LCH.Clearnet SA Fees. Euronext Derivatives Markets

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "LCH.Clearnet SA Fees. Euronext Derivatives Markets"

Transcription

1 Effective from 7 April 2014 LCH.Clearnet SA Fees Euronext Derivatives Markets Contents: Clearing fees... 2 Amsterdam clearing segment:... 2 Brussels clearing segment:... 3 Lisbon clearing segment:... 3 Paris clearing segment:... 4 Exercise (Tender) / Assignment, Cash Settlement and Delivery fees... 6 Amsterdam clearing segment:... 6 Brussels clearing segment:... 7 Lisbon clearing segment:... 7 Paris clearing segment:... 8 Clearing services... 9 Clearing services common to all clearing segments... 9 Clearing services specific to Paris clearing segment... 9 For further information on fees, please send your request to

2 Clearing fees A clearing fee is charged for each contract cleared. This fee varies according to the type of contract involved. Liquidity Providers / Market Makers and Electronic Locals benefit from special conditions (please look at each fee grid for details). Except for Paris commodity derivatives (monthly fee collection), all fees described into this section are collected on a daily basis. Amsterdam clearing segment: (Central Market and Prof trades) Client House-Dealer Liquidity Providers Equity and index derivatives Equity options Central Market Premium <= Premium > Prof trades 0.03 Single Stock Futures Tracker options AEX Index options AEX Index futures 0.13 AMX Index options AMX Index futures AEX Index mini options AEX Index mini futures AEX Dividend index futures Currency derivatives Currency options Currency futures Maximum fee per order (except for the AEX Dividend index futures, the AMX Index options and futures, the AEX Index mini options/futures and the Single Stock Futures) (including combination orders) A cap per posting is applied on Single Stock Futures: 100 for and 60 for Liquidity Providers 2/10

3 Brussels clearing segment: (Client and House accounts) Market Makers Equity options Single Stock Futures BEL20 Index options (BEL) BEL20 Index options (BXO) BEL20 Index futures (BXF) Lisbon clearing segment: (Client and House accounts) Market Makers PSI 20 Index futures Single Stock futures A cap per posting is applied on Single Stock Futures: 100 for and 60 for Market Makers 3 A cap per posting is applied on Single Stock Futures: 100 for and 60 for Market Makers 3/10

4 Paris clearing segment: (Client and House accounts) Market Makers 4 Previous Electronic Locals status 5 Equity and Index derivatives Equity options contract size of Equity options contract size of Single Stock Futures Tracker options CAC40 options PXA ( 10) CAC40 futures CAC40 Dividend index futures FTSEurofirst 80 and FTSEurofirst 100 futures NA CAC40 mini futures NA FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures Commodity derivatives (*) 0.05 Milling wheat futures, Rapeseed futures, Rapeseed Oil futures, Corn futures, Malting Barley futures and Skimmed Milk Powder futures NA Milling wheat options, Rapeseed options, Rapeseed Oil options, Corn options and Malting Barley options - (*) LCH.Clearnet SA applies an additional fee per contract which should have been netted in D day (such late netting fees are applied when the number of netted/offset contracts in D is superior to the sum of buy and sell contracts posted in D) on the basis of the following grid: 1 per contract from 50 to 500 no netted contracts 2 per contract from 501 to 1,000 no netted contracts 6 per contract over 1,001 no netted contracts 4 This specific market maker fees are only applied to members having special arrangements giving specific undertakings under contrat d animation agreements with the Euronext Derivatives Markets in scheme that has been approved by LCH.Clearnet SA. For further information, please contact Euronext department on +31 (0) , See also Paris market making scheme section. 5 These specific fees only apply to a previous status that is not open to new applicants. 6 A cap per posting is applied on Single Stock Futures: 100 for and 60 for Market Makers 7 Where a transaction (on the same maturity) is cancelled out with a converse transaction in the course of the same trading session so that the result is a zero sum, fees are reduced by 50%. 8 For participants in the New Market Participants (NMP) programme, a discounted clearing fee of 0.26 will be applied from 1 st April 2014 to 31 st March 2015 (please refer to Euronext Derivatives Markets INFO-FLASH dated 17 March 2014 for the programme details). This discounted clearing fee will be applied with one month in arrears (standard fees applied first and then rebates to be processed). 4/10

5 Paris Market Making scheme Equity and Index options (MONEP): Total annual clearing and exercise/assignment fees payable by Market Makers on equity and index options (MONEP) may not exceed 100,000 Tracker options: Total annual clearing and exercise/assignment fees payable by Market Makers on tracker options may not exceed 10,000 for General Market Makers. Paris Large trades on Individual Equity Options (MONEP) Large trades on equity options benefit from specific fees. Large trades are defined as posted trades with: At least 60,000 equity option contracts for contract size of 10 shares At least 6,000 equity option contracts for contract size of 100 shares Client account House account Market Maker account 40 / posting 20 / posting 20 / posting 5/10

