Electronic Crude Oil Trading Systems. Phoenix Energy Marketing Consultants Inc.

Size: px
Start display at page:

Download "Electronic Crude Oil Trading Systems. Phoenix Energy Marketing Consultants Inc."

Transcription

1 Phoenix Energy Marketing Consultants Inc.

2 2 Introduction What is an Electronic Crude Trading System? What are the benefits of Electronic Trading? Electronic Crude Oil Exchange Types Electronic Crude Oil Exchange Credit Models What are the benefits of the Full Clearing Model? Electronic Trading Systems in Canada NGX (formerly NetThruPut or NTP) Shorcan (affiliated with NGX) NetEnergy OneExchange (new) Examples of Electronic Trading Screens

3 3 What is an Electronic Crude Oil Trading System? A computerized meeting place for buyers and sellers to purchase and sell physical crude oil Typically accessed through the Internet

4 4 What are the benefits of Electronic Trading? Market discovery Real time pricing and volumes Recent transactions visible on-screen Historical pricing information available Increased liquidity Connection to a wide market audience

5 5 Electronic Crude Oil Exchange Types Trade types: Physical actual crude trades Financial contractual (paper) crude trades Hybrid both physical & financial trades

6 6 Electronic Crude Oil Exchange Types Credit Models Direct Buyer and seller are electronically introduced The contract is between the buyer and seller No credit with the Exchange required No anonymity in the transaction

7 7 Electronic Crude Oil Exchange Types Credit Models Full Clearing Global Exchange contract Exchange stands between buyers and sellers Buyers and sellers require credit position with the Exchange Completely Anonymous

8 8 What are the benefits of the Full Clearing Model? Security of revenue and volume guaranteed by the Exchange Anonymity the Exchange acts between the buyer and the seller One standardized agreement reduces paperwork Fast, Safe and Efficient

9 9 NGX Trading System What is NGX? NGX is currently the only trading platform that trades Western Canada Physical & Financial Oil & Condensate using the Full Clearing Model Established in January 1999 Sold by Enbridge Inc. to TMX Group in May, 2009 Exchange Type Hybrid, primarily Physical Trading Region Western Canada & U.S. Credit Model Full Clearing Time Frame Monthly, up to 15 months out Regulated by Alberta Securities Commission & FERC NGX trading platform retired in 2011 and contracts migrated to ICE

10 Shorcan Trading System 10 What is Shorcan? Shorcan trading platform trades Western Canada Physical & Financial Oil & Condensate using the Full Clearing Model Established in 1977 Inter-dealer brokerage firm owned by TMX Group Exchange Type Hybrid, primarily Physical Trading Region Western Canada & U.S. Credit Model Full Clearing Time Frame Monthly, up to 15 months out Regulated by Alberta Securities Commission & FERC NGX trading platform retired in 2011 and contracts migrated to ICE

11 11 Shorcan Trading System

12 12 What is NetEnergy? (short name: NE2) Net Energy is a web-accessed, electronic trading platform that trades Canadian and U.S. Crude Broker-Driven Founded in 2004 Exchange Type Physical & Financial Trading Region Western Canada & U.S. Coverage global Credit Model Direct (OTC) Time Frame Monthly, indefinite forward potential Time Tunnel Online batch swap market

13 13 NetEnergy Trading System Liquidity/Subscribers 60+ Trading Companies 150 Traders All 60 + companies are active traders Focused on Active Participants: 30,000 m3/month minimum 400 View Only Users from 100 companies Market Makers have LIVE (hoot and holler) line into brokers Trading Physical & Financial Crude 2010 Volumes: 25,000,000 bbls/month Fees Full Trading: No Charge (30,000 m3 minimum) + USD 2c/bbl NENA: Index, Settlement, Historical Pricing and fundamental news

14 14 NetEnergy Trading System

15 NetEnergy Trading System 15

16 16 One Exchange Trading System What is One Exchange ( OX )? One Exchange Corp. (OX) is an inter-dealer broker offering independent and unbiased brokerage services for the North American Natural Gas, Canadian Crude Oil, and Power markets Instant access to real-time price dissemination and anonymous trade execution Hybrid platform offers online electronic and broker assisted execution Access to multiple exchanges for clearing: CME ConfirmHUB TM engaged and approved

17 17

18 18

19 19

20 20 Shorcan Deal, not in Index Bilateral/Cleared Designation Disputed Trade Shorcan Deal, in Index

21 21

22 22 Source: NetEnergy

23 23 For More Information

24 24 Questions?

