ASX CFDs. Contract Specifications

Transcription

1 ASX CFDs Australian Securities Exchange, 2007 Page 1

2 Disclaimer Information provided is for information purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions. Although ASX Limited ABN and its related bodies corporate ( ASX ) has made every effort to ensure the accuracy of the information as at the date of publication, ASX does not give any warranty or representation as to the accuracy, reliability or completeness of the information. To the extent permitted by law, ASX and its employees, officers and contractors shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided or omitted or from any one acting or refraining to act in reliance on this information. For this contract the market is operated by Sydney Futures Exchange Limited ACN Sydney Futures Exchange is a subsidiary of ASX. Copyright 2007 ASX Limited ABN All rights reserved , Australian Securities Exchange Page 2

3 Table of Contents 1 STANDARD CONTRACT SPECIFICATIONS FOR ALL ASX CFDS INITIAL MARGINS VARIATION MARGINS ASX CFD SETTLEMENT PRICE TRANSACTION FEES EXCHANGE FOR PHYSICAL (EFP) CONTRACT EXPIRY CONTRACT INTEREST DIVIDEND / YIELD CASHFLOW (DYC) OPEN INTEREST CHARGE (OIC) FRANKING CREDIT CASHFLOW (FCC) LONG AND SHORT COMMODITY CODES CONTRACT SPECIFICATION FOR ASX EQUITY CFDS CONTRACT SPECIFICATIONS FOR ASX INDEX CFDS CONTRACT SPECIFICATION FOR THE ASX S&P/ASX 200 CFD CONTRACT SPECIFICATION FOR ASX DOW JONES INDUSTRIAL AVERAGE CFD CONTRACT SPECIFICATION FOR ASX NASDAQ 100 CFD CONTRACT SPECIFICATION FOR ASX FTSE UK 100 CFD CONTRACT SPECIFICATION FOR ASX DAX 30 CFD CONTRACT SPECIFICATION FOR ASX DJ O STOXX 50 CFD CONTRACT SPECIFICATIONS FOR ASX FX CFDS CONTRACT SPECIFICATION FOR ASX / CFD CONTRACT SPECIFICATION FOR ASX /NZD CFD CONTRACT SPECIFICATION FOR ASX / CFD CONTRACT SPECIFICATION FOR ASX NZD/JPY CFD CONTRACT SPECIFICATION FOR ASX /JPY CFD CONTRACT SPECIFICATION FOR ASX / CFD CONTRACT SPECIFICATION FOR ASX /JPY CFD CONTRACT SPECIFICATION FOR ASX NZD/ CFD CONTRACT SPECIFICATIONS FOR ASX COMMODITY CFDS CONTRACT SPECIFICATION FOR ASX GOLD CFD Australian Securities Exchange, 2007 Page 3

4 1 Standard for all ASX CFDs 1.1 Initial Margins Initial margins are determined by SFE Clearing Corporation Pty Limited (SFECC) and payable the next trading day based on the open position. 1.2 Variation Margins Variation Margins are determined by SFECC using the ASX CFD Settlement Price and payable the next trading day 1.3 ASX CFD Settlement Price The CFD Settlement Price for ASX Equity and Index CFDs is determined by SFE and is equal to that of the closing price of the underlying market this being the price quoted by the underlying instrument owner (e.g. ASX, index price provider, etc). The CFD Settlement Price for FX and ASX Gold CFDs is determined by SFE and is equal to the mid-rate of the underlying interbank market sourced from Reuters at the close of the ASX CFD trading session. 1.4 Transaction Fees A Transaction Fee is applicable on all trades and payable the following business day. 1.5 Exchange for Physical (EFP) Exchange for Physical functionality is possible on some CFDs. See the Detailed Contract Specifications for details. A Transaction Fee is applicable for any CFD subject to an EFP. 1.6 Contract Expiry ASX CFDs do not expire. tionally, the contract specifications provide for an expiry date with the year set to The expiry month for each ASX CFD contract is outlined in Section Contract Interest Contract Interest is calculated daily on all open positions held at the close of trade. Holders of long positions pay Contract Interest on the next trading day. Holders of short positions receive Contract Interest on the next trading day. Contract interest is calculated using the formula detailed below: Contract Interest = I x SP x N/D x C x X Where: I = The SP = The Exchange Traded CFD Settlement Price N = The number of days for which the contract interest is being calculated D = The number of days used in the interest calculation (based on market convention) C = Open positions in the contract at the client account level X = The number of units of the underlying per lot of the ASX CFD contract Contract Interest is always charged in the contract currency of the ASX CFD. SFE uses the days of the year convention (i.e. 365 or 360) that corresponds to the contract currency of the ASX CFD. 2007, Australian Securities Exchange Page 4

