Newsletter. August 2012 INTERNATIONAL CONTEXT: CONTENT: International context. The main international events of August 2012 were: Financial agenda

Transcription

1 Newsletter CONTENT: Pag. International context Pag. 2 Financial agenda Pag. 3 Trading services Top intermediaries Pag. 4 Market evolution: Futures on commodities/stocks/ indexes/ currencies spot Pag. 6 Faq Pag. 7 Upcoming events INTERNATIONAL CONTEXT: The main international events of were: A new political scandal started in Athens after the former General Manager of ATE bank admitted to transferring 8 millions Euros of personal savings abroad to buy a London property, months before his Agricultural Bank headed towards insolvency, according to Financial Times. New York's top bank regulator threatened to strip Standard Chartered of its state banking license, saying the British bank was a "rogue institution" that hid $20 billion in transactions tied to Iran, in violation of U.S. law. Jean-Claude Junker spoke out on Greece in an interview with German TV channel,wrd, saying that the Greek euro exit would be manageable but that does not mean it is desirable." Japan s economic growth slowed to an annual rate of just.4 percent in the second quarter, as cooling global demand weighed on the nation s exports. The.4 percent annual growth in Japan s gross domestic product in the three months through June is sharply less than the revised. percent rate in the first quarter, Japan s Cabinet Office announced. According to Thomson Reuters, the Libor scandal, which began in London with bankers accused of manipulating a key global interest rate, has reached the Alaskan wilderness. Italy s public debt reached a record level in June,,973 billion euros, and the budget deficit increased over the same period of last year, largely because of the contribution to helping other countries with problems in the euro area, the Central Bank announced. According to the Telegraph, Germany will block any new aid to ailing Greece if Athens does not fully comply with the terms of previous rescue packages, even if other countries support unlocking funds, the deputy head of Chancellor Angela Merkel's conservative parliamentary bloc, Michael Fuchs said. European leaders must prepare for the possibility that the eurozone breaks up, Finland's foreign minister, Erkki Tuomioja said in an interview with the Britain s Daily Telegraph; Standard & Poor s cut Serbia credit rating one notch, to BB-, with negative outlook, as Serbia s new government has failed to quickly adopt policies that would promote confidence in its monetary system and restore postelection fiscal stability. France s economy is likely to slip into recession in the third quarter, according to the Bank of France, with a contraction of 0. percent for the period April-June, which may be a sign that Europe s economic prospects are worsening.

2 FINANCIAL AGENDA INTERNATIONAL The table below includes all the important economic events that will take place during September 202: DATE HOUR Manufacturing PMI (Markit) Construction PMI (Markit) ISM Manufacturing PMI (Institute for Supply Management) 7:37 Services PMI (Markit) 4:00 Asset Purchase Facility (Bank of England) 4:00 Official Bank Rate (Bank of England) Bid Rate (European Central Bank) : ADP Non-Farm Employment Change (Automatic Data Processing, Inc.) ECB Press Conference (European Central Bank) Unemployment Claims (Department of Labor) ISM Non-Manufacturing PMI (Institute for Supply Management) 9:30 ECB President Draghi Speaks (European Central Bank) Manufacturing Production m/m (Office for National Statistics) PPI Input m/m (Office for National Statistics) Non-Farm Employment Change (Bureau of Labor Statistics) Unemployment Rate (Bureau of Labor Statistics :0 JPY Current Account (Ministry of Finance) Trade Balance (Bureau of Economic Analysis) :00 German Constitutional Court Ruling All Day Dutch Parliamentary Election Claimant Count Change (Office for National Statistics) PPI m/m (Department of Labor) Unemployment Claims (Department of Labor) 9:30 FOMC Statement (Federal Reserve) 2:00 FOMC Economic Projections (Federal Reserve) 2: FOMC Press Conference (Federal Reserve) Core CPI m/m (Bureau of Labor Statistics) Core Retail Sales m/m (Census Bureau) Retail Sales m/m (Census Bureau) Prelim UoM Consumer Sentiment (University of Michigan) CPI y/y (Office for National Statistics) 2:00 German ZEW Economic Sentiment (ZEW) 6:44 JPY Monetary Policy Statement (Bank of Japan) 6:44 JPY Overnight Call Rate (Bank of Japan) 0:30 JPY BOJ Press Conference (Bank of Japan) MPC Meeting Minutes (Bank of England) Building Permits (Census Bureau) Existing Home Sales (National Association of Realtors) 0:30 German Flash Manufacturing PMI (Markit) Retail Sales m/m (Office for National Statistics) :4 Spanish 0-y Bond Auction (Spanish Treasury General Secretariat) Unemployment Claims (Department of Labor) Philly Fed Manufacturing Index (Federal Reserve Bank of Philadelphia) 2:00 BOE Gov King Speaks (Bank of England) Public Sector Net Borrowing (Office for National Statistics) :00 German Ifo Business Climate (Ifo Institute for Economic Research) :00 ECB President Draghi Speaks (European Central Bank) INDICATOR CB Consumer Confidence (The Conference Board Inc.) New Home Sales (Census Bureau) Current Account (Bank of England) 2:24 Italian 0-y Bond Auction (Italian Treasury Department) Core Durable Goods Orders m/m (Census Bureau) Unemployment Claims (Department of Labor)

