MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY & COMMODITY L.P. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 14, 2012

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v2.4.0.6
Derivatives and Hedging
 3 Months Ended
Mar. 31, 2012
Derivatives and Hedging [Abstract]  
Derivatives and Hedging
5.  Derivatives and Hedging
 
The Partnership's objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategy.  As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.  With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention.

The following tables summarize the valuation of the Partnership's investments as of March 31, 2012 and December 31, 2011, respectively.

The Effect of Trading Activities on the Statements of Financial Condition as of March 31, 2012:
Futures and Forward Contracts
Long Unrealized
Gain
Long Unrealized
Loss
 Short
Unrealized
Gain
  Short Unrealized
Loss
Net   Unrealized
Gain/(Loss)
Average number of contracts outstanding
for the three months   (absolute quantity)
 
$
$
$
$
$
 
             
Foreign currency
      77,223  
     (83,303)  
    5,774
   (48,383)
    (48,689)
1,648
Total
      77,223  
     (83,303)  
    5,774
   (48,383)             
(48,689)
 
             
Unrealized currency gain
       
      35,181
 
Total net unrealized loss on open contracts
       
 
      (13,508)
 


 


   
Average number of
   
contracts outstanding
   
for the three months
   
(absolute quantity)
Option Contracts at Fair Value
$
 
Options purchased
-
1
Options written
-
1



The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2011:

Futures and Forward Contracts
Long Unrealized
Gain
Long Unrealized
Loss
 Short
Unrealized
Gain
  Short Unrealized
Loss
Net   Unrealized
 Gain/(Loss)
Average number of contracts
outstanding for the year  (absolute quantity)
 
       $
       $
    $
$
$
 
Foreign currency
      34,016 
(124,363) 
        4,823
       (38,337) 
  (123,861) 
4,996
Total
      34,016 
 (124,363) 
        4,823
   (38,337) 
(123,861) 
 
             
Unrealized currency gain
       
      35,474 
 
Total net unrealized  loss on open contracts
       
 
    (88,387) 
 



   
Average number of
   
contracts outstanding
   
for the year
   
(absolute quantity)
Option Contracts at Fair Value
$
 
Options purchased
1,534
1
Options written
-
1

The following tables summarize the net trading results of the Partnership for the quarters ended March 31, 2012 and 2011, respectively.


The Effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2012 included in Total Trading Results:

Type of Instrument
                        $
   
Commodity
(403,901)
Foreign currency
104,545
Unrealized currency loss
             (293)
Total
   (299,649)

Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2012:
Trading Results
                        $
   
Net realized
(1,934)
Net change in unrealized
76,618
Realized loss on investment in KR Master Fund
(479,253)
Realized loss on investment in FL Master Fund
(1,825,238)
Unrealized appreciation on investment in KR Master Fund
 
151,040
Unrealized appreciation on investment in FL Master Fund
 
     1,779,118
Total Trading Results
      (299,649)


The Effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2011 included in Total Trading Results:

Type of Instrument
                        $
   
Foreign currency
(2,366,658)
Unrealized currency loss
     (18,875)
Total
  (2,385,533)



Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2011:
Trading Results
                       $
   
Net realized
(1,208,516)
Net change in unrealized
   (1,177,017)
Total Trading Results
   (2,385,533)

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