UKRAINE COMMODITY FUTURES MARKET DEVELOPMENT SURVEY AND ROADMAP RECOMMENDATIONS. June 18, 2015
|
|
- Julian Kelley
- 8 years ago
- Views:
Transcription
1 UKRAINE COMMODITY FUTURES MARKET DEVELOPMENT SURVEY AND ROADMAP RECOMMENDATIONS June 18, 2015
2 Breakdown of Participants Segment Number Agri-producers 821 Grain processors 51 Oil seed processors 10 Cattle breeding farms 102 Domestic traders 50 Exporters 50 Silos/Elevators 20 Banks 29 Insurance companies 10 Investment companies 12 Total 1,155 2
3 Use of Commodity Exchanges Agri-producers Processors No 91.0% Yes 9.0% Supply Chain No 95.2 % Yes 4.8% Traders & Silos No 88.5% Yes 11.5% 3
4 Don t Use Commodity Exchanges Because Top 3 Responses Agri-producers Processors Traders/Silos Our production volumes are too low Heard about it, but don t know how to use it Can t get the best price on it Our requirement volumes are too low High costs involved Not sufficiently liquid Doesn t offer the best price Not sufficiently liquid Too much/complicated paperwork 4
5 Don t Use Commodity Exchanges Because Top 3 Responses Agri-producers Processors Traders/Silos Our production volumes are too low Heard about it, but don t know how to use it Can t get the best price on it Our requirement volumes are too low High costs involved Not sufficiently liquid Doesn t offer the best price Not sufficiently liquid Too much/complicated paperwork 5
6 Don t Use Commodity Exchanges Because Top 3 Responses Agri-producers Processors Traders/Silos Our production volumes are too low Heard about it, but don t know how to use it Can t get the best price on it Our requirement volumes are too low High costs involved Not sufficiently liquid Doesn t offer the best price Not sufficiently liquid Too much/complicated paperwork 6
7 Sources of Price Information Source* Agri-Producers Processors Traders/Silos Traders 58.9% 45.2% 86.1% Internet 55.2% 43.5% 53.3% Neighboring Farm/Similar Entities Specialized Mass Media 39.5% 38.7% 23.0% 21.3% 21.0% 35.2% * % of Respondents answering Yes 7
8 Sources of Price Information Source* Agri-Producers Processors Traders/Silos Traders 58.9% 45.2% 86.1% Internet 55.2% 43.5% 53.3% Neighboring Farm/Similar Entities Specialized Mass Media 39.5% 38.7% 23.0% 21.3% 21.0% 35.2% * % of Respondents answering Yes 8
9 Use of Anticipatory Pricing Contracts Bilaterally Negotiated Forward Contract Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 36.1% 2015/17** 12.6% 6.5% 40.2% Agrarian Commodity Exchange Forward Contract Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 4.8% 4.9% 2015/17** 6.1% 8.1% 12.3% * % of Respondents answering Yes ** Anticipated use 9
10 Use of Anticipatory Pricing Contracts Bilaterally Negotiated Forward Contract Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 36.1% 2015/17** 12.6% 6.5% 40.2% Agrarian Commodity Exchange Forward Contract Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 4.8% 4.9% 2015/17** 6.1% 8.1% 12.3% (+138%) (+169%) (+250%) * % of Respondents answering Yes ** Anticipated use 10
11 Futures Contract Use of Derivatives Contracts Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 18.0% 2015/17** 4.7% 6.5% 27.0% Options Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 8.2% 2015/17** 3.4% 6.5% 14.8% Swaps Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 11.3% 7.4% 2015/17** 3.4% 8.1% 11.5% * % of Respondents answering Yes ** Anticipated use 11
12 Futures Contract Use of Derivatives Contracts Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 18.0% 2015/17** 4.7% 6.5% 27.0% Options Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 8.2% 2015/17** 3.4% 6.5% 14.8% Swaps Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 11.3% 7.4% 2015/17** 3.4% 8.1% 11.5% * % of Respondents answering Yes ** Anticipated use 12
13 Futures Contract Use of Derivatives Contracts Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 18.0% 2015/17** 4.7% 6.5% 27.0% Options Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 8.1% 8.2% 2015/17** 3.4% 6.5% 14.8% Swaps Marketing Years* Agri-Producers Processors Traders/Silos 2013/ % 11.3% 7.4% 2015/17** 3.4% 8.1% 11.5% * % of Respondents answering Yes ** Anticipated use 13