3 TRADING SERVICES It is easy to trade at Sibex, all you have to do is to find a broker that best fits your needs and then sign a contract with him. On the markets administered by Sibex you can choose of those 24 active intermediaries on the derivatives market and 9 active intermediaries on the spot market. In order to select the broker that best fits your needs access and then click on Find a broker. Pay Attention! It is not allowed to trade without a broker authorized by Sibex. TOP BROKERS TOP INTERMEDIARIES DERIVATIVE MARKET AUGUST 202 TOP PRODUCTS NR. TOP PRODUCTS MARKET AUGUST 202 SYMBOL No. of contracts % of Total No. of contracts NO. SSIF WBS ROMANIA SA 4.3 DEDJIA_RON % 2 SSIF BROKER SA /_RON % 3 SSIF TRADEVILLE SA SIBGOLD % 4 SSIF INTERCAPITAL INVEST SA SIBGOLD_RON % SSIF ESTINVEST SA 6.63 O/JPY_RON % 6 SSIF IFB FINWEST SA /RON % 7 SSIF VIENNA INVESTMENT TRUST SA.62 7 DESIF % 8 SSIF INTERFINBROK SA.32 8 /_RON % 9 SSIF BT SECURITIES SA 2 9 DESIF % 0 PHX % DEOIL_LSC % INTERMEDIARY NO. 0 SSIF SUPER GOLD INVEST SA 4 SSIF ROMCAPITAL SA 4 2 SSIF CARPATICA INVEST SA DESIF % 3 SSIF SWISS CAPITAL SA 38 3 DEFPR 77 0.% 4 SSIF INTERDEALER CAPITAL INVEST SA 73 4 DESIF % SSIF FAIRWIND SECURITIES SA 73 DESNP % 6 SSIF TRANSILVANIA CAPITAL S.A. 9 6 O/CHF_RON 0.0% 7 SSIF EASTERN SECURITIES SA 68 7 DEBRK 0.00% 8 DELTASTOCK AD 64 0,434 00% 9 SSIF MUNTENIA GLOBAL INVEST SA 8 20 SSIF GOLDRING SA 2 PIRAEUS BANK ROMANIA SA TOTAL TOTAL TOP INTERMEDIARIES SPOT MARKETS AUGUST 202 NO. INTERMEDIARY Traded value SSIF WBS ROMANIA SA ,34 2 SSIF TRANSILVANIA CAPITAL SA 74.64,2 3 SSIF CARPATICA INVEST SA 78.8,9 4 SSIF IFB FINWEST SA 6.07,20 SSIF BROKER SA ,00 6 SSIF SUPER GOLD INVEST SA 3.990,00 7 SSIF INTERCAPITAL INVEST SA 3.646,40 8 SIF TRADEVILLE SA 0.87,60 9 SSIF INTERFINBROK SA TOTAL SSIF ESTINVEST SA.60, ,80 46,80 TOTAL 63.,09 0 3

