Trade, Hedge & be ahead of the Precious Metals Markets with Gold & Silver Futures. Why it makes sense?

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1 GOLD & PRECIOUS METALS PRICE OUTLOOK SYMPOSIUM 2015 Trade, Hedge & be ahead of the Precious Metals Markets with Gold & Silver Futures. Why it makes sense? HARRIET HUNNABLE JUNE 2015 CME Group exchanges handle 3 billion contracts, worth approximately $1 quadrillion, annually Benchmark contracts across all major asset classes: interest rates, equity indexes, FX, metals, energy, agricultural 2015 CME Group. All rights reserved. 1 1

2 CME Group Precious Metals Comprehensive, globally-accessible and round-the-clock solutions for the precious metals markets. Benchmark Precious Metals Futures & Options Suite Most extensive and liquid precious metals futures and options markets in the world Globally traded with deep and liquid markets accessible round the clock Daily Notional Value traded exceed $30 billion with aggregate Open Interest levels around 2.5 million contracts Centrally Cleared OTC Offering LBMA Silver Price Market-Leading Trade Reporting Infrastructure Flexible centrally-cleared solutions for the London Gold Forwards market Financial safeguards, post-trade services and deep margin efficiencies available on our U.S. and European Clearing Houses Robust and effective London-based auction platform delivered in partnership with Thomson Reuters Benchmark Services and the LBMA Fully-electronic, auditable price mechanism allowing for growing participation Provides public reporting on cleared, non-cleared, exchange-traded and bilateral swap transactions through our U.S. and European trade reporting platforms Reporting infrastructure fully compliant with relevant regulatory requirements in the U.S. and Europe in all mandated asset classes 2015 CME Group. All rights reserved. 2 CME Group Precious Metals Products CME Group offers the most extensive and liquid precious metals futures and options markets in the world, including the benchmark COMEX gold and silver futures contracts. Metal Group Exchange Contracts Contract Sizes Trading Since Gold COMEX Futures, Options 100oz Gold Futures (benchmark), NEW 1 kg Gold Kilo (32oz), 10oz E-micro Gold 1974 Silver COMEX Futures, Options 5000oz (benchmark), 1000oz 1963 Platinum Group Metals NYMEX Futures, Options 50oz (Platinum), 100oz (Palladium) CME Group. All rights reserved. 3 2

3 Why trade CME Group Precious Metals Futures? Our futures contracts provide a fast, easily accessible and cost-effective way to access the precious metals markets virtually around the clock and from anywhere in the world. Price Transparency and Efficiency: Centralised marketplace where price information is known to all market participants and brings together a wide range of market participants for efficient price discovery. Leverage: Futures offer the ability to trade using performance margin that is a fraction (3 to 12%) of the market value of the product. Flexibility: Market participants have the flexibility to easily trade either side of the market initiating a short position is just as easy as initiating a long position. Accessibility and Deep Liquidity: Our benchmark futures contracts offer deep and highly liquid markets and offer multiple trading venues. Central Counterparty Clearing: CME Clearing is the central counterparty to each and every transaction. Brings capital efficiencies and virtual elimination of counterparty credit risk. Segregated Accounts: Customers funds used to trade futures are held in a segregated account and NOT commingled with the clearing firm s funds. Who trades COMEX Precious Metals products? Commercial Hedgers Hedge Funds, CTAs and Investment Managers Banks Proprietary Trading Firms Active Individual Traders and Arcades Brokers and FCMs 2015 CME Group. All rights reserved. 4 Segregation of Customer Funds 2015 CME Group. All rights reserved. 5 3

4 COMEX Gold and Silver Futures Q Daily Volume Daily Volume Notional Open Interest* % Electronically Traded** Gold Futures 188,000 lots $22 billion 387,000 lots 94% Silver Futures 50,000 lots $4 billion 170,000 lots 96% * Open interest data as of Mar 31, 2015; ** For Q Our gold and silver futures contracts represent deep and liquid markets. Significant liquidity growth in the past five years. The futures contracts trade virtually 24 hours a day CME Group. All rights reserved. 6 Deep and Liquid Markets The liquidity available for our precious metals contracts translates into tight bid-ask spreads and high-quality trade executions that help meet a variety of customers business and risk management objectives. The CME Direct screenshot shows a very liquid market for the flagship COMEX Gold Futures contract as an example. The top of the order book is 1-tick wide ($0.10/oz) for the most active (Aug-15) outright month and the most active spread There is plenty of depth in the book beyond the top level as well for both outrights and calendar spreads COMEX Gold Futures Electronic Order Book on CME Globex (4 th June UK afternoon): 2015 CME Group. All rights reserved. 7 4

