IntercontinentalExchange. Credit Suisse Financial Services Forum February 7, 2008

Size: px
Start display at page:

Download "IntercontinentalExchange. Credit Suisse Financial Services Forum February 7, 2008"

Transcription

1 IntercontinentalExchange Credit Suisse Financial Services Forum February 7, 2008

2 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of Statements regarding our business that are not historical facts are forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. These statements are not guarantees of future performance and actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statement. For a discussion of certain risks and uncertainties that could cause actual results to differ from those contained in the forwardlooking statements see our filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2006 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2007, each as filed with the SEC on February 26, May 4, July 27 and October 26, 2007, respectively. These filings are also available in the Investors & Media section of our website. All forward-looking statements in this presentation are based on information known to us on the date hereof, and we undertake no obligation to publicly update any forward-looking statements. February 7, 2008 Credit Suisse Financial Services Forum 2

3 ICE: Global Commodity Markets ICE is a leading, global commodity marketplace operator. Through its technology platform, ICE offers benchmark futures and options contracts for energy, soft and agricultural commodities, equity indexes and currencies, as well as the leading electronic global OTC energy marketplace. Global reach Screens distributed in 55+ countries Futures exchanges in the U.S., Europe and Canada Diverse products and markets Energy, agricultural, financial products Futures, OTC and options Superior technology Sophisticated, scalable & widely distributed platform Significant growth opportunities Organic growth, including global clearing strategy Proven M&A capabilities and strategic partnerships Strong management team and financial model Focus on innovation, customers and technology ICE offices in Asia, Canada, Europe and the U.S. Operating leverage driven by lean model February 7, 2008 Credit Suisse Financial Services Forum 3

4 ICE: Diverse Markets and Technology Expertise ICE FUTURES ICE OTC ICE DATA & SERVICES U.S. & Canada Agricultural Cocoa Coffee Cotton Sugar Orange Juice Barley Canola Oil Feed Wheat Financial Currency Pairs Euro Index US Dollar Index Russell Equity Indexes EUROPE Brent Crude WTI Crude Sour Crude Gas Oil Natural gas Electricity Coal Emissions OTC Oil and refined products Financial gas Physical gas Financial power Physical power Natural gas liquids Hundreds of Swaps, Spreads and Options contracts MARKET DATA Real-time prices/screens Indices and end of day reports Tick-data, time and sales Market price validations SERVICES ICE econfirm ecops Coffee grading facility ICE Clear U.S. ICE Clear Europe TECHNOLOGY Connect via traditional exchange telecom hubs in US, Europe and Asia, via the Internet, co-location and direct connection Fastest matching engine for commodity markets, 7ms blended; sophisticated spread implication functionality Leading electronic OTC energy markets, including credit filter and cleared/bilateral functionality ICE engineers develop and maintain proprietary exchange software and matching engine, front-end GUI and global infrastructure February 7, 2008 Credit Suisse Financial Services Forum 4

5 ICE: Customers and Markets 50% 40% 30% 20% 10% 0% Dec-06 Industry Participants Commercials producers, energy refiners, utilities, industrials and commodity users Futures Commission Merchants (FCMs) Commercial and investment banks Institutional investors, index and hedge funds, CTAs Proprietary and algorithmic traders Jan-07 Feb-07 Mar-07 Apr Day Historical Volatility May-07 Jun-07 Jul-07 ICE Brent Aug-07 Sep-07 ICE WTI Oct-07 Nov-07 Dec-07 Jan-08 Contracts in millions Market Position Volume Growth Regardless of Price Direction Sources: EIA CPI Adjusted WTI prices; FIA Energies volume Global OTC energy markets leading electronic energy marketplace for OTC natural gas and power Energy Futures trades approximately half of the world s crude oil and refined product futures Agricultural Futures leading global markets for sugar, canola oil, cotton, coffee, cocoa and OJ Equity Indexes exclusive Russell license in 2008 Foreign Exchange Currency pairs, US Dollar Index $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 US$ per barrel (real) February 7, 2008 Credit Suisse Financial Services Forum 5

6 thousands $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- ICE: Key Growth Drivers $50 Q Q Q ICE Revenue 215+% Q Q Q BUSINESS FUNDAMENTALS Q $152 Q Rapidly growing commodity markets Technology leadership Global markets expansion Successful M&A integration Global clearing strategy Asset class additions Other econfirm Market Data OTC FX/Index Futures Soft/Ag Futures Energy Futures 2008 PRIORITIES Execute on clearing strategy Regulatory approval Technical integration Execute on Russell transition Cross-margining agreements Joint marketing Enhanced technology Support organic growth in core markets Expand risk management services Expand options presence Leverage acquisitions and partnerships made in 2007 February 7, 2008 Credit Suisse Financial Services Forum 6

