Commodity Inventory Financing - An Australian Experience. Ron Storey NZX Australian Agribusiness

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1 Commodity Inventory Financing - An Australian Experience Ron Storey NZX Australian Agribusiness 1 Copyright NZX Ltd. 2014

2 Agenda Clear Grain Exchange what it does, how it works How banks can hold title, fund the inventory, and transfer ownership at client s call Critical nature of warehouse and collateral managers 2 7 August 2013 Copyright NZX Ltd. 2013

3 Declaration -- NZX Limited NZX in Australia NZX Stock Exchange

4 Clear Grain Exchange What is it? online exchange to transact physical grain anonymously (buy direct from farmer without dealing with the farmer) secure and automated settlement facility All on standard GTA contract terms, quality & weight certs, etc Site specific, firm bid/offer Scalable platform for 000 s of growers to DIY trade execution Has transacted over 2.5 million tonnes Trade2Trade volumes growing 4 11 March 2014 Copyright NZX Ltd. 2014

5 Clear Grain Exchange Standard Settlement Facility Provides payment security to sellers to reduce counterparty risk Provides ownership (performance) security to buyers Custodian facility to eliminate CGX (NZX Limited) counterparty risk Title and funds exchanged to either party simultaneously Buyer pay within 5 Business Days T+5 Seller receives funds within 7 Business Days T+7 CGX has now transacted over AUD$750 Million of grain 5 11 March 2014 Copyright NZX Ltd. 2014

6 Buyer 1. Bid Graincorp 2. Offer Seller 1. Buyer places Bid, bid alert system notifies grower/seller 2. Grower/Seller Places Offer on Clear 6 11 March 2014 Copyright NZX Ltd. 2014

7 Buyer 1. Bid 3.Trade Graincorp 2. Offer Seller 3. Bid and Offer matched, trade occurs instantly 4. Buyer and Seller notified via March 2014 Copyright NZX Ltd. 2014

8 Buyer 1. Bid 3.Trade Graincorp 2. Offer 5. Perpetual Seller 5. Title to the grain is held in trust by Custodian (Perpetual) on behalf of the seller 8 11 March 2014 Copyright NZX Ltd. 2014

9 6. Buyer Pays T+5 Buyer 1. Bid 3.Trade Graincorp 2. Offer 5. Perpetual Seller 6. Buyer pays into the Perpetual account T March 2014 Copyright NZX Ltd. 2014

10 7. Buyer Transferred Title 6. Buyer Pays T+5 Buyer 1. Bid 3.Trade Graincorp 2. Offer 5. Perpetual Seller 8. Seller Receives Funds Upon cleared funds being received. 7. Title to the grain is transferred to the buyer 8. Payment is made to the seller March 2014 Copyright NZX Ltd. 2014

11 Clear Grain Exchange Inventory Financed Facility Retains payment security to sellers Provides title (performance) security to banks and buyers Bank pays CGX in standard T + 5 Bank holds title, issues buyer forward contract for x-days with interest At x-days buyer pays bank and receives title Seller still receives funds within T + 7 CGX s new Inventory Financed Facility suits buyers who see 5-day terms as a constraint, and frees up working capital March 2014 Copyright NZX Ltd. 2014

12 6. Bank Pays T+5 Bank Buyer 1. Bid 3.Trade Graincorp 2. Offer 5. Perpetual Seller 6. Bank pays into the Perpetual account T March 2014 Copyright NZX Ltd. 2014

13 7. Bank Transferred Title 6. Bank Pays T+5 Bank Buyer 1. Bid 3.Trade Graincorp 2. Offer 5. Perpetual Seller 8. Seller Receives Funds Upon cleared funds being received, T Title to the grain is transferred to the bank 8. Payment is made to the seller March 2014 Copyright NZX Ltd. 2014

14 7. Bank Transferred Title 6. Bank Pays T+5 Bank Buyer 9. Bank transfers title 1. Bid 3.Trade Graincorp 2. Offer 5. Perpetual Seller 8. Seller Receives Funds 9. At x-days, client pays bank ; Bank transfers title to the buyer March 2014 Copyright NZX Ltd. 2014

15 CGX Value proposition Value add to Trading customers Variable cost accumulation tool (no fixed costs) Ability to view and match firm offers for quick accumulation Ability to transact anonymously with growers and other traders Inventory financing option via banks Value add to Grower customers Ability for growers to set their own offer price Ability to view and match firm bids Secure settlement facility reducing counterparty risk Attracting grain into BHC customers CGX creates a market at silo that increases transparency and competition for grain 2014/15 Outlook? - New Forward contract - Expansion into South and West Australia March 2014 Copyright NZX Ltd. 2014

16 The Growth Story of Online Trading on the East Coast CGX Trade Metrics H4 H5 H6 H5 to H6 Oct to Feb Oct to Feb Oct to Feb SOS Change Total No. of trades % Ave trade size % Total Traded Volume 377, , ,100 25% No. of Grower sellers % No. of Trader Sellers % Total Sellers % Total Buyers % March 2014 Copyright NZX Ltd. 2014

17 2013/14 BALANCE SHEET Wht Bly Can Sor CARRY-IN PRODUCTION TOTAL SUPPLY DOM USAGE EXPORTS CARRY-OUT 3.5 WA 1.2 WA/SA MESSAGE: - Very tight east coast, buffer in WA/SA so far Black Sea? - Watch east coast carefully for next 8 weeks?? - Contact ACF!!

18 Thank You Discussion & Questions March 2014 Copyright NZX Ltd. 2014

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