2  J. Murray, “Commodity Prices: The Long and the Short of It,” speech to the Johnson/Shoyama Graduate School of Public Policy, Regina, Saskatchewan, 10 February 2011. BIS central bankers’ speeches  1  Complex global commodities markets The commodities markets are complex in several ways. There are spot markets and forward transactions, as well as other derivatives contracts such as options.
There are organized exchanges and over-the-counter markets. There are physical and financial aspects. Trading takes place in many different geographical locations and many different commodities and grades of those commodities are traded.