7 ICE Futures Europe HISTORY Formed by oil market participants in 1980 ICE acquired ICE Futures Europe in 2001 and transitioned to electronic trading in ANNUAL CONTRACT VOLUME - ICE FUTURES EUROPE Regulated by the UK s FSA 120 CUSTOMERS Energy majors, refiners, distributors Financial Institutions Funds, proprietary and algorithmic traders % CAGR 92.7 GROWTH DRIVERS Crude Oil open interest over 1MM contracts Deep liquidity in both Brent and WTI crude oil benchmarks Europe s leading energy exchange, ICE Futures Europe trades approximately half of the world s crude oil and refined oil futures. Futures and Options Products Oil and refined oil products Natural gas Electricity Coal Emissions (In 000) 4Q07 4Q06 yty% Total Vol 35,761 28,196 27% Brent ADV % WTI ADV % Gas Oil ADV % Other ADV % Total ADV % February 7, 2008 Credit Suisse Financial Services Forum 7

8 ICE Futures U.S. and ICE Futures Canada HISTORY CUSTOMERS Acquired ICE Futures U.S. in 2007; listed soft commodities, index and currency futures on ICE Regulated by the CFTC Producers, growers, distributors, processors and industrials Financial Institutions Funds, proprietary and algorithmic traders ANNUAL CONTRACT VOLUME - ICE FUTURES U.S./Canada (1)(2) % CAGR GROWTH DRIVERS 90% of futures volume now electronic Exclusive on Russell Equity Indexes beginning 3Q 2008 Commodities, currencies, USDX and options ICE Futures U.S is the leading global soft commodity exchange, with diverse agricultural and financial benchmark products. ICE Futures Canada is Canada s leading agricultural exchange with more than 3.5 million contracts traded in Futures and Options Products Agricultural Cocoa Canola Coffee Feed Wheat Cotton Barley Sugar Orange Juice Financial Foreign Exchange Euro Index US Dollar Index Russell Equity Indexes Russell 1000 Russell 2000 (In 000) 4Q07 4Q06 (1) yty% Total Vol 13,618 10,822 26% Sugar ADV % Cotton ADV % Other ADV % Total ADV % (1) ICE did not own ICE Futures U.S. in Historical comparison is for illustrative purposes. (2) Canada volumes are not reflected until 3Q07. February 7, 2008 Credit Suisse Financial Services Forum 8

9 ICE Global OTC Energy Markets HISTORY Cleared OTC market created by ICE in 2002; products include forwards and swaps, differentials and spreads, and options Operates as an Exempt Commercial Market and engages in regular reporting to the CFTC $1,000 $800 Cleared Bilateral OTC - ANNUAL AVG DAILY COMMISSION $668 CUSTOMERS Commercial energy companies ~53% Banks/Financial institutions ~22% Liquidity providers (prop/algo/funds) ~25% $600 $400 58% CAGR $487 GROWTH DRIVERS Over 80% market share for cleared OTC Henry Hub natural gas contracts Product growth largely organic Chatham acquisition brings OTC options $200 $0 $233 $94 $178 $112 $80 $79 $102 $ ICE operates the leading electronic OTC marketplace for global crude and refined oil products, natural gas and power, offering price transparency, and cleared/bilateral markets in the same price stream. OTC Products Over 800 products listed, approximately 100 cleared: Oil and refined oil products Financial gas swaps and options Physical gas Financial power Physical power Natural gas liquids (In 000) 4Q07 4Q06 yty% Contracts Traded 48,829 38,348 27% Cleared 40,529 32,847 23% % Cleared 83% 86% Cleared ADC $725 $605 20% % Cleared 79% 85% Bilateral ADC $188 $108 75% % Bilateral 21% 15% Total ADC $913 $712 28% February 7, 2008 Credit Suisse Financial Services Forum 9

10 ICE: Innovation and Technology Innovations in software and network design produce unparalleled speed and reliability Future roundtrip time: 3ms Fut/OTC roundtrip time: 7ms Chicago data center increases access and reduces network latency Integration of three exchanges and two clearing houses, and technology development for a third clearinghouse completed in 2007 ICE Clear Europe development on track Futures Avg Daily Volume (Contracts) 900, , , , , , ,000 $40.0 $35.0 $30.0 $25.0 ICE Platform Speed Relative to Futures ADV Volume Round Trip Time Apr-07 May-07 Jun-07 Jul-07 ICE Technology CapEx Hardware Software & Software Development Cumulative Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 $90.0 $75.0 $ Avg Daily RTT (ms) Key technology development completed $20.0 $45.0 Connectivity and system testing in February July launch expected $15.0 $10.0 $5.0 $30.0 $15.0 $ $0.0 February 7, 2008 Credit Suisse Financial Services Forum 10