5 1.8 Dividend / Yield Cashflow (DYC) Dividends for shares underlying an ASX CFD contract are routinely declared and paid to the market. These are Dividend Cashflows and are receipted/paid to holders of ASX CFD contracts that have dividend payments specified (eg ASX Equity and Index CFDs). A Yield Cashflow on an underlying ASX FX CFD contract is payable/receipted based on the relevant cash rate applicable for the opposite currency to that of the contract currency of the respective ASX FX CFD Holders of short ASX Equity CFD positions pay the Equity Dividend on the ex-dividend date based on short positions held at the close of trade on the day before the ex-dividend date. Holders of long ASX Equity CFD positions receive the Equity Dividend on the ex-dividend date based on long positions held at the close of trade on the day before the ex-dividend date. Holders of short ASX Index CFD positions pay the Index Dividend on the ex-dividend date of any stock in the constitute index that pays a dividend on the ex-dividend date. Short positions are those held at the close of trade on the day prior to the payment of a dividend by a stock in the constitute index. Holders of long ASX Index CFD positions receive the Index Dividend on the ex-dividend date of any stock in the constitute index that pays a dividend on the ex-dividend date. Long positions are those held at the close of trade on the day prior to the payment of a dividend by a stock in the constitute index. ASX FX CFD holders of short positions at the close of trade pay the Yield the following trading day. ASX FX CFD holders of long positions at the close of trade receive the Yield on the following trading day. The formula for determining the dividend payment/receipt for ASX Equity CFDs is: Equity Dividend = Di x C x X Where: Di = Net Scheduled Dividend payment in dollars and cents of the currency the dividend is paid as advised by ASX. C = Open positions in the contract at the client account level X = The number of units of the underlying per lot of the ASX CFD contract The formula for determining the dividend payment/receipt for ASX Index CFDs is: Index Dividend = Ei x C x X Where: Ei = Ex-dividend adjustment amount for the Index and determined by SFECC C = Open positions in the contract at the client account level X = The number of units of the underlying per lot of the ASX CFD contract Dividends will always be charged in the contract currency of the ASX CFD. The formula for determining the yield payment/receipt for ASX FX CFDs is Yield = I x N / D x C x X Where: I = Yield interest rate for the contract N = The number of days for which the Yield Cashflow is calculated D = Number of days used in the Interest Calculation (based on market convention) C = Open positions in the contract at the client account level X = The number of units of the underlying per lot of the ASX CFD contract 2007, Australian Securities Exchange Page 5