6 Exercise (Tender) / Assignment, Cash Settlement and Delivery fees Except for Amsterdam clearing segment (daily fee collection), fees described into this section are collected on a monthly basis. Amsterdam clearing segment: Fee type Client House-Dealer Liquidity Providers Equity and index derivatives Equity options Exercise/Assignment Single Stock Futures 9 Tender/Assignment Tracker options Exercise/Assignment AEX and AMX Index options AEX and AMX Index futures Exercise/Assignment Tender/Assignment AEX Index mini options Exercise/Assignment AEX Index mini futures Tender/Assignment Dividend index futures Tender/Assignment Currency derivatives Currency options Exercise/Assignment Currency futures Tender/Assignment Maximum fee per individual Exercise/Tender and Assignment (except for the Dividend index futures and the Single Stock Futures) 1, A cap of 200 per individual tender/assignment is applied. 6/10

7 Brussels clearing segment: Fee type (Client and House accounts) Market Makers Equity options Exercise/Assignment Single Stock Futures 10 Cash settlement BEL20 Index options (BXO and BEL) Exercise/Assignment BEL20 Index futures Cash settlement Lisbon clearing segment: Fee type (Client and House accounts) Market Makers PSI 20 Index futures Cash settlement Single Stock futures 11 Cash settlement A cap of 200 per individual cash settlement is applied. 11 A cap of 200 per individual cash settlement is applied. 7/10

8 Paris clearing segment: Fee type (Client and House accounts) Market Makers 12 Previous Electronic Locals status 13 Equity and Index derivatives Equity options (100) Exercise/Assignment Equity options (10) Exercise/Assignment Cash settlement Single Stock Futures 14 Cash settlement Tracker options Exercise/Assignment CAC40 options - PXA Exercise/Assignment CAC40 futures Cash settlement CAC40 Dividend Index futures FTSEurofirst 80 and FTSEurofirst 100 futures Cash settlement Cash settlement CAC40 mini futures Cash settlement 0.10 NA FTSE EPRA/NAREIT Euro Zone FTSE EPRA/NAREIT Europe futures Commodity derivatives Cash settlement 0.30 Commodity futures Delivery 1.00 Commodity options Exercise/Assignment 1.00 NA 12 Equity/Index/Tracker Option Exercise and Assignment fees are taken into account for the market maker annual cap on fees (see also Paris Market making scheme section) 13 These specific fees only apply to a previous status that is not open to new applicants. 14 A cap of 200 per individual cash settlement is applied 8/10

9 Clearing services Fees described into this section are collected on a monthly basis. Clearing services common to all clearing segments A fee of 0.06 is charged per contract for both Internal and External corrections and Internal and External transfers (except transfer for restructuring see below). The keys for fee distribution between sending Clearing Member and receiving Clearing Member are (distribution decision is made by the sending member only): - Case n 1: 0% for sending Clearing Member - 100% for receiving Clearing Member - Case n 2: 50% for sending Clearing Member - 50% for receiving Clearing Member - Case n 3: 100% for sending Clearing Member - 0% for receiving Clearing Member - Case n 4: 0% for sending Clearing Member - 0% for receiving Clearing Member; this case is not applicable, therefore the fees will be by default the Case n 2: 50% for sending Clearing Member - 50% for receiving Clearing Member. Transfer fee for restructuring: Transfers of positions resulting from the decision of an order-giver to change clearer, a change in the accounts attributed to the order-giver or a Clearing Member s closure are subject to special rates. A fee of 3.80 is charged per transfer. The total amount may not exceed 300 per request and per financial market 15. The fee is payable by the Clearing Member receiving the transfer (the above keys for fee distribution do not apply here). The creation of positions on the position account of the Clearing Member is subject to special rates. The positions are updated in real time on the account of the Clearing Member. Only LCH.Clearnet SA is authorized to use the function of positions creation. The fees for this operation are: - A creation of position between 0 and 100 lots: A creation of positions over 100 lots: Clearing services specific to Paris clearing segment Special conditions applying to commodity contracts Delivery administration fee LCH.Clearnet SA levies delivery administration fees on the buying member and selling member for each contract giving rise to a delivery notice as part of a CCP delivery ( livraison MATIF ) and also for positions cleared one day after the maturity date. 15 Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials 9/10

10 Contract Milling wheat Corn Rapeseed Oil Skimmed Milk Powder Rapeseed Malting Barley Amount Set charge for delivery costs All costs concerning approval, analysis and forwarding of samples charged by service providers to LCH.Clearnet SA to manage CCP delivery ( livraison MATIF ) in accordance with the Clearing Rules will be passed back to the involved buyer and seller Clearing members on an equal basis. The cost of additional analyses, which may be requested by a buying Clearing Member, will be invoiced to the buying Clearing Member at the actual cost billed to LCH.Clearnet SA. 10/10

LCH.Clearnet SA Fees. Euronext Derivatives Markets

LCH.Clearnet SA Fees. Euronext Derivatives Markets Effective from 2 March 2015 LCH.Clearnet SA Fees Euronext Derivatives Markets Contents: Clearing fees... 2 Amsterdam clearing segment:... 2 Brussels clearing segment:... 3 Lisbon clearing segment:... 3

