DERIVATIVES, OSLO BØRS OCTOBER 2010
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1 DERIVATIVES, OSLO BØRS OCTOBER 2010 The OBX index increased in October by 6.1% to points. The index is up 9.4% so far this year. The average number of contracts traded in October was contracts/day (2010 average: ). The premium turnover for stock options increased by 38% to 93 MNOK, whereas the stock forward exposure increased by 52% to 968 MNOK. As for the OBX products, the future turnover decreased by 11% to 21 BNOK, and the index options decreased by 62% to 14 MNOK. The most traded stock option in October was Yara with 23 MNOK or 25% of the stock option premium turnover. Statoil and Telenor followed. Statoil, Telenor and Yara were the most traded stock forwards. Statoil was the most traded with 334 MNOK, 34% of the total. Expirations in October: OBX, Statoil, Acergy, Orkla, Telenor, Renewable Energy Corp., Royal Caribbean Cruises, TGS Nopec Geophysical, Petroleum Geo Services. Expirations next month (18 November): OBX, Statoil, DnB NOR, Norsk Hydro, Storebrand, Yara. Due to market demand December contracts on Acergy (ACY) options, forwards and futures were listed 14 October The merger between Acergy and Subsea 7 is expected to be completed in January As of Tuesday 16 November 2010, Oslo Børs will list options and forwards/futures on Statoil Fuel & Retail (SFR). The contracts will have standard contract specifications and will be listed in expiration group 3 (March, June, September, December). For more detailed information, please read ahead. This summary continues with a presentation of general statistics, followed by a productand volatility overview towards the end. We hope to see you back in the derivatives market next month. Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs.
2 Contracts/ day Contract Distribution Index Futures Single Stock Fwd/Fut OBX Index Options Stock Options Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10
3 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month OBX - FUTURES STOCK FWD/FUT STOCK OPTIONS OBX - OPTIONS Contracts/day YTD 2010 OBX - FUTURES STOCK OPTIONS STOCK FWD/FUT OBX - OPTIONS 2 923
4 LIQUIDITY - OPTION PREMIUM DISTRIBUTION Option Premium last month Yara International 7.9 % 6.8 % 6.0 % Statoil OBX - options 9.1 % Telenor 13.2 % 15.3 % 5.5 % 5.2 % 3.1 % 1.8 % 1.7 % 1.4 % 0.8 % 0.3 % 0.1 % Norsk Hydro Seadrill Renewable Energy Corp. Acergy Orkla Royal Caribbean C. Storebrand DnB NOR Petroleum Geo-Services Norske Skog 21.6 % Marine Harvest Group Tomra Option Premium YTD 2010 OBX - options 16.3 % 6.0 % 5.9 % 5.5 % Yara International Statoil Norsk Hydro 18.8 % 4.6 % 3.0 % 2.7 % 2.6 % 2.3 % 1.5 % 0.8 % 0.7 % 0.6 % 0.1 % Seadrill Renewable Energy Corp. Telenor Orkla Petroleum Geo-Services DnB NOR Acergy Royal Caribbean C. Marine Harvest Group Norske Skog 28.7 % Storebrand Tomra 4
5 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION 16.3 % 9.2 % Stock Fwd/Fut Premium last month 8.4 % 34.5 % 7.5 % 7.2 % 0.0 % 4.6 % 3.3 % 3.3 % 3.1 % 1.8 % 0.5 % 0.1 % 0.1 % 0.1 % Statoil Telenor Yara International Renewable Energy Corp. Royal Caribbean C. Norsk Hydro DnB NOR Orkla Seadrill Petroleum Geo-Services Storebrand Marine Harvest Group Acergy Tomra TGS Nopec Geo. Norske Skog Stock Fwd/Fut Premium YTD 2010 Statoil 8.6 % 8.0 % Norsk Hydro Telenor 10.6 % 6.8 % 5.1 % Yara International Seadrill Royal Caribbean C. 3.7 % Renewable Energy Corp % 0.4 % 0.1 % 0.0 % 2.3 % 2.0 % 1.0 % 1.0 % 0.9 % 0.6 % Orkla DnB NOR Petroleum Geo-Services Marine Harvest Group TGS Nopec Geo. Storebrand Acergy Tandberg Norske Skog 35.0 % Tomra 5
6 Turnover Premium MNOK Open Interest (avg) - Contracts Turnover Premium MNOK Open Interest (avg) - Contracts PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 0 Turnover premium/month - Stock Options Open Interest (avg) - Stock Options Single Stock Forwards & Futures Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 0 Turnover premium/ month - Single Stock Fwds Open Interest (avg) - Single Stock Fwds 6
7 Turnover exposure MNOK Open Interest (avg)- Contracts Turnover Premium MNOK Open Interest (avg)- Contracts PREMIUM - OBX DERIVATIVES OBX - Index Options Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Turnover premium/ month - OBX-indexoptions Open Interest (avg) - OBX-indexoptions 0 OBX - Index Futures Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Turnover exposure/month - OBX-indexfutures Open Interest (avg) - OBX-indexfutures 0 7