6 The Yield Cashflow is always charged in the opposing currency in the FX pair (the first currency quoted). ASX uses the days of the year convention (i.e. 365 or 360) that corresponds to the currency in which the cashflow is calculated. 1.9 Open Interest Charge (OIC) The Open Interest Charge (OIC) is paid by holders of either a net long or net short position in an ASX CFD held at the end of a trading day. The formula for calculating The OIC is as follows: OIC Charge = OICrate x (N / D) x SP x C x X Where: OIC Rate = Open Interest Charge Rate as determined by SFE Clearing applied to open positions. te: The OIC rate may differ depending on whether position is long or short.* C = Open positions in the contract at the client account level SP = The ASX CFD Settlement Price N = The number of days for which the OIC is being calculated D = The number of days in the year (based on market convention) ** X = The number of units of the underlying per lot of the ASX CFD contract * For ASX Equity CFDs the rate at which the OIC is calculated differs between clients holding net long and net short positions. For all other ASX CFDs the OIC rate will be identical whether a client holds a net long or net short position. ** OIC is always charged in the contract currency of the ASX CFD and SFE will use the days of the year convention (i.e. 365 or 360) that corresponds to the contract currency of the ASX CFD Franking Credit Cashflow (FCC) Long and Short The FCC applies only to ASX Equity CFDs. The FCC is a cashflow which represents the monetary equivalent of the franking credit declared on a particular stock. As such the FCC is to be treated from a taxation perspective like the Dividend Cashflow. All holders of a short ASX Equity CFD position at the close of trading on the day before an ex-dividend date pay the Short FCC based on the following formula: Short Franking Credit Cashflow = Fs x Cs x X Where: Fs = Short Franking credit per share as calculated by SFE Cs = Net short open position in each contract at the client account level X = The number of units of the underlying per lot of the ASX CFD Contract Holders of long positions receive a reduced Franking Credit per share when DPMs have an overall short position in the contract. The amount received is based on the formula: Long Franking Credit Cashflow = [Ts/(Ts + Ds)] x Fl x X Where: Fl = Long Franking credit per share as calculated by SFE X = The number of units of the underlying per lot of the ASX CFD Contract 2007, Australian Securities Exchange Page 6

7 Ds = Ts = Total open short positions held by designated price makers in the ASX Equity CFD contract after a mandatory close out is performed by SFE Clearing of the designated price maker long and short positions which are able to be offset against each other. Total open short positions held by all non-designated price maker clients in the ASX Equity CFD contract te that Franking Credit cashflow payments and receipts are notified and settled on the day after the ex-dividend date. Franking Credit Cashflow is always charged in the contract currency of the ASX CFD. 2007, Australian Securities Exchange Page 7

8 2 Commodity Codes The following table outlines the commodity codes for each ASX CFD contract. The format for each commodity code is XXMY. Sycom Code (XX) Sycom Expiry Month Code (M) Sycom Expiry Year Code (Y) Expiry Month Expiry Year ASX CFD Equities AL K 6 May 2036 Amcor Limited AU K 6 May 2036 Alumina Limited AV K 6 May 2036 AMP Limited AW K 6 May 2036 Australia And New Zealand Banking Group Limited AY K 6 May 2036 AXA Asia Pacific Holdings Limited BJ K 6 May 2036 BHP Billiton Limited BU K 6 May 2036 Bluescope Steel Limited BY K 6 May 2036 Brambles Industries Limited BZ K 6 May 2036 Boral Limited CL K 6 May 2036 Coca-Cola Amatil Limited CP K 6 May 2036 CSR Limited CU K 6 May 2036 Commonwealth Bank Of Australia CV K 6 May 2036 CSL Limited FL K 6 May 2036 Foster's Group Limited GP K 6 May 2036 GPT Group IX K 6 May 2036 Insurance Australia Group Limited JF K 6 May 2036 Fairfax (John) Holdings Limited LG K 6 May 2036 Lihir Gold Limited MB K 6 May 2036 Macquarie Bank Limited MD K 6 May 2036 Goodman Group MI K 6 May 2036 Macquarie Infrastructure Group NA K 6 May 2036 National Australia Bank Limited NG K 6 May 2036 Newcrest Mining Limited NN K 6 May 2036 News Corporation Inc OE K 6 May 2036 Origin Energy Limited OH K 6 May 2036 Oil Search Limited OR K 6 May 2036 Orica Limited OT K 6 May 2036 Onesteel Limited OX K 6 May 2036 Oxiana Limited PD K 6 May 2036 Paladin Resources Limited PL K 6 May 2036 Publishing & Broadcasting Limited QI K 6 May 2036 Qbe Insurance Group Limited QL K 6 May 2036 Qantas Airways Limited RT K 6 May 2036 Rio Tinto Limited SB K 6 May 2036 St George Bank Limited SL K 6 May 2036 Santos Limited SM K 6 May 2036 Suncorp-Metway Limited. TC K 6 May 2036 Tabcorp Holdings Limited Australian Securities Exchange, 2007 Page 8