More information

Equity Products Summary of Futures and Options Contracts

Equity Products Summary of Futures and Options Contracts Euronext refers to Euronext NV and any company which is at least a 50% owned subsidiary of Euronext NV. All proprietary rights and interest in this publication shall be vested in Euronext and all other

More information

EURONEXT ANNOUNCES MONTHLY TRADING VOLUMES FOR APRIL 2015

EURONEXT ANNOUNCES MONTHLY TRADING VOLUMES FOR APRIL 2015 MEDIA CONTACTS: INVESTOR RELATIONS: Amsterdam +31.20.550.4488 Brussels +32.2.509.1392 +33.1.49.27.12.68 Lisbon +351.217.900.029 Paris +33.1.49.27.11.33 EURONEXT ANNOUNCES MONTHLY TRADING VOLUMES FOR APRIL

More information

Stock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014

Stock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014 Stock Exchanges Holiday Schedule Availability for Single Stock Futures Contracts for the remainder of 2014 Single Stock Futures Contracts will not be available for trading on those days where the stock

More information

TARIFF SHEET (TRADING)

TARIFF SHEET (TRADING) TARIFF SHEET (TRADING) FIXED BROKERAGE PLAN Product Segment Transaction Type Brokerage Securities Transaction Tax (STT) Stamp Duty 2 Exchange Transaction Charges (%) Equity Cash 3, E-Margin 0.50% 0.1%

More information

European Short Selling Regulation: Article 15, Buy-in procedures. Frequently Asked Questions

European Short Selling Regulation: Article 15, Buy-in procedures. Frequently Asked Questions European Short Selling Regulation: Article 15, Buy-in procedures Frequently Asked Questions Please see below a series of questions and answers containing information that will help clearing members better

More information

IFEU Fixed Income and Equity Contracts: Trading Days in 2015

IFEU Fixed Income and Equity Contracts: Trading Days in 2015 IFEU Fixed Income and Equity Contracts: Trading Days in 2015 ICE Futures Europe will be closed on the following days: (New Year s Day) (Good Friday) (Christmas Day) Fixed Income Contracts All Fixed Income

More information

A New Episode in the Stock Exchange Mergers Saga: Intercontinental Exchange (ICE)/New York Stock Exchange (NYSE)

A New Episode in the Stock Exchange Mergers Saga: Intercontinental Exchange (ICE)/New York Stock Exchange (NYSE) Competition Policy International A New Episode in the Stock Exchange Mergers Saga: Intercontinental Exchange (ICE)/New York Stock Exchange (NYSE) Professor Ioannis Kokkoris (Center for Commercial Law and

More information

Dodge & Cox Stock Fund

Dodge & Cox Stock Fund 3 s 1/31/65 $12.77 2.16% N.A. 2.16% N.A. N.A. N.A. N.A. N.A. 2/28/65 $13.07 2.35% N.A. 4.56% N.A. N.A. N.A. N.A. N.A. 3/31/65 $13.00 -.54% 4.00% 4.00% N.A. N.A. N.A. N.A. N.A. 4/30/65 $13.45 3.46% 5.33%

More information

INITIAL MARGIN CALCULATION ON DERIVATIVE MARKETS

INITIAL MARGIN CALCULATION ON DERIVATIVE MARKETS INITIAL MARGIN CALCULATION ON DERIVATIVE MARKETS SPAN METHOD Version: 2.1 Date: January 2012 Disclaimer This document is solely intended as information for clearing members and others who are interested

More information

STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD. Financial Instruments: Presentation Illustrative Examples

STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD. Financial Instruments: Presentation Illustrative Examples STATUTORY BOARD SB-FRS 32 FINANCIAL REPORTING STANDARD Financial Instruments: Presentation Illustrative Examples CONTENTS Paragraphs ACCOUNTING FOR CONTRACTS ON EQUITY INSTRUMENTS OF AN ENTITY Example

More information

STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32. Financial Instruments: Presentation Illustrative Examples

STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32. Financial Instruments: Presentation Illustrative Examples STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 32 Financial Instruments: Presentation Illustrative Examples CONTENTS Paragraphs ACCOUNTING FOR CONTRACTS ON EQUITY INSTRUMENTS OF AN ENTITY Example

More information

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions.