NGX Price Index Methodology Guide September 2013 Version. Natural Gas Exchange Inc.

NGX Price Index Methodology Guide September 2013 Version. Natural Gas Exchange Inc. 1 NGX Price Index Methodology Guide September 2013 Version Natural Gas Exchange Inc. NGX PRICE INDEX METHODOLOGY GUIDE Table of Contents 1 Introduction... 1 2 Contracting Party s Agreement... 1 3 Intellectual

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

FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED QUESTIONS FREQUENTLY ASKED QUESTIONS The following Frequently Asked Questions (FAQ) are drafted based on TSX Private Markets current business model and operations. The responses to the FAQ are subject to change

More information

PVM Execution Policy. A tullett prebon company. PVM Oil Associates Ltd. PVM Oil Futures Ltd. London

PVM Execution Policy. A tullett prebon company. PVM Oil Associates Ltd. PVM Oil Futures Ltd. London PVM Execution Policy This document details how we handle orders for our customers and strive to obtain the best possible outcome each time we deal on their behalf., NJ and PVM Oil Associates Ltd & PVM

More information

1 INTER-DEALER BROKING

1 INTER-DEALER BROKING INTER-DEALER BROKING. Introduction The main business of an inter-dealer broker (broker) is to provide access to over-the-counter and/or exchange traded pools of liquidity, across a full range of asset

More information

ICAP Execution Policy

ICAP Execution Policy ICAP Execution Policy August 2013 This Execution Policy is applicable to broker services provided to you by ICAP Group and/or any of its relevant group companies, as notified to you from time to time (

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

CREDITEX BROKERAGE LLP BEST EXECUTION POLICY

CREDITEX BROKERAGE LLP BEST EXECUTION POLICY CREDITEX BROKERAGE LLP BEST EXECUTION POLICY Version 1.1 The Execution Policy is applicable to broker services provided by Creditex Brokerage LLP ( CBL ). Introduction When providing brokerage services

More information

Each Swap Futures Contract shall include the relevant terms and conditions set out in Part II: Specific Standard Terms for Swap Futures Contracts

Each Swap Futures Contract shall include the relevant terms and conditions set out in Part II: Specific Standard Terms for Swap Futures Contracts SECTION TTT PART I: GENERAL CONTRACT TERMS TTT Section TTT: Swap Futures and related Options Contracts ( Swap Futures Contracts ) Each Swap Futures Contract shall include the terms and conditions described

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

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

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 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

An Introduction to Alberta s Financial Electricity Market

An Introduction to Alberta s Financial Electricity Market An Introduction to Alberta s Financial Electricity Market TABLE OF CONTENTS PAGE EXECUTIVE SUMMARY...1 1 INTRODUCTION...1 2 FINANCIAL ELECTRICITY MARKET...4 2.1 Trading Platforms of the Financial Electricity

More information

Operation of Stock Exchange

Operation of Stock Exchange Topics to be Discussed Stock Market Transactions Types of Brokers Role of Specialist Types of Trading Orders Trading and Settlement Dates Stock Market Transactions When you buy, you buy from another person

More information

CFDs An Introduction

CFDs An Introduction CFDs An Introduction Seminar Overview Who is Shorcan Index Introduction of CFDs (Contracts for Difference) Description and Benefits Examples Questions Who is Shorcan Index? Shorcan Index, is part of the

More information

The Role of Municipal Securities Broker s Brokers

The Role of Municipal Securities Broker s Brokers The Role of Municipal Securities Broker s Brokers in the municipal Markets [this page intentionally left blank] The Role of Municipal Securities Broker s Brokers in the municipal Markets Introduction Municipal

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

POLICY STATEMENT Q-22

POLICY STATEMENT Q-22 POLICY STATEMENT Q-22 DISCLOSURE DOCUMENT FOR COMMODITY FUTURES CONTRACTS, FOR OPTIONS TRADED ON A RECOGNIZED MARKET AND FOR EXCHANGE-TRADED COMMODITY FUTURES OPTIONS 1. In the case of commodity futures

More information

Reference Manual Currency Options

Reference Manual Currency Options Reference Manual Currency Options TMX Group Equities Toronto Stock Exchange TSX Venture Exchange TMX Select Equicom Derivatives Montréal Exchange CDCC Montréal Climate Exchange Fixed Income Shorcan Energy

More information

Thank you, Johnny. Welcome to Trade Canada!