11 ICE Summary Financials 2007 (In Millions, except EPS data) INCOME STATEMENT 12-mos mos 2006 yty% Total Revenues $574 $314 83% Total Expenses $221 $ % Operating Income $354 $205 73% Operating Margin 62% 65% (3) bps Income Taxes $118 $69 71% Net Income $241 $143 68% Net Margin 42% 46% (4) bps EPS (Diluted) $3.39 $ % BALANCE SHEET & CASH FLOW 12-mos mos 2006 yty% Cash & ST Investments $261 $282 (8)% Record transaction revenues Energy +45% yty Ags/Financials +41% yty OTC +41% yty Record contract volumes Energy +49% yty Ags/Financials +22% yty Record OTC commissions ADC +44% yty Record net income and operating cash flows Five acquisitions, four new asset classes, multiple strategic partnerships and 60 new products Operating Cash Flow $288 $151 91% February 7, 2008 Credit Suisse Financial Services Forum 11

12 ICE: Commodity Market Leadership Record January 2008 in OTC & Futures Markets Invest in Technology, Products & People Maintain Innovative Mindset Focus on Growth Fast growing derivatives markets New customers, global commodity markets New assets classes and products Exclusives on key indexes M&A opportunities Focus on Customers New products across futures, options, OTC Strong industry relationships Technology for traders and risk managers Value-added services, including clearing Seamless integration of acquired businesses $300 $250 $200 $150 $100 $50 $0 ICE ANNUAL OPERATING INCOME (millions) $288 $146 $151 $50 $ February 7, 2008 Credit Suisse Financial Services Forum 12

13 Q&A

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009 IntercontinentalExchange Fourth Quarter & Year-End 20 Earnings Presentation February 10, 2009 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements

More information

2014 EXPIRATION CALENDAR PRODUCTS

2014 EXPIRATION CALENDAR PRODUCTS 204 EXPIRATION CALENDAR PRODUCTS As the world s largest and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. In 2008, NYMEX became part of CME Group. Together, we

More information

ICE Futures Europe Commitments of Traders Report Explanatory notes

ICE Futures Europe Commitments of Traders Report Explanatory notes ICE Futures Europe Commitments of Traders Report Explanatory notes Contents Basis of report... 1 Report formats... 1 Report contents... 2 Sections of the report... 3 Category breakdown... 3 Concentration

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

ICE Futures Implied Prices

ICE Futures Implied Prices ICE Futures Implied Prices ICE Futures has expanded implied pricing capability for each of its Futures contracts. The platform fully implies prices much farther out the curve. It broadcasts implied prices

More information

Energy Products. The energy Marketplace.

Energy Products. The energy Marketplace. Energy Products The energy Marketplace. In a world of increasing volatility, customers around the globe rely on CME Group as their premier source for managing risk across all major asset classes offering

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

Annual Shareholder Meeting. June 2012

Annual Shareholder Meeting. June 2012 Annual Shareholder Meeting June 2012 Agenda Call to Order; Opening of Polls Introduction of Directors Introduction of Management Introduction of Independent Registered Public Accounting Firm Designation

More information

Currency Trading Opportunities at DGCX

Currency Trading Opportunities at DGCX Currency Trading Opportunities at DGCX About DGCX Region s 1 st and largest derivatives exchange Commenced trading in November 2005 Since launch over 6.8 million contracts traded with a value in excess

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

Investor Presentation Q3 2014

Investor Presentation Q3 2014 Investor Presentation Q3 2014 Disclaimers Related to forward-looking statements This presentation may contain forward-looking statements that involve risks, uncertainties and other factors concerning,

More information

KBW 2014 Securities Brokerage & Market Structure Conference November 19, 2014. Intercontinental Exchange (NYSE: ICE)

KBW 2014 Securities Brokerage & Market Structure Conference November 19, 2014. Intercontinental Exchange (NYSE: ICE) KBW 2014 Securities Brokerage & Market Structure Conference November 19, 2014 Intercontinental Exchange (NYSE: ICE) Forward-Looking Statement and Legends CAUTIONARY STATEMENT REGARDING FORWARD LOOKING

More information

Disclaimer: Forward Looking Statements

Disclaimer: Forward Looking Statements Disclaimer: Forward Looking Statements This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Company s strategy, revenues, earnings,

