[bromquinn]

this is interesting. theoretically, more liquidity should lead to more efficiency in the distribution of a commodity . in practice, there are obvious exceptions to this (the hunt brothers & silver, the oil markets from 2006-2010 etc).

I also wonder how a futures contract with instant liquidity interplays with standard water bills, which as far as I know are billed at rates that get adjusted yearly at most (at least here in LA).