Old macdonald had a hedge e i e i o

http://www.foa.co.uk/admin/tiny_mce/jscripts/tiny_mce/plugins/filemanag…
The Commodity Futures Trading Commission in the US (“CFTC”) defines a speculator as: “a trader who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements”…The benefits of speculation are fourfold: aid in price discovery; facilitate risk transfer; increase liquidity; and smooth out pricing anomalies in correlated markets.