14 Interest in Exchange-Traded Instruments Agri-Producers 35% 65% Yes No 14
15 Interest in Exchange-Traded Instruments Farm Definition Survey Small 1k Ha 35% Medium-Sized 1k-5k Ha 60% Large >5k Ha 5% 35% 65% Yes No 15
16 Interest in Exchange-Traded Instruments Think themselves too small Never heard of futures, options Farm Definition Survey Small 1k Ha 35% Medium-Sized 1k-5k Ha 60% Large >5k Ha 5% 35% 65% Yes No 16
17 Interest in Exchange-Traded Instruments Farm Definition Survey Small 1k Ha 35% Medium-Sized 1k-5k Ha 60% Large >5k Ha 5% Medium-Sized Farms more open to new instruments Large Farms more reluctant to move away from existing price risk management techniques 35% 65% Yes No 17
18 Interest in Fixed-Price Contracts Agri-producers Processors No 56.2% Yes 43.8% No 46.8% Yes 53.2% Supply Chain Traders & Silos No 34.4% Yes 65.6% 18
19 Why are you interested? Response Agri-Producers Processors Traders/Silos Offset Market Price fluctuations Facilitates Sales/Purchase Planning Standardized Contract/Uniform Mechanism #1 #1 #2 #3 #2 #3 #2 #3 #1 19
20 Why aren t you interested? Response Agri-Producers Processors Traders/Silos Procedure s too complicated #1 #1 #2 Additional Funds Required #2 #2 Non-binding Contract #3 - #3 GoU Interference - #3 #1 20
21 Use of Warehouse Documentation Agri-producers No 69.4% Processors No 81.9% Yes 18.1% Supply Chain Traders & Silos Yes 30.6% No 44.3% Yes 55.7% 21
22 Indicia of a Defective Market FOB Gulf of Mexico FOB Ukraine transport/handling insurance transport handling insurance port fees demurrage export docs port charges producer price exporter profit producer price exporter pofit 1% 16% <1% 3% 19% 7% <1% 4% 4% 80% 66% Source: Source: FINREP-II Estimates 22
23 Indicia of a Defective Market Wheat Logistics Costs (in USD) Ukraine Germany France Field to Silo Silo to Port Port Logistics Total Source: IFC 23
24 Indicia of a Defective Market Wheat Logistics Costs (in USD) Ukraine Germany France Field to Silo Silo to Port Port Logistics Total Source: IFC 24
25 Indicia of a Defective Market Wheat Logistics Costs (in USD) Ukraine Germany France Field to Silo Silo to Port Port Logistics Total USD28 difference in Logistics Costs Assuming 60MT Annual Grain Crop in Ukraine USD28 x 60 million = USD1.68 billion Source: IFC 25
26 Currencies and Commodities 180% LCY Corporate Debt Capital Markets vs Equity Capital Markets as % of GDP in % Malaysia 140% ECM as % of GDP 120% 100% 80% 60% 40% Indonesia India Russia China Canada Australia 20% Zambia Ukraine 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% DCM as % of GDP Source: World Bank, BIS, AsiaBondsOnline.com, FINREP-II calculations 26
27 Commodity Exchange Ecosystem Exchange Platform FOB EXW Prices Brokers Contracts Delivery Process Silos/Wareh ouses Clients 27
28 Recommendations Legal & Regulatory Change 28
29 Recommendations Legal & Regulatory Change Access to Finance 29
30 Recommendations Legal & Regulatory Change Access to Finance Establishing an Informed Commercial Operating Environment 30
31 Legal & Regulatory Change New Derivatives Legal and Regulatory regime that accords with International Best Practices Facilitates development of cross currency and interest rate products Establishes a clearing and settlement regime that is in alignment with EU requirements for CCPs 31
32 Legal & Regulatory Change Exchange Platform New Law On Commodity Exchange Markets FOB EXW Prices Brokers Silos/Wareh ouses Clients 32
33 Encouraging Price Transparency Exchange Platform FOB EXW Prices Brokers Silos/Wareh ouses Clients 33
34 Taxation Exchange Platform FOB EXW Prices Brokers Contracts Taxation Delivery Process Silos/Wareh ouses Clients 34
35 Hedging while local market develops Hedging Solutions... Require NBU administrative changes: Access to Offshore Accounts Ability to freely transfer monies for Initial and Variation Margin payments Need for automaticity 35
36 Access to Finance Exchange Platform FOB EXW Prices Brokers Silos/Wareh ouses Clients Licensing Indemnity Fund 36
37 Access to Finance Financing via Existing Asset Warehouse Receipts (WHR) 1. Supplier 2. Trader 3. Bank Registration of WHR Ownership Cash Silos/Wareh ouses Clients Crop 37
