM) is the second largest commodity futures exchange in the world. It trades in to metals and energy contracts. It has made rapid advancement in commodity trading globally since its inception 20 years back. One of the biggest reasons for that is the initiative TOCOM took towards establishing Asia as the benchmark for price discovery and risk management in commodities like the Middle East Crude Oil. TOCOMs recent tie up with the MCX to explore cooperation and business opportunities is seen as one of the steps towards providing platform for futures price discovery in Asia for Asian players in Crude Oil since the demand-supply situation in U.S. that drives NYMEX is different from demand-supply situation in Asia. In Jan 2003, in a major overhaul of its computerized trading system, TOCOM fortified its clearing system in June by being first commodity exchange in Japan to introduce an in-house clearing system. TOCOM launched options on gold futures, the firs t option contract in Japanese market, in May 2004. Commodities traded: Gasoline, Kerosene, Crude Oil, Gold, Silver, Platinum, Aluminum, Rubber, etc Chicago Mercantile Exchange:- The Chicago Mercantile Exchange (CME) is the largest futures exchange in the US and the largest futures clearing house in the world for futures and options trading. Formed in 1898 primarily to trade in Agricultural commodities, the CME introduced the worlds first financial futures more than 30 years ago. Today it trades heavily in interest rates futures, stock indices and foreign exchange futures. Its products often serves as a financial benchmark and witnesses the largest open interest in futures profile of CME consists of livestock, dairy and forest products and enables small family farms to large Agri-business to manage their price risks. Trading in CME can be done either through pit trading or electronically. Commodities Traded: Butter milk, Diammonium phosphate, Feeder cattle, frozen pork bellies, Lean Hogs, Live cattle, Non-fat Dry Milk, Urea, Urea Ammonium Nitrate, etc Chapter 5 How Commodity market works? There are two kinds of trades in commodities. The first is the spot trade, in which one pays cash and carries away the goods. The second is futures trade. The underpinning for futures is the warehouse receipt. A person deposits certain amount of say, good X in a ware house and gets a warehouse receipt. Which allows him to ask for physical delivery of the good from the warehouse. But some one trading in commodity futures need not necessarily posses such a receipt to strike a deal. A person can buy or sale a commodity future on an exchange based on his expectation of where the price will go. Futures have something called an expiry date, by when the buyer or seller either closes (square off) his account or give/take delivery of the commodity. The broker maintains an account of all dealing parties in which the daily profit or loss due to changes in the futures price is recorded. Squiring off is done by taking an opposite contract so that the net outstanding is nil. For commodity futures to work, the seller should be able to deposit the commodity at warehouse nearest to him and collect the warehouse receipt. The buyer should be able to take physical delivery at a location of his choice on presenting the warehouse receipt. But at present in India very few warehouses provide delivery for specific commodities. Following diagram gives a fair idea about working of the Commodity market. Today Commodity trading system is fully computerized. Traders need not visit a commodity market to speculate. With online commodity trading they could sit in the confines of their home or office and call the shots. The commodity trading system consists of certain prescribed steps or stages as follows: I. Trading: At this stage the following is the system implemented- Order receiving Execution Matching Reporting Surveillance Price limits Position limits II. Clearing: This stage has following system in place- Matching Registration Clearing Clearing limits Notation Margining Price limits Position limits Clearing house. III. Settlement: This stage has following system followed as follows- Marking to market Receipts and payments Reporting Delivery upon expiration or maturity. Chapter 6 Investments in Commodities How to invest in a Commodities? With whom investor can transact a business? An investor can transact a business with the approved clearing member of previously mentioned Commodity Exchanges. The investor can ask for the details from the Commodity Exchanges about the list of approved members. What is Identity Proof? When investor approaches Clearing Member, the member will ask for identity proof. For which Xerox copy of any one of the following can be given a) PAN card Number b) Driving License c) Vote ID d) Passport What statements should be given for Bank Proof? The front page of Bank Pass Book and a canceled cheque of a concerned bank. Otherwise the Bank Statement containing details can be given. What are the particulars to be given for address proof? In order to ascertain the address of investor, the clearing member will insist on Xerox copy of Ration card or the Pass Book/ Bank Statement where the address of investor is given. What are the other forms to be signed by the investor? The clearing member will ask the client to sign a) Know your client form b) Risk Discloser Document The above things are only procedure in character and the risk involved and only after understanding the business, he wants to transact business. What aspects should be conside