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions. What is a CFD? A CFD is an agreement to exchange the difference between the opening and closing prices of the share, index or commodity between the time at which a contract is opened and the time at which

More information

LCH.Clearnet General Members Meeting. Single Order Book March 2007

LCH.Clearnet General Members Meeting. Single Order Book March 2007 LCH.Clearnet General Members Meeting Single Order Book March 2007 Single Order Book Foundations To complete the achievement of Euronext model : one trading, one clearing, one settlement. To maintain the

More information

Investment Fees and Commissions. Fees and commissions applicable from 14 April 2010

Investment Fees and Commissions. Fees and commissions applicable from 14 April 2010 Investment Fees and Commissions Fees and commissions applicable from 14 April 2010 Investment fees and commissions When it comes to investing, ABN AMRO offers a wide range of possibilities for every type

More information

Schroders Investment Trust ISA

Schroders Investment Trust ISA April 2016 Key Features of the Schroders Investment Trust ISA The Financial Conduct Authority is the independent financial services regulator. It requires us, Schroders, to give you this important information

More information

Commodities. Product Categories

Commodities. Product Categories Commodities Material Economic Term Option Swaption Swap Basis Swap Index Swap Buyer Seller Premium Strike Price Premium Payment Date Resets Commodity Option Type (Call / Put) Commodity Option Style (European

More information

Margining Overview for London Stock Exchange Derivatives Market Equities

Margining Overview for London Stock Exchange Derivatives Market Equities Margining Overview for London Stock Exchange Derivatives Market Equities Department: Risk Management Document Type: Guide Issue no.: 1.0 Issue Date: March 2012 Document History Date Version Author Summary

More information

CLEARING EQUIDUCT Service Offer. 14 April 2008

CLEARING EQUIDUCT Service Offer. 14 April 2008 CLEARING EQUIDUCT Service Offer 14 April 2008 Disclaimer This document is solely intended as information for clearing members and others who are interested in the Equiduct s project. It is a commercial

More information

DERIVATIVE ADDITIONAL INFORMATION

DERIVATIVE ADDITIONAL INFORMATION DERIVATIVE ADDITIONAL INFORMATION I. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES A. Definitions and Concepts 1. Derivative Instrument A "derivative instrument" is a financial instrument that "derives"

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

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) 418-5120 Facsimile: (202) 418-5524 Office of General Counsel CFTC Letter No.

More information

How futures markets work. Convergence between cash and futures

How futures markets work. Convergence between cash and futures How futures markets work Convergence between cash and futures Futures markets Futures markets have existed over 150 years as a means for managing price risk Futures contracts are purchase and sales agreements

More information

How to Read Your Daily Futures Account Statement

How to Read Your Daily Futures Account Statement How to Read Your Daily Futures Account Statement Format: Your statement has eight potential sections listed below. Which sections appear on your statement depends on the positions and type of activity

More information

ACCOUNTING TREATMENT OF CURRENCY DERIVATIVES

ACCOUNTING TREATMENT OF CURRENCY DERIVATIVES 22 ACCOUNTING TREATMENT OF CURRENCY DERIVATIVES CURRENCY FORWARDS, CURRENCY SWAPS, CROSS CURRENCY SWAPS Ing. Eleonóra Vajdová This is the first in a series of papers dealing with accounting treatment of

More information

MODEL TEST PAPER COMMODITIES MARKET MODULE

MODEL TEST PAPER COMMODITIES MARKET MODULE MODEL TEST PAPER COMMODITIES MARKET MODULE Q:1. Which of the following can be the underlying for a commodity derivative contract? (a) Interest Rate (b) Euro-Indian Rupee (c) Gold (d) NIFTY Q:2. Daily mark

More information

Forsa Equity Options Traded on the Kuwait Stock Exchange

Forsa Equity Options Traded on the Kuwait Stock Exchange Forsa Equity Options Traded on the Kuwait Stock Exchange Options are not suitable for everyone. In light of the risks associated with trading options, you should use them only if you are confident that

More information

DW SEF LLC SEF Product Listing: Broad-Market Equity Index Swaps Terms and Conditions

DW SEF LLC SEF Product Listing: Broad-Market Equity Index Swaps Terms and Conditions 1177 Avenue of Americas New York, NY 10036 DW SEF LLC SEF Product Listing: Broad-Market Equity Index Swaps Terms and Conditions In accordance with Commodity Futures Trading Commission ( CFTC or Commission

More information

The Netherlands Authority for the Financial Markets. A legal person applying to become a Member of TOM MTF.

The Netherlands Authority for the Financial Markets. A legal person applying to become a Member of TOM MTF. TOM MTF DEFINITION LIST In the TOM MTF Rules (consisting of the Rule Book, the Membership Agreement, the Market Data Agreement, the Market Maker Agreement, the Trading Manual Cash Products, the Trading

More information

Futures Price d,f $ 0.65 = (1.05) (1.04)

Futures Price d,f $ 0.65 = (1.05) (1.04) 24 e. Currency Futures In a currency futures contract, you enter into a contract to buy a foreign currency at a price fixed today. To see how spot and futures currency prices are related, note that holding

More information

KSG Agro S.A. Unaudited Interim Condensed Consolidated Financial Statements. 31 March 2015

KSG Agro S.A. Unaudited Interim Condensed Consolidated Financial Statements. 31 March 2015 Unaudited Interim Condensed Consolidated Financial Statements Contents Statement of the Board of Directors and management s responsibility INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Unaudited

More information

Trading with Gearing

Trading with Gearing Trading with Gearing Societe Generale Exchange Traded Products JUNE 2011 Alexandre CHESSÉ Exchange Traded Products 0800 328 1199 www.sglistedproducts.com 2 Securitised Derivatives risk warning The products

More information

EXCHANGE TRADED FUNDS (ETFs) (FAQ) Athens Exchange S.A.