38 Access to Finance Financing via Existing Asset Warehouse Receipts (WHR) Registration of WHR Ownership 1. Supplier 2. Trader 3. Bank Cash Silos/Wareh ouses Counterparty Delivery under a Commodity Futures Contract Clients Crop 38
39 Access to Finance Financing via Anticipatory Asset Agrarian Receipts (AR) Financing via Existing Asset Warehouse Receipts (WHR) AR Central Registry Pledge Registration of Pledge Cash 1. Supplier 2. Trader 3. Bank Cash Registration of WHR Ownership Silos/Wareh ouses Counterparty Delivery under a Commodity Futures Contract Clients Crop 39
40 Establishing an Informed Commercial Operating Environment Privatization and Effective Corporate Management Privatization 40
41 Establishing an Informed Commercial Operating Environment Privatization and Effective Corporate Management Corporate Management Privatization 41
42 Establishing an Informed Commercial Operating Environment Agricultural Associations Agricultural Associations 42
43 Establishing an Informed Commercial Operating Environment Agricultural Associations Agricultural Associations But... Interested in cooperating with other farmers? No 74.5% Livestock Producers Yes 25.5% 43
44 Establishing an Informed Commercial Operating Environment Education Initiatives Natural Hedgers and Speculators 44
45 Establishing an Informed Commercial Operating Environment Education Initiatives Facilitating Institutions Natural Hedgers and Speculators 45
46 Establishing an Informed Commercial Operating Environment Education Initiatives Facilitating Institutions Commodity Futures Regulators (NSSMC) and SROs Affected Regulators and Policy Makers NBU MEDT MAPF Other facilitating institutions Banks Natural Hedgers and Speculators 46
47 Trust The Essential Element Trust 47
HEDGING IN THEORY AND PRACTICE
HEDGING IN THEORY AND PRACTICE Ann Berg Senior Commodity Markets Development Expert USAID/FINREP-ІІ Kyiv, 2013 July 11 Maize contract (CME) 320 310 307.58 $ 11 April 308.07 $ 13 June 300 291.44 $ 1 March
More informationWarehouse Receipt System From Banks Perspective
Warehouse Receipt System From Banks Perspective July 2011 By: Andrew K Bwalya- Director/Head Agribusiness Commodity Value Chain and Key Players Value chain Input Supply Agricultural Production Storage
More informationGuide to managing commodity risk
Guide to managing commodity risk October 2012 ISBN: 978-1-921742-33-0 CPA Australia Ltd ( CPA Australia ) is one of the world s largest accounting bodies representing more than 139,000 members of the financial,
More informationBASEL, 3 FEBRUARY 2016
BASEL, 3 FEBRUARY 2016 SAFE HARBOR ADDITIONAL INFORMATION AND WHERE TO FIND IT THE TENDER OFFER FOR THE OUTSTANDING SHARES, AMERICAN DEPOSITARY SHARES AND OTHER OUTSTANDING EQUITY INSTRUMENTS IN THE COMPANY
More informationLAUNCHING 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 informationAGRICULTURAL 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 informationChapter Five: Risk Management and Commodity Markets
Chapter Five: Risk Management and Commodity Markets All business firms face risk; agricultural businesses more than most. Temperature and precipitation are largely beyond anyone s control, yet these factors
More informationCOCERAL Position Position on MiFID II Level 2 legislation Definition of regulatory and implementing technical standards
COCERAL Position Position on MiFID II Level 2 legislation Definition of regulatory and implementing technical standards Brussels, 2 December 2014 COCERAL would like to bring the views of agricultural commodities
More informationThe ABI s response to the European Commission s Consultation Document on Foreign Exchange Financial Instruments
The ABI s response to the European Commission s Consultation Document on Foreign Exchange Financial Instruments The ABI The UK Insurance Industry The UK insurance industry is the third largest in the world
More informationPart 1. E. Speculative Theory 1. Leverage 2. Risk 3. Market liquidity 4. Price volatility
EXAMINATION SUBJECT AREAS National Commodity Futures Examination SERIES 3 The following is a general listing of the major subject areas covered by the examination and does not represent an exhaustive list
