At the Heart of Energy and Commodity Trading

Transcription

1 At the Heart of Energy and Commodity Trading Markets & Products 2016 connecting markets eex.com

2 Strom EEX Group connecting markets EEX Group provides the central market platform for energy, energy related and commodity products. The Group offering comprises contracts for Power, Natural Gas, Coal, Oil, Environmental Products, Freight, Metals and Agricultural Markets listed at the European Energy Exchange, EPEX SPOT, Powernext, Cleartrade Exchange and Gaspoint Nordic. Clearing and settlement of transactions concluded or registered on the exchanges is provided by the central clearing house, European Commodity Clearing. EEX is part of Deutsche Börse Group. For more information: Welcome to POWER EXCHANGE CENTRAL EUROPE (PXE) the newest member of EEX Group

3 2 About EEX Group 10 Power Power Spot, Power Derivatives 22 Natural Gas Natural Gas Spot, Natural Gas Derivatives 26 Coal 28 Oil Fuel Oil 30 Environmental Markets Emission Allowances, Guarantees of Origin 38 Freight Dry Bulk Freight, Container 40 Metals Iron Ore, Steel 42 Agricultural Markets Potatoes, Dairy Products, Livestock & Meat, Fertiliser 46 Services Market Access, Training & Education, Clearing Services, Compliance Services, Market Information Services

4 4 About EEX Group Facts and Figures More than More than 400 3,000 TWh employees in 13 locations traded on the EEX Group power markets (2015) More than More than 450 1,000TWh participants from 33 countries. traded on the natural gas markets (2015) Day-Ahead market coupling covering CO 2 Emission Auctions: European countries emission auctions in 2015

5 About EEX Group 5 Trading participants EEX Group is a truly international organisation, attracting trading particpants from around the globe. We connect 460 trading participants from 33 countries Austria Belgium Bermuda British Virgin Islands Bulgaria Canada Cayman Islands Channel Islands China Croatia Czech Republic Denmark Finland France Germany Greece Hungary Ireland Italy Luxembourg Netherlands Norway Poland Portugal Romania Singapore Slovakia Slovenia Spain Sweden Switzerland United Kingdom United States of America

6 6 About EEX Group Advantages of trading A broad and diversified network of trading participants One-stop-shop for trading in various market areas as well as products and services along the value chain Exchange trading and Trade Registration services on a regulated and transparent market Clearing and settlement of transactions via one common clearing house Market access via various front-ends and major Independent Software Vendor solutions Offices in 13 locations in different countries ensure optimal support for customers on site For more information: Evolution of EEX Group The clearing business is spun off into ECC EPEX SPOT is established within the framework of a cooperation between EEX and Powernext. EEX established in Leipzig through the merger of two German power exchanges.

7 About EEX Group 7 Importance of Exchange Trading Transparency through recognised reference prices and the publication of market data (prices and volumes) Access to a large number of trading participants and concentrating liquidity on one platform Very high degree of automation due to electronic and standardised trading and settlement processes Elimination of counterparty risk through clearing and settlement via the exchange s clearing house Anonymity of exchange trading ensures non-discrimination and equal treatment of all trading participants One Central Clearing House European Commodity Clearing (ECC) is the central clearing house of EEX Group. In its function as the central counterparty, ECC assumes the counterparty risk of the buyer and seller. Its range of services comprises physical and financial settlement of all transactions as well as EMIR trade reporting services. All members benefit from integrated clearing. The offsetting of positions across various commodities and exchanges results in cross-margining-effects that can lead to lower clearing costs. Furthermore, ECC offers automated processes (Straight-Through Processing STP) for transactions, hence eliminating manual test steps and reducing operational risk for market participants. (Detailed information about our clearing services is available on page 52.) 2013 PEGAS is founded as the central platform for European gas trading EEX acquires a majority stake in Cleartrade Exchange (52 %) EEX holds a 50 % share in the Danish gas exchange Gaspoint Nordic. EEX acquires a majority stake in Powernext and indirectly in EPEX SPOT. The gas markets are operated by Powernext under the PEGAS brand. APX Group becomes a 100 % subsidiary of EPEX SPOT.

8 8 About EEX Group Overview of all EEX Group products Power Power Spot German Power Spot (IT DA) French Power Spot (IT DA) UK Power Spot (IT DA) Dutch Power Spot (IT DA) Belgian Power Spot (IT DA) Swiss Power Spot (IT DA) Austrian Power Spot (IT DA) Power Derivatives Belgian Power Futures (F P) Dutch Power Futures (F P) French Power Futures (F P) French Power Options German Intraday Cap Futures (F) German/Austrian Wind Power Futures* Greek Power Futures (F) Italian Power Futures (F) Italian Power Options Nordic Power Futures (F) Nordic Power Options * Romanian Power Futures (F) Spanish Power Futures (F) Spanish Power Options Swiss Power Futures (F) UK Power Futures (F) Phelix Power Futures (F) Phelix Power Options Natural Gas Natural Gas Spot ETF Danish Natural Gas Spot (IT DA) GASPOOL German Natural Gas Spot (IT DA) NCG German Natural Gas Spot (IT DA) TTF Dutch Natural Gas Spot (IT DA) ZEE Belgian Natural Gas Spot (IT DA) ZTP Belgian Natural Gas Spot (IT DA) NBP UK Natural Gas Spot (GBP) (IT DA) PEG NORD French Natural Gas Spot (IT DA) TRS French Natural Gas Spot (IT DA) Natural Gas Derivatives ETF Danish Natural Gas Month- Ahead (P) GASPOOL German Natural Gas Futures (P) NCG German Natural Gas Futures (P) PSV Italian Gas Futures (F P) TTF Dutch Natural Gas Futures (P) ZEE Belgian Natural Gas Futures (P) ZTP Belgian Natural Gas Futures (P) NBP UK Natural Gas Futures (GBP) (P) PEG NORD French Natural Gas Futures (P) TRS French Natural Gas Futures (P) Coal Coal API 2 CIF ARA Coal Futures (F) 1 API 4 FOB Richards Bay Coal Futures (F) 1 API 5 FOB Newcastle Coal Futures (F) 1, * API 8 CFR South China Coal Futures (F) 1, * Indonesian Sub-bituminous Coal Futures (F) 2, * Options on API 2, API 4, API 5 (F)* Oil Fuel Oil Brent Crude 901 Formula Oil Futures (F) % FOB Barges Rotterdam Oil Futures (F) (SGX) Cargoes Singapore Oil Futures (180 CST FOB, 380 CST FOB) (F) (SGX) IT Intraday/Within Day, DA Day Ahead, P Physical, F Financial, * Upcoming

