CommSeC CFDS: IntroDuCtIon to CommoDItIeS

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1 CommSec CFDs: Introduction to Commodities

2 We re here to help To find out more, call us on , from 8am Monday to 6am Saturday, us at or visit our website at commsec.com.au. Important information: This brochure has been prepared without taking account of the objectives, financial and taxation situation or needs of any particular individual. Because of that, before acting on the information in this brochure, you should consider its appropriateness to your circumstances, having regard to your objectives, financial and taxation situation and needs. OTC CFDs are not suitable for all clients. OTC CFDs involve leverage and it is possible to lose more than your initial investment. You need to consider your own circumstances and should seek independent advice if CFDs are appropriate for you. You must read and consider the CommSec CFDs before taking up this product. Commonwealth Securities Limited ABN AFSL (CommSec) is a wholly owned but non guaranteed subsidiary of Commonwealth Bank of Australia ABN and a Participant of the ASX Group and Chi-X (Australia). Examples used in this brochure are for illustrative purposes only.

3 Contents Commodities: an introduction 2 What are Commodity CFDs? 2 Why trade Commodity CFDs? 3 Trading Commodity CFDs with ComSec 4 Factors to consider when trading Commodity CFDs 5 Example 6 Selling Spot Gold 6 Opening the position 6 Closing the position: profit on trade 6

4 2 CommSec CFDs: Margins Explained Commodities: an introduction Commodities are raw materials (such as metals and minerals) or primary products (livestock, coffee, fruit) that are bought and sold in bulk on an exchange. Commodity prices can fluctuate considerably depending on supply and demand. So, for example, when Queensland was affected by severe weather events a few years ago, the price of bananas increased significantly. Commodities are traded on exchanges in standardised contracts (a certain weight/volume or other agreed measurement). Not all exchanges trade all commodities; so, for example, the Singapore Mercantile Exchange deals in gold, Brent crude oil, WTI crude oil and currency futures, while the ASX deals with grains (Western Australian wheat, milling wheat, feed barley, sorghum and canola) and wool. The world s largest commodity exchange is the New York Mercantile Exchange. Commodity prices are determined by supply and demand; buyers and sellers make bids and offers and the agreed-on price is recorded and reported. Although commodities can be traded in the spot (or cash) market, where the transaction is completed on the spot at current prices, most commodities transactions take place on futures markets. Futures contracts where the buyer commits to receiving a specific quantity on a specified date, at the specified price help to provide some price certainty for all parties. What are Commodity CFDs? Commodity CFDs are simply contracts for difference (CFDs) on the changes in price of commodity contracts. You can trade on what your chosen commodity is currently worth (spot price) or its value at some set point in the future. As described above, most commodities are traded on exchanges as standardised futures contracts, so the value you are trading is that of a commodities contract at a set point in the future, taking into account the cost of holding/carrying the physical assets until the expiry date. All trades are cash settled. There is no option to physically deliver or receive the commodity. You are trading on the change of contract prices and not on the underlying commodities themselves.

5 CommSec CFDs: Margins Explained 3 Why trade Commodity CFDs? CFDs have become a popular investment product in recent years for many reasons; some of these are to do with changing attitudes to investing, while some relate to the specific benefits of CFDs as an investment product. Commodity CFDs offer a range of benefits in addition to the general trading benefits of CFDs. Diversification Profit from falling markets Tight spreads CFD trading on commodities offers you access to markets in which you would not be able to trade as an individual. You can profit financially from price movements in commodities without ever taking ownership or possession of those goods. Just as you can sell short to profit from falling prices of individual equities, you can benefit from a potential decline in the commodity price by selling commodity CFDs and then buying back when the predicted fall does occur. CommSec offers narrow spreads on Commodity CFDs. Small margins Competitive margins from just 1%. Extended trading Share trading is limited to stock exchange hours, but some commodities contracts are available for trading up to 23 hours per business day (closed weekends).

6 4 CommSec CFDs: Margins Explained Trading Commodity CFDs with CommSec Trading Commodity CFDs with CommSec offers you a range of advantages, including: AUD denominated contracts Choice of contract size Fast execution Advanced trading platform Range of order types Real-time funds transfer Selected metals and energy commodities contracts are available with Australian dollars as the contract currency. The use of these contracts can help avoid foreign currency exposure. Popular contracts available as both a full contract and a mini contract offering you the flexibility to set your own exposure. Whether you are dealing over the telephone or via the internet, transactions are executed quickly, with internet deals typically transacted in just fractions of a second. Launch our web-based trading platform direct from the CommSec website, with no requirement to download software. The CommSec CFD Trading Platform offers ease of use along with professional tools such as real-time charting and pattern recognition software. The customisable layout means that every trader can design a layout to match their needs. CommSec offers a range of order types that help you manage the risks of leverage trading. Stop losses can be added to your order to close your position if the market moves against you. Guaranteed stops ensure that your position is closed at exactly the price you specify, even if the market gaps. Trailing stops move with your profit, so you don t have to keep checking your trade and adjusting the stop loss when things are going well. Using our real-time funds transfer you can fund your CommSec CFD account instantly using your linked bank account. This means you can meet margin requirements or top up your account to place a trade without waiting for funds to clear overnight. Log onto the CommSec website at commsec.com.au to take advantage of this feature. 24 hour customer service Our CommSec CFD dealing desk is available 24 hours a day from 8am Monday to 6am Saturday to assist with any questions. Whenever the market is trading we have a dealer available to take your calls. Contact us on or via at

7 CommSec CFDs: Margins Explained 5 Factors to consider when trading Commodity CFDs Exchange rate risk When you take a Commodity CFD position the contract currency of the CFD, with the exception of AUD denominated contracts, is quoted in a currency other than Australian Dollars. When you enter into CFDs for which the contract currency is not Australian dollars, all cash flows are calculated and payable in the contract currency. You will therefore be subject to foreign exchange rate fluctuations during the term of the CFD. Dealing in foreign currency-related transactions can expose you to foreign exchange risks between the time the transaction is entered into and the time the relevant conversion of currencies occurs. Leverage Index CFDs can have small initial margin requirements beginning at 1%. As with all CFDs Traders need to be aware that the use of leverage can lead to large losses as well as large gains. It is vital that you monitor your open positions closely at all times. You can also take advantage of our range of risk management tools to manage your portfolio, please visit our website at commsec.com.au for further details.

8 6 CommSec CFDs: Margins Explained Example Selling Spot Gold Opening the position Having done some research, you are confident that the gold price is going to drop in the next week or two. To make a profit if this happens, you need to go short. Spot Gold is currently at , so you sell 1 lot at One lot is equivalent to $100 per point, so your total exposure is 1300 x $100 = $130,000. To open your position you supply an initial margin of 1%. Initial margin per contract ( x $100) x 1% = $1300. As you are only selling one contract you initial margin is $1,300. There will be no commission payable. Closing the position: profit on trade One week later, the price of gold has indeed fallen ( ) so you decide to take your profit. You buy 1 lot at 1271 to close your position. Your gross profit on the trade is calculated as follows: Profit Opening level 1300 Closing level 1271 Difference 29 Gross profit: 29 points x 1 contract x $100 per point = $2,900 To calculate the net result you also have to include interest adjustments and the effects of any change in the exchange rate between when the position was opened and closed. No commission is payable as CommSec s charges are contained within the spread.

9 CommSec CFDs: Margins Explained commsec.com.au MKTG958 10/13

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