More information24 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank 24 th Year of
More informationFutures 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 informationFinancial Instruments Traded on the Commodity Exchange
Financial Instruments Traded on the Commodity Exchange Using the Financial Markets A cotton trader will almost always prefer to manage his price risk through physical positions and contracts for cotton,
More information10 Preconditions for a Successful Commodity Exchange a Comparison between ACE and ZAMACE
East Africa Trade Hub 10 Preconditions for a Successful Commodity Exchange a Comparison between ACE and ZAMACE Preconditions for a Successful Commodity Exchange outlines the necessary prerequisites for
More informationPeople with energy. Adding value right across the supply chain
People with energy 140 million tonnes of fuel delivered in the last 10 years* Marine fuels is a large and complex global industry and is one of the world s foremost suppliers. Delivering on our commitment
More informationOutright Long/Short Speculation: Next time you are at a party and someone asks what you do for a living, tell them
Page 1 Next time you are at a party and someone asks what you do for a living, tell them you are a commodity trader. You are likely to get a look back that conveys a sense of - that sounds impressive,
More informationIntroduction 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 informationBANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND
BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS
More informationWholesale Financial Markets:
Wholesale Financial Markets: What are they and why are they useful? Key Messages Wholesale Financial Markets connect investors and issuers, thereby providing high value financial services to medium and
More informationOTC 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 informationHow 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 informationICE BARLEY FUTURES & OPTIONS. www.theice.com. April 2013. IntercontinentalExchange ICE Futures Canada ICE Clear Canada
ICE BARLEY FUTURES & OPTIONS April 2013 IntercontinentalExchange ICE Futures Canada ICE Clear Canada www.theice.com Page 2 of 5 ICE Futures Canada is pleased to introduce new Barley futures and options
More informationAccount Opening Application Form
Account Opening Application Form For Individuals 74 I. Chavchavadze Ave. 0162 Tbilisi, Georgia Tel: +995 32 2 555 500 ext. 1445 Fax: +995 32 2 998 042 E-mail: sales@libertysecurities.ge Application Form
More informationCME Commodity Products. Trading Options on CME Random Length Lumber Futures
CME Commodity Products Trading Options on CME Random Length Lumber Futures Global Leadership in the Financial Marketplace CME is the largest and most diverse financial exchange in the world for trading
More informationBuilding Agribusiness Risk Management System: Strategy and Stages of Development
Building Agribusiness Risk Management System: Strategy and Stages of Development Roman Shynkarenko Agricultural Insurance and Risk Management Consultant Most Ukrainian experts in agricultural risks insurance
More informationBond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank
Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration
More informationAssumptions: No transaction cost, same rate for borrowing/lending, no default/counterparty risk
Derivatives Why? Allow easier methods to short sell a stock without a broker lending it. Facilitates hedging easily Allows the ability to take long/short position on less available commodities (Rice, Cotton,
More informationCommodity Trade Finance CAIA Zurich. February 2013
Commodity Trade Finance CAIA Zurich February 2013 Contents Some statistics about world trade 03 Financing the commodity trade flows 06 Commodity trade finance : the market 08 Why invest in commodity trade
More informationMODEL 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 informationHedging: To buy or sell a futures contract on a commodity exchange as a temporary substitute for an intended later transaction in the cash market.