9 About EEX Group 9 Emission Allowances Spot EU Emission Allowances (EUA) Primary Market Auctions & Continuous Trading (P) EU Aviation Allowances (EUAA) Primary Market Auctions & Continuous Trading (P) Certified Emission Reductions (Green CER) (P) Environmental Markets Emission Allowances Derivatives EU Emission Allowances (EUA) Futures (P) EU Aviation Allowances (EUAA) Futures (P) Certified Emissions Reductions (Green CER) Futures (P) EUA Options* Guarantees of Origin Guarantees of Origin (GoO) Futures (P) Freight Dry Bulk Freight Capesize TC4 Freight Futures (F) Capesize TC5 Freight Futures (F) Panamax TC Freight Futures (F) Supramax TC Freight Futures (F) Handysize TC Freight Futures (F) P1A Panamax Transatlantic Freight Futures (F) P2A Panamax Far East Freight Futures (F) P3A Panamax Pacific Freight Futures (F) P1E Futures (LCH, SGX) P2E Futures (LCH, SGX) P3E Futures (LCH, SGX) C3 Capesize Freight Futures (F) C4 Capesize Freight Futures (F) C5 Capesize Freight Futures (F) C7 Capesize Freight Futures (F) Container CNW: Shanghai-North West Europe Futures (F) (LCH, SGX) CSW: Shanghai-US West Coast Futures (F) (LCH, SGX) Iron Ore Iron Ore 62 % Fe CFR Tianjin (TSI) Futures (F)* 4 Metals Steel Ex Works, North European HRC (TSI) Futures (F) (LCH) Ex Works, South European HRC (TSI) Futures (F) (LCH) CFR Turkish Scrap (TSI) Futures (F) (LCH) Potatoes European Processing Potato Futures (F) Agricultural Commodities Dairy Products Butter Futures (F) Skimmed Milk Powder Futures (F) European Whey Powder Futures (F) Livestock & Meat Hog Futures (F) Piglet Futures (F) Fertiliser DAP FOB NOLA Fertiliser Futures (F) 5 UAN FOB NOLA Fertiliser Futures (F) 5 Urea (Granular) FOB NOLA Fertiliser Futures (F) 5 DAP FOB Tampa Fertiliser Futures (F) 5 Urea (Granular) FOB Egypt Fertiliser Futures (F) 5 Urea (Prilled) FOB Yuzhnyy Fertiliser Futures (F) 5 1 Argus IHS McCloskey, 2 IHS, 3 ARGUS Brent 901 Index, 4 PLATTS Index, 5 The Fertilizer Index Argus Media, Fertecon, CRU; TSI settled against TSI indices; LCH Clearing via LCH.Clearnet; SGX Clearing via Singapore Exchange

10 10 Power Power Spot and Derivatives EEX Group offers spot and derivatives trading for a variety of European power market areas. On the spot market, the purchases and sales can be optimised up until 30 minutes before delivery. On the derivatives market, trading participants can hedge against future price change risks up to six years in advance. In addition to that, EEX offers products that provide more trading flexibility against the background of the rising share of renewables in the power mix.

11 Power 11 Power Products offered on EEX and EPEX SPOT: Spot Market, EPEX SPOT Day Ahead Auction for: Germany/Austria/Luxembourg, France, United Kingdom, The Netherlands, Belgium and Switzerland Intraday for: Germany, France, United Kingdom, The Netherlands, Belgium, Austria, Switzerland and Luxembourg Derivatives Market, EEX Power Futures: Phelix Power Futures (DE/AT), Belgian Power Futures, Dutch Power Futures, French Power Futures, Greek Power Futures*, Italian Power Futures, Nordic Power Futures, Romanian Power Futures*, Spanish Power Futures, Swiss Power Futures, UK Power Futures, German Intraday Cap Futures, Wind Power Futures for Germany/Austria (upcoming) Covering 11 market areas in power trading Power Options: Phelix Power Options (DE/AT), French Power Options, Italian Power Options, Nordic Power Options (upcoming), Spanish Power Options * Trade Registration Product Development of the Exchange Power Spot & Derivatives volume Derivatives market Spot market TWh 3,200 2,800 2,400 2,000 1,600 1,

12 12 Power > Spot Market Power Spot Market Within EEX Group, the power spot markets are operated by EPEX SPOT, which is based in Paris with local offices in six European countries. All traded contracts are physically fulfilled, either on the same day (intraday) or the next day (Day Ahead). All transactions are cleared and settled through the clearing house ECC. Driving European Market Integration EPEX SPOT plays a leading role in the field of Market Coupling, which essentially allows for an optimised allocation and use of cross-border capacities thanks to a coordinated calculation of electricity prices and flows between countries. As a result, liquidity increases and prices tend to converge. The daily auctions for Germany/Austria/Luxembourg, France, UK, the Netherlands and Belgium are embedded in the Multi-Regional Coupling, linking the majority of European power markets from Portugal to Finland and from the United Kingdom to Slovenia. The Multi- Regional Coupling currently spans across 19 countries representing approximately 85 % of European power consumption. Advantages Short-term optimisation of procurement and sale Secure and professional settlement of transactions legally, technically and financially Standardised products support the integration of renewable energies in the power market

13 Power > Spot Market 13 Market Areas EPEX SPOT Markets Germany/Austria/Luxembourg France United Kingdom The Netherlands Belgium Switzerland Servicing other Exchanges Market Operation for Hungarian Power Exchange HUPX Market Coupling for Slovakian OKTE, Romanian OPCOM and HUPX Spot Market 524 TWh Trade volume in 2015 (including APX since 4 May 2015) Contact EPEX SPOT: Paris Phone: [email protected]

14 14 Power > Derivatives Market Power Derivatives Market The derivatives market facilitates medium- to long-term portfolio optimisation and comprises a range of power products for the main European markets. These include financially settled futures for the Belgian, Dutch, German/Austrian, French, Italian, Spanish, Swiss, UK and Nordic market areas. Location spreads can also be traded between the market areas. In addition, participants can register over-the-counter transactions for those market areas as well as for Greece and Romania. Advantages of Trading Power at EEX Access to the most liquid financial power future contract in Europe the Phelix Future Standard (Month, Quarter and Year) as well as shortterm maturities (Day, Weekend and Week Futures) available for trading Exchange trading as well as Trade Registration services for major European markets as well as trading of price differences (spreads) between these markets NEW: EEX will offer additional power products on the derivatives market which will be listed on a new trading platform ( non-mtf platform). These products will be launched in the second quarter of 2016 alongside the existing power futures and will be cleared by ECC, thereby ensuring that trading is secure and anonymous. Additionally, the new products can be physically settled and are therefore not financial instruments according to MiFID. Once MiFID II comes into effect, these products shall be listed on an OTF platform.

15 Power > Derivatives Market 15 Market Areas and Location Spreads Nordics NL BE DE FR CH IT ES Exchange-traded EEX Power Futures EEX Trade Registration Services for Power Futures ECC Clearing for further exchanges Derivatives Market 2,537TWh Trade volume in 2015 Contact Power Derivatives Sales Team: Phone: power-derivatives-market

16 16 Power > Derivatives Market Phelix Futures 1,747TWh Traded volume in 2015 Phelix Futures 16.1 TWh Highest Volume traded in Futures per day for 2015 Phelix Futures 31 % Current share in the total power derivatives market (cleared and OTC)

17 Power > Derivatives Market 17 Phelix Future Europe s benchmark contract EEX offers access to the most liquid financial power future in Europe the Phelix Future. The majority (69 %) of the volume traded on the derivatives market is derived from the Phelix Future, a financially settled power future offered for delivery in the German/Austrian market area In 2015, EEX s volume in the Phelix futures market increased to 1,747 TWh (2014: 1,337 TWh), which represents an increase of 31 % Despite an only minimally increasing overall volume in German/Austrian derivatives, EEX won further volume from the bilateral market from 25 % in 2014 to 31 % in 2015 More information: Phelix Future Europe s benchmark power-derivatives-market