4 MARKET EVOLUTION During, the derivatives market registered the total volume of contracts, while on the spot market there were contracts. The most traded products were Dow Jones Industrial AverageTM and /_RON. ON COMMODITIES/ SINGLE STOCKS s Futures Market for August 3 Monthly price 202 (settlement date) July 3, 202 Average open interest august 202 Futures on indexes: Dow Jones Industrial Average SM (DEDJIA_RON SEP2) 3.092,6% Dow Jones Industrial Average SM (DEDJIA_RON DEC2) ,99% ,66% Phoenix Package (PHX DEC2) for August 3 Monthly price 202 (settlement date) July 3, 202 Average open interest august Futures on commodities: Gold (SIBGOLD AUG2).664,2 2,88% 46,.67, , Gold (SIBGOLD OCT2).693,7 4,94% 79, , Gold (SIBGOLD_RON AUG2).664,2 3,0% 0,0.64, , Gold (SIBGOLD_RON OCT2).693,7 4,94% 79, , Oil (DEOIL_LSC SEP2) 9,97 9,43% 8,27 87,7 87, 96, Oil (DEOIL_LSC OCT2) 96,33 0,27% 0,26 96,07 94, 98, Average open interest august 202 for August 3 Monthly price 202 (settlement date) July 3, 202 Futures on single stocks: SIF Oltenia (DESIF SEP2),36 8,% SIF Oltenia (DESIF DEC2),37 0% SIF Muntenia (DESIF4 DEC2) 0,778,79% 0,068 0,2 0,077 for August 3 Monthly price 202 (settlement date),2492,238, ,2,2602, ,642 0,64 0, July 3, 202 Average open interest august 202 Futures on currencies: / (/_RON SEP2),28 2,22% 0,0273,2308,242, / (/_RON DEC2),28 2,08% 0,026,232,273, /RON (/RON SEP2) 4,492-2,0% -0,096 4,88 4,4702 4, /RON (/RON DEC2) 4,8 -,98% -0,094 4,6099 4,06 4, /RON (/RON MAR3) 4,44 -,63% -0,07 4,69 4,3 4, /JPY (/JPY_RON SEP2) 98, 2,4% 2,32 96,9 94,88 99, / (/_RON SEP2),8 0,9% 0,042,669,486, July 3, 202 SPOT s Spot Market ISSUER Symbol Market Sibex - Sibiu Stock Exchange SBX Reglementată Prodplast Imobiliare PPLI ATS 4 for August (settlement date) Monthly price,07,90% 0,02 4,8 0,00% 0 august Value august,0,0, , 4,8 4,8,