EXCHANGE TRADED FUNDS (ETFs) (FAQ) Athens Exchange S.A. EXCHANGE TRADED FUNDS (ETFs) Frequently Asked Questions (FAQ) Athens Exchange S.A. November 2007 Important Notice The Athens Exchange S.A. (ATHEX) believes that the information presented on this web page

More information

TD Direct Investing. Rates and Charges

TD Direct Investing. Rates and Charges TD Direct Investing Rates and s 2 February 2015 Our Regular Fees Our management and administration fees are regular account charges that cover the ongoing services you receive from TD Direct Investing.

More information

Schedule of rates and charges for securities transactions

Schedule of rates and charges for securities transactions Schedule of rates and charges for securities transactions January 01, 2015 Orders Euronext... 2 Foreign stock exchanges... 3 Eurobonds... 4 KBC Investment Funds... 4 KBC Investment Products issued by KBC

More information

Financial Highlights IFRS

Financial Highlights IFRS 1 1 st Quarter 2011 Highlights (vs 1st Quarter 2010): Group turnover grows by 25.5% EBITDA of 103.8 million, up by 43.3% Net profits of 51.4 million, up by 59.6% Net debts down by 75 million Net Debt /

More information

Annual report 2013 BNP Paribas Arbitrage Issuance B.V.

Annual report 2013 BNP Paribas Arbitrage Issuance B.V. Annual report 2013 BNP Paribas Arbitrage Issuance B.V. Herengracht 537 1017 BV Amsterdam The Netherlands Chamber of Commerce Amsterdam No. 33215278 CONTENTS Managing Director s Report 3 Financial statements

More information

ANNEX 2 1 OPTIONS ANNEX. to Schedule 2 to. Grid Trade Master Agreement. dated as of [ ] between. [PARTY A TO GTMA] and [PARTY B TO GTMA]

ANNEX 2 1 OPTIONS ANNEX. to Schedule 2 to. Grid Trade Master Agreement. dated as of [ ] between. [PARTY A TO GTMA] and [PARTY B TO GTMA] This Annex has been issued by the Futures and Options Association for use with the Grid Trade Master Agreement. It has been prepared by Denton Wilde Sapte and is subject to the disclaimers of liabilities

More information

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios

More information

LONDON NOTICE NO. 3767

LONDON NOTICE NO. 3767 LONDON NOTICE NO. 3767 Issue Date: 25 November 2013 Effective Date: 2 December 2013 EQUITY INDEX CONTRACTS (EXCHANGE CONTRACT NO. 301) INTRODUCTION OF THE MSCI WORLD NET TOTAL RETURN INDEX FUTURES CONTRACT

More information

PRACTICE QUESTIONS SECURITIES MARKET (BASIC) MODULE. 1) The following are participants in the securities markets. (1 mark)

PRACTICE QUESTIONS SECURITIES MARKET (BASIC) MODULE. 1) The following are participants in the securities markets. (1 mark) PRACTICE QUESTIONS SECURITIES MARKET (BASIC) MODULE 1) The following are participants in the securities markets. (a) Underwriters (b) Debenture Trustees (c) Venture Capital Funds (d) All of the above 2)

More information

Trading Hours: 2015 Christmas and New Year Holidays

Trading Hours: 2015 Christmas and New Year Holidays Trading Hours: 2015 Christmas and New Year Holidays Thursday 24 December 2015 ICE Singapore Markers (Tradable) ICE Emissions Futures and Options Three Month Sterling Futures and Options Three Month Euro

More information

REGULATION FEES AND PENALTIES

REGULATION FEES AND PENALTIES REGULATION pursuant to articles 2.2.1, 2.2.3, 3.13.3 and 3.14.1 of the Clearing Rule Book FEES AND PENALTIES Capitalised terms used in this Regulation, and not otherwise defined, shall have the meaning

More information

Risks of Investments explained

Risks of Investments explained Risks of Investments explained Member of the London Stock Exchange .Introduction Killik & Co is committed to developing a clear and shared understanding of risk with its clients. The categories of risk

More information

SUPPLEMENT Davy Strategic Global Equity Fund

SUPPLEMENT Davy Strategic Global Equity Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

ATTACHMENT F AMENDMENTS TO ASX OPERATING RULE PROCEDURES RESULTING FROM THE MARKET INTEGRITY RULE AMENDMENTS FOR GOVERNMENT BONDS

ATTACHMENT F AMENDMENTS TO ASX OPERATING RULE PROCEDURES RESULTING FROM THE MARKET INTEGRITY RULE AMENDMENTS FOR GOVERNMENT BONDS ATTACHMENT F AMENDMENTS TO ASX OPERATING RULE PROCEDURES RESULTING FROM THE MARKET INTEGRITY RULE AMENDMENTS FOR GOVERNMENT BONDS SECTION 3 TRADING RULES. REPORTING Procedure 3500 PART A REPORTING OF TRANSACTIONS