18 18 Power > Derivatives Market Successful diversification into further regions In recent years, EEX has introduced a number of new products for the European power market across various geographical areas which has fostered liquidity in new markets, resulting in positive volume growth. Throughout 2015, EEX s volume and market share increased significantly, not only in its domestic market (Germany and Austria), but also in France, Italy and Spain. This is not only as a result of the physical connection between these markets, but also due to new participants joining the market within the framework of the launch of new market areas. Monthly volumes EEX Power Derivatives Market TWh Other Markets Spain Italy France Germany/Austria

19 Power > Derivatives Market 19 Italian Power Futures 49 % French Power Futures 24 % Average market share in 2015 (16 % in 2014) Average market share in 2015 (9 % in 2014) Our global ambitions are underpinned by the success we are seeing in our core markets and the organic growth that this brings with it. Tim Greenwood, Managing Director Exchange

20 20 Power Product innovations for the Energiewende Overview The energy turnaround, which is resulting in a further increasing share of electricity generated from renewable energies in the market, necessitates the further development and optimisation of the existing power market. Renewable energy cannot be planned in advance with total accuracy. Therefore, market participants especially need tools in order to be able to adjust their short term positions. Our new power products will contribute market participants in coping with the challenges of the energy turnaround. For us, turning the flexibility demanded by the market into tradable commodities, whose price is established on the market, constitutes one of the most important challenges. German Intraday Cap Futures EEX developed financially settled derivatives market products which can be used to cover price peaks on the Intraday Market. German Intraday Cap Futures can be used to hedge against prices which exceed a certain price cap and where it is not known if, when and to what extent these price peaks will emerge. Wind Power Futures EEX will introduce a Wind Power Future as a standardised exchange-traded wind power derivative to enable dedicated risk hedging for wind power generation.

21 Power 21 Product developments and innovations EEX Derivatives Market EPEX SPOT Spot Market Lead time until delivery Energy Only market Phelix Power Futures Phelix Power Options Day-Ahead Intraday 30 min Further development within the framework of the Energiewende Energy Only Market 2.0 Wind Power Futures German Intraday Cap Futures Intraday auction 1/4h products 30 min Covering price risks from wind power generation Hedging against price peaks on the German intraday market Financing flexibility Synchronisation of generation and consumption Control function for flexibility Higher flexibility in handling deviations from the forecast Contact Sales Power Derivatives: Phone: power-derivatives-market

22 22 Natural Gas Natural Gas Spot and Derivatives The natural gas markets of EEX Group are operated by Powernext under the PEGAS brand. The trading platform covers spot and derivatives market products for the Belgian, Dutch, French, German, Italian and UK gas market areas. Additionally, Gaspoint Nordic operates exchange trading for the Danish gas market.

23 Natural Gas 23 Product Overview Spot Market, PEGAS Germany (GASPOOL and NCG market areas), France (PEG Nord and TRS market areas), Belgium (ZEE and ZTP market areas), the Netherlands (TTF market area), UK (NBP market area) Spot Market, GASPOINT NORDIC Denmark (ETF market area) Derivatives Market, PEGAS Natural Gas Futures: Germany (GASPOOL and NCG market areas), France (PEG Nord and TRS market areas), Belgium (ZEE and ZTP market areas), Italy (PSV market area), the Netherlands (TTF market area), UK (NBP market area) Natural gas markets 1,042 TWh Total volume in 2015 PEGAS Volume TWh Derivatives market Spot market

24 24 Natural Gas Location spreads Natural Gas hubs ETF NBP TTF ZTP GAS POOL ZEE PEG NORD NCG TRS PSV Market Areas and Location Spreads

25 Natural Gas 25 Advantages All products tradable on one platform based on Trayport ETS SM Exchange trading as well as Trade Registration for all products Cleared location spreads between Belgian, Dutch, German, French, Italian and UK market areas 24/7 trading on all natural gas spot markets Harmonised and standardised trading and settlement processes on all products Cross-margining benefits from the common clearing house ECC Improved time-to-market for new products and services Contact PEGAS: NEW: PEGAS will offer additional gas products on the derivatives market which will be listed on a new trading platform ( non-mtf platform). These products will be launched in the second quarter of 2016 alongside the existing gas futures and will be cleared by ECC, thereby ensuring that trading is secure and anonymous. Additionally, the new products are physically settled and are therefore not financial instruments according to MiFID. Once MiFID II comes into effect, these products will be listed on an OTF platform. Leipzig Phone: [email protected] Paris Phone: [email protected] London Phone: [email protected] Contact GASPOINT NORDIC: Phone:

26 26 Coal Coal On the derivatives market, EEX offers exchange trading and Trade Registration of financially settled coal futures for different delivery points. The product range comprises cash settled futures products based on API 2 Amsterdam-Rotterdam- Antwerp and API 4 Richards Bay indices. In 2016, EEX plans to extend its offering for the coal market. New in 2016: Introduction of API 5, API 8 and Indonesian Sub.-bit. coal futures Maturity extension and introduction of strip clearing for API 2 and API 4 with up to 84 consecutive months, API 5, API 8 and Indonesian Sub-bit. Coal Futures with up to 36 consecutive months Introduction of option contracts on API 2, API 4 and API 5 with up to 36 consecutive months

27 Coal 27 Product Overview Derivatives Market API 2 CIF ARA (Argus-IHS McCloskey) Coal Futures, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal Futures, API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures, API 8 CFR South China (Argus-IHS McCloskey) Coal Futures, Indonesian Sub-bit. (IHS McCloskey) Coal Futures, Options on API 2, API 4 and API 5 Advantages Order book trading and Trade Registration available Fast and reliable Straight-Through Processing (STP) for Trade Registration via EFETnet exrp and Trayport Hosted Clearing Link Cross-margin benefits with positions in power, natural gas, dry bulk freight and emission allowances as well as other positions held with ECC Access to EEX Coal Futures is included in EEX standard membership API 2, API 4, API 5, API 8, ARGUS and IHS McCLOSKEY are trademarks and are used under licence from Argus Media Limited and IHS Global Limited. 2 IHS Indonesian Sub-bituminous FOB marker_ is a trademark used under licence from IHS Global Limited. Please see page 64 for more information. Contact Sales Coal: Phone: [email protected]

28 28 Oil Oil EEX offers trading participants the opportunity to register trades for derivatives contracts linked to the Brent 901 oil price formula. The Trade Registration enables participants to easily hedge against oil price and currency risks and minimise counterparty risks at the same time. The ARGUS Brent 901 Index 3, converted into Euros per MWh, forms the underlying settlement price for the futures. The index is a delayed nine-month average of Argus price assessments for North Sea Crude, published daily by the energy and commodity information service provider Argus Media. CLTX also offers exchange trading for two major global hubs in Europe and Asia, enabling organisations with fuel exposure to manage their price effectively. CLTX Fuel Oil Futures are all settled against indices from Platts and are available for clearing at SGX.