Fahrenheit 451 by Ray Bradbury :: Fahrenheit 451 Essays

Fahrenheit 451 Â   Fahrenheit 451 by Ray Bradbury is a novel about the descent into super-individualism through mass governmental brainwashing. The book begins while the main character, Guy Montag, is burning a house for concealing contraband literature. It portraits the pleasure he derives from this act of mindless destruction. After this work though an eccentric neighbor girl who does not fit the status quo confronts him. She begins to ask him questions that force him to think about things he has taken for granted before. The story progresses as this girl continually influences him until a car killed her. The next time he is called to incinerate a house, he ends up taking a book and watching an old lady burn to death. This event coupled with the death of the neighbor girl influence him to seek out a book-reading professor he had met previous to this story. The professor and him begin to plot the downfall of society and the Firemen. Just when you think things are gonna work out, he is ordered to burn his house after which he burns his boss with a flame-thrower. This makes him a fugitive from justice. He then flees from the scene and ends up evading the manhunt. After a while he meets up with other people who are fugitives because of their literary learning. The next day the city he fled from is destroyed in an atomic blast and the bums go in to help the survivors. Â   a) Man against Man: The only instance in the story that fits this category is the conflict Guy has with his boss. His boss, Beatty begins to suspect Guy's illegal reading of contraband and begins to take steps for Guy's downfall. First of all Beatty is much smarter and well learned than Guy so he begins to play mind games to try and trip him up. He also forces Guy to burn his house and tries to arrest him. Guy comes out on top and wins the conflict by setting his boss on fire. Â   b) Man against Himself: One good example of this type of conflict is the inner turmoil in Guy Montag. This conflict was started by his talks with the neighbor girl. She awakened a self-thinking side of him that was at odds with his brainwashed, socially acceptable side. As should be, this new side won out over his old self after he thought about it. Fahrenheit 451 by Ray Bradbury :: Fahrenheit 451 Essays Fahrenheit 451 Â   Fahrenheit 451 by Ray Bradbury is a novel about the descent into super-individualism through mass governmental brainwashing. The book begins while the main character, Guy Montag, is burning a house for concealing contraband literature. It portraits the pleasure he derives from this act of mindless destruction. After this work though an eccentric neighbor girl who does not fit the status quo confronts him. She begins to ask him questions that force him to think about things he has taken for granted before. The story progresses as this girl continually influences him until a car killed her. The next time he is called to incinerate a house, he ends up taking a book and watching an old lady burn to death. This event coupled with the death of the neighbor girl influence him to seek out a book-reading professor he had met previous to this story. The professor and him begin to plot the downfall of society and the Firemen. Just when you think things are gonna work out, he is ordered to burn his house after which he burns his boss with a flame-thrower. This makes him a fugitive from justice. He then flees from the scene and ends up evading the manhunt. After a while he meets up with other people who are fugitives because of their literary learning. The next day the city he fled from is destroyed in an atomic blast and the bums go in to help the survivors. Â   a) Man against Man: The only instance in the story that fits this category is the conflict Guy has with his boss. His boss, Beatty begins to suspect Guy's illegal reading of contraband and begins to take steps for Guy's downfall. First of all Beatty is much smarter and well learned than Guy so he begins to play mind games to try and trip him up. He also forces Guy to burn his house and tries to arrest him. Guy comes out on top and wins the conflict by setting his boss on fire. Â   b) Man against Himself: One good example of this type of conflict is the inner turmoil in Guy Montag. This conflict was started by his talks with the neighbor girl. She awakened a self-thinking side of him that was at odds with his brainwashed, socially acceptable side. As should be, this new side won out over his old self after he thought about it.

