EEX Group Workshop Cleartrade Exchange. Cleartrade Exchange, an EEX company, part of Deutsche Borse Group

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1 EEX Group Workshop 2015 Cleartrade Exchange Cleartrade Exchange, an EEX company, part of Deutsche Borse Group Regulated by the Monetary Authority of Singapore as a Recognised Market Operator (RMO)

2 Agenda 1. CLTX 2014/2015 Review and Major Events 2. Welcome to the New CLTX Trader Platform 3. CLTX Energy Focus: Fuel Oil Market Design and Development Months in the Group: Partnership Focus CLTX/EEX/ECC

3 CLTX 2014/2015 Review and Major Events CLTX 2014/2015 Total Volumes Market Performance: Freight, Metals, Agri CLTX Timeline: 2014/2015 Major Events

4 2014/2015 Review & Major Events 2014/2015 Total Volume CLTX Volumes (Lots) (YTD) Energy Metal Agri Freight Freight Agri Metal Energy

5 2014/2015 Review & Major Events 2014/2015 Freight Market Performance FFA Market 45% 40% 35% 30% 25% 20% 15% 10% 5% (FYE) Market CLTX 40% 27% 29% 28% 0% Market CLTX

6 2014/2015 Review & Major Events 2014/2015 Metals Market Performance Iron Ore Market 34% % 32% 31% 30% 29% 28% (FYE) Market CLTX 33% 30% 29% 29% 27% Market CLTX

7 2014/2015 Review & Major Events 2014/2015 Agri Market Performance Fertilizer Market 90% 80% 70% 60% 50% 40% 30% 20% 10% (FYE) Market CLTX 81% 67% 59% 55% 0% Market CLTX

8 2014/2015 Review & Major Events 2014/2015 CLTX Timeline October 2014 May 2015 July 2014 CLTX + EEX Announce FFA + Fertz Timeline CLTX Moves into New HQ in Singapore CLTX Processes 1,000,000 FFA Lot January 2015 EEX launches CLTX FFA & Fertz Contracts for Trade Registration First Mini Fertz Future Executed on Exchange CLTX Launches New M7 System CLTX Trader November 2014 February 2015 April 2015 CLTX Real Time Market Data Available via Duetsche Boerse CEF CLTX Trade Depository Made Available to All GCMs December 2014 CLTX becomes Primary Exchange fro LCH Commodities CLTX Daily Settlement Curves Taken by Several CCPs CLTX Freight Trader Clubs Launched Singapore, Geneva, London CLTX Portal Launch

9 Welcome to the New CLTX Trader Platform CLTX Market Infrastructure and Needs Trading Engine Evolution Project timeline Result: CLTX Trader Before and After

10 New Trading Engine CLTX Trader CLTX Market Infrastructure Market Inter-Dealer Broker CCP CCP Market CCP CCP Inter-Dealer Broker Market

11 New Trading Engine CLTX Trader CLTX Market Infrastructure CCP Inter-Dealer Broker CCP Block Registration, Order Book CLTX Clearing Gateway 95% Automated Trade Processing CCP CCP Market Quote Vendor Data Feeds Trade Depository Web Interface Market Information via Mobile and Web

12 New Trading Engine CLTX Trader CLTX Market Infrastructure Initial Freight Market Situation: CLTX Market Solution: Many Counterparties Many Brokers Many CCPs Links between many but not all No price transparency Limited trade efficiency No exchange execution Sporadic regulatory cover Single point to stream all transactions through Many to Many Improved price transparency / Access to data High trade efficiency Regulated solution CLTX Solution requires basic exchange matching engine only

13 New Trading Engine CLTX Trader CLTX Trading Engine Evolution Advent of CLTX Fuel Oil market created new demands What Did The Market Request? Greater demand for exchange trading High order frequency and lower latency Auto match functionality Increased order types, execution options, spread and strip functions ISV links Specifically driven by Fuel Oil but also becoming more relevant for other commodities: Iron Ore and Fertilizers