5 TRADING HOURS AT SIBEX (Bucharest Time) STOCK INDEX 7:4 8:4 20:4 2:4 22:4 23: DEDJIA_ PHX Phoenix Package COMMODITIES Gold Oil 7:4 8:4 20:4 2:4 22:4 23: SIBGOLD SIBGOLD_RON DEOIL_LSC EGES Certificate (CO ) SINGLE STOCK Shares traded at BSE and Sibex 6:0 DEBRD DEBRK DERRC DESIF DESIF2 DESIF3 DESIF4 DESIF DESNP DETLV DEEBS DEBVB DESBX CURRENCY DEFPR Currency pairs 7:4 8:4 20:4 2:4 22:4 23: / /JPY /RON /RON /CHF / / /CHF /JPY STANDARD OPTIONS Dow Jones Industrial Average SM DEDJIA_RON Dow Jones Industrial Average SM (TOTAL HOURS) 6:0 OPTIONS ON SINGLE STOCK 7:4 8:4 20:4 2:4 22:4 23: OPTIONS ON CURRENCY OPTIONS ON COMMODITIES 7:4 8:4 20:4 2:4 22:4 23: BINARY OPTIONS OPTIONS ON CURRENCY CFD Romanian shares 6:0 SIF CFD SIF4 CFD TLV CFD BRK CFD SNP CFD SPOT Sibex-Sibiu Stock Exchange Prodplast Imobiliare BRD CFD 7:0 SBX 07:2 PPLI 07:2 Regulated derivatives market: 09: - - pre - opening - 6:0 - trading session with derivatives instruments having as underlying stocks traded on BSE and SIBEX 6:0 - closing session for derivatives instruments with underlying stocks traded on BSE and SIBEX - 23: - trading session with derivatives instruments having as underlying currencies, indices and commodities 23: - closing session for derivatives instruments with underlying currencies, indices and commodities Spot market: 09: - - pre - opening - 7:0 - trading session 7:0-7: - pre - closing 7: - closing session

6 FAQ WHAT IS? Futures contract is an agreement of buying and selling an asset at a following date and a negotiated price when the agreement is signed. By trading both commodities, currency, shares, indices or other financial instruments, this will provide profit by speculating the right price difference from a future moment and the present one, not necessary with a physical delivery but instead the payment of this difference. What is so popular at this contract is the possibility to trade a smaller investment than the one on the spot market. For example in order to take advantage of the share price movement you have to invest 20% of this value. Essentially is to speculate correctly the evolution of certain prices. WHAT DOES ARBITRAGE MEAN? DEDJIA_RON is a futures contract with the underlying asset Dow Jones Industrial AverageTM. It is traded daily in lei, from 9:4-23:, except of maturity days. One of the advantages is that your entry and exit from the market are easier because market makers are providing the necessary liquidity. WHAT DOES OPEN INTEREST MEAN? Open Interest can be defined as the total number of futures contracts or option contracts that have not yet been exercised, expired, or fulfilled by delivery. WHAT HAPPENS WITH THE REMAINING OPEN INTERESTS AT SETTLEMENT DATE? At settlement date, the remaining open interests are closed by the Romanian Clearing House by final settlement in funds, complying with the prices mentioned in the specifications of each futures contract. For DEDJIA_RON contract, the remaining open interests are closed by paying in RON the difference between the contract value and the RON value of the Dow Jones Industrial Average Index, calculated on the basis of the Special Opening Quotation, communicated by Dow Jones & Co Inc. at the contract s settlement date. CAN I FIND OUT THE IDENTITY OF THE BUYER/ SELLER OF THE ON SIBEX MARKET? The identity of the participants on Sibex market is not known. Active brokers on Sibex market can only see the identity of their clients. 6

