First, a bull market, and the shining success of Deutsche Telekom, the former state-owned telecommunications monopoly whose share price has risen 50% since the firm's widely publicised flotation in November, has made German investors increasingly adventuresome.

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Already Jenkins has been doing some basic (by gas or electricity standards) arbitrage plays such as contracting for capacity at known chokepoints in the national telecommunications grid to take advantage of price spikes, as well as selling short in areas with a looming glut.

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The commission has sought pledges from the Chinese to sell telecommunications equipment in Europe above a minimum price, but they've been rebuffed by Chinese officials, say people familiar with the discussions.

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The ostensible reason for the delay is a row between the department of telecommunications and the finance ministry, which wants to raise the minimum price in the auction.

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Instead of over-funding and over-regulating critical infrastructure, liberalize networks like transportation, electricity, and telecommunications, and get spectrum out of the oversight of regulators so secondary markets can price, allocate and optimize it.

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Google's opponents in the telecommunications industry, however, argue that the conditions are just a ploy to drive down the price of the spectrum.

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