14 New Trading Engine CLTX Trader Project Timeline Q M7 Selected as new CLTX matching engine Q M7 Testing, Client Feedback and integration into CLTX infrastructure Q Requirement scoping, market research and solutions engineered Q (May) Delivery of Live CLTX Trader (M7) to the market Project kicked off in Q and delivered approx. 12 months later in May 2015 CLTX switched over thousands of individual user, broker and clearing accounts Roll out primarily successful with limited impact on market System update due in July 2015 with new features in Oct 2015

15 New Trading Engine CLTX Trader Result Before & After CLTX Edge Hit & Lift only Limited load capacity (100 s messages per minute) Limited order functions Limited admin functions on new contracts, periods etc Basic calendar, product, ratio spreads CLTX Trader Fully Automatched Market Increased capacity (1000 s messages per second) Increased order functions: Icebergs, Stops, FOK, IOC Broaden admin functionality to add contracts and user functionality to add spreads, combos etc Increased spread options, easier trading, implied quarters/strips

16 CLTX Energy Focus: Fuel Oil Market Design and Development Fuel Oil Market Design & Development Market Statistics Marker Maker Performance Technical Infrastructure

17 CLTX Energy Focus: Fuel Oil Market Design and Development Market Opportunity Overview: Consumption of Residual Fuel Oil for Bunkering: 400,000 mt + p/d MT p/a CLTX primary market space (Dry Bulk Freight) vessels account for approx. 40% of global fleet by dwt / 70% of global ton/mile demand Dry Bulk Vessels burning between mt pcm ($160,000 - $480,000) Global Fuel Oil Derivatives Market: Approx. 3 BT pa Many users either not hedging or hedging inefficiently due to mainstream Fuel Oil derivatives market transacting in minimum clips of 5,000 mt

18 CLTX Energy Focus: Fuel Oil Market Design and Development Dry Bulk Vessel Fuel Consumption PCM (estimate): Capsize (170K dwt) 1500 mt pcm Panamax (80K dwt) 1000 mt pcm Supramax (50K dwt) 800 mt pcm Handysize (30K dwt) 600 mt pcm Common Dry Bulk Vessel Voyage Length (days): Capesize days Panamax days Supramax days Handysize days It is clear from the above that vessel fuel oil exposure will rarely fit into increments of 5,000 mt per month Unless the user is running a large portfolio of vessels they will be forced to: Wait until their fuel oil exposure equals approx. 5,000 mt pcm Execute a much larger fuel oil hedge than is required Pass fuel oil exposure to energy desks CLTX enables shipping owner/operators or users to hedge efficiently by offering 1mt contracts CLTX launched market with in March 2012 MM joined in May 12

19 Volume (mt) Clip Size (mt) CLTX Energy Focus: CLTX Fuel Oil Market Statistics CLTX Fuel Oil Volumes & Average Clip Size Mrz 12 Mai 12 Jul 12 Sep 12 Nov 12 Jan 13 Mrz 13 Mai 13 Jul 13 Sep 13 Nov 13 Jan 14 Mrz 14 Mai 14 Jul 14 Sep 14 Nov 14 Jan 15 Mrz 15 Mai 15 0 Total Avg Clip

20 No. Trades Volume (mt) CLTX Energy Focus: CLTX Fuel Oil Market Statistics 1200 CLTX Fuel Oil - No. Trades & Volume ,000mt Clips = 2.8 MT 3,001-30,000mt Clips = 1.7 MT Volume No. Trades

21 CLTX Energy Focus: Market Maker Performance Value for CLTX Market Maker: Fuel Oil Market Maker Statistics 38% of trades had MM on one side Buyer/Seller = 42/58 62% of trades paid/given against MM price Counterparties will pay for the ability to always transact at the right time / volume