Section I Learning objectives Register for Commodity Challenge and join an open game Understanding your challenge Ground rules for trading in Commodity Challenge Illustrate a simple hedge with futures
More informationARIF HABIB COMMODITIES (An Arif Habib Group Company) April, 2013
ARIF HABIB COMMODITIES (An Arif Habib Group Company) April, 2013 Arif Habib Group serves over 100,000 local /international clients base Our success factors include continuous investment in Intellectual
More informationA Trade Agenda that Gets Results
A Trade Agenda that Gets Results Annex to the Canadian Chamber of Commerce Election Platform June 2015 A Trade Agenda that Gets Results The Canadian Chamber of Commerce 1 Canada s next government should
More informationFirst Quarter 2015 Earnings Conference Call. 20 February 2015
First Quarter 2015 Earnings Conference Call 20 February 2015 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning
More informationDefinitions of Marketing Terms
E-472 RM2-32.0 11-08 Risk Management Definitions of Marketing Terms Dean McCorkle and Kevin Dhuyvetter* Cash Market Cash marketing basis the difference between a cash price and a futures price of a particular
More informationReading: Chapter 19. 7. Swaps
Reading: Chapter 19 Chap. 19. Commodities and Financial Futures 1. The mechanics of investing in futures 2. Leverage 3. Hedging 4. The selection of commodity futures contracts 5. The pricing of futures
More informationChains. T-TIP Stakeholder Presentation 5 th Round Arlington, VA May 21, 2014
Risk Management and Global Supply Chains T-TIP Stakeholder Presentation 5 th Round Arlington, VA May 21, 2014 AAEI Works with European Partners What Are the General Trends for Trade? Compliance Facilitation
More informationU.S. Agriculture and International Trade
Curriculum Guide I. Goals and Objectives A. Understand the importance of exports and imports to agriculture and how risk management is affected. B. Understand factors causing exports to change. C. Understand
More informationFactoring, reverse factoring and other tools for access to finance. Ivor Istuk. Friday, 22 November 2013
Factoring, reverse factoring and other tools for access to finance Ivor Istuk Friday, 22 November 2013 OUTLINE Outline of presentation 1. Problem of late payments 2. Factoring good mitigation tool Defining
More informationIFC and Agri-Finance. Creating Opportunity Where It s Needed Most
IFC and Creating Opportunity Where It s Needed Most Agriculture remains an important activity in emerging markets IMPORTANCE OF AGRICULTURE as major source of livelihood 75% of poor people in developing
More informationHow To Finance A Value Chain
Using the Value Chain in Financing Agriculture Rural and Agricultural Finance Conference Marrakech, Morocco Calvin Miller FAO Agribusiness and Finance Senior Officer Rome, Italy Presentation Applying Agri
More informationMitigation of Investment Risk
1of 37 F A O P o l i c y L e a r n i n g P r o g r a m m e Module 3: Investment and Resource Mobilization Mitigation of Investment Risk 2of 38 Mitigation of Investment Risk By Calvin Miller, Senior Officer,
More informationChapter 16: Financial Risk Management
Chapter 16: Financial Risk Management Introduction Overview of Financial Risk Management in Treasury Interest Rate Risk Foreign Exchange (FX) Risk Commodity Price Risk Managing Financial Risk The Benefits
More informationU.S. Dollar Index Contracts
U.S. Dollar Index Contracts FAQ June 2015 What is the Dollar Index? The U.S. Dollar Index is a geometrically-averaged calculation of six currencies weighted against the U.S. dollar. The U.S. Dollar Index
More informationThe Board of Trustees of the University of Illinois, 1996 www.illinois.edu
AUTHOR'S NOTE Soon after it was established, the Commodity Futures Trading Commission appointed several study committees to hold hearings and recommend policies and regulations. I was asked to address
More informationRisk 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 informationCommodity Markets Intelligence Series
Commodity Markets Intelligence Series How to master (OTC) Clearing for Energy Companies October, 2012 Introduction The move to clearing of standardised over-the-counter (OTC) derivatives represents a significant
More informationVALUE CHAIN APPROACH TO RURAL FINANCE
VALUE CHAIN APPROACH TO RURAL FINANCE ROMAN KOSODIY, ANNA BONDARENKO ABSTRACT Our research deals with analysis of Ukrainian agricultural enterprises and financial service providers, which are considered
More informationThe Importance of Dairy in the World How to assess the economic benefits of dairying
The Importance of Dairy in the World How to assess the economic benefits of dairying Conference on Benefits of Dairy for Emerging Economies Véronique PILET CNIEL (Fr) The Importance of Dairy in the World
More informationEMRC Africa Finance & Investment Forum 2014. Innovative Solutions to Increase Access to Finance :
