• 1 Introduction
  • 2 Data
  • 3 Overall revenue and profit
  • 4 Approaches to identify revenues from speculation
  • 5 Revenues from speculation
  • 5.1 Revenues from accumulating inventory?
  • 5.2 Revenues due to price volatility?
  • 5.3 Systematic correlations of daily revenues
  • 5.4 Revenues beyond non-speculative trading?
  • 6 Conclusions
  • References