More information

ICE Trade Vault Swap Data Repository EEI Compliance Forum

ICE Trade Vault Swap Data Repository EEI Compliance Forum 1 ICE Trade Vault Swap Data Repository EEI Compliance Forum Parts 15 & 20: Large Trader Reporting (LTR) Core principles of LTR: Daily reporting of position data from DCOs, FCMs & SDs Cleared & bilateral

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

Development of the Client-Focused, Capital-Efficient Business Model

Development of the Client-Focused, Capital-Efficient Business Model Development of the Client-Focused, Capital-Efficient Business Model David Mathers, Chief Operating Officer, Investment Bank at the Goldman Sachs European Financials Conference, Madrid, June 10, 2010 Cautionary

More information

Colliers International Group Inc. Investor Presentation

Colliers International Group Inc. Investor Presentation Colliers International Group Inc. Investor Presentation Basis of Presentation All amounts in millions of US Dollars unless otherwise noted. Adjusted EBITDA ( AEBITDA ) and Adjusted EPS ( AEPS ) are non-gaap

More information

What drives crude oil prices?

What drives crude oil prices? What drives crude oil prices? An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly Washington, DC U.S. Energy Information Administration Independent Statistics

More information

Interactive Brokers Group Investor Presentation July 2016

Interactive Brokers Group Investor Presentation July 2016 Interactive Brokers Group Investor Presentation July 2016 Disclaimer The following information contains certain forward-looking statements that reflect the Company s current views with respect to certain

More information

Introduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue

Introduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue !" #$% $ Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), contains forward-looking statements about the IG Group. By their very nature, forward-looking statements involve

More information

What does the Dow Jones-UBS Commodity Index track?

What does the Dow Jones-UBS Commodity Index track? Dow Jones-UBS Commodity Index FAQ What does the Dow Jones-UBS Commodity Index track? The Dow Jones-UBS Commodity Index is an index tracking the performance of a weighted group of exchange-traded futures

More information

Tancred Lidderdale Energy Information Administration 2008 Summer Energy Outlook Conference April 22, 2008 Denver, CO.

Tancred Lidderdale Energy Information Administration 2008 Summer Energy Outlook Conference April 22, 2008 Denver, CO. EIA Short-term term Energy Outlook Tancred Lidderdale Energy Information Administration 2008 Summer Energy Outlook Conference April 22, 2008 Denver, CO. Key Factors Driving the Short-Term 1) Rising world

More information

Cross-Border Fragmentation of Global OTC Derivatives: An Empirical Analysis

Cross-Border Fragmentation of Global OTC Derivatives: An Empirical Analysis Research Note Cross-Border Fragmentation of Global OTC Derivatives: An Empirical Analysis January 214 Summary In December 2, ISDA published Footnote 88 and Market Fragmentation: An ISDA Survey ( the Survey

More information

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015 Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America

More information

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent

More information

TECO Energy Edison Electric Institute Financial Conference

TECO Energy Edison Electric Institute Financial Conference TECO Energy Edison Electric Institute Financial Conference Dallas, TX Nov. 13, 2014 Forward Looking Statements The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

KCBOT: The Kansas City Board of Trade was formally chartered in 1876 and trades hard red winter

KCBOT: The Kansas City Board of Trade was formally chartered in 1876 and trades hard red winter Section I Introduction to Futures and Options Markets Learning objectives To know major agricultural futures exchanges To see the types of commodities traded To understand common characteristics of futures

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

16th Annual Credit Suisse Financial Services Forum. February 10, 2015

16th Annual Credit Suisse Financial Services Forum. February 10, 2015 16th Annual Credit Suisse Financial Services Forum February 10, 2015 2 Disclaimer The following information contains certain forward-looking statements that reflect the Company's current views with respect

More information

CFD Product Guide. www.myfxchoice.com

CFD Product Guide. www.myfxchoice.com CFD Product Guide www.myfxchoice.com Contents Notice Risk Warning 1. Trading Hours 2. Contract Size \ Contract value 3. Tick size \Tick value\spread value 4. Margin Requirements 5. Overnight Rollover Cash

More information

ICE LOW SULPHUR GASOIL. September 2011

ICE LOW SULPHUR GASOIL. September 2011 ICE LOW SULPHUR GASOIL September 2011 1 LEGAL DISCLAIMER SAFE HARBOUR STATEMENT Forward-Looking Statements This presentation may contain forward-looking statements made pursuant to the safe harbor provisions

More information

Spectra Energy Reports Fourth Quarter and Year-End 2007 Results

Spectra Energy Reports Fourth Quarter and Year-End 2007 Results Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: February 6, 2008 Spectra Energy Reports Fourth Quarter and Year-End 2007 Results Fourth

