AGREX - Durum Wheat Futures

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1 AGREX - Durum Wheat Futures

2 Introduction 2

3 Durum Wheat Market: Highlights Durum Wheat is primarily used to produce pasta in Europe and Cous Cous in North Africa and the Middle East. Cultivated in limited areas (Mediterranean basin, Nothern US/Canada, Mexico, Australia) and in semi-arid climate. Currently scarcly efficent cash market, price not correlated to other commodities. 3

4 Durum Wheat Market: Highlights In the past years there's been strong competition for soil with other crops, which determined a reduction in cultivated fields This issue, combined with the smaller size of the market compared to other crops, determines high volatility 4

5 EU Durum Wheat Cultivated Soil 5

6 US Durum Wheat Cultivated Soil 1'800 1'600 1'400 1'200 1'

7 How can an operator hedge the exposure to Durum Wheat price volatility? Currently most Market Operators hedge their positions with Milling Wheat futures, which however don t offer a perfect hedge for their physical positions 7

8 AGREX the new Agricultural Derivatives segment Borsa Italiana is close to launching AGREX - a new Agricultural Commodity Derivatives Segment Durum Wheat futures will be listed on this segment, following Market Operators request for these specific futures AGREX will be a new segment of IDEM, Borsa Italiana derivatives market IDEM EQUITY derivatives on equities and indices IDEX derivatives on energy commodities AGREX derivatives on agricultural commodities 8

9 Futures Description 9

10 Contract Specifications Expiries Delivery Months: March, May, September, December 5 Expiries traded in the market Delivery Points Authorized Storage (the first authorized delivery point is nearby Foggia) Futures contract size 50 metric tons Price /metric ton Market price does not include VAT Tick size: 0.25 /t Trading Hours: 2.30 pm 5.40pm 10

11 Underlying wheat future contract quality Sound, fair and marketable durum wheat of any origin. In compliance with EU sanitary requirements for grain for human consumption Specific weight Protein content Moisture content Impurities Vitreous grains Sprouted grains Mottled grains Broken grains Other cereals Grains affected with fusariosis kg/hl min 11.5% min 13.5% max 2% max 62% min 2% max 12% max 6% max 3% max 0.5% max 11

12 Market Makers Primary Market Makers: obligation to quote all expiries until the last trading day Liquidity Providers: obligation to quote all expiries until T-6 (included), where T is the last trading day Quoting obligations for Primary Market Makers and Liquidity Providers: Continuous quoting from 2.30 pm to 5.40 pm Minimum quantity of 3 contracts (1 contract = 50 t) Spread: 8 on first 4 expiries, 10 on 5 th expiry 12

13 Modello di mercato Position Limits Borsa Italiana sets a limit to open positions held by each direct member and each of its clients during trading phase, as well as a limit to positions in delivery. There are three levels of position limits: Current Expiry Following Expiries All Expiries together 13

14 Contract expiry and delivery period Contracts are negotiated until the 10 calendar day of the delivery month. If the 10 calendar day is not an open day for the market, the contract expiries on the following open day. Durum Wheat has to be delivered at authorized storages within the delivery month. CC&G will communicate the identity of the counterparties to those operators who have not closed their positions before the expiry date. This will allow the two parties to look for an agreement on an alternative delivery procedure (delivery point, wheat quality, etc) 14

15 More information available 15

16 on Borsa Italiana website In the Commodities Section of Borsa Italiana s website there are many information available on AGREX: - Market Rules - Membership Procedure - Market Members - Price List - Prices of daily traded contracts - Historical statistics - Presentations and News Please visit our Commodities web page: 16

17 ..or contact us! Ennio Arlandi Head of Energy and Commodities Equity and Derivatives Markets Borsa Italiana, London Stock Exchange Group Elide May Gravina Energy and Commodities Business Development Equity and Derivatives Markets Borsa Italiana, London Stock Exchange Group

18 November 2012 Borsa Italiana S.p.A. The publication of this document does not represent solicitation, by Borsa Italiana S.p.A., of public saving and is not to be considered as a recommendation by Borsa Italiana as to the suitability of the investment, if any, herein described. Trademarks Borsa Italiana and Borsa Italiana's logo, IDEM, MOT, MTA, STAR, SeDeX, MIB, IDEX, BIt Club, MiniFIB, DDM, EuroMOT, NIS, Borsa Virtuale, ExtraMOT, MIV, ETF Plus, ELITE, AGREX, Palazzo Mezzanotte Congress Centre and Services are owned by Borsa Italiana S.p.A. are owned by Borsa Italiana S.p.A. FTSE is a registered trademark of London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited under licence. London Stock Exchange, the coat of arms device and AIM are a registered trade mark of London Stock Exchange plc. The above trademarks and any other trademark owned by the London Stock Exchange Group cannot be used without express written consent by the Company having the ownership of the same. Borsa Italiana S.p.A. and its subsidiaries are subject to direction and coordination of London Stock Exchange Group Holdings (Italy) Ltd Italian branch. The Group promotes and offers the post-trading services of Cassa di Compensazione e Garanzia S.p.A. and Monte Titoli S.p.A. in an equitable, transparent and non-discriminatory manner and on the basis of criteria and procedure aimed at assuring interoperability, security and equal treatment among market infrastructures, to all subjects who so request and are qualified in accordance with national and community legislation, applicable rules and decisions of the competent Authorities. Borsa Italiana S.p.A Piazza Affari, Milano 18

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