The Battle Of Midway Essay -- American History

The Battle of Midway On June 3rd, 1942, the United States declared war on Imperialistic Japan and Nazi Germany. Due to the bombing of the United States' naval base at Pearl Harbor by the Japanese the U.S. was forced to take action. The United States began their first naval battle near the Midway islands in defense of its pacific fleet and positioning. Midway was the Japanese' last goal for its western expansion in the Pacific. Just after midnight on June 4th,1942, the United States attacked a fleet of Japanese transport ships. One American torpedo plane took out fleet tanker "Akabono Maru". Later that morning at about 6:30am, Japanese planes began bombing midway island installations, though causing minimal damage to the U.S. naval base. Between 9:30am and 10:30am the U.S. took out Japanese aircraft carrier's "Kaga, Akagi, and Soryu". During the battle the Japanese recovered three U.S. naval aviators. But after interrogating these men, the Japanese murdered them. On June 5th, 1942, a battleship, under the command of Rear Admiral Spruance, pursued the Japanese fleet westward leaving salvage workers to repair the U.S. aircraft carrier "Yorktown"(which was damaged a day earlier by a Japanese submarine torpedo). The last of the air attacks of the battle took place on June 6th, 1942, with the United States beginning to emerge victorious with the sinking of 2 destroyers, 1 heavy cruiser, and 1 cruiser. Meanwhile a Japanese submarine torpedoed aircraft carrier "Yorktown" and the destroyer "USS Hammann", though it took a day for the carrier to turn over and sink. The Japanese submarine escaped with-out destruction soon after the torpedoing. (Naval Historical Center, Battle of Midway:4-7 June 1942, Department of the Navy... ...he U.S. complete control over the Pacific Ocean. This defeat also gave the Allies an absolute victory over Japan and the remaining Axis powers. The infamous Battle of Midway officially ended on June 7th 1942. Works Cited Baikie, Eric. Ngo, Kevin. Collins, McKenzie. "Major Battles of WWII". Viking Press. January 2002. Bruce, George "Sea Battles of the 20th Century", Stopping the Tide: the Battle of Midway 4th - 7th 1942, Department of the Navy, May 1990 Cressman, Robert, J. "No End Save Victory", Naval Historical Center, June 1998 Dingman, Roger, The origins of naval arms limitation,"Power In The Pacific", Naval Institute Press, 1998. Naval Historical Center, "Battle of Midway: 4th -7th June 1942, Department of the Navy. June, 30, 2003. Naval Historical Center, "Preparation For Battle" Department of the Navy, April 1999

General Overview Of Solid Waste Management Environmental Sciences Essay

As clarified in the introductory portion of this survey, Solid Waste Management is defined as the aggregation, transit, processing or intervention, recycling or disposal and eventually monitoring of waste stuffs. The term is normally related to the stuffs produced by assorted activities undertaken by worlds and is by and large carried out to cut down their negative effects on their wellness, environment and aesthetics. Waste direction is besides undertaken to retrieve resources for farther commercial or economic benefits. Waste direction can affect the managing of solid, liquid, gaseous or radioactive waste stuffs, and for which there are assorted methods and Fieldss of expertness for each type. As the topic of this research suggests, we will be concentrating on the direction of solid waste merely. Waste direction patterns differ for developed and developing states, for urban and rural countries, and for residential and industrial manufacturers. Management for non-hazardous residential and institutional waste in metropolitan countries around the universe, is normally the duty of the local authorities governments, while direction for non-hazardous commercial and industrial waste is normally the premier duty of the manufacturer. Waste is an ineluctable byproduct of most human activity. Economic development and lifting life criterions in the Asiatic and Pacific Region have led to an addition in the measure and complexness of generated waste, while industrial variegation and the proviso of expanded health-care installations have added significant measures of industrial risky waste and biomedical waste into the waste watercourse which will potentially hold terrible environmental and human wellness effects. In the undermentioned paragraphs, we will be discoursing the coevals and types of turning volume of solid waste, which poses formidable challenges to the universe.TYPES OF WASTE & A ; THEIR DIFFERENTIATIONGENERATION AND CHARACTERISTICSA clear grasp of the measures and features of the waste being generated is a cardinal constituent in the development of strong and cost-efficient solid waste direction schemes. In some of the more developed states, the quantification and word picture of waste signifiers the foot ing for direction and intercession, while in the underdeveloped universe small precedence is given to the systematic surveying of waste coevals and direction and future tendencies of waste coevals are ill understood. Although there is a deficiency of comprehensive or consistent information, at the state degree, some wide tendencies and common elements are evident while discoursing