Thank you, Johnny. Welcome to Trade Canada! TMX Group 2012 Trade Canada June 25, 2012 Remarks by Tom Kloet, CEO CHECK AGAINST DELIVERY Thank you, Johnny. Welcome to Trade Canada! My personal thanks to all of you for attending our event today. We

More information

JA Take Stock In Your Future Session Two

JA Take Stock In Your Future Session Two JA Take Stock In Your Future Session Two Objectives You will be able to: Identify pieces of information from a stock table (Section 2); Use that information to distinguish if the stock would be a suitable

More information

Brokerage/ E-trading. www.company.com

Brokerage/ E-trading. www.company.com Brokerage/ E-trading OSYS & World Best Voted Trading Platform OFFER: Cyprus Company Set Up & Brokerage Account To: Trade Tax Free on International Markets Act as Director of the Company and Repatriate

More information

Manual for SOA Exam FM/CAS Exam 2.

Manual for SOA Exam FM/CAS Exam 2. Manual for SOA Exam FM/CAS Exam 2. Chapter 7. Derivative markets. c 2009. Miguel A. Arcones. All rights reserved. Extract from: Arcones Manual for the SOA Exam FM/CAS Exam 2, Financial Mathematics. Fall

More information

Unofficial Consolidation January 1, 2015

Unofficial Consolidation January 1, 2015 This document is an unofficial consolidation of all amendments to National Instrument 21-101 Marketplace Operation, its Forms and its Companion Policy current to January 1, 201 This document is for reference

More information

Fixed Income ETFs and the Corporate Bond Liquidity Challenge Greg Walker, CFA Managing Director, Head of ishares Business Development

Fixed Income ETFs and the Corporate Bond Liquidity Challenge Greg Walker, CFA Managing Director, Head of ishares Business Development Fixed Income ETFs and the Corporate Bond Liquidity Challenge Greg Walker, CFA Managing Director, Head of ishares Business Development March 3, 2015 For professional clients / qualified investors only Agenda

More information

Best Execution Policy

Best Execution Policy Black Pearl Securities Limited "the Firm" Best Execution Policy This Best Execution Policy is applicable to Matched Principle Broker (MPB) services provided to you by the Firm and it should be read in

More information

Becoming a Contracting Party with NGX Sign Up Guide

Becoming a Contracting Party with NGX Sign Up Guide Becoming a Contracting Party with NGX Sign Up Guide 1 TABLE OF CONTENTS TABLE OF CONTENTS 2 1) SIGN UP PROCESS 3 Initial Steps 3 Minimum Qualification Requirement 3 NGX Application Form 3 Contracting Party

More information

Creation and Transfer of Price Risk in European Energy Markets

Creation and Transfer of Price Risk in European Energy Markets Creation and Transfer of Price Risk in European Energy Markets Alessandro Mauro Director of Risk Management Energy Risk Summit Central & Eastern Europe Prague, 9 th -10 th of November, 2009 9, rue du Conseil

More information

PROFITEERING IN THE GLOBAL FOREX MARKET. -Presentation by R.K.Gurumurthy -Treasurer, Bank One Ltd

PROFITEERING IN THE GLOBAL FOREX MARKET. -Presentation by R.K.Gurumurthy -Treasurer, Bank One Ltd PROFITEERING IN THE GLOBAL FOREX MARKET -Presentation by R.K.Gurumurthy -Treasurer, Bank One Ltd The story of a successful trader 2 The story of a successful trader trader 3 The story of a successful trader

More information

This page intentionally left blank

This page intentionally left blank Currency Futures This page intentionally left blank CURRENCY FUTURES Brian Coyle Routledge Taylor & Francis Group LONDON AND NEW YORK First published 2000 by Fitzroy Dearborn Publishers This edition published

More information

Risk Disclosure Statement for CFDs on Securities, Indices and Futures

Risk Disclosure Statement for CFDs on Securities, Indices and Futures Risk Disclosure on Securities, Indices and Futures RISK DISCLOSURE STATEMENT FOR CFDS ON SECURITIES, INDICES AND FUTURES This disclosure statement discusses the characteristics and risks of contracts for

More information

Financing a Home in the United States

Financing a Home in the United States Financing a Home in the United States PHH Home Loans relocation service guides you through the United States home financing process and we will work with you and your company s relocation department to

More information

NGX Price Index Methodology Guide November 2015 Version. Natural Gas Exchange Inc.