5 Round-the-clock Global Access CME Globex is available around the clock and around the world. CME Group delivers services to ensure market continuity and reliability. Our Global Command Centre (GCC) is the market operations and customer service desk for Globex trading and is open 24 hours a day. The NYMEX/COMEX precious metals contracts trade virtually throughout the day except for a 45-minute break between 5:15 pm to 6:00 pm U.S. Eastern Time (10:15 pm to 11:00 pm UK time) CME Group. All rights reserved. 8 How to Begin Trading in our Markets Find a good clearing firm or broker Select a front-end trading application Have a trading plan in place You need to open an account with a clearing firm and registered futures broker, who will maintain your account and guarantee your trades The COMEX precious metals markets are supported by over 50 clearing firms across the world enabling global distribution and easy access to our markets To access CME Globex, a front-end trading application is required. For trades on ClearPort, contact your broker or preferred dealer. CME Group products supported by 50+ front end applications from software vendors You can also use a CME Group-provided solution: CME Direct cmegroup.com/direct Develop a plan to guide your decision-making process for trading or risk management as the case may be Your plan should be based on careful analysis of the nature of the markets you intend to trade and the futures (or options) contract specifications 2015 CME Group. All rights reserved. 9 5

6 New Gold Contract Gold Kilo Futures CME Group recently extended its precious metals offering to provide the global bullion marketplace with opportunities to directly access and trade the Far East gold market. Launched on January 26th, the COMEX-listed and physically-delivered Gold Kilo futures contract provides unprecedented access to trade gold in kilo-sized units. Continuously quoted and traded with tight markets and liquidity accessible across the Asian, European and U.S. hours Less-expensive vehicle for exposure to gold prices. At one-third the size of our full-size flagship gold contract, the GCK requires a smaller initial capital outlay and lower margin requirements Enables precision trading of gold in kilo units for exposure to gold prices and risk management True intraday price transparency across the futures curve for unique arbitrage and spread trading opportunities Simplified Delivery Process enables delivery in 9999 fineness kilo-sized bars at Exchange-approved and regulated facilities in Hong Kong Deep margin offsets and financial safeguards from CME Clearing PRODUCT SYMBOL: GCK (Bloomberg Ticker: KGC; Reuters RIC: GCK) For more information, please visit: CME Group. All rights reserved. 10 Gold Kilo Futures Trading Opportunities The new, smaller Gold Kilo futures contract was designed with smaller traders in mind. The contract not only features much lower margin requirements than the full-size gold contract thereby reducing risk, but also has lower exchange fees. GCK offers spread trading opportunities against gold futures listed on regional exchanges such as Bursa Malaysia in kilo units. COMEX Gold Kilo Futures Daily Volumes since Launch: 2015 CME Group. All rights reserved. 11 6

7 Disclaimer Futures and swaps trading is not suitable for all investors, and involves the risk of loss. Futures and swaps are leveraged investments, and because only a percentage of a contract s value is required to trade, it is possible to lose more than the amount of money initially deposited for a futures and a swap position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. The information and any materials contained in this presentation should not be considered as an offer or solicitation to buy or sell financial instruments, provide financial advice, create a trading platform, facilitate or take deposits or provide any other financial products or financial services of any kind in any jurisdiction. The information contained in this presentation is provided for information purposes only and is not intended to provide, and should not be construed as, advice. It does not take into account your objectives, financial situation or needs. You should obtain appropriate professional advice before acting on or relying on this presentation. The information contained in this presentation is provided as is and without any warranty of any kind, either express or implied. CME Group assumes no responsibility for any errors or omissions. CME Group and 芝 商 所 are trademarks of CME Group Inc. The Globe logo, E-mini, E-micro, Globex, CME and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. ( CME ) CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. ( CBOT ) ClearPort and NYMEX are trademarks of the New York Mercantile Exchange, Inc. ( NYMEX ) These may not be modified, reproduced, stored in a retrievable system, transmitted, copied, distributed or otherwise used without the written permission of the party owning these materials. Copyright 2014 CME Group and 芝 商 所. All rights reserved CME Group. All rights reserved. 7

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