29 Oil 29 Product Overview The following oil futures are available: Trade Registration, EEX Brent Crude Oil 901 Formula Futures Exchange Trading, CLTX Cargoes Singapore Oil Futures (180 CST FOB, 380 CST FOB) 3.5 % FOB Barges Rotterdam Oil Futures Advantages of Oil Trade Registration at EEX Trading participants benefit from Cross-Margining Straight-Through Processing (STP) of registered trades is possible via EFETnet exrp and Trayport Hosted Clearing Link. Registered trades will not be considered for the EMIR clearing threshold. The Brent 901 Formula Futures, based on the ARGUS Brent 901 Index 3, are widely used in pricing long-term gas supply contracts and, particularly, for pricing on the Italian energy market. 3 ARGUS, the ARGUS Logo, ARGUS European Natural Gas and ARGUS Brent 901 Index are trademarks of Argus Media Limited and are used under licence. All copyrights and database rights in the ARGUS European Natural Gas report and the ARGUS Brent 901 index belong exclusively to Argus Media Limited. Please see page 64 for more information. Contact CLTX London: Phone: [email protected]

30 30 Environmental Markets > Emission Allowances Environmental Markets Emission Allowances EEX has offered trading of emission allowances since It runs a secondary market for continuous trading of EU ETS allowances (EUA, EUAA) and Kyoto credits (CER). EEX also conducts large-scale primary auctions for emissions allowances jointly on behalf of the European Commission and 25 EU member states as well as for Germany and Poland, which are held on up to five days per week. EEX has established its position as a reliable auction platform and developed a competitive secondary market.

31 Environmental Markets > Emission Allowances 31 Product Overview Secondary Market (Spot & Derivatives Market) EU Emission Allowances (EUA), EU Aviation Allowances (EUAA), Green Certified Emission Reductions (Green CER) Coming soon: EUA Options Primary Market (Spot Auction) EU Emission Allowances (EUA) for 25 EU member states, as well as Germany and Poland Advantages of Trading on EEX One single exchange for both emissions auctions and continuous trading Most competitive fees in Europe Strong client base in emissions markets (utilities, industrials, financials) Most liquid power market in Europe, closely tied to emissions Cost-efficiency through cross-margining between different commodities STP solution with all major brokers Multiple connectivity options (e.g. EEX TT Screen, Trayport, Fidessa, FFastfill) EUAs accepted as collateral

32 32 Environmental Markets > Emission Allowances Secondary Market Enhancements in the secondary market, since April 2015: New market makers New pricing model with large cost saving potential New trading frontend: EEX TT Screen New products (EUA monthly and quarterly expiries as well as related spreads) EUA trading volumes on EEX s secondary market 2015 Volume in Mio. t CO Derivatives Spot Open Interest in Mio. t CO 2 50 Open Interest EUA Dec Open Interest EUA Dec Q1 Q2 Q3 Q4 +63 % volume increase on the EUA spot and derivatives secondary markets to 106 mt CO 2 in 2015 (2014: 65 mt CO 2 ).

33 Environmental Markets > Emission Allowances 33 New Pricing Scheme Combined trading and clearing fee Initiator Aggressor Spot 3 per lot Trade Registration 3 per lot Futures (Outrights) 0 per lot 3 per lot Futures (Spreads per leg) 0 per lot 3 per lot Spot/Future Spreads 3 per lot (only one leg charged) Clients placing an order on the screen are considered initiators. Clients lifting an existing order are considered aggressors. Variable fees on the secondary futures market (EEX vs. competitor) Trading and clearing fees in k Best offering of comparable competitor EEX: 100 % aggressor 0 % initiator EEX: 100 % initiator Volume rebate programme >5,000 lots/month 50 % trading & clearing fee mt per month Most attractive fee structure: free trading for initiators in futures and spreads Cost savings continuously increase with the rising share of initiated trades. 50 % discount on fees if exceeding 5mn certificates on secondary market

34 34 Environmental Markets > Emission Allowances Primary Market Auctions Auction calendar products/environmentalmarkets/emissions-auctions/ volumes-and-timing The EEX auction model offers simple and easy access to auctions in emission allowances for companies of every size. EU Auction Auctions for 25 EU member states plus EEA/EFTA countries (Norway, Iceland, Liechtenstein) Represents about 58 % of overall auction volume Auctions on Mondays, Tuesdays, Wednesdays and Thursdays at 11am DE Auction Represents about 19 % of overall auction volume Auctions on several Fridays at 11am PL Auction Represents about 12 % of overall auction volume Auctions on several Wednesdays at 11am

35 Environmental Markets > Emission Allowances 35 We have a strong customer focus and and provide individual assistance through all our account managers in Leipzig, Paris, London, Milan and Oslo. Maurizio Mappelli, Brigitte Caboulet, Christian Fleischer (f. l. t. r.) Contact Sales Emissions: London UK Aarti Dalal Phone: [email protected] Marianne Hocking Phone: [email protected] Leipzig Germany Christian Fleischer Phone: [email protected] Paris France Brigitte Caboulet Phone: [email protected] Milan Italy Maurizio Mappelli Phone: [email protected] Oslo Norway Heine Ronningen Phone: [email protected] More information: environmental-markets/ emissions-secondary-market

36 36 Environmental Markets > Guarantees of Origin More information: environmental-markets/ guarantees-of-origins

37 Environmental Markets > Guarantees of Origin 37 Guarantees of Origin Guarantees of Origin (GoOs) are certificates which confirm that a given megawatt hour of power has been generated from the renewable resources. On the EEX derivatives market, certificates are traded for hydroelectric power from Scandinavia and from Alpine region (Nordic Hydro, Alpine Hydro). GoOs for wind power from the North Sea region (Central Northern Europe Wind) are also traded. GoOs provide energy suppliers with the confirmation that a given megawatt hour of power has been generated from renewable resources. GoOs fulfil the standards according to EU Directive 2009/28/EC and the European Energy Certificate System (EECS) of the Association of Issuing Bodies. EEX derivatives products create transparency on the market for GoOs. No membership fees in the first year for new customers registering for trading in GoOs. Product Overview The EEX products bundle the energy sources of hydro power and wind power on important European markets. Guarantees of Origin can be traded up to three years into the future. There are two maturities per year. DK FI NO SE BE DE DK NL AT CH DE GoOs for hydro power from Scandinavia GoOs for wind power from North-Western Europe GoOs for hydro power from Alpine region

38 38 Freight Freight Dry Bulk The Trade Registration service which EEX offers in cooperation with Cleartrade Exchange (CLTX) provides the shipping and cargo industry with a legal framework that allows for registering trades in freight derivatives under the rule book of a regulated market in Europe. The market price for dry bulk freight has experienced huge swings in the past. Trade Registration at EEX is as an efficient instrument to hedge against price fluctuations in this volatile market. Additionally, clients benefit from the fast and efficient clearing services of European Commodity Clearing (ECC), including EMIR trade reporting. Significant cost advantages can be achieved through cross-margining of power, coal and freight products. NEW: Enhancement of maturities Dry Bulk Time Charter Basket Routes with up to 84 consecutive months Dry Bulk Trip Time Charter Routes with up to 36 consecutive months Dry Bulk Voyage Routes with up to 36 consecutive months