NGX Price Index Methodology Guide November 2015 Version. Natural Gas Exchange Inc. NGX Price Index Methodology Guide November 2015 Version Natural Gas Exchange Inc. NGX PRICE INDEX METHODOLOGY GUIDE Table of Contents 1 Introduction... 1 2 Contracting Party s Agreement... 1 3 Intellectual

More information

Assessing the Market for California Carbon Offsets A discussion of products, market activity and deal structures for offset sales

Assessing the Market for California Carbon Offsets A discussion of products, market activity and deal structures for offset sales Assessing the Market for California Carbon Offsets A discussion of products, market activity and deal structures for offset sales Prepared by: John Battaglia Director, Carbon Americas Group Prepared for:

More information

TRADING VERTICAL SPREADS

TRADING VERTICAL SPREADS TRADING VERTICAL SPREADS Today s Topics Quick review of vertical spreads Entering spread orders Presentation Outline Vertical Spread Basics Bull & Bear Spreads Defined Mechanics at Expiration Important

More information

Introduction, Forwards and Futures

Introduction, Forwards and Futures Introduction, Forwards and Futures Liuren Wu Zicklin School of Business, Baruch College Fall, 2007 (Hull chapters: 1,2,3,5) Liuren Wu Introduction, Forwards & Futures Option Pricing, Fall, 2007 1 / 35

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

Platts Oil Benchmarks & Price Assessment Methodology. October 4, 2012 - London

Platts Oil Benchmarks & Price Assessment Methodology. October 4, 2012 - London Platts Oil Benchmarks & Price Assessment Methodology October 4, 2012 - London Agenda Introduction and the role of benchmarks Platts price discovery process Global commodity markets outlook Platts MOC liquidity:

More information

CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY

CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY Topic One: Industry Overview 1. Self-regulatory Organizations (SROs). A. The SROs set rules that govern the operations of investment dealers and market activity.

More information

Spike Trading: Spot FX Vs Futures

Spike Trading: Spot FX Vs Futures You should be aware of all the risks associated with foreign exchange and futures trading. There is a substantial risk of loss in foreign exchange and futures trading. Past performance is not indicative

More information

GUIDANCE ICE Futures Europe EFP, EFS, Soft Commodity EFRP and Basis Trade Policy

GUIDANCE ICE Futures Europe EFP, EFS, Soft Commodity EFRP and Basis Trade Policy GUIDANCE ICE Futures Europe EFP, EFS, Soft Commodity EFRP and Basis Trade Policy September 2014 Copyright Intercontinental Exchange, Inc. 2014. All Rights Reserved. ICE Futures Europe Guidance on the Exchange

More information

MARKET REGULATION ADVISORY NOTICE

MARKET REGULATION ADVISORY NOTICE MARKET REGULATION ADVISORY NOTICE Exchange Subject Rule References Rule 538 Advisory Date Advisory Number CME, CBOT, NYMEX & COMEX Exchange for Related Positions CME Group RA1311-5RR Revised Effective

More information

Insights of Crude Palm Oil Futures Contracts in Bursa Malaysia Deriva<ves Berhad (BMD)

Insights of Crude Palm Oil Futures Contracts in Bursa Malaysia Deriva<ves Berhad (BMD) Insights of Crude Palm Oil Futures Contracts in Bursa Malaysia Deriva

More information

Clearing and settlement of exchange traded derivatives

Clearing and settlement of exchange traded derivatives Clearing and settlement of exchange traded derivatives by John W. McPartland, consultant, Financial Markets Group Derivatives are a class of financial instruments that derive their value from some underlying

More information

The interplay of physical and financial layers in today's oil markets

The interplay of physical and financial layers in today's oil markets Master of Advanced Studies in International Oil and Gas Leadership The interplay of physical and financial layers in today's oil markets Giacomo Luciani IEA Energy Training Week Paris, April 5, 2013 The

More information

PROCEDURES FOR THE EXECUTION OF BLOCK TRADES

PROCEDURES FOR THE EXECUTION OF BLOCK TRADES PROCEDURES FOR THE EXECUTION OF BLOCK TRADES 1. Block Trades a) Once a block trade has been arranged, in accordance with the predetermined minimum volume threshold level as determined and published by