More information

Spectra Energy Reports First Quarter 2009 Results

Spectra Energy Reports First Quarter 2009 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 5, 2009 Spectra Energy Reports First Quarter 2009 Results Reported net income (controlling

More information

Challenging quarter for Mobile Devices. Daily order rates improving. Free Cash Flow > Net Income. FCT acquisition. Page 3

Challenging quarter for Mobile Devices. Daily order rates improving. Free Cash Flow > Net Income. FCT acquisition. Page 3 August 7, 2013 Page 1 Statements in this release that are not historical are forward-looking and are subject to various risks and uncertainties that could cause actual results to vary materially from those

More information

Hedging Milk with BFP Futures and Options

Hedging Milk with BFP Futures and Options Curriculum Guide I. Goals and Objectives A. Gain an understanding of milk price seasonality. B. earn about basis and how to track it over time. C. earn how to hedge future milk sales with BFP futures and

More information

IPAA Private Capital Conference Houston, Texas January 29, 2015

IPAA Private Capital Conference Houston, Texas January 29, 2015 IPAA Private Capital Conference Houston, Texas January 29, 2015 These presentation materials do not constitute an offer or invitation by or on behalf of Energy & Infrastructure Capital, LLC or any of its

More information

2009 Ryder Scott Reserves Conference Evaluation Challenges in a Changing World First of the Month Prices.How hard can that be to get right?

2009 Ryder Scott Reserves Conference Evaluation Challenges in a Changing World First of the Month Prices.How hard can that be to get right? 2009 Ryder Scott Reserves Conference Evaluation Challenges in a Changing World First of the Month Prices.How hard can that be to get right? Fred W. Ziehe Managing Sr. VP, Ryder Scott Company DISCLAIMER

More information

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC UNCTAD Multi-Year Expert Meeting on Commodities and Development 2013 Recent developments and new challenges in commodity markets, and policy options for commodity-based inclusive growth and sustainable

More information

Yara International ASA Second quarter results 2014

Yara International ASA Second quarter results 2014 Yara International ASA Second quarter results 214 18 July 214 1 Summary second quarter Strong result Lower nitrate deliveries amid early end to season in Europe Continued strong NPK deliveries and value-added

More information

Third Quarter 2014 Earnings Conference Call. 13 August 2014

Third Quarter 2014 Earnings Conference Call. 13 August 2014 Third Quarter 2014 Earnings Conference Call 13 August 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the

More information

Spectra Energy Reports First Quarter 2012 Results

Spectra Energy Reports First Quarter 2012 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 4, 2012 Spectra Energy Reports First Quarter 2012 Results Reported net income from

More information

OPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING. New York, NY May 9, 2016

OPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING. New York, NY May 9, 2016 OPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING New York, NY May 9, 2016 WELCOME to Oppenheimer s 2016 Annual Stockholders Meeting May 9, 2016 2 SAFE HARBOR STATEMENT This presentation and other

More information

Sailing Option 1. Day Trip Timetable: Poole to Guernsey. Colour Key Time XX:XX = Fast Ferry. Time XX:XX = Commodore Clipper.

Sailing Option 1. Day Trip Timetable: Poole to Guernsey. Colour Key Time XX:XX = Fast Ferry. Time XX:XX = Commodore Clipper. Day Trip Timetable: Poole to Guernsey Sailing Option 1 Departure Return Sailing Date Depart Arrive Depart Arrive December 2016 Mon 19-Dec 08:00 11:00 15:10 18:10 20-Dec Wed 21-Dec 09:15 12:15 16:25 19:25

More information

FROZEN CONCENTRATED ORANGE JUICE

FROZEN CONCENTRATED ORANGE JUICE FROZEN CONCENTRATED ORANGE JUICE IntercontinentalExchange (ICE ) became the center of global trading in soft commodities with its acquisition o f t h e N ew Yo r k B o a rd o f Tra d e (NYBOT) in 2007.

More information

Traiana: Business & Product Overview. Gil Mandelzis - CEO, Traiana Inc. February 2012

Traiana: Business & Product Overview. Gil Mandelzis - CEO, Traiana Inc. February 2012 Traiana: Business & Product Overview Gil Mandelzis - CEO, Traiana Inc. February 2012 Traiana Background Market leader in post trade, pre-settlement FX, Exchange Traded Derivatives (ETDs), CFDs/Equity Swaps,

More information

Financial strategy supports business plan

Financial strategy supports business plan Financial strategy supports business plan Ivor Ruste Executive Vice-President & Chief Financial Officer Investor Day Calgary December 7, 2011 Financial strategy supports business plan Support long-term

