The deregulation of the German energy sector changes transaction relations, trading processes and contract design. We report on the findings of a field research survey conductet in the deregulated German wholsale trading market between April and June 2000.

[...]In this article, we study the influence of market liquidity anddynamic trading strategies on the short-run dynamics of theyield curve. Specifically, we focus on the recent behavior ofintermediate-maturity interest rates for evidence of marketliquidity effects arising from the hedging of...