EMRC Africa Finance & Investment Forum 2014 Innovative Solutions to Increase Access to Finance : - Experience in Assisting Local Enterprises to Source Funds in Foreign and National Currencies - Addressing
More informationPROFITEERING 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 informationTurnover of the foreign exchange and derivatives market in Hong Kong
Turnover of the foreign exchange and derivatives market in Hong Kong by the Banking Policy Department Hong Kong advanced one place to rank sixth in the global foreign exchange market and seventh when taking
More informationThird Quarter 2015 Earnings Conference Call. 21 August 2015
Third Quarter 2015 Earnings Conference Call 21 August 2015 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the
More informationInsights 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 informationTitle VII: Derivatives (Wall Street Transparency and Accountability Act of 2010)
Title VII: Derivatives (Wall Street Transparency and Accountability Act of 2010) Summary: Regulates the previously unregulated, over-the-counter (OTC) derivatives market Requires registration of swap dealers,
More informationInternational Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur
International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur Lecture - 7 Features of Foreign Exchange Market Good morning, today we will discuss features of
More informationHedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar
Hedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar CME FX futures provide agricultural producers with the liquid, efficient tools to hedge against exchange rate risk
More informationMAKING SUSTAINABLE AGRICULTURE HAPPEN
MAKING SUSTAINABLE AGRICULTURE HAPPEN A bank s relationship with the farmer has evolved beyond just the offering of finance; it now entails the provision of holistic solutions for everyday and seasonal
More informationYara International ASA Third Quarter results 2012
Yara International ASA Third Quarter results 212 19 October 212 1 Summary third quarter Strong results and cash flow Yara-produced NPK deliveries up 1% Strong production increase Cautious start to European
More informationThe investment fund statistics
The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal
More information21 st October 2009 Albury
Commodity Trading for the 21 st Century Farmer The Future of Irrigation 21 st October 2009 Albury Andrew Woodhouse Phone - 02 9719 8206 Fax 02 69216253 MOB - 0488 198 206 Introduction Australian location
More informationChapter 1 - Introduction
Chapter 1 - Introduction Derivative securities Futures contracts Forward contracts Futures and forward markets Comparison of futures and forward contracts Options contracts Options markets Comparison of
More informationCash Flow Hedge Basics, Interest Rate Swap Valuations & Foreign Currency Topics. Presented By: Ruth Hardie & Jim Shepard
Cash Flow Hedge Basics, Interest Rate Swap Valuations & Foreign Currency Topics Presented By: Ruth Hardie & Jim Shepard Agenda CNH vs. CNY: ASC 830 & ASC 815 Implications Valuing an Interest Rate Swap
More informationFEED 2011. The International Forum on Strategic Studies for Agriculture and Livestock Development and Respect for the Climate. Deborah La Franchi
FEED 2011 The International Forum on Strategic Studies for Agriculture and Livestock Development and Respect for the Climate Deborah La Franchi CEO & President, Strategic Development Solutions Financing
More informationEVOLUTION OF THE MARKET A ZAMBIAN CASE STUDY
EVOLUTION OF THE MARKET A ZAMBIAN CASE STUDY 1 AGENDA 1)USAID/PROFIT: The History of Market Based Interventions in Zambia 2)ZAMACE: Progress made so far and Glimpses of the Future 3)World Food Programme:
More informationArgentina at a Glance
Argentina at a Glance Surface: 2 780 400 km2 Population: 40.117.096 (2010) GDP (PPP, 2011): 725,6 billion USD (CZ: 215,3 billion USD) GDP per capita (PPP, 2011): 17700 USD (CZ: 27400 USD) HDI: 0,7975 (45th)
More informationTrade Creates Jobs for Indiana
Trade Creates Jobs for Indiana Creating and preserving quality U.S. jobs is a goal shared by all Americans. With 95 percent of the world s consumers living outside of the United States, it makes sense
More informationAgriculture (Ag) Trade Finance. Agriculture / Commodity Trade Finance
Agriculture (Ag) Trade Finance Agriculture / Commodity Trade Finance Table of Contents Select U.S. Ag Export Statistics Need For Ag Trade Finance Overview of Ag Trade Finance Solutions Ag Trade Finance
More informationExport Transactions. Finance and Risk
Export Transactions Finance and Risk Table of Contents Export Finance Export Finance Methods Pre-Export Export Finance Methods Post-Export Structured Commodity Finance Export Risk Forms of Export Risk
More informationATOMEX-Europe 2013. 8-9 October 2013, Brno, Czech Republic