More information

3/11/2015. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Outline

3/11/2015. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Crude Oil Price Risk Management. Outline 1 Phoenix Energy Marketing Consultants Inc. 2 Outline What is crude oil price risk management? Why manage crude oil price risk? How do companies manage crude oil price risk? What types of deals do companies

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010

Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010 Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010 Overall trading conditions continue to improve GROUP Operating income 251 million ( 163 million in Q1 20); quarter benefited from four

More information

IPI s 2012 Fall Forum - San Francisco Hedging Portfolio Risk

IPI s 2012 Fall Forum - San Francisco Hedging Portfolio Risk IPI s 2012 Fall Forum - San Francisco Hedging Portfolio Risk Vince Gubitosi, President and CIO Mitch Livstone, Senior Portfolio Manager Geode Capital Management Outline Defining Tail Risk Tail Risk Examples

More information

Tim Howkins, CEO. Steve Clutton, Finance Director

Tim Howkins, CEO. Steve Clutton, Finance Director Tim Howkins, CEO Steve Clutton, Finance Director Highlights Revenue Revenue up 36% Earnings per share up 33% All parts of business contributed to growth Benefits of increased IT spend Proposed final dividend

More information

CME Foreign Exchange Products CME FX Futures:

CME Foreign Exchange Products CME FX Futures: CME Foreign Exchange Products CME FX Futures: Maximizing the Opportunity for Individual Investors CME E-quivalents FX futures displayed in spot equivalent prices free, real-time and online Features include:»

More information

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16 RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader

More information

U.S. COMMODITY FUTURES TRADING COMMISSION

U.S. COMMODITY FUTURES TRADING COMMISSION U.S. COMMODITY FUTURES TRADING COMMISSION Three Lafayette Centre 1155 21st Street, NW, Washington, DC 20581 Telephone: (202) 418-5977 Facsimile: (202) 418-5407 gbarnett@cftc.gov Division of Swap Dealer

More information

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Performance Summary Below are summary performance numbers for Last Atlantis Partners, LLC share classes. To download detailed

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team September, 20 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected commodities

More information

Deutsche Bank 2014 Global Financial Services Investor Conference

Deutsche Bank 2014 Global Financial Services Investor Conference Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset

More information

An Introduction to FleetCor Technologies

An Introduction to FleetCor Technologies An Introduction to FleetCor Technologies A Leading Global Provider of Fleet Cards and Specialty Payments to Businesses March 2012 Safe Harbor Provision This presentation contains statements that express

More information

Earnings Conference Call January 28, 2015

Earnings Conference Call January 28, 2015 Fourth Quarter 2014 Earnings Conference Call January 28, 2015 Steven G. Bradshaw Chief Executive Officer Daniel H. Ellinor Chief Operating Officer Steven Nell Chief Financial Officer Stacy Kymes Chief

More information

Driving Shareholder Value

Driving Shareholder Value Driving Shareholder Value Business Model and Capital Allocation Strategy Wolfgang Nickl CFO, Western Digital September 13, 2012 SAFE HARBOR Forward-Looking Statements This presentation contains forward-looking

More information

Technology Implications and Costs of Dodd-Frank on Financial Markets. Larry Tabb Founder & CEO TABB Group

Technology Implications and Costs of Dodd-Frank on Financial Markets. Larry Tabb Founder & CEO TABB Group Technology Implications and Costs of Dodd-Frank on Financial Markets Larry Tabb Founder & CEO TABB Group CFTC TAC Washington DC March 1, 2011 Contents Workflows High Level Existing High Level Proposed

More information

Measuring performance Update to Insurance Key Performance Indicators

Measuring performance Update to Insurance Key Performance Indicators Measuring performance Update to Insurance Key Performance Indicators John Hele Member of Executive Board and CFO of ING Group Madrid 19 September 2008 www.ing.com Agenda Performance Indicators: Background

More information

Cautionary Statement: Statements about the expected timing, financial impact and effects of the proposed transaction, and other statements in this

Cautionary Statement: Statements about the expected timing, financial impact and effects of the proposed transaction, and other statements in this Atmel Acquisition January 19, 2016 Cautionary Statement: Statements about the expected timing, financial impact and effects of the proposed transaction, and other statements in this presentation that are

More information

The Changing Relationship Between the Price of Crude Oil and the Price At the Pump

The Changing Relationship Between the Price of Crude Oil and the Price At the Pump In 2007, what goes up, does not necessarily come down... May 3, 2007 The Changing Relationship Between the Price of Crude Oil and the Price At the Pump Prepared by: Tim Hamilton Petroleum Industry Consultant