the coevals and types of solid waste. In general, the developed states generate much higher measures of waste per capita compared to the developing states of the part. However, in certain fortunes the direction of even little measures of waste poses a important challenge. For illustration, in the little islands of the South Pacific sub part, little populations and modest economic activity have ensured that comparatively low measures of waste are generated. However, many of these states, peculiarly little states such as Kiribati, Tuvalu and the Marshall Islands, face considerable waste direction challenges due to their little land countries and attendant deficiency of disposal options. Throughout the universe, the chief beginnings of solid waste are residential families and the agricultural, commercial, building, industrial and institutional sectors. For the intents of this survey, these beginnings are defined as giving rise to four major classs of waste: municipal solid waste, industrial waste, agricultural waste, hospital waste and risky waste. Each of these waste types is examined individually below.Municipal Solid WasteMunicipal solid waste ( MSW ) is generated from families, offices, hotels, stores, schools and such other establishments. The major constituents are nutrient waste, paper, plastic, shreds, metal and glass. Although destruction and building dust is frequently included in gathered waste, as are besides little measures of risky waste, such as electric visible radiation bulbs, batteries, automotive parts and discarded medical specialties and chemicals. Coevals rates for MSW vary from metropolis to metropolis and from season to season and have a strong correlativity with degrees of economic development and activity. High-income states ( such as Australia, Japan, Hong Kong, China, Republic of Korea, and Singapore ) produce between 1.1 and 5.0 kg/capita/ twenty-four hours ; middle-income states ( such as Indonesia, Malaysia and Thailand ) generate between 0.52 and 1.0 kg/capita/day, whilst low-income states ( such as Bangladesh, India, Viet Nam, Pakistan and Myanmar ) have coevals rates of between 0.45 and 0.89 kg/capita/ twenty-four hours. Taken as a whole, the Asian and Pacific Region presently produces some 1.5 million dozenss of MSW each twenty-four hours and this is expected to more than double by 2025 ( World Bank, 1999 ) . The sum of human fecal matters in the MSW is important in chunky countries of many Asiatic and Pacific metropoliss where â€Å" wrap and throw † sanitation is practiced or bucket latrines are emptied into waste containers. The latter is common in many metropoliss ( such as Calcutta, Dhaka and Hanoi ) of the part where there are minimum or uneffective sewage systems.Industrial Solid WasteIndustrial solid waste in the Asiatic and Pacific Region, as elsewhere, encompasses a broad scope of stuffs of changing environmental toxicity. Typically this scope would include paper, packaging stuffs, waste from nutrient processing, oils, dissolvers, rosins, pigments and sludge, glass, ceramics, rocks, metals, plastics, gum elastic, leather, wood, fabric, straw and abradants. As with municipal solid waste, due to the absence of a regularly up-dated and systematic database on industrial solid waste, the exact rates of coevals are mostly unknown. Industrial solid waste coevals varies, non merely between states at different phases of development but besides between developing states. In People ‘s Republic of China, for illustration, the coevals ratio of municipal to industrial solid waste is one to three. In Bangladesh, Sri Lanka and Pakistan, nevertheless, this ratio is much lower. In high-income, developed states, such as Australia and Japan, the ratio is one to eight. However, based on an mean ratio for the Asian and Pacific part, the industrial solid waste coevals is tantamount to 1,900 million dozenss per annum. This sum is expected to increase well and at the current growing rates, it is estimated that it will duplicate in less than 20 old ages. As the bing industrial solid waste aggregation, processing and disposal systems of many states are gro ssly unequal ; such incremental growing will present really serious challenges.Agricultural Waste and ResiduesExpanding agricultural production has of course resulted in increased measures of farm animal waste, agricultural harvest residues and agro-industrial byproducts. Among the states in the Asiatic and Pacific Region, People ‘s Republic of China produces the largest measures of agribusiness waste and harvest residues followed by India. In People ‘s Republic of China, some 587 million dozenss of residues are generated yearly from the production of rice, maize and wheat entirely. In Pakistan, approximately 56.22 million dozenss of different harvest residues are generated yearly, of which 12.46 million dozenss originate from cotton, 2.90 million dozenss from corn, 12.87 million dozenss from sugar cane, 8.16 million dozenss from rice and 19.83 million dozenss from wheat. In add-on, Pakistan produces other wastes amounting to some 28 million dozenss of which 58 % are car nal waste, 40 % is sugarcane bagasse and the staying 2 % comprises a mix of jute, mustard chaffs, benne sticks, Castor seed chaffs, sunflower chaffs and baccy chaffs ( ESCAP 1997 ) .Hospital/ Hazardous WasteHospital waste is generated during the diagnosing, intervention, or immunisation of human existences or animate beings or in research activities in these Fieldss or in the production or testing of biological stuffs. It may include wastes like solid waste, disposables, anatomical waste, civilizations, discarded medical specialties and chemical wastes. These are in the signifier of disposable panpipes, swabs, patchs, organic structure fluids and human body waste. This waste is extremely infective and can be a serious menace to human wellness if non managed in a scientific and discriminate mode. It has been approximately estimated that of the 4 kilogram of waste generated in a infirmary at least 1 kilograms would be infected. In Punjab, Pakistan, 75 dozenss of clinical waste is produced daily. The rate of coevals per bed per twenty-four hours is 1.8 kilogram. There are 35 infirmaries in Lahore, which generate 6 dozenss of clinical waste daily. Most risky waste is the byproduct of a wide spectrum of industrial, agricultural and fabrication procedures, atomic constitutions, infirmaries and health-care installations. Chiefly, high-volume generators of industrial risky waste are the chemical, petrochemical, crude oil, metals, wood intervention, mush and paper, leather, fabrics and energy production workss ( coal-burning and atomic power workss and crude oil production workss ) . The chief types of risky waste generated in the Asiatic and Pacific Region, include waste dissolvers, Cl bearing waste and pesticideorganophosphate-herbicide-urea-fungicide bearing waste. In peculiar, dissolvers are extensively used and, as a effect, big measures of waste dissolvers are produced.Table: Beginnings of solid wastes, typical waste generators and types of solid waste generated( Adapted from Pakistan State of the Environment Report 2005, bill of exchange, p. 113 )METHODS OF DISPOSAL OF SOLID WASTEThere are a assortment of ways in which solid waste can be disposed off. Following are some of the methods of solid waste disposal.Figure: The Solid Waste Management HierarchyBeginning: Waste Hierarchy: Who ‘s on Top in the Game of Trash? By Raquel Fagan1. LandfillA landfill, besides called a shit or a rubbish shit is a site for the concluding disposal of waste stuffs by burial and is the oldest and most widespread signifier of waste intervention. Historically, landfills have been the most common methods of organized waste disposal and remain so in many topographic points around the universe. Landfills may include both the waste disposal sites around metropoliss ( where a manufacturer of waste carries out their ain waste disposal at the topographic point of production ) and every bit good as sites used by many manufacturers. Many landfills are besides used for other waste direction intents, such as the impermanent storage, consolidation and transportation, or processing of waste stuff ( screening, intervention, or recycling ) . Disposing of waste in a landfill involves the burial of waste and they are frequently established or located in abandoned or fresh big ditches, mining nothingnesss or tunnel cavities. A decently designed and well-managed landfill can be a hygienic and comparatively cheap method of disposing of waste stuffs. Older or ill designed and managed landfills can make a figure of unfavourable environmental impacts such as wind-blown litter, attractive force of plagues, and coevals of liquid leachate. Another common by-product of landfills is gas ( largely composed of methane and C dioxide ) , which is produced when organic waste interruptions down anaerobically. This gas can make stench jobs, kill surface works life, and is a nursery gas.Figure: A Landfill in ActionBeginning: RE3.org ( Posters ) , Reduce, Reuse, RecycleThe design features of a modern landfill should include steps to incorporate leachate such as a dirt or plastic liner stuff. Deposited waste is usually compressed to increase i ts denseness and stableness, and is covered to forestall pulling plagues ( such as mice or rats ) . Many landfills besides have gas extraction systems fixed to take the gas produced in the waste. Gas is so pumped out of the landfill utilizing pierced pipes and flared off or fire in a gas engine to bring forth electricity.2. IncinerationIncineration is another waste disposal method which involves the combustion of waste stuff. Incineration and similar other high temperature waste intervention systems are sometimes described as â€Å" thermic intervention † methods. Incinerators convert waste stuffs into heat, gas, steam, and ash. Incineration is undertaken both on a private graduated table by persons and on a big graduated table by industries. It is used to dispose of all types of solid, liquid and gaseous waste. It is recognized as rather a utile method of disposing of certain risky waste stuffs ( such as biological medical waste ) . Incineration can be a controversial method of waste disposal, due to issues such as emanation of gaseous pollutants. Incineration is common in states such as Japan where land is non openly available, as these installations by and large do non necessitate as much country as landfills. Waste-to-energy ( WtE ) or energy-from-waste ( EfW ) are wide footings for installations that burn waste in a furnace or boiler to bring