22 CLTX Energy Focus: Market Maker Performance 2H 2015 CLTX Fuel Oil Market: New Fuel Oil Market Maker goes live Covering Sing 180, 380 and Rotterdam 3.5% 12 months forward Implied prices populating all calendar and product spreads (East/West + Visco) 14:00 SGT to 18:00 GMT Bid/Offer Spread - $2.00 front 3 months moving to $3.50 at 12 months plan to move to $1.50 after launch Prices injected real time based on movement in Brent In comparison to CLTX previous MM on Fuel Oil 50% increase in maturities covered Bid/Offer spread 50% tighter (at $1.50) High frequency injection + increased safety measures for MM

23 CLTX Energy Focus: Fuel Oil Market Maker Technical Infrastructure Pre-Traded Intra-Trade Post Trade Fuel Oil Curves Calculated from Brent Price Orders Automatically Populated on CLTX M7 MM to CLTX Latency Est Seconds Trade Data Automatically Populates MM Position Keeping Systems Market Maker Communicates with CLTX via TDI Message BUS Executed Trade Information Returned to MM every Second

24 CLTX Energy Focus: Fuel Oil Market Maker Technical Infrastructure MM uses and excel sheet with Brent plug in to calculate Fuel Oil price curves Whenever a change in Brent triggers a change in the sheet prices are automatically sent to CLTX Latency between MM and CLTX approx seconds Only updated prices are sent to the CLTX If a price is filled then the MM has the option to replace the price immediately or wait until it is automatically replaced by the next update Prices remain on the exchange until they are executed or cancelled The MM has a panic button which will remove all orders in a single click The connection between the MM and CLTX has a heartbeat which confirms both sides are connected if connection is lost prices are automatically cancelled The loop is completed by a post trade connection which the MM polls every second for executed trades any executed trade information is then automatically captured in the MM s position keeping software

25 Partnership: CLTX/EEX/ECC Global Commodity Offering Product Road Map CLTX + EEX Infrastructure Projects Business Development

26 Partnership: CLTX/EEX/ECC Global Commodity Offering Power Natural Gas Emissions Containers 10 Asset Classes 300 Market Participants Coal Steel Order book trading, Trade registration, clearing & post trade services Freight Fuel oil Fertilizer Iron ore

27 Partnership: CLTX/EEX/ECC Product Road Map Q Q Freight Launch: Futures on Dry Bulk Freight Contracts Covering all Sizes and Routes Expansion of Coal Products into Asia Specific Markets: API 5, API 8, Indo Sub Bit Future Joint Initiatives on Ferrous Markets Iron Ore and Steel Future Global Commodity Offering Q Fertilizer Launch: CLTX + EEX pioneering Financial Futures on Fertilizers in 25t lots Q Extend Access for Asia Organisations into ECC Options Contracts on Freight & Coal Future Expansion of Agri Portfolio to Include New Fertilizer Contracts: Middle East, Asia, Europe

28 Partnership: CLTX/EEX/ECC Joint Infrastructure Projects CLTX ECC Pre-Trade Risk: Initial Discussion on Incorporating ECC Limit and Stop Projects into CLTX at Point of Trade Create Unique Advantage of Clearing ECC on CLTX CLTX Portal: Web Delivered Interface Trade Registration and STP Live Market Pricing Trade Depository and Recap Management

29 Partnership: CLTX/EEX/ECC Business Development Aligning business development activities and teams across Europe, Asia and US Leveraging group functions to bring simplified on-boarding of CLTX members through fast track KYC Region Specific: Potential Asia Campaigns Building brand awareness through educational and marketing roadshows targeting growth of new customers in the region Marketing partnership with Asia FCM: Establishing connections between Europe and Asia and opening up access Joint product development with region specific focus and stakeholder involvement

30 Group Workshop 2015 Cleartrade Exchange Key Takeaways CLTX is working to bring revolutionise our markets and find solutions for the organisations working in them CLTX aims to use technology as a differentiator promoting easy of customer access to our exchange, increased efficiency and security Actively working to promote and the advantages of the EEX group to customers through joint product offerings and co-ordinated business development Focus on Asia business and product development

31 Richard Heath Director London Office + 44 (0) Singapore Office + 65 (0) Private and Confidential 15/06/2015

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