AGREX - Durum Wheat Futures

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1 AGREX - Durum Wheat Futures

2 Agenda Introduction Futures Description How to operate on AGREX The Central Counterparty System 2

3 Introduction 3

4 AGREX the new Agricultural Derivatives segment Borsa Italiana is close to launching AGREX - a new Agricultural Commodity Derivatives Segment Durum Wheat futures will be listed on this segment, following Market Operators request for these specific futures Indeed, currently most Market Operators hedge their positions with Milling Wheat futures, which however don t offer a perfect hedge for their physical positions Durum Wheat futures will enable Operators from the Industry to better hedge their positions and Financial players to further diversify their portfolio in Commodities 4

5 AGREX (Agriculture Exchange) AGREX will be a new segment of IDEM, Borsa Italiana derivatives market IDEM EQUITY derivatives on equities and indices IDEX derivatives on energy commodities AGREX derivatives on agricultural commodities 5

6 Futures Description 6

7 Contract Specifications Expiries Delivery Months: March, May, September, December 5 Expiries traded in the market Delivery Points Authorized Storage (the first authorized delivery points are nearby Foggia) Futures contract size Price 50 metric tons /metric ton Market price does not include VAT Tick size: 0.25 /t Trading Hours: 2.30 pm 5.40pm 7

8 Underlying wheat future contract quality Sound, fair and marketable durum wheat of any origin. In compliance with EU sanitary requirements for grain for human consumption. Custom cleared. Specific weight Protein content Moisture content Impurities Vitreous grains Sprouted grains Smutty grains Broken grains Other cereals Grains affected with fusariosis kg/hl min 11.5% min 13.5% max 2% max 62% min 2% max 12% max 6% max 3% max 0.5% max 8

9 Market Makers Primary Market Makers: obligation to quote all expiries until the last trading day Liquidity Providers: obligation to quote all expiries until T-6 (included), where T is the last trading day Quoting obligations for Primary Market Makers and Liquidity Providers: Continuous quoting from 2.30 pm to 5.40 pm Minimum quantity of 3 contracts (1 contract = 50 t) Spread: 8 on first 4 expiries, 10 on 5 th expiry 9

10 Modello di mercato Position Limits Borsa Italiana sets a limit to open positions held by each direct member and each of its clients during trading phase, as well as a limit to positions in delivery. There are three levels of position limits: Current Expiry Following Expiries All Expiries together 10

11 Contract expiry and delivery period Contracts are negotiated until the 10 calendar day of the delivery month. If the 10 calendar day is not an open day for the market, the contract expiries on the following open day. Durum Wheat has to be delivered at authorized storages within the delivery month. CC&G will communicate the identity of the counterparties to those operators who have not closed their positions before the expiry date. This will allow the two parties to find an agreement on an alternative delivery procedure (delivery point, wheat quality, etc) 11

12 Operating on AGREX 12

13 Modello di mercato How to trade on AGREX Any company or individual can trade on AGREX through a financial intermediary This is the most convenient way to trade on AGREX for those companies who do not intend to trade large volumes. They will save on the fixed costs of direct access to the market. The fees sustained by the final client will not be determined by Borsa Italiana but rather by the financial intermediary who is in direct competition with other intermediaries. Conversely companies may choose to subscribe to the market directly if they fulfill Borsa Italiana s requirements Direct access to the market is reserved to: All intermediaries authorized to trade on a proprietary account and/or third parties and/or executing orders on behalf of clients Firms set up in the legal form of a limited company ( società per azioni ) or a limited liability company ( società a responsabilità limitata ) or equivalent In order to be admitted to AGREX segment, companies must join the clearing and guarantee system of CC&G (Cassa di Compensazione e Garanzia) Industrial companies are allowed to trade on proprietary account only 13

14 The Central Counterparty System 14

15 Cassa di Compensazione & Garanzia (CC&G) s role in a regulated markets Cassa di Compensazione & Garanzia is the central counterparty and guarantees all transactions executed on the market Client A Client B Intermediary X Intermediary Y Member X Member Y Trading flows Clearing flows 15

16 Participation in the Clearing System GENERAL CLEARING MEMBER GCM become a counterparty of the clearing house for proprietary and/or client and/or Non-Clearing Members transactions. INDIVIDUAL CLEARING MEMBER ICM become a counterparty of the clearing house for proprietary and/or client transactions NON CLEARING MEMBER NCM stipulate an agreement with a GCM so that the latter becomes counterparty of the clearing house for the NCM s proprietary and/or client transactions. Banks and Investment Firms authorized to provide Investment Services in Italy can become GCM, ICG or NCM while other members of AGREX can become only NCM. 16

17 May 2012 Borsa Italiana S.p.A. The publication of this document does not represent solicitation, by Borsa Italiana S.p.A., of public saving and is not to be considered as a recommendation by Borsa Italiana as to the suitability of the investment, if any, herein described. Trademarks Borsa Italiana and Borsa Italiana's logo, IDEM, MOT, MTA, STAR, SeDeX, MIB, IDEX, BIt Club, MiniFIB, DDM, EuroMOT, NIS, Borsa Virtuale, ExtraMOT, MIV, ETF Plus, ELITE, Palazzo Mezzanotte Congress Centre and Services are owned by Borsa Italiana S.p.A. are owned by Borsa Italiana S.p.A. FTSE is a registered trademark of London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited under licence. London Stock Exchange, the coat of arms device and AIM are a registered trade mark of London Stock Exchange plc. The above trademarks and any other trademark owned by the London Stock Exchange Group cannot be used without express written consent by the Company having the ownership of the same. Borsa Italiana S.p.A. and its subsidiaries are subject to direction and coordination of London Stock Exchange Group Holdings (Italy) Ltd Italian branch. The Group promotes and offers the post-trading services of Cassa di Compensazione e Garanzia S.p.A. and Monte Titoli S.p.A. in an equitable, transparent and non-discriminatory manner and on the basis of criteria and procedure aimed at assuring interoperability, security and equal treatment among market infrastructures, to all subjects who so request and are qualified in accordance with national and community legislation, applicable rules and decisions of the competent Authorities. Borsa Italiana S.p.A Piazza Affari, Milano 17

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