39 Product Overview Trade Registration Dry Bulk Freight, EEX Dry Bulk Time Charter Basket Routes: Capesize TC4 Freight Future, Capesize TC5 Freight Future, Panamax TC Freight Future, Supramax TC Freight Future, Handysize TC Freight Future Dry Bulk Trip Time Charter Routes: P1A Panamax Transatlantic Freight Future, P2A Panamax Far East Freight Future, P3A Panamax Pacific Freight Future Dry Bulk Voyage Routes: C3 Capesize Freight Future, C4 Capesize Freight Future, C5 Capesize Freight Future, C7 Capesize Freight Future Coming soon: Freight Options on Dry Bulk Time Charter Basket Routes Exchange trading, CLTX Dry Bulk Freight: P1E Futures, P2E Futures, P3E Futures Container: CNW Shanghai-North West Europe Future, CSW Shanghai-US West Coast Future Advantages of Trade Registration at EEX Lowest fee level in the market Cash settlement against the market benchmarks as published by The Baltic Exchange Cooperation with the leading freight brokers in the OTC market Fast and reliable Straight-Through Processing (STP) for Trade Registration via EFETnet exrp, Trigonal, Cleartrade Trading Portal and Trayport Hosted Clearing Link As a regulated market, EEX allows registration and clearing of FFAs as futures contracts Registered trades will not be considered for the EMIR clearing threshold Cross-margining benefits with natural gas, power and other ECC cleared commodities The Trade Registration service for Dry Bulk Freight Futures provides our clients with a powerful instrument to hedge against price fluctuations in this volatile market and, at the same time, minimises their cost of clearing through margin offsets for power, thermal coal and freight on a regulated market. Thomas Schmitz, Head of Sales Coal, Clearing & ISV Contact CLTX London: Phone: [email protected] Contact EEX Sales Freight: Phone: [email protected]

40 40 Metals Metals Iron Ore The Trade Registration service offered by EEX in cooperation with CLTX allows the steel industry to manage price risks in a dynamic market. Additionally, clients benefit from the fast and efficient clearing services provided by European Commodity Clearing. Steel CLTX offers exchange trading for European Steel Futures to enable effective hedging of input/output costs and inventory within the European steel supply chain. Clearing is offered by LCH.Clearnet. Iron Ore and European Steel Futures are settled against The Steel Index. Platts, TSI and The Steel Index (the PLATTS Marks ) are trademarks of PLATTS, a Division of Mc- Graw Hill Financial, Inc., its affiliates and/or its licensors and have been licensed for use by EEX, ECC and CLTX. Please find more information on page 64.

41 Product Overview Trade Registration at EEX, planned for 2016 Iron Ore 62 % Fe CFR Tianjin (TSI) Futures Exchange Trading, CLTX Ex Works, North European HRC (TSI), Ex Works, South European HRC (TSI), CFR Turkish Scrap (TSI) Advantages Access to more than 450 trading participants from 33 countries worldwide Cash settlement against benchmark price indices as published by The Steel Index Trading participants benefit from cross-margining Safe clearing and settlement via ECC clearing house Straight-Through Processing (STP) of registered trades via EFETnet exrp and Trayport Hosted Clearing Link Hedging of transportation costs for metals via freight products possible Registered trades on a regulated market will not be considered for the EMIR clearing threshold. Post-trade services offered by ECC, including EMIR Trade Reporting Industry participants are able to hedge their risk through Trade Registration and clearing via ECC. Index-based pricing offers a sustainable mechanism suited to the challenges of today s market conditions. Rob Palmer, Key Account Manager Sales Clearing & ISV Contact CLTX London: Phone: [email protected] Contact EEX Sales Metals: Phone: [email protected]

42 42 Agricultural Markets Agricultural Markets Potatoes, Dairy Products, Livestock & Meat Get the weekly newsletter on the dairy market Dairy Market Outlook Please register free of charge at the EEX online shop:

43 Product Overview Derivatives Market Potatoes: European Processing Potato Futures Dairy Products: Butter Futures, European Whey Powder Futures, Skimmed Milk Powder Futures Livestock & Meat: Hog Futures, Piglet Futures All products are available for both exchange trading and Trade Registration. Why trade agricultural derivatives on EEX? Instant access to a broad range of commodity products Hedging against price fluctuations on the agricultural markets Financial settlement of all transactions based on reliable reference prices Secure and reliable clearing and settlement processes via ECC Leading derivatives market for potatoes and dairy products in Europe Special membership for Agricultural Products All dairy products can be traded for the current and next 18 consecutive calendar months. Agricultural markets represent one of the largest sub-asset classes in exchange commodity trading. Our products enable clients to manage their price risks on these markets while mitigating counterparty risk at the same time. Sascha Siegel, Head of Agricultural Commodities Highest volume ever traded on-exchange in dairy futures in Europe with an equivalent of Market price indices as the basis for prices All futures contracts are based on market price indices. For the calculation of the indices, recognised prices established in Central Europe are used and then composed into an unweighted average value. 29k metric tonnes of goods in 2015 Historically, the correlation between these quotations is higher than 90 percent. As a result, the indices reflect the market price of referenced products within the European Economic Area. The European Whey Powder Index is provided by Agrarmarkt Informations- Gesellschaft mbh (AMI) in Bonn. More information: agricultural-markets

44 44 Agricultural Markets Fertiliser Currently, fertiliser futures are available for Trade Registration. Physical fertiliser markets show high trading volumes, while price movements are influenced by a number of factors like weather conditions, warehouse stocks and fuel prices, natural gas in particular for nitrogen-based fertilisers. A shift of markets to just-in-time-purchasing and price premiums for prompt supply have led to an increase of volatility on the spot markets and raised necessity to conduct risk management via derivatives. EEX s products provide participants with the opportunity to react early to disadvantageous price movements. In cooperation with CLTX, EEX offers six different fertiliser futures for the European and US-American markets for Trade Registration. This allows all market participants to set up hedging strategies that lock in the price of delivery in advance. Our participants benefit from regulatory advantages, since EEX contracts in fertiliser futures are cleared and settled as futures on a regulated market. Furthermore, cost advantages in clearing via ECC can be achieved through cross-margining with further positions in energy derivatives. Fertiliser futures are cash-settled agreements settled against recognised market benchmark indices.

45 Agricultural Markets 45 Product Overview The following fertiliser futures are available for Trade Registration. Derivatives Market Urea (Granular) FOB NOLA Futures, DAP FOB NOLA, UAN FOB NOLA, EEX Urea (Granular) FOB Egypt Futures, Urea (Prilled) FOB Yuzhnyy, DAP FOB Tampa Based on the The Fertilizer index. The Fertilizer index, representing physical spot prices, is produced weekly with data provided by Argus Media, CRU and Fertecon. ARGUS, the ARGUS Logo, FERTECON, the FERTE- CON Logo, CRU, the CRU Logo, are trade marks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. Please find more information on page 64. Advantages of Trade Registration at EEX Lot sizes of 25 tons and multiples thereof Fast and reliable Straight-Through Processing (STP) for Trade Registration via EFETnet exrp and Trayport Complete Clear Registered trades on a regulated market will not be considered for the EMIR clearing threshold Cash settlement against market benchmarks Cross-margining with natural gas, power and other ECC cleared commodities Post-trade services offered by ECC such as EMIR Trade Reporting In addition to full EEX membership, the dedicated Agricultural Products membership for fertiliser which is free of charge at present, is available for trading fertiliser futures. Contact CLTX London: Phone: [email protected] Contact Sales Agriculturals: Phone: [email protected] agricultural-markets