More information

London Stock Exchange Group plc. Xavier Rolet Chief Executive. September 2010

London Stock Exchange Group plc. Xavier Rolet Chief Executive. September 2010 London Stock Exchange Group plc Xavier Rolet Chief Executive September 2010 Agenda Competing in an Age of Austerity Overview of business and strategy Cash equities markets overview and actions to strengthen

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team January, 2 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected commodities

More information

Guggenheim Investments. European High-Yield and Bank Loan Market Overview

Guggenheim Investments. European High-Yield and Bank Loan Market Overview Guggenheim Investments European High-Yield and Bank Loan Market Overview August 2015 European High-Yield & Bank Loan Market Overview Please see disclosures and legal notice at end of document. 2 August

More information

2016 TD Securities Calgary Energy Conference July 7, 2016

2016 TD Securities Calgary Energy Conference July 7, 2016 2016 TD Securities Calgary Energy Conference July 7, 2016 FORWARD LOOKING STATEMENT DISCLAIMER & NOTE ON NON GAAP MEASURES Certain information included herein and during this presentation and associated

More information

Financial results for the first quarter 2003

Financial results for the first quarter 2003 Financial results for the first quarter 2003 1 Forward looking statements 2 Certain statements in this report that are neither reported financial results nor other historical information, are forward-looking

More information

RESULTS PRESENTATION. Half year ended 30 November 2013 IG H1 FY14 RESULTS PRESENTATION P1

RESULTS PRESENTATION. Half year ended 30 November 2013 IG H1 FY14 RESULTS PRESENTATION P1 RESULTS PRESENTATION Half year ended 30 November 2013 IG H1 FY14 RESULTS PRESENTATION P1 DISCLAIMER This presentation, prepared by IG Group Holdings plc (the Company ), may contain forward-looking statements

More information

CME Globex. The world s leading electronic trading platform

CME Globex. The world s leading electronic trading platform CME Globex The world s leading electronic trading platform Global Leadership in the Financial Marketplace CME Group is an entity formed by the merger of CME and CBOT. We bring more than 250 years of expertise

More information

Growing dynamically in Western Europe. Vassilis Vovos Regional President, Western Europe

Growing dynamically in Western Europe. Vassilis Vovos Regional President, Western Europe Growing dynamically in Western Europe Vassilis Vovos Regional President, Western Europe Caution on Forward-Looking Statements Today s presentations contain forward-looking statements. These statements

More information

Spectra Energy Reports Fourth Quarter and Year-End 2011 Results

Spectra Energy Reports Fourth Quarter and Year-End 2011 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: February 2, 2012 Spectra Energy Reports Fourth Quarter and Year-End 2011 Results Company

More information

Credit Suisse Leverage Finance Conference. Barcelona, October 1, 2015 1

Credit Suisse Leverage Finance Conference. Barcelona, October 1, 2015 1 Credit Suisse Leverage Finance Conference Barcelona, October, 205 OVERVIEW OF ALTICE GROUP DEBT Ø Silo debt structure; Separate balance sheets in Europe and US Altice Europe (Consolidated) Altice US Net

More information

Fixed Income, Currencies and Commodities (FICC)

Fixed Income, Currencies and Commodities (FICC) Fixed Income, Currencies and Commodities (FICC) Andrew Downe Group Head Macquarie Group Limited Operational Briefing 5 February 2013 Presentation to Investors and Analysts 38 Overview FICC is a diverse

More information

(713) 627-5353 (713) 627-4747 (24-hour media line) (713) 627-4600. Date: May 3, 2013

(713) 627-5353 (713) 627-4747 (24-hour media line) (713) 627-4600. Date: May 3, 2013 Media: Analysts: Caitlin Currie (713) 627-5353 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 3, 2013 Spectra Energy Reports First Quarter 2013 Results Reported net income

More information

Hedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar

Hedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar Hedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar CME FX futures provide agricultural producers with the liquid, efficient tools to hedge against exchange rate risk

More information

Sandler O Neill Global Exchange & Brokerage Conference. June 6, 2013

Sandler O Neill Global Exchange & Brokerage Conference. June 6, 2013 Sandler O Neill Global Exchange & Brokerage Conference June 6, 2013 Disclaimer The following information contains certain forward-looking statements that reflect the Company's current views with respect

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

Commodity and Energy Market in Japan

Commodity and Energy Market in Japan FIA Japan Financial Market Conference 2015 Commodity and Energy Market in Japan Policy of Japan s Commodity Derivatives and Efforts to Establish LNG and Electricity Futures Markets Tatsuya Terazawa, Director-General

More information

ICE Middle East Sour Crude Oil Futures Contract: FAQ

ICE Middle East Sour Crude Oil Futures Contract: FAQ ICE Middle East Sour Crude Oil Futures Contract: FAQ 1. Why are we launching a sour crude contract? To provide a hedging tool to accommodate risk management needs in the global market for sour crude oil.