More information

INTRODUCTION TO OPTIONS MARKETS QUESTIONS

INTRODUCTION TO OPTIONS MARKETS QUESTIONS INTRODUCTION TO OPTIONS MARKETS QUESTIONS 1. What is the difference between a put option and a call option? 2. What is the difference between an American option and a European option? 3. Why does an option

More information

CFA Level -2 Derivatives - I

CFA Level -2 Derivatives - I CFA Level -2 Derivatives - I EduPristine www.edupristine.com Agenda Forwards Markets and Contracts Future Markets and Contracts Option Markets and Contracts 1 Forwards Markets and Contracts 2 Pricing and

More information

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000

More information

Risk Management Tools in Europe: Agricultural Insurance, Futures, and Options

Risk Management Tools in Europe: Agricultural Insurance, Futures, and Options Risk Management Tools in Europe: Agricultural Insurance, Futures, and Options Robert Dismukes, John L. Bird, Jr., and Fred Linse 1 As Europe reviews recent changes in agricultural policies and markets

More information

Hargreaves Lansdown Spread Betting/ Hargreaves Lansdown CFDs Trade & Order Execution Policy

Hargreaves Lansdown Spread Betting/ Hargreaves Lansdown CFDs Trade & Order Execution Policy / Hargreaves Lansdown CFDs Trade & Order Execution Policy Effective from: 1st November 2007 www.hlmarkets.co.uk Telephone: 0117 988 9915 1 Trade & Order Execution Policy 1. Introduction This policy explains

More information

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only Credit Suisse Asset Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low For qualified investors only Dividends An Important Source of Income When Interest Rates Are

More information

DELIVERY PROCEDURE APPLIED TO SKIMMED MILK POWDER FUTURE CONTRACT

DELIVERY PROCEDURE APPLIED TO SKIMMED MILK POWDER FUTURE CONTRACT SA CORPORATE REFERENCE N : 2015-027 Publication Date 9 April, 2015 Enforcement Date 13 April, 2015 Subject Delivery procedure applied to skimmed milk powder future contract Market Derivatives (commodities)

More information

Bond futures and options. Enhance returns Manage risk effectively

Bond futures and options. Enhance returns Manage risk effectively Bond futures and options Enhance returns Manage risk effectively Euronext refers to Euronext NV and any company which is at least a 50% owned subsidiary of Euronext NV.All proprietary rights and interest

More information

Effective Date: 09-Nov-2015 Version: v.09122015. ASX 24 and ASX Clear (Futures) Schedule of Fees

Effective Date: 09-Nov-2015 Version: v.09122015. ASX 24 and ASX Clear (Futures) Schedule of Fees Effective Date: 09-Nov-2015 ASX 24 and ASX Clear (Futures) Schedule of Fees Contents ASX 24 and ASX Clear (Futures) 1 Admission, Application and Annual Access Fees 2 Headline ASX 24 Exchange Fees 2.1 Interest

More information

AGRICULTURAL COMMODITY What you need to know

AGRICULTURAL COMMODITY What you need to know AGRICULTURAL COMMODITY What you need to know Product Disclosure Statement Issue date: 12 March 2014 Issued by: Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 You should read all sections

More information

Complex Products. Non-Complex Products. General risks of trading

Complex Products. Non-Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

NASDAQ OMX NLX PRODUCT TERMS German Government Bond Futures

NASDAQ OMX NLX PRODUCT TERMS German Government Bond Futures NASDAQ OMX NLX PRODUCT TERMS German Government Bond Futures These terms (the "Product Terms") shall apply to (i) any transaction entered into between Participants on the Market, in respect of which the

More information

Stockbrokers. Supplemental Terms. International Trader

Stockbrokers. Supplemental Terms. International Trader Stockbrokers Supplemental Terms International Trader Supplemental Terms This document is supplemental to the Barclays Terms and shall be referred to as the Supplemental Terms. The purpose of this document

More information

Currency Futures and Forward Contracts

Currency Futures and Forward Contracts Currency Futures and Forward Contracts by Geneviève Payette presented to Gregor Smith Queen s University January 28, 2005 In the past 30 years exchange rates have become much more volatile and less predictable

More information

BEAR: A person who believes that the price of a particular security or the market as a whole will go lower.

BEAR: A person who believes that the price of a particular security or the market as a whole will go lower. Trading Terms ARBITRAGE: The simultaneous purchase and sale of identical or equivalent financial instruments in order to benefit from a discrepancy in their price relationship. More generally, it refers

More information

CommSeC CFDS: IntroDuCtIon to CommoDItIeS

CommSeC CFDS: IntroDuCtIon to CommoDItIeS CommSec CFDs: Introduction to Commodities We re here to help To find out more, call us on 1300 307 853, from 8am Monday to 6am Saturday, email us at cfds@commsec.com.au or visit our website at commsec.com.au.