forth heat, steam and/or electricity. Combustion in an incinerator is non ever perfect and there have been concerns about micro-pollutants in gaseous emanations from incinerator tonss. Particular concern has focused on some really relentless organics such as dioxins, furans, PAHs ( poly aromatic hydrocarbons ) that may be created within the incinerator and afterwards in the incinerator plume, which may hold serious environmental effects in the country instantly around the incinerator. On the other manus, this method or the more benign anaerobiotic digestion produces heat that can be used as energy.Figure: Basic layout of a province of the art municipal solid waste incineration worksBe ginning: vonRoll Inova: Grate burning systems. Zurich.3. CompostingCompost is an organic stuff which is a combination of decomposed workss and carnal stuffs and other organic stuffs that are being decomposed mostly through aerophilic decomposition into a rich black dirt. The procedure of composting is simple and practiced in private by persons in their places, agriculturally by husbandmans on their lands and industrially by industries and metropoliss. Compost dirt is really rich and is used for many intents. A few of the topographic points that it is used are in gardens, landscape gardening, gardening and agribusiness. The compost of dirt itself is good for the land in many ways, including as dirt conditioner, as fertiliser to add critical humus or humic acids, and as a natural pesticide. In ecosystems, compost dirt is utile for eroding control, land and watercourse renewal, wetland building and as landfill screen. As concern about landfill infinite additions, world-wide involvement in recycling by agencies of composting is turning, since it is a procedure for change overing analyzable organic stuffs into utile stable merchandises.4. Plasma GasificationPlasma is a extremely electrically charged gas. An illustration in nature is lightning, capable of bring forthing temperatures transcending 12,600A A °F ( 6,980A A °C ) . A gasifier vas utilizes proprietary plasma torches runing at +10,000A A °F ( 5,540A A °C ) ( the surface temperature of the Sun ) in order to make a gasification zone of up to 3,000A A °F ( 1,650A A °C ) to change over solid or liquid wastes into a syngas ( Alliance Federated Energy, hypertext transfer protocol: //www.afeservices.com/tech_what.php ) . Syngas ( from synthesis gas ) is the name given to a gas mixture that contains changing sums of C monoxide and H. When municipal solid waste is subjected to this utmost heat within the vas, the waste ‘s molecular bonds break down into basic constituents. The procedure therefore consequences in riddance of waste and risky stuffs. Plasma gasification offers states new chances for waste disposal, and more significantly for renewable power coevals in an environmentally sustainable mode.THE MODEL FOR INTEGRATED SWMThe Model for the Integrated Solid Waste Management has been presented by research workers, Joe E. Heimlich, Kerry L. Hughes and Ann D. Christy at the Ohio State University, USA, as portion of its Community Development Initiative.Figure: The Integrated SWM ModelBeginning: Community Development Initiative, Ohio State University, USAThe scheme behind the development of this theoretical account is to place the degree or degrees at which the highest values of single and corporate stuffs can be recovered. No individual solution wholly answers the inquiry of what to make with our waste. Every community or part has its ain alone profile of solid waste. The composing of solid waste besides varies, depending on diverse variables such as urbanisation, commercial endeavors, fabrication and service sector activities. Similarly the attitudes of people in different parts of any state vary sing waste direction patterns. This is frequently referred to as Waste Management Ethics and includes the recycling ethic and litter moral principle of a community as subcategories. Community diverseness and waste diverseness are the two chief grounds why no individual method of waste disposal has been accepted as the best method. However, all communities besides have the same options to blow disposal as good. For this ground, the Integrated Waste Management starts with decrease ( utilizing less ) and recycling more, thereby salvaging stuff production, resource cost and energy. At the underside of the list, lies the Landfill, which is the ultimate method of Waste Disposal around the universe.THE THREE R ‘SREDUCE: Conserving resources and environment by cut downing the measure of waste that is produced. Reducing the waste coevals is the most desirable waste direction method as it does off with the demand to manage, conveyance, recycle, or disposal of waste in the first topographic point. REUSE: Reconditioning unwanted manufactured merchandises. Largely carried out by scavengers in developing states. It fundamentally means utilizing a merchandise more than one time, either for the same intent or for a different 1. For illustration, utilizing lasting java mugs, towels, serviettes, replenishing bottles etc. RECYCLE: Recovering and recycling stuffs by assorted interventions. Mostly paper and Sns. It includes recycling of organic wastes to do new or similar merchandises but excludes recovery of energy from waste stuffs