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.1.1 Spot and Forward Markets

The general scope of any liberalization process is to support a more efficient allocation of economic resources, especially when those resources are scarce. Efficient allocation means that resources are allocated to those subjects that are able to make the best economical use of them. This notion of economic efficiency should result in a higher degree of satisfaction for all market participants. The free interaction of demand and supply, which characterizes competitive markets, should produce such efficient allocation of scarce resources. However, perfect competition is just a theoretical notion and often the improvement of the final consumer's utility is not guaranteed at all.