8 BROKER STATISTICS - OCTOBER 2010 Options 8.4 % 6.8 % 4.4 % 4.3 % DnB NOR Non-Norwegian 12.2 % 3.3 % Handelsbanken 3.2 % SEB Enskilda 3.2 % 0.3 % 0.3 % 0.2 % Nordea Argo Nordnet Pareto Carnegie Net Fonds 26.3 % Fondsfinans 27.1 % First Danske Bank Stock Forwards & Futures DnB NOR 98.4 % 0.8 % 0.4 % 0.2 % 0.1 % 0.1 % Nordnet Handelsbanken First Nordea Terra Markets 8
9 OBX Futures 28.8 % 9.6 % 4.5 % Handelsbanken DnB NOR 3.5 % 3.4 % 1.8 % 0.4 % 0.2 % 0.1 % 0.1 % Non-Norwegian Erik Penser Nordea Argo SEB Enskilda ABG Sundal Collier Fondsfinans Nordnet First 47.6 % 9
10 OBX INDEX - CONSTITUENTS AND OTHER INFORMATION The OBX Index consists of the 25 most traded securities in the OSEBX Index. The constituents are selected on the basis of six months turnover rating. It is a semi-annually revised free float adjusted total return index (dividend adjusted) with composition changes and cappings implemented on the third Friday in June and December. In the period between the composition review dates, the number of shares for each constituent is fixed with exception of cappings and continuous adjustments for corporate actions. The OBX Index is a tradable index with exchange traded futures and options available : All time high ( close):
11 The current OBX Index composition can be found below. The Derivatives department at Oslo Børs distributes a daily report with information on the OBX Index and its components. If you would like to receive this daily update, please contact mps@oslobors.no. 11
12 OSLO BØRS - LISTED DERIVATIVES OPEN INTEREST - OPTIONS AND OBX FUTURES ONLY 12
13 Marine Harvest Group (MHG) MARINE HARVEST is the world's leading seafood company. They offer customers and consumers a wide range of seafood products and produce one fourth of the world's farmed salmon. The company is present in 18 countries and has 7500 employees worldwide. Home: Sector : Packaged Foods & Meats Last (NOK): 6.14 ISIN: NO Avg.Imp.Vol last month: 35 % Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : MHG NO Open Int (avg): Liquidity: Tradable in blocks of OBX Weight: 2.21% O/I avg. 2010: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3 Norsk Hydro (NHY) Sector : Aluminium Last (NOK): NORSK HYDRO is a global supplier of aluminium and aluminium products. Based in Norway, the company employs 25,000 people in more than 30 countries. Home: ISIN: NO Avg.Imp.Vol last month: 35 % Reuters : NHY.OL Expiry: Feb, May, Aug, Nov Bloomberg : NHY NO and NOHYF US Open Int (avg): Liquidity: Tradable in blocks of 3000 OBX Weight : 3.92% O/I avg. 2010: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6 13
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18 MARKET MAKERS Argo Securities: DnB NOR Markets: Handelsbanken Capital Markets: Nordea Markets: SEB Enskilda: Timber Hill Europe: OBX, DNBNOR, NHY, ORK, RCL, SDRL, STL, TEL OBX, ACY, MHG, NHY, NSG, ORK, PGS, REC, SDRL, STB, STL, TAA, TEL, TOM, YAR, RCL, TGS OBX, ACY, DNBNOR, MHG, NHY, NSG, ORK, PGS, REC, SDRL, STB, STL, TEL, TOM, YAR, RCL, TGS OBX, ACY, NHY, NSG, ORK, PGS, REC, STL, TEL, TOM OBX, DNBNOR, NHY, STL, TEL OBX, DNBNOR, MHG, NHY, NSG, ORK, SDRL, STB, STL, TEL, TOM, YAR 18
19 OPTIONS - ATM IMPLIED VOLATILITIES Daily Volatilities = average of Last Bid+Offer vol. for ATM CALLS and PUTS for the nearest two months. Lack of data may occur, thus volatilities should be seen as indicative. 90 % 70 % 50 % 30 % 10 % OBX ATM Implied Vol ACY ATM Implied Vol % DNBNOR ATM Implied Vol % Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 19
20 MHG ATM Implied Vol % 100 % 90 % 70 % 50 % 30 % NHY ATM Implied Vol 130 % % 100 % 90 % 70 % 50 % NSG ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 20
21 ORK ATM Implied Vol 70 % 50 % 30 % PGS ATM Implied Vol 70 % 50 % 30 % RCL ATM Implied Vol 70 % 50 % 30 % Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 21
22 130 % % 100 % 90 % 70 % 50 % REC ATM Implied Vol % 100 % 90 % 70 % 50 % 30 % SDRL ATM Implied Vol 1 STB ATM Implied Vol % Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 22
23 90 % 70 % 50 % 30 % STL ATM Implied Vol 90 % 70 % 50 % 30 % TEL ATM Implied Vol 90 % 70 % 50 % 30 % TOM ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 23
24 100 % 90 % 70 % 50 % 30 % YAR ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. 24
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