ATOMEX-Europe 2013 8-9 October 2013, Brno, Czech Republic VTB today VTB is a backbone Russian bank, which has built an international financial group. VTB Group possesses a unique international network
More informationLeveraging on opportunities with crude palm oil futures
Leveraging on opportunities with crude palm oil futures Azila Abdul Aziz Chief Executive Officer / Head of Listed Derivatives KENANGA DEUTSCHE FUTURES SDN BHD (A member firm of Bursa Malaysia Derivatives
More informationTHE ASSOCIATION OF ANIMAL FEED PRODUCERS IN THE UK INDUSTRY REPORT FOR 2014 AND BEYOND
THE ASSOCIATION OF ANIMAL FEED PRODUCERS IN THE UK INDUSTRY REPORT FOR 2014 AND BEYOND Introductory Message from the Chief Executive: Welcome to this, the 20 th annual report from The Association of Animal
More informationCorporate concerns about OTC derivative regulation
Corporate concerns about OTC derivative regulation Summary: page 1 Regulation of OTC derivatives: page 2 Explanatory Notes: page 4 BIS data on OTC derivatives: page 6 Contacts page 7 Summary The EACT s
More informationGRAIN STORAGE SOLUTIONS LTD (GSS)
GRAIN STORAGE SOLUTIONS LTD (GSS) GRAIN TRADING BUSINESS IN ZAMBIA Lake Safari Lodge, Lusaka, Zambia 8 July, 2011 Introduction Grain Storage Solutions Ltd is a company owned equally (by Zdenakie Limited
More informationSCALING UP AGRICULTURAL FINANCE
SCALING UP AGRICULTURAL FINANCE Can Small Scale farmers be financed on commercial basis by a Financial Institution? The Case of KCB BANK RWANDA LTD Presentation profile 1. Rwanda s Agricultural scene 2.
More informationFACT SHEET Global Direct Selling
Global 2011 Global Retail Sales: USD $153,727 million Global Sales Force The 91.5 million Direct Sellers who represent companies around the world are: 3 2 16% 9% 2% 3% 2% 3% 2% 3% Care 42% 2% 56% 3% 2
More informationFuture drivers and trends in dairy and food markets
Future drivers and trends in dairy and food markets IAL 2011 August 2011 Michael Harvey, Senior Analyst Road map Topic 1 Future drivers and trends in dairy and food markets Topic 2 Where is the dairy sector
More informationKey global markets and suppliers impacting U.S. grain exports BRICs
Key global markets and suppliers impacting U.S. grain exports BRICs Levin Flake Senior Agricultural Economist, Global Policy Analysis Division, OGA/FAS/USDA TEGMA Annual Meeting January 23 rd, 2015 U.S.
More informationTest Objectives. NISM-Series-VIII: Equity Derivatives Certification Examination
Test Objectives Unit 1: Basics of Derivatives 1.1 Basics of Derivatives To explain the term derivatives 1.2 Derivatives Market History & Evolution To study the history of derivatives To explain the factors
More informationINTRODUCTION HOW DTCC S MARGIN TRANSIT WILL HELP THE INDUSTRY MANAGE A HIGHER VOLUME OF MARGIN CALLS WHO IS THE MARGIN TRANSIT SERVICE FOR?
DTCC MARGIN TRANSIT INTRODUCTION Derivatives regulations and new capital and liquidity requirements for financial institutions remain the key drivers of new collateral demands. Recent estimates based
More informationEMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES
2007 FAS ANNUAL CONFERENCE FAIRMONT CHATEAU MONTEBELLO SEPTEMBER 27 30, 2007 EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES Louis Piergeti Vice President, Financial Compliance IDA 1 Emerging
More informationInvest Trade Hedge COMMODITY MARKET REVIEW 2012
COMMODITY MARKET REVIEW 2012 Invest Trade Hedge Pakistan Mercantile Exchange, 9 th Floor, PRC Towers, 32-A Lalazar Drive, MT Khan Road, Karachi, Pakistan. Despite a disappointing 2011, many commodities
More informationDeutsche Bank Global Transaction Banking. Securities Services. Overview
Deutsche Bank Global Transaction Banking Direct Securities Services Securities Services Overview Finding the right custodian with a long-term commitment to supporting its clients business is critical for
More informationThe foreign exchange and derivatives markets in Hong Kong
The foreign exchange and derivatives markets in Hong Kong by the Banking Supervision Department The results of the latest triennial global survey of turnover in the markets for foreign exchange (FX) and
More informationKEY INFORMATION DOCUMENT
KEY INFORMATION DOCUMENT PSG WEALTH CURRENCY FUTURES TRADING ACCOUNT TRADING ACCOUNT PAGE 0 This document is a summary of key information about the PSG Wealth currency futures trading account. It will
More informationThe Growing Commodity Trading Market in Asia. Rebecca Brosnan Head of Asia Commodities 22 April 2015
The Growing Commodity Trading Market in Asia Rebecca Brosnan Head of Asia Commodities 22 April 2015 I. HKEx s Entry into Commodities Vertical Value Chain HKEx Group Business Strategy Horizontal Asset Classes
More information2.1.1 Residents are free to undertake any amount of investment in foreign currency assets offered in Malaysia by a resident.