7 UPCOMING EVENTS Financial Education seminar On October, 2, 202, Sibex will participate at the conference organized by Wall Street along with some of the most important specialists in capital markets. This edition will address topics such as: What are the main landmarks of the investment in the capital market? What does investor mean? Examples of success- can one live only by investing at the exchange? 0 things we need to know before we start trading. On September 22rd (23th), SIBEX convened the Shareholders General Meeting, that took place in Sibiu, Scoala de Inot no 2, at Golden Tulip Ana Tower Hotel. The main points on the agenda were: Revoking the members of S.C. SIBEX SIBIU STOCK EXCHANGE S.A. Board of Directors. Appointing new members of SC SIBEX SA Board. Approving the date of as registration and identification date for the shareholders entitled to benefit from the general meeting resolutions dated 22/ , in compliance with the stipulations of art. 238 of Law no. 297/2004 regarding the capital market. Vesting the president of SC SIBEX SA Board of Directors, with the possibility of being replaced by the Vicepresident or any other manager, to sign the decisions of SIBEX Shareholders Ordinary General Meeting dated 22/ and carry out all the formalities specified by the legislation in force for the meeting dated 22/ , with the possibility of being replaced by the legal advisers of SC SIBEX SA. Approving the lawsuit against the administrator SIMIONESCU DAN, in compliance with the stipulations of art. of Law no. 3/990 and vesting the person who would carry out all the formalities specified by the legislation in force to start the lawsuit. The reasons for this request will be revealed at the general meeting. Approving the lawsuit against the administrator SIMA CRISTIAN, in compliance with the stipulations of art. of Law no. 3/990 and vesting the person who would carry out all the formalities specified by the legislation in force to start the lawsuit. The reasons for this request will be revealed at the general meeting. PRESS RELEASE 28/08/202 Deltastock is the First Foreign Broker to Become Market Maker on the Sibiu Stock Exchange (SIBEX) in Romania The company established a Bucharest branch back in 2007 and is now planning on expanding its activity in the country. Los Angeles, CA, August 29, (PR.com)-- Deltastock, a leading Forex & CFD Broker in the online trading industry, has been admitted on the regulated market of derivative financial instruments, managed by the Sibiu Stock Exchange (SIBEX). The company is also to become the first foreign Market Maker admitted on the SIBEX market in Romania. Deltastock aims to provide Market Maker services to Romanian investors using the experience obtained in the last 4 years by offering a wide range of financial services on OTC markets. Deltastock is the first foreign broker to become a Market Maker on SIBEX. This decision is a natural continuation of our activity in Romania since 2007, when we were the first foreign CFD broker to open an office in the local market, said Nikolay Nedkov, CEO of Deltastock. We are confident in the potential of the capital market in Romania and we believe that local investors' appetite for derivative trading will continue to grow in the coming years. In the beginning, we will focus our activity on quoting WTI Oil Futures. We are also planning to increase the number of instruments offered by Deltastock in the near future and are currently working together with SIBEX to achieve that goal. We believe that our experience in derivative trading will be beneficial for the market, and hope to increase the market s liquidity and provide better trading conditions for all participants." The Sibiu Stock Exchange (SIBEX) was established in 994 and is the leader on the exchange-traded derivatives market in Romania. It is licensed by the Romanian National Securities Commission (CNVM) and offers its customers trading in futures, options, and CFDs on currencies, indices, and shares. 7 P-ţa Aurel Vlaicu, nr. 9-0, etaj III, 0377 Sibiu, România

8 PARTNERSHIP ASSOCIATIONS Since 2008, Sibex is member of the Association of Futures Markets (AFM) and in 200 became member of Swiss Futures and Options Association (SFOA). AFM ia a non-profit association, established in 998, whose objective is to promote and encourage the establishment of new derivative markets and to organize international conferences in order to promote communication. Author: Denis FARIMA, Product Developer denisfarima@sibex.ro Public Relations and Marketing Department Sibex: Trading derivatives implies a certain level of risk, thus such operations are not suitable for all the investors. On the Sibex market, gains or losses are credited or debited from the account in real time. If price movements determine the decrease of the margin account amount under certain level, you will be asked to provide supplementary funds or to reduce market exposure. Sibex is market operator authorized by Romanian National Securities Commission further to decision no 36/ The Dow Jones Industrial AverageSM is a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC ( CME ), and has been licensed for use. Dow Jones, Dow Jones Industrial AverageSM, DJIA and Dow Jones Indexes are service marks of Dow Jones Trademark Holdings, LLC ( Dow Jones ) have been licensed to CME and have been sublicensed for use for certain purposes by SIBEX Sibiu Stock Exchange. SIBEX s futures and options contracts based on the Dow Jones Industrial AverageSM are not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates and none of them makes any representation regarding the advisability of investing in such products.