More information

NATURAL GAS PRESENTATION

NATURAL GAS PRESENTATION NATURAL GAS PRESENTATION Prepared for the Staff of the Delaware Public Service Commission Presented by Exeter Associates, Inc. HEDGING Despite the significant increases in gas from shale, the Henry Hub

More information

Understanding ETF liquidity and trading

Understanding ETF liquidity and trading Understanding ETF liquidity and trading ETF liquidity and trading can seem complex. For example, you may have heard that ETFs with lower average daily trading volumes (ADVs) aren t as liquid as others

More information

How To Understand The Evolution Of Foreign Exchange Trading

How To Understand The Evolution Of Foreign Exchange Trading Electronic Trading and the Australian Foreign Exchange Market Alexandra Heath and James Whitelaw* The introduction of electronic broking to the foreign exchange market in the early 199s signalled the start

More information

Exotic options [April 4]

Exotic options [April 4] Exotic options [April 4] We ve looked at European and American Calls and Puts European options with general payoff functions From a theoretical point of view. This could be carried further, to more Exotic

More information

How To Trade On The Bucharest Stock Exchange

How To Trade On The Bucharest Stock Exchange INVESTOR GUIDE AT BUCHAREST STOCK EXCHANGE BSE PRODUCTS & PRACTICE PRODUCTS All the products traded in BSE are dematerialized. Equities are currently the main products traded at the Bucharest Stock Exchange

More information

LAUNCHING A SUCCESSFUL COMMODITY EXCHANGE IN TANZANIA. Godfrey Malekano, Director Market Supervision & Market Development-CMSA

LAUNCHING A SUCCESSFUL COMMODITY EXCHANGE IN TANZANIA. Godfrey Malekano, Director Market Supervision & Market Development-CMSA LAUNCHING A SUCCESSFUL COMMODITY EXCHANGE IN TANZANIA Godfrey Malekano, Director Market Supervision & Market Development-CMSA The Role of Agriculture Agriculture is the backbone of the Tanzanian economy

More information

Exchanges for Physicals (EFP)

Exchanges for Physicals (EFP) PROCEDURES FOR THE EXECUTION AND REPORTING OF EXCHANGE FOR PHYSICAL (EFP), EXCHANGE FOR RISK (EFR) AND SUBSTITUTION OF OTC DERIVATIVE INSTRUMENTS FOR FUTURES CONTRACTS TRANSACTIONS The purpose of the following

More information

is held and maintained at GAIN Capital who serves as the clearing agent and counterparty to your trades. GAIN Capital is a

is held and maintained at GAIN Capital who serves as the clearing agent and counterparty to your trades. GAIN Capital is a Last updated July 2, 2015 FOREX RISK DISCLOSURE STATEMENT Forex trading involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade

More information

An Introduction to trading CitiFirst Commodity MINIs OPPORTUNITY. www.citifirst.com.au/minis

An Introduction to trading CitiFirst Commodity MINIs OPPORTUNITY. www.citifirst.com.au/minis OPPORTUNITY www.citifirst.com.au/minis MINIS INSTALMENTS SELF FUNDING INSTALMENTS TURBOS TRADING WARRANTS An Introduction to trading CitiFirst Commodity MINIs For more information and to subscribe to our

More information

OTC Derivatives: Benefits to U.S. Companies

OTC Derivatives: Benefits to U.S. Companies OTC Derivatives: Benefits to U.S. Companies International Swaps and Derivatives Association May 2009 1 What are derivatives? Derivatives are financial instruments that: Transfer risk from one party to

More information

Understanding ETF liquidity and trading

Understanding ETF liquidity and trading Understanding ETF liquidity and trading ETF liquidity and trading can seem complex. For example, you may have heard that ETFs with lower average daily trading volumes (ADVs) aren t as liquid as others

More information

CFDs YOUR STARTER KIT

CFDs YOUR STARTER KIT CFDs YOUR STARTER KIT Risk Warning: Forex and CFDs are leveraged products and you may lose your initial deposit as well as substantial amounts of your investment. Trading leveraged products carries a high

More information

How Do Energy Suppliers Make Money? Copyright 2015. Solomon Energy. All Rights Reserved.

How Do Energy Suppliers Make Money? Copyright 2015. Solomon Energy. All Rights Reserved. Bills for electricity and natural gas can be a very high proportion of a company and household budget. Accordingly, the way in which commodity prices are set is of material importance to most consumers.