More information

ICE Swap Trade CDS Execution May 2014

ICE Swap Trade CDS Execution May 2014 ICE Swap Trade CDS Execution May 2014 Agenda ICE Overview ICE Swap Trade Overview Execution Methodologies Block Trades Readiness Checklist Fees Workflows 2 ICE Overview IntercontinentalExchange (ICE) is

More information

Spectra Energy Reports Second Quarter 2007 Results

Spectra Energy Reports Second Quarter 2007 Results Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: August 6, 2007 Spectra Energy Reports Second Quarter 2007 Results Second quarter reported

More information

(NYSE: ICE) Third Quarter 2015 Earnings Supplement

(NYSE: ICE) Third Quarter 2015 Earnings Supplement (NYSE: ICE) Third Quarter 2015 Earnings Supplement October 28, 2015 Forward-Looking Statement and Legends CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain forward-looking

More information

SAP Debt Investor Presentation First Quarter 2014 Update Call Walldorf, Germany April 28, 2014

SAP Debt Investor Presentation First Quarter 2014 Update Call Walldorf, Germany April 28, 2014 SAP Debt Investor Presentation First Quarter 2014 Update Call Walldorf, Germany April 28, 2014 Safe Harbor Statement Any statements contained in this document that are not historical facts are forward-looking

More information

Managed Money Positioning: Commodities Covering the week ending May 17, 2016

Managed Money Positioning: Commodities Covering the week ending May 17, 2016 Managed Money Positioning: Commodities Covering the week ending May 17, 216 Ole S. Hansen Head of Commodity Strategy Source: Bloomberg & Saxo Bank 17-May-16 Long Change Short Change Net position Net Change

More information

Spectra Energy Reports Third Quarter 2007 Results

Spectra Energy Reports Third Quarter 2007 Results Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: November 6, 2007 Spectra Energy Reports Third Quarter 2007 Results Third quarter ongoing

More information

Centrally-Cleared Agricultural Swaps

Centrally-Cleared Agricultural Swaps AGRICULTURAL Products Centrally-Cleared Agricultural Swaps Cultivating a Risk Management Strategy to Meet Your Goals How the world advances Security. Flexibility. A Clear Advantage. CME Group brings together

More information

Global Network Services

Global Network Services Global Network Services David House, Group President, Global Network and Establishment Services and Travelers Cheques and Prepaid Services Group February 4, 2004 1 Global Network Services Benefits of Partnership!

More information

Commodity Futures Trading Commission Proposes Position Limits for Commodity Derivatives

Commodity Futures Trading Commission Proposes Position Limits for Commodity Derivatives To Our Clients and Friends Memorandum friedfrank.com Commodity Futures Trading Commission Proposes Position Limits for Commodity Derivatives Summary The Commodity Futures Trading Commission (the Commission

More information

Fourth Quarter 2008 Earnings Acquisition of Communication Services Group Supplemental Information

Fourth Quarter 2008 Earnings Acquisition of Communication Services Group Supplemental Information Fourth Quarter 2008 Earnings Acquisition of Communication Services Group Supplemental Information Forward Looking Statements The statements contained in this release that are not historical facts are forward-looking

More information

INTERACTIVE BROKERS GROUP ANNOUNCES 2015 RESULTS

INTERACTIVE BROKERS GROUP ANNOUNCES 2015 RESULTS INTERACTIVE BROKERS GROUP ANNOUNCES 2015 RESULTS REPORTS COMPREHENSIVE EARNINGS PER SHARE OF $0.62, INCOME BEFORE TAXES OF $458 MILLION ON $1,189 MILLION IN NET REVENUES, AND EARNINGS PER SHARE ON NET

More information

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007

More information

3Q 2015 Operating Results

3Q 2015 Operating Results TSE: 2412 NYSE: CHT 3Q 2015 Operating Results October 29, 2015 Disclaimer STATEMENT REGARDING UNAUDITED FINANCIAL INFORMATION The unaudited financial information under T-IFRSs in this presentation is preliminary

More information

GAIN Capital to Acquire City Index

GAIN Capital to Acquire City Index GAIN Capital to Acquire City Index Creating a Global Leader in Online Trading October 31, 2014 Safe Harbor Statement Forward Looking Statements The forward-looking statements contained herein include,

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

Discover MTS BondVision. Multi-dealer-to-client trading

Discover MTS BondVision. Multi-dealer-to-client trading Discover MTS BondVision Multi-dealer-to-client trading MTS BondVision connects users directly to one of the largest networks of liquidity providers available on one online trading platform. Why choose

More information