46 46 Services > Market Access > Admission Services Market Access Admission Companies which are admitted to trading in energy and related products on EEX get access to liquid spot and derivatives markets as well as to a broad network of trading participants. A company can only start to trade on the EEX markets and register trades once it has been successfully admitted to the exchange. Proper settlement and collateralisation of transactions further requires recognition as a trading participant by the clearing house ECC. Admission Process Application submission Exchange trader training Technical connection Recognition by ECC Admission by EEX Trading

47 Services > Market Access > Admission 47 Preconditions for admission Proof of personal reliability and professional qualifications of the person(s) holding management authority Liable equity of at least EUR 50,000 Admission of at least one trader who has proven personal reliability and who has provided proof of the required professional qualification (e.g. EEX trader examination) Technical connection to the trading systems Recognition as a trading participant by ECC Membership Options Type of Membership Content Full EEX Membership Entitles to trading in Power Derivatives, Environmental Markets, Coal, Oil Price Formulas plus Agricultural and Freight products offered by EEX Emerging and Environmental Markets Entitles to trading in Environmental Markets, Coal, Agricultural Markets and Trade Registration of contracts that are not offered for exchange tradingat EEX Group Agricultural Products Exchange Trading and Trade Registraion in dairy, meat and potato contracts as well as Trade Registraion for fertiliser contracts Auction Only Participation in primary market auctions of Emission Allowances (Spot Market) Non-Trading Broker Membership View Only Non-Trading Brokers can conclude trades on behalf of and in the name of participants, without being direct exchange members or Trade Registration members. They cannot open any positions on the exchange. Access to the trading screen without trading rights, limited term of three months Contact Member Readiness Team: Phone: [email protected] All documents required for admission are provided on our website at: admission-forms

48 48 Services > Market Access > Access Options Access Options EEX provides multiple connectivity options to access its markets. Each access type is designed for simplicity and compatibility with the Trayport systems or in-house solutions. Power Natural Gas Emissions/GoOs Coal Freight, Metals, Oil, Fertilisers Agriculturals* Eurex Clearing GUI TR TR TR TR TR TR The Clearing GUI provides easy access for managing your positions of EEX and ECC products. Trade Registration is only possible via the T7 GUI, while take ups can be maintained via the Clearing GUI. The Clearing GUI is only provided via the internet. Eurex T7 GUI TR D TR TR D S TR D TR TR D The Eurex T7 GUI provides easy access for trading the EEX products on the Derivatives Market and Spot Market, including Trade Registration. Connection is via the internet and leased line. ISV (Third-Party Frontends) TR D S A TR TR D S TR D TR D TR D As a result of the co-operation between EEX and various ISVs, customers can take part in trading using third-party solutions. Connection is via VPN and leased line. EEX TT Screen TR D TR TR D S TR D TR TR D EEX TT Screen gives customers the opportunity to trade on all Spot and Derivatives Markets shown and enables Trade Registration. Connection is via the internet. Integrated Global- Vision front end D S D S D S D Integrated GlobalVision front end gives customers with a Trayport Trading Gateway the opportunity to trade on Spot and Derivatives Markets as shown. Connection is possible via the internet, VPN or leased line. ComTrader M7 Frontend CAS (Emissions only) S A D Provides access to Power Intraday Spot and Cleartrade markets. Auctions for Emissions are available via the ComXerv Auction System. EPEX SPOT Trader Client A Access to Day Ahead Auctions is provided via the internet. Gas Direct Screen D S Provides access to the Gas Spot and Derivatives market. Connection is via the internet. TR Trade Registration D Derivatives S Spot A Auction * Potatoes, Dairy Products, Livestock & Meat

49 Services > Market Access > Access Options 49 Connection Options Internet, VPN or leased line connection options tailored to your individual requirements. Option Internet Content Access to the trading systems via the internet forms the simplest access option in terms of technology. It is suitable for customers whose focus is on economically priced access and easy set-up. VPN A VPN (Virtual Private Network) offers customers with higher security requirements the possibility to encode network traffic via the internet. Additional network infrastructure might be required for VPN. Leased Line A leased line is recommended for customers with maximum requirements regarding security and availability. As a result, none of the network traffic is routed through public networks and the highest possible availability is offered. Additional network infrastructure might be required for a leased line. Do you need technical support? We can assist you in selecting a suitable front-end for trading, installing the respective software and by answering all other technical questions. Torben Bäumlein, IT Development & Operations Contact IT Development & Operations Team: Phone: [email protected] Current information on access:

50 50 Services > Training & Education Training & Education Become an exchange trader on the EEX Spot and Derivatives Market Our trainers are specialists with long-standing experience in exchange and energy exchange trading. Our e-learning packages provide you with the highest possible degree of flexibility and effectiveness when taking our courses. Our comprehensive training programme can be delivered at in-house training courses or for public training, at selected hotels and conference centres. You have the opportunity to get to know EEX during a site visit and you can book our trainers for specialist lectures. New training programmes available in 2016: Trade Registration and Energy Trading Simulations How to become an EEX exchange trader in three steps using E-learning for preparation ( Exchange Trader Exam ): Examination preparation E-learning System training E-learning Exchange trader exam Written exam We systematically prepare you for the exchange trader examination. Not mandatory You acquire the skills for using the EEX trading systems. Mandatory before taking the exchange trader exam This can only be taken as a written exam on the planned exam dates. Mandatory for admission as an exchange trader on EEX Note: Our E-learning modules are exclusively reserved for companies which comply with VAT regulations. The Exchange Trader Exam as well as the Exchange Trader Certificate Course give you the right to trade on the EEX Spot and Derivatives Markets.

51 Services > Training & Education 51 Training Programme Training Course Relevant for admission (incl. examination) Prior knowledge Training period Exchange Trader Certificate 1 Yes Not necessary 2 days Exchange Trader Exam 1, 2 Yes Necessary 30 min exam Trade Registration 1, 2 Yes Recommended E-learning Spot Market Emissions Training Yes Recommended ½ day EPEX Spot Training Yes Recommended ½ day General Training 2 No Not necessary 1 day Clearing No Recommended 1 day Energy Trading Simulations No Recommended 1 day 1 Consisting of examination preparation, system training and exam 2 Available also as E-learning Contact Training & Education Team: Phone: [email protected] The current programme and training dates are available at:

52 52 Services > Clearing Services ECC Clearing Services Secured clearing and settlement of all transactions is provided by European Commodity Clearing (ECC) ECC is licensed as Central Counterparty under the EMIR regulation Cross-margining is possible across all markets and commodities Broad range of accepted collateral including guarantees for spot market exposures Straight-Through Processing (STP) service for Trade Registration All trades registered at EEX, PEGAS and EPEX SPOT are qualified as exchange trades, and therefore do not count towards the EMIR threshold ECC s network of partners currently consists of 408 Non-Clearing Members 9 Partner Exchanges EEX, EPEX SPOT, Gaspoint Nordic, Powernext, POWER EXCHANGE CENTRAL EUROPE (PXE), CEGH Gas Exchange of Wiener Boerse AG, Hungarian Power Exchange (HUPX), NOREXECO, South Eastern European Power Exchange (SEEPEX) 23 Clearing Members 24 Transmission System Operators

53 Services > Clearing Services 53 ECC is a Central Counterparty (CCP) In its role as a Central Counterparty, ECC assumes the counterparty risk for the buyer and the seller and guarantees the fulfilment of all transactions. A Purchase Purchase B Selling Selling Managing risk is an essential function of ECC. In order to guarantee the fulfilment of transactions, ECC has implemented a system consisting of the following elements: Novation of trades as soon as they are matched or registered on the different markets. As a result, the trading participant is not exposed to the other trading participants credit risk. Strict criteria for the admission of Clearing Members to ensure that ECC s Clearing Members have the necessary resources to fulfil the highest requirements. Daily settlement of profits and losses: Open positions are marked to market every day and profits and losses are paid out or collected on a daily basis. Payments are settled on a net basis. Margins are required on a daily basis. Sharing of residual risk by the Clearing Members, who contribute to ECC s Default Fund. Segregation and Portability ECC offers different EMIR compliant models to segregate positions and assets of clients. Individually segregated clients benefit from full protection of their positions and assets. In case of a Clearing Member Default, ECC will immediately trigger the process for transferring positions and segregated collateral to a new Clearing Member specified by the Non-Clearing Member.