2. RULES APPLICABLE TO RESIDENTS 2.1 Investment in foreign currency assets 2.1.1 Residents are free to undertake any amount of investment in foreign currency assets offered in Malaysia by a resident. 2.1.2
More informationTHE UNDAMENTALS AND ECHNIQUES RADING OMMODITY PREADS. c s
c s THE UNDAMENTALS AND ECHNIQUES OF RADING OMMODITY PREADS The purpose of this booklet is to give you a better understanding of various aspects of spread trading in the futures market. Center for Futures
More informationFactoring is emerging as a short-term financial solution for business The role of FCI
Factoring is emerging as a short-term financial solution for business The role of FCI Daniela Bonzanini Chairman of Factor Chain International Torino, 10 June 2015 1 Factoring Spreading its Wings! GLOBAL
More informationSecured Transactions. Gay Santos, Operations Officer (Finance and Markets)
Secured Transactions Gay Santos, Operations Officer (Finance and Markets) Contents What do we mean by a Comprehensive Secured Transactions Reform? A Way Forward for APEC through the Cebu Action Plan Current
More informationGE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2013 third quarter
Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking
More informationwww.pwc.co.uk Perspectives on trends in commodity risk management operations Commodity trading and risk management
www.pwc.co.uk Perspectives on trends in commodity risk management operations Commodity trading and risk management Content Executive summary 1 Market Volatility the challenge and opportunity 2 The importance
More informationManaging Foreign Exchange Risk
WHITE PAPER Managing Foreign Exchange Risk The Canadian dollar has made the headlines on numerous occasions in recent years. Its value has changed significantly and rapidly many times, greatly impacting
More informationAn overview of using Hong Kong as a platform for trade and investment with China. Daniel Booth Director Vistra (Hong Kong)
An overview of using Hong Kong as a platform for trade and investment with China Daniel Booth Director Vistra (Hong Kong) Breda May, 2012 The role of Hong Kong A recognized and respected jurisdiction for
More informationMin. Guido Mantega. November 2009
New Cycle of Brazilian Economic Growth Financial i Times Min. Guido Mantega November 2009 Reasons to begin a new growth cycle Brazil faced the crisis with a strong economy; Emerged from it stronger than
More informationHSBC Global Trade and Receivables Finance
HSBC Global Trade and Receivables Finance Promo/ng Palm Oil Export to China by Renminbi Trade September 2015 Vincent C Sugianto Country Head Global Trade & Receivables Finance Prepared for: 28 March 2012
More informationLeasing as Credit Alternative
Leasing as Credit Alternative Renate Kloeppinger- Todd Rural Finance Advisor The World Bank The World Bank Presentation Outline Understanding Leasing Global Leasing Market Advantages of Leasing Cases What
More informationBrief Overview of Futures and Options in Risk Management
Brief Overview of Futures and Options in Risk Management Basic Definitions: Derivative Security: A security whose value depends on the worth of other basic underlying variables. E.G. Futures, Options,
More informationMANAGING CREDIT RISK IN A VOLATILE MARKETPLACE
Export Forum 2015 October 14, 2015 MANAGING CREDIT RISK IN A VOLATILE MARKETPLACE Presented by: George Babeu, President One Source Risk Management and Funding, Inc. WHAT WE WILL DISCUSS Today s volatile
More informationSoybean Supply and Demand Forecast
Soybean Supply and Demand Forecast U.S. soybean planted acreage is expected to increase 11.5 million acres over the forecast period. U.S. soybean yields are expected to increase 7 bushels per acre or an
More information