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

Carbon Market Development and Oversight. June 26, 2009 De Ana Dow, Managing Director, CME Group

Carbon Market Development and Oversight. June 26, 2009 De Ana Dow, Managing Director, CME Group Carbon Market Development and Oversight June 26, 2009 De Ana Dow, Managing Director, CME Group Contents I. CME Group and the Green Exchange Initiative II. Fundamentals of a Successful Carbon Market III.

More information

A practical guide to FX Arbitrage

A practical guide to FX Arbitrage A practical guide to FX Arbitrage FX Arbitrage is a highly debated topic in the FX community with many unknowns, as successful arbitrageurs may not be incentivized to disclose their methodology until after

More information

3. The Foreign Exchange Market

3. The Foreign Exchange Market 3. The Foreign Exchange Market The foreign exchange market provides the physical and institutional structure through which the money of one country is exchanged for that of another country, the rate of

More information

EE ALL IDES A GLOBAL NETWORK OF FINANCIAL INFORMATION, BUSINESS INTELLIGENCE, PEOPLE AND IDEAS

EE ALL IDES A GLOBAL NETWORK OF FINANCIAL INFORMATION, BUSINESS INTELLIGENCE, PEOPLE AND IDEAS >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> A GLOBAL NETWORK OF FINANCIAL INFORMATION, BUSINESS INTELLIGENCE, PEOPLE AND IDEAS EE ALL IDES WELCOME / / / / / / / / / / / / / / / / / / / / /

More information

TRADING PLACES inside the oil futures market. Karen Matusic

TRADING PLACES inside the oil futures market. Karen Matusic TRADING PLACES inside the oil futures market Karen Matusic Nymex Facts Biggest commodities futures market Volumes account for more than 10 times world oil production Started as a milk and butter exchange

More information

SAVI TRADING 2 KEY TERMS AND TYPES OF ORDERS. SaviTrading LLP 2013

SAVI TRADING 2 KEY TERMS AND TYPES OF ORDERS. SaviTrading LLP 2013 SAVI TRADING 2 KEY TERMS AND TYPES OF ORDERS 1 SaviTrading LLP 2013 2.1.1 Key terms and definitions We will now explain and define the key terms that you are likely come across during your trading careerbefore

More information

Fixed Income Trading and Platform Architecture. Khader Shaik

Fixed Income Trading and Platform Architecture. Khader Shaik Fixed Income Trading and Platform Architecture Khader Shaik Fixed Income Market Fixed Income Market mainly a Institutional Main Players Broker/Dealers Funds (Hedge Funds, Mutual Funds, Retirement Funds

More information

The stock market: How it works

The stock market: How it works GRADE 9 11 This lesson introduces students to the stock market. Students will understand the difference between primary and secondary markets and explain the relationship between bids and asks in determining

More information

European Demand for US Listed Equity Options Andy Nybo

European Demand for US Listed Equity Options Andy Nybo European Demand for US Listed Equity Options Andy Nybo V09:029 September 2011 www.tabbgroup.com TABB Group Credit Default Swaps: Industry Projections March 2009 1 Executive Summary European investors believe

More information

Trade Finance & Liquidity Management. - 5 May 2010 -

Trade Finance & Liquidity Management. - 5 May 2010 - Trade Finance & Liquidity Management - 5 May 2010 - Agenda Trade Finance Concepts & Trends SWIFT Trade Finance Offering BIS Solutions in the Trade Space Managing Liquidity BIS Solutions on Liquidity Mgt.

More information

TMX GROUP HISTORY AT A GLANCE

TMX GROUP HISTORY AT A GLANCE TMX GROUP HISTORY AT A GLANCE The following is a timeline of significant events in the organization s history. 1852 A group of Toronto businessmen met on October 24, 1852 with the intention of forming

More information

CME Options on Futures

CME Options on Futures CME Education Series CME Options on Futures The Basics Table of Contents SECTION PAGE 1 VOCABULARY 2 2 PRICING FUNDAMENTALS 4 3 ARITHMETIC 6 4 IMPORTANT CONCEPTS 8 5 BASIC STRATEGIES 9 6 REVIEW QUESTIONS