54 54 Services > Clearing Services Operations for Clearing and Settlement As a clearing house, ECC is specialised in the physical settlement of grid-bound energy (power, natural gas) and energy-related products (emission allowances). ECC closely cooperates with transmission system operators and registries as well as regulators across Europe. By offering clearing services for a variety of physically and financially settled spot and derivatives commodity contracts, ECC provides a one-stop-shop offer for market participants reducing the overall cost of clearing. We are constantly improving our clearing & settlement infrastructure and processes with a special focus on the increasing demand from the physical commodity and energy markets. Dr Götz Dittrich Head of Clearing & Settlement, ECC

55 Services > Clearing Services 55 Operations for Clearing and Settlement ECC Operations Orderbook Physical Financial Invoicing trading and Trade settlement settlement Registration (delivery) (payment) Straight-Through Processing ECC conducts clearing and settlement for trades directly concluded on the exchanges, as well as bilateral trades registered for clearing on the exchanges. ECC s Straight-Through Processing (STP) enables brokered deals to be forwarded automatically to ECC for clearing. This shortens the time between trade conclusion, clearing confirmation and reduces operational risk inherent in manual processes. EMIR Trade Reporting Service In addition to its core services, ECC offers compliance services to its participants. Clearing Members and Non-Clearing Members can delegate EMIR trade reporting obligations to the clearing house. Contact European Commodity Clearing Phone:

56 56 Services > Compliance Services Compliance Services 1. REMIT Transaction Reporting Transaction Reporting according to REMIT Article 8 The Organised Market Places (OMP) EEX, EPEX SPOT, Gaspoint Nordic and Powernext offer the reporting of transaction data according to Article 8 of REMIT. This service enables all trading participants to delegate their reporting obligations of transaction data to those exchanges. This includes all transactions concluded on any of the exchanges or registered for clearing via the Trade Registration function, as well as orders. The service covers the reporting or the provision of exchange trading data. The data will be formatted as defined by REMIT, the REMIT Implementing Regulation and the latest procedures, standards and electronic formats published by ACER, and reported or provided accordingly. In order to use the Transaction Reporting service, members need to conclude a data reporting agreement with the respective exchange. For bilateral transactions concluded off the exchange, trading participants will be able to use the technical infrastructure, implemented for EEX, Gaspoint Nordic and Powernext data reporting as an additional service. These transactions need to be reported from 7 April EEX, Gaspoint Nordic and Powernext offer the following options to trading participants that would like to use the service: Provision of the data in an established format, for individual download by the trading participant (basic service) Reporting to ACER (additional service) Provision of the data to ElCom (additional service) Provision of the data to EFETnet (additional service) Contact: Phone: [email protected] remit-transaction-reporting

57 Services > Compliance Services REMIT & Transparency Regulation Insider information and fundamental data reporting via the Transparency Platform The EEX Transparency Platform was created in 2008 as the result of an initiative of the Federal Ministry for Economic Affairs to create more transparency. Since then, it has evolved into the leading transparency platform for Germany, Austria, Belgium, the Czech Republic, Hungary, the Netherlands and Switzerland. The data published on the platform also fulfils the reporting requirements established by European REMIT regulation. The platform shows, in a transparent form, the interaction between renewable energies, conventional power plants and the market price. Data from more than 50companies in 7 countries is reported to the platform and published on it EEX experts support the Transparency Platform and are available to answer any questions More than 50k users access the Transparency Platform every month. 200 professional data customers, e.g. universities and research institues as well as the media use the data on the transparency platform regularly Contact: Phone: [email protected]

58 58 Services > Compliance Services If you want to understand the interaction between conventional and renewable sources of energy today, the EEX Transparency Platform is an absolute must. Daniel Wragge, Head of Political & Regulatory Affairs Publication of energy market data: Power Natural Gas LNG Production Available for facilities Storage Available for facilities Available for facilities Available for facilities Consumption Available for facilities Available for facilities Ad-hoc ticker Available for facilities and undertakings Available for facilities and undertakings Available for facilities and undertakings

59 Services > Compliance Services EMIR Trade Reporting Trade Reporting according to EMIR Article 9 From 12 February 2014, all counterparties to derivatives transactions need to report these to a trade repository according to EMIR Article 9. ECC offers a service which allows members to delegate their reporting obligations. This means that ECC members can significantly reduce their reporting efforts for exchange trades and registered trades. EMIR Trade Reporting service: Trade Repository Regis-TR Prerequisites Full Reporting Participant Membership with Regis-TR EMIR Trade Reporting Service Form EMIR Trade Reporting General Terms and Conditions NCMs only: CM has delegated reporting to ECC Liability Delegating party Contact: Phone: [email protected] emir/trade-reporting

60 60 Services > Market Information Services Market Information Services The Info-Product service comprises the provision of market data from trading at EEX Group exchanges (EEX, EPEX SPOT, Powernext and Cleartrade). Data from clearing on ECC as well as transparency data is also provided. Benefits: Neutral, easily understood and prompt market information Large product range across all EEX Group commodities Resolutions of market data: End-of-day, Delayed or Real-time Provision of all data in a range of formats (csv, xml or xls) Administer your company s subscriptions in one account. Subscribe to EEX s Info-Products and receive market and fundamental data for analysis purposes: market-data-download

61 Services > Market Information Services 61 Info-Products Products End-of-day data Delayed data Real-time data Updating interval Daily provision of data after the end of trading Daily provision with a latency period of, at a maximum, 15 to 20 minutes during trading hours Provision with a latency period of, at a maximum, 20 milliseconds between 0:00 a.m. and 11:00 p.m. during the exchange trading days defined in the TARGET European trading calendar. Content Final settlement data for trading products (settlement) Prices of all trades for all trading products (tick data) Prices of all trades and order book (including market depth) for the products traded on ComXerv, Trayport and T7 (tick data) Presentation Aggregated presentation of the trades Representation of individual trades with to-the-second precision Representation of individual trades with to-the-second precision File formats CSV, XLS, XML XML Proprietary CEF file format More detailed information on the individual files and transparency data, including sample files, is available on our website:

62 62 Services > Market Information Services We are happy to advise you with regard to any questions you may have concerning market data. Mandy Lehmann, Carolin Walther and Daniel Köhler Market Information Services