More information

Insinger de Beaufort Equity Income Fund ("Fund D") (Share series Fund D) Supplementary prospectus June 2011

Insinger de Beaufort Equity Income Fund (Fund D) (Share series Fund D) Supplementary prospectus June 2011 Insinger de Beaufort Equity Income Fund ("Fund D") (Share series Fund D) Supplementary prospectus June 2011 This is an English translation of the official Dutch prospectus. Should there be any inconsistencies

More information

ELECTRONIC TRADING GLOSSARY

ELECTRONIC TRADING GLOSSARY ELECTRONIC TRADING GLOSSARY Algorithms: A series of specific steps used to complete a task. Many firms use them to execute trades with computers. Algorithmic Trading: The practice of using computer software

More information

Factoring and forfaiting. International financial settlements 120881-1165

Factoring and forfaiting. International financial settlements 120881-1165 Factoring and forfaiting 1 Factoring Factoring is a transaction where the exporter sells its receivables to an institution The factoring institution buys the receivables without recourse Due to increased

More information

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system 1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare

More information

Instruction of 28 April 2014

Instruction of 28 April 2014 Instruction of 28 April 2014 SPECIAL RULES AND REGULATIONS GOVERNING THE NO. 2 MILLING WHEAT FUTURES CONTRACT Statement in relation to the MATIF Delivery Process : Potential users of the Milling Wheat

More information

In effect CFD s are financial derivatives, originally known as Traded Options, that allow traders to take advantage of prices moving up (long

In effect CFD s are financial derivatives, originally known as Traded Options, that allow traders to take advantage of prices moving up (long What are CFD s In finance, a contract for difference (CFD) is a contract between two parties, typically described as "buyer" and "seller", stipulating that the seller will pay to the buyer the difference

More information

SCHEDULES TO ASX 24 OPERATING RULES

SCHEDULES TO ASX 24 OPERATING RULES SCHEDULES TO ASX 24 OPERATING RULES SCHEDULE 1 ASX 24 INDIVIDUAL CONTRACT SPECIFICATIONS... 5 SECTION 1: RULES APPLICABLE TO ALL CLASSES OF FUTURES AND OPTIONS CONTRACTS LISTED ON THE EXCHANGE... 5 1.1

More information

Options (1) Class 19 Financial Management, 15.414

Options (1) Class 19 Financial Management, 15.414 Options (1) Class 19 Financial Management, 15.414 Today Options Risk management: Why, how, and what? Option payoffs Reading Brealey and Myers, Chapter 2, 21 Sally Jameson 2 Types of questions Your company,

More information

The Netherlands Authority for the Financial Markets. A legal person applying to become a Member of TOM MTF.

The Netherlands Authority for the Financial Markets. A legal person applying to become a Member of TOM MTF. TOM MTF DEFINITION LIST In the TOM MTF Rules (consisting of the Rule Book, the Membership Agreement, the Market Data Agreement, the Market Maker Agreement, the Trading Manual Cash Products, the Trading

More information

CONSULTATION PAPER MARCH 2010. Corporate Actions Processing on the International Order Book

CONSULTATION PAPER MARCH 2010. Corporate Actions Processing on the International Order Book CONSULTATION PAPER MARCH 2010 Corporate Actions Processing on the International Order Book Contents 1 Introduction... 3 1.1 Purpose of this document...3 1.2 Readership...4 1.3 Contact details...4 2 Corporate

More information

General Forex Glossary

General Forex Glossary General Forex Glossary A ADR American Depository Receipt Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, with the aim of creating profits without

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

CHAPTER 22: FUTURES MARKETS

CHAPTER 22: FUTURES MARKETS CHAPTER 22: FUTURES MARKETS 1. a. The closing price for the spot index was 1329.78. The dollar value of stocks is thus $250 1329.78 = $332,445. The closing futures price for the March contract was 1364.00,

More information

Futures Contract Introduction

Futures Contract Introduction Futures Contract Introduction 1 The first futures exchange market was the Dojima Rice exchange in Japan in the 1730s, to meet the needs of samurai who being paid in rice and after a series of bad harvests

More information

EXCHANGE TRADED FUNDS. Roberto Juanchito T. Dispo, President May 23, 2013

EXCHANGE TRADED FUNDS. Roberto Juanchito T. Dispo, President May 23, 2013 EXCHANGE TRADED FUNDS Roberto Juanchito T. Dispo, President May 23, 2013 1 AGENDA Introduction to ETFs o What are ETFs? o Comparison: ETFs vs Mutual Funds o Global Performance of the ETFs o Key Selling

More information

BMO Global Asset Management (Asia) Limited 11 February 2016

BMO Global Asset Management (Asia) Limited 11 February 2016 Product Key Facts BMO MSCI EUROPE QUALITY HEDGED TO USD ETF BMO Global Asset Management (Asia) Limited 11 February 2016 Quick facts This is an exchange traded fund. This statement provides you with key

More information

N Title ENFORCEABLE ON NOVEMBER 1 ST 2012

N Title ENFORCEABLE ON NOVEMBER 1 ST 2012 N Title LCH.Clearnet SA Instruction III.4-2 PROCEDURE FOR SETTLING NET FAILS ON TRANSACTIONS REGISTERED IN THE CASH AND DERIVATIVES CLEARING SYSTEM ENFORCEABLE ON NOVEMBER 1 ST 2012 Pursuant to Articles