9 TM K 6 May 2036 Telstra Corporation Limited. TO K 6 May 2036 Toll Holdings Limited TS K 6 May 2036 Tattersell's Limited TT K 6 May 2036 Telstra Corporation Limited. TU K 6 May 2036 Transurban Group Limited TZ K 6 May 2036 Telecom Corporation Of New Zealand Limited WC K 6 May 2036 Westpac Banking Corporation WG K 6 May 2036 Westfield Group WL K 6 May 2036 Woolworths Limited WO K 6 May 2036 Woodside Petroleum Limited WS K 6 May 2036 Wesfarmers Limited IZ K 6 May 2036 Zinifex Limited FX FE X 6 vember 2036 / FP X 6 vember 2036 NZD/ JPY FJ X 6 vember 2036 / JPY FN X 6 vember 2036 / NZD FR X 6 vember 2036 / FU X 6 vember 2036 / FZ X 6 vember 2036 NZD / FY X 6 vember 2036 / JPY Index IE V 6 October 2036 Dow Jones O STOXX 50 1 IG V 6 October 2036 DAX 2 IK V 6 October 2036 FTSE 3 IQ V 6 October 2036 S&P/ASX IT V 6 October 2036 NASDAQ 5 IU V 6 October 2036 DJIA 6 Commodity GG X 6 vember 2036 GOLD 1 Dow Jones O STOXX 50 is a service mark of STOXX Limited or Dow Jones & Company, Inc., as the case may be, and has been licensed for use for certain purposes by Sydney Futures Exchange Limited. ASX Dow Jones O STOXX 50 CFD based on the Dow Jones O STOXX 50 is not sponsored, endorsed, sold or promoted by STOXX or Dow Jones and neither STOXX nor Dow Jones makes any representation regarding the advisability of investing in such product 2 DAX 30 is a registered trademark of Deutsche Borse AG 3 FTSE is a trade mark of the London Stock Exchange Plc and the Financial Times Limited and is used by FTSE International Limited ( FTSE ) under licence. All copyright and database rights in the index values and constituent lists vest in FTSE. Neither FTSE nor its licensors in any way sponsors, endorses or is otherwise involved in the issue and offering of this product. FTSE and its licensors disclaim any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors or omissions in the calculation and/or dissemination of the Index or for the manner in which it is applied in connection with the issue and offering thereof or in connection with the trading of the Index. This ASX FTSE CFD is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ( FTSE ) and neither FTSE nor or any licensors of FTSE make any warranty or representation whatsoever, express or implied, as to the results to be obtained from the use of the ASX FTSE CFD. The FTSE 100 Index is the proprietary interest of FTSE and has been licensed for use by the SFE. 4 standard & Poor s and S&P are registered trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Sydney Futures Exchange Limited. The ASX S&P/ASX 200 CFD is not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the ASX S&P/ASX 200 CFD. 5 Nasdaq, Nasdaq-100, and Nasdaq-100 Index are trademarks of The Nasdaq Stock Market, Inc. (which with its affiliates is referred to as the Corporations ) and are licensed for use by Sydney Futures Exchange Limited. The ASX Nasdaq CFD has not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S). 6 Dow Jones, DJIA and Dow Jones Industrial Average IndexSM are service marks of Dow Jones & Company, Inc. and have been licenced for use. Dow Jones has no relationship to the Sydney Futures Exchange Limited other than the licensing of the Dow Jones Industrial