More information

PFL Symposium: CME Group. Alex Siff Bryanne Matthews

PFL Symposium: CME Group. Alex Siff Bryanne Matthews PFL Symposium: CME Group Alex Siff Bryanne Matthews October 15, 2009 Three Legacies, One Future Chicago Mercantile Exchange, Inc. ( CME ) Board of Trade of the City of Chicago ( CBOT ) New York Mercantile

More information

P R O F E S S I O N A L R E S P E C T I N T E G R I T Y D Y N A M I C E X C E L L E N C E BMD CRUDE PALM OIL FUTURES

P R O F E S S I O N A L R E S P E C T I N T E G R I T Y D Y N A M I C E X C E L L E N C E BMD CRUDE PALM OIL FUTURES P R O F E S S I O N A L R E S P E C T I N T E G R I T Y D Y N A M I C E X C E L L E N C E BMD CRUDE PALM OIL FUTURES Advantage & Opportunities A BRIEF HISTORY CPO futures launched since October 1980 by

More information

BUYER Affidavit of Arm s Length Transaction

BUYER Affidavit of Arm s Length Transaction BUYER [Buyer] (Hereinafter referred to as Buyer and/or Affiant ), being duly sworn, deposes and says, that s/he is the party purchasing the property identified as [street address] from [Seller] (herein

More information

Seniors Beware: What You Should Know About Life Settlements

Seniors Beware: What You Should Know About Life Settlements Investor Education Series Investor Alert Key Topics: Senior Life Settlement Life Insurance Policy 1035 Exchange Viatical Settlements Death Benefits what s inside What Is a Life Settlement? How Do Life

More information

101.99 22.73 35.86 15.96 .79. chapter two THE HYBRID MARKET. A floor broker receives an order on her handheld computer.

101.99 22.73 35.86 15.96 .79. chapter two THE HYBRID MARKET. A floor broker receives an order on her handheld computer. chapter two The NYSE has long been the leader in providing the best prices and lowest trading costs. Its unique market model allows it to accomplish this. The NYSE blends the best aspects of electronic

More information

Notice to Participating Organizations and Members

Notice to Participating Organizations and Members Notice to Participating Organizations and Members August 29, 2014 2014-025 Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV) Trading Enhancements TMX Group is pleased to announce a number of enhancements

More information

Futures Investment Series. No. 2. The Mechanics of the Commodity Futures Markets. What They Are and How They Function. Mount Lucas Management Corp.

Futures Investment Series. No. 2. The Mechanics of the Commodity Futures Markets. What They Are and How They Function. Mount Lucas Management Corp. Futures Investment Series S P E C I A L R E P O R T No. 2 The Mechanics of the Commodity Futures Markets What They Are and How They Function Mount Lucas Management Corp. The Mechanics of the Commodity

More information

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India Goldman Sachs Electronic Trading India: Algorithmic Trading FIXGlobal Face2Face Electronic Trading Forum - India 11 Agenda Goldman Sachs Algorithmic Trading solutions available in India How to access the

More information

Sixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003

Sixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003 BOPCOM-03/13 Sixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003 Developments in Market Clearing and Settlement Arrangements: Some Balance Sheet

More information

ASX CFD market fundamentals

ASX CFD market fundamentals Course #: Title Course 1 ASX CFD market fundamentals Topic 1: The ASX CFD Market... 3 What are CFDs?... 3 The popularity of ASX CFDs has arisen from two main features:... 3 ASX CFDs offer additional features

More information

Introduction to Futures Markets

Introduction to Futures Markets Agricultural Commodity Marketing: Futures, Options, Insurance Introduction to Futures Markets By: Dillon M. Feuz Utah State University Funding and Support Provided by: Fact Sheets Definition of Marketing

More information

METHODOLOGY AND SPECIFICATIONS GUIDE

METHODOLOGY AND SPECIFICATIONS GUIDE ARGUS NORTH AMERICAN NATURAL GAS IMPLIED VOLATILITY FORWARD CURVES Contents: Introduction 2 Code of conduct and compliance 2 Methodology 2 Trading locations 4 Contact information 6 LAST UPDATED: JANUARY

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

When firms need to raise capital, they may issue securities to the public by investment bankers.