63 Services > Market Information Services 63 Right of Use Depending on the intended use, you can order End-of-day data and Delayed data with different rights of use: Info-Vendor This package gives you the right to the commercial use or publication of the provided data. Info-User This package gives you the right to the internal use of the data. Publication and reselling are not permitted. This also applies to the SMS-User product. Uni-Vendor Access for educational institutions comprising the right to forward the data to students for publication within the framework of research work. Prices Prices for all information products are provided on the EEX website at: market-data-download/subscription/ prices Free Access Exchange traders registered on EEX can request free access to the market data files. Please contact the Market Information Services team for further information. Contact Market Information Services Team: Phone: Contact Transparency Data Team: Phone:

64 64 Disclaimer Disclaimer Coal API 2, API 4, API 5, API 8, ARGUS and IHS McCLOSKEY are trade marks and are used under licence from Argus Media Limited and HIS Global Limited. All copyrights, database rights and other rights in the API 2, API 4, API 5, and API 8 indexes belong exclusively to Argus Media Limited and IHS Global Limited and are used under licence. Argus and IHS take no position on the purchase or sale of products listed, traded or cleared on EEX (or any of its affiliates) including API 2 CIF ARA (Argus-IHS McCloskey) EURO Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) EURO Coal, API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures. EEX is solely responsible for the operation of these products/markets and Argus and IHS exclude all liability in relation to such products and any use of its indexes. IHS Indonesian Sub-bituminous FOB marker_ ( Index ) is a trade mark and is used under licence from IHS Global Limited. All copyrights and database rights in the Index belongs exclusively to IHS Global Limited and are used herein under licence. EEX and ECC are solely responsible for the operation of markets in Indonesian Sub-bit. (IHS) Coal Futures ( Product(s) ). IHS takes no position on the purchase or sale of such Products and excludes all liability in relation thereto. The Products are not in any way sponsored, endorsed, sold or promoted by IHS and IHS has no obligation or liability in connection with the administration, marketing or trading of the Products. IHS makes no warranties or representations, whether express or implied, including as to the results to be obtained from the use of the Index and excludes all liability relating to use of the Index to the fullest extent permitted at law. Fuel Oil ARGUS, the ARGUS Logo, ARGUS European Natural Gas and ARGUS Brent 901 Index are trademarks of Argus Media Limited and are used under licence. All copyrights and database rights in the ARGUS European Natural Gas report and the ARGUS Brent 901 index belong exclusively to Argus Media Limited. EEX is solely responsible for the Brent 901 Formula Futures. Argus takes no position on the purchase and sale of such Brent 901 Formula Futures and excludes all liability in relation thereto.

65 Disclaimer 65 Metals The TSI Iron Ore Fines 62 % Fe, CFR Tianjin Port Index ( PLATTS Index ) is a product of PLATTS, a Division of McGraw Hill Financial, Inc., and has been licensed for use by EEX and ECC (the Exchange ). Platts, TSI and The Steel Index (the PLATTS Marks ) are trademarks of PLATTS, its affiliates and/ or its licensors and have been licensed for use by the Exchange. Iron Ore 62 % Fe CFR Tianjin (TSI) Futures ( Exchange Contract ) is not sponsored, endorsed, sold or promoted by PLATTS or its affiliates or licensors. PLATTS, its affiliates and licensors make no representation or warranty, express or implied, regarding Exchange Contract or regarding the advisability of investing in securities or commodities generally or the ability of the PLATTS Index to track general market performance or commodity price movements, nor do they have any liability for any errors or omissions in, or interruptions of, the PLATTS Index or Exchange Contract. PLATTS s, its affiliates and licensors only relationship to the Exchange with respect to the PLATTS Index is the licensing of the PLATTS Index and of certain trademarks, service marks and/or trade names of PLATTS, and/or its affiliates or licensors. The PLATTS Index is determined, composed and calculated by PLATTS without regard to the Exchange or the Exchange Contract. PLATTS, its affiliates and licensors have no obligation to take the needs of the Exchange or any clients or users of the Exchange Contract into consideration in determining, composing or calculating the PLATTS Index. PLATTS, its affiliates and licensors have no obligation or liability in connection with the creation, development, preparation, marketing, sale and/or trading of the Exchange Contract. PLATTS, ITS AFFILIATES AND LICENSORS DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELI- NESS OR COMPLETENESS OF THE PLATTS INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMU- NICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. PLATTS, ITS AFFILIATES AND LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. PLATTS, ITS AFFILIATES AND LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE EXCHANGE, CLIENTS OR USERS OF THE EXCHANGE CONTRACT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE PLATTS INDEX OR EXCHANGE CONTRACT OR WITH RESPECT TO THE PLATTS MARKS, THE PLATTS INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES AND/OR ITS THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPE- CIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. Fertiliser ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trade marks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and CRU International Limited, and are used under licence. EEX and ECC are solely responsible for the EEX Urea (Granular) FOB NOLA Future, EEX Urea (Granular) FOB Egypt Future, EEX Urea (Prilled) FOB Yuzhnyy Future, EEX DAP FOB NOLA Future, EEX DAP FOB Tampa Future and EEX UAN FOB NOLA Future. Neither Argus, Fertecon or CRU takes any position on the purchase or sale of these futures contracts and excludes all liability in relation thereto. Imprint Published by: European Energy Exchange AG Augustusplatz Leipzig, Germany Design, Layout: EWERK Design Unit Photographs: Jürgen Jeibmann Photographik, Leipzig; Susanne Hakuba Photography, London Printed by: Decker Offset Druck GmbH

66 Contacts european-energy-exchange-ag europeanenergyexchangeag Leipzig Headquarters Augustusplatz Leipzig, DE Phone: Berlin Office Haus der Bundespressekonferenz Schiffbauerdamm Berlin, DE Phone: Brussels Office Rue d Idalie Brussels, BE Phone: London Office 11 Westferry Circus Canary Wharf London E14 4HE, UK Phone: Milan Office Via Monte di Pietà Milan, IT Phone: Oslo Office Filipstad Brygge Oslo, NO Phone: Paris Office EEX Power Derivatives GmbH 5 Boulevard Montmartre Paris, FR Phone:

67 european-commodity-clearing-ag Augustusplatz Leipzig, DE Phone: the-cleartrade-exchange Singapore Headquarters 61 Robinson Road, Unit 13-03A Robinson Centre Singapore , SG Phone: London Office 9 Devonshire Square London EC2M 4YF, UK Phone: Paris Headquarters 5 Boulevard Montmartre Paris, FR Phone: Amsterdam Office Atlas Arena Amsterdam Australia Building Hoogoorddreef BA Amsterdam, NL Phone: Bern Office Marktgasse Bern, CH Phone: Brussels Office Boulevard de l Impératrice Brussels, BE Phone: Leipzig Office Augustusplatz Leipzig, DE Phone: London Office 18 King William Street London EC4N 7BP, UK Phone: (Office) Phone: (24h) Operations Support powernext 5 Boulevard Montmartre Paris, FR Phone: nord-pool-gas-a-s Kirkebjerg Parkvej 11B 2605 Brøndby, DK Phone: Vienna Office Mayerhofgasse, 1/ Vienna, AT Phone:

68 Follow us on social media: Newsroom: As of January 2016 European Energy Exchange AG Augustusplatz Leipzig, Germany eex.com