More information

Defence Bank Super Type of fee Amount How and when paid

Defence Bank Super Type of fee Amount How and when paid Fees and Costs This fact sheet details all the fees and costs that may apply to your account. It s designed to be read in conjunction with the Product Disclosure Statement and is subject to review from

More information

Investing In Life Settlements

Investing In Life Settlements Investing In Life Settlements What are Life Settlements? A life settlement is simply the purchase of an existing life insurance policy at a discount to its full face amount. The price of the policy is

More information

Delivery options. Originally, delivery options refer to the options available to the seller of a bond

Delivery options. Originally, delivery options refer to the options available to the seller of a bond Delivery options Originally, delivery options refer to the options available to the seller of a bond futures contract, including the quality option, the timing option, and the wild card option. Delivery

More information

Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd

Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd Exchange Specific GTCB SIX Swiss Exchange November 2009 1 15 Table of contents 1 Scope 3 2 Definitions 3 3 Securities

More information

optionsxpress Australia Pty Limited Exchange Traded Options

optionsxpress Australia Pty Limited Exchange Traded Options Part 1 Incorporating Part 2 - Schedule of Fees and Costs Issued by: ABN: 11 085 258 822 Australian Financial Services Licence No. 246743 Address: Unit 5, 4 Skyline Place Frenchs Forest NSW 2086 Phone:

More information

CHAPTER VI CASH SETTLEMENT, DELIVERY AND EXCHANGE OF FUTURES. Cash Settled Contracts and Physical Delivery Contracts

CHAPTER VI CASH SETTLEMENT, DELIVERY AND EXCHANGE OF FUTURES. Cash Settled Contracts and Physical Delivery Contracts CHAPTER VI CASH SETTLEMENT, DELIVERY AND EXCHANGE OF FUTURES Cash Settled Contracts and Physical Delivery Contracts 601. (a) Cash Settled Contracts shall be settled by payment of cash in the Settlement

More information

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS

RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS RISK MANAGEMENT IN NETTING SCHEMES FOR SETTLEMENT OF SECURITIES TRANSACTIONS A background paper for the 4th OECD/World Bank Bond Market Workshop 7-8 March 02 by Jan Woltjer 1 1 Introduction Settlement

More information

Transact Guide to Investment Risks

Transact Guide to Investment Risks Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates

More information

Jupiter Merlin International Equities Portfolio

Jupiter Merlin International Equities Portfolio Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about

More information

Self-Directed Options Guide

Self-Directed Options Guide Self-Directed Options Guide Contents 03 Introduction 04 The Policy Cash Account 05 Deposits 08 Execution-only stockbroking 15 Direct Property 15 General Information 02/16 Self-Directed Options Guide Introduction

More information

HERMÈS INTERNATIONAL

HERMÈS INTERNATIONAL HERMÈS INTERNATIONAL Circular on Share Buyback Programme Authorised by the Annual General Meeting of Shareholders as of 4 June 2013 This circular has been drawn up in accordance with Articles 241-1 et

More information

Corporate Finance: Final Exam

Corporate Finance: Final Exam Corporate Finance: Final Exam Answer all questions and show necessary work. Please be brief. This is an open books, open notes exam. For partial credit, when discounting, please show the discount rate

More information

List of Financial Services An Excerpt of the GST Act

List of Financial Services An Excerpt of the GST Act List of Financial Services An Excerpt of the GST Act In accordance to the Fourth Schedule of the Goods and Services Tax (GST) Act, a supply of services shall be treated as an exempt supply where the services

More information

Bodie, Kane, Marcus, Perrakis and Ryan, Chapter 2

Bodie, Kane, Marcus, Perrakis and Ryan, Chapter 2 Bodie, Kane, Marcus, Perrakis and Ryan, Chapter 2 Answers to Selected Problems 1. The following multiple-choice problems are based on questions that have appeared in past CFA examinations. a A firm s preferred

More information

RESOLUTION OF MARGIN CALLS. Maintenance Call

RESOLUTION OF MARGIN CALLS. Maintenance Call Money Due Call Regular Equity Fed Call Concentrated Day Trading Call Reason for the call: The value of the account does not cover the Margin Requirement (Margin Equity < Margin Requirement). Recall of

More information

Financial Accounting (Sole Proprietorship)

Financial Accounting (Sole Proprietorship) Financial Accounting (Sole Proprietorship) This course covers the topics shown below. Students navigate learning paths based on their level of readiness. Institutional users may customize the scope and

More information

Rules and Regulations SIX x-clear Ltd

Rules and Regulations SIX x-clear Ltd xcl-601 November 2012 Client info Table of contents 1.0 Introduction 3 2.0 Late settlement procedure 4 2.1 Overview 4 2.2 Procedure 4 3.0 Buy-in procedure 5 3.1 Overview 5 3.2 Procedure 5 4.0 Buy-in schedule

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information