When firms need to raise capital, they may issue securities to the public by investment bankers. CHAPTER 3. HOW SECURITIES ARE TRADED When firms need to raise capital, they may issue securities to the public by investment bankers. Primary market is a market for new securities. Secondary market is

More information

General Risk Disclosure

General Risk Disclosure General Risk Disclosure Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). This notice is provided

More information

State of Information Technology Support for Traders in Fixed-Income Markets

State of Information Technology Support for Traders in Fixed-Income Markets State of Information Technology Support for Traders in Fixed-Income Markets Ali R. Montazemi DeGroote School of Business McMaster University Hamilton, ON, Canada montazem@mcmaster.ca John Siam DeGroote

More information

Overview: Section A: Business Environment. 1. 2014 Employment and Unemployment Numbers and Rates. 2. Industry s Growth. 3. Facts, Trends and Outlook

Overview: Section A: Business Environment. 1. 2014 Employment and Unemployment Numbers and Rates. 2. Industry s Growth. 3. Facts, Trends and Outlook 1 Overview: The Finance, Insurance, Real Estate and Leasing industry 1 in Alberta includes establishments and professionals such as: consumer lending companies (i.e. banks, credit unions, credit card,

More information

An Introduction to. CME Foreign Exchange Products

An Introduction to. CME Foreign Exchange Products An Introduction to CME Foreign Exchange Products What Are Futures and Options? Futures contracts are standardized, legally binding agreements to buy or sell a specific product or financial instrument in

More information

Contracts for Differences (Swaps): Concepts after the Dodd Frank Act

Contracts for Differences (Swaps): Concepts after the Dodd Frank Act Contracts for Differences (Swaps): Concepts after the Dodd Frank Act WSPP Operating Committee Training New Orleans, October 2010 Kolby Kettler Citigroup Energy Inc. 713-752-5254 Arnie Podgorsky Wright

More information

Market Tracking System

Market Tracking System California Air Resources Board Office of Climate Change California Air Resources Board Revision History REVISION HISTORY REVISION # DATE OF RELEASE OWNER SUMMARY OF CHANGES 1.0 5/24/2010 Matthew B Public

More information

THE ROLE OF. Interdealer Brokers in the Fixed Income Markets

THE ROLE OF. Interdealer Brokers in the Fixed Income Markets THE ROLE OF Interdealer Brokers in the Fixed Income Markets THE ROLE OF Interdealer Brokers in the Fixed Income Markets INTRODUCTION Broker/dealers and other financial institutions utilize the secondary

More information

TRADING FUTURES ON THE SAXOTRADER PLATFORM

TRADING FUTURES ON THE SAXOTRADER PLATFORM TRADING FUTURES ON THE SAXOTRADER PLATFORM Saxo Capital Markets Tel: +65 6303 7788 Web Site: www.saxomarkets.com.sg 1 TRADING FUTURES ON THE SAXOTRADER PLATFORM OPEN DEMO OPEN LIVE WORLDWIDE INVESTMENT

More information

Trading Services. Your Business Without Limits TM

Trading Services. Your Business Without Limits TM Trading Services Comprehensive solutions for today s complex markets Your Business Without Limits TM Give Yourself a Competitive Edge Today, when milliseconds count, you need reliable resources to help

More information

Introduction. Part IV: Option Fundamentals. Derivatives & Risk Management. The Nature of Derivatives. Definitions. Options. Main themes Options

Introduction. Part IV: Option Fundamentals. Derivatives & Risk Management. The Nature of Derivatives. Definitions. Options. Main themes Options Derivatives & Risk Management Main themes Options option pricing (microstructure & investments) hedging & real options (corporate) This & next weeks lectures Introduction Part IV: Option Fundamentals»

More information

TRADING STRATEGIES FOR DERIVATIVES MARKET

TRADING STRATEGIES FOR DERIVATIVES MARKET TRADING STRATEGIES FOR DERIVATIVES MARKET 1 AGENDA Definition of Derivatives Origin of Derivatives Basic types of Derivatives Benefits of Trading Derivatives Trading Strategies 2 Definition of Derivatives

More information

Topic 9: Energy Pricing and Trading in Financial Markets. () Global Energy Issues, Industries and Markets 1 / 41

Topic 9: Energy Pricing and Trading in Financial Markets. () Global Energy Issues, Industries and Markets 1 / 41 Topic 9: Energy Pricing and Trading in Financial Markets () Global Energy Issues, Industries and Markets 1 / 41 Introduction Energy prices determined in many ways E.g. long term contracts for natural gas

More information

Terms and definitions

Terms and definitions Terms and definitions Abnormal market conditions mean Fast market. Account history means a list of completed transactions and non-trading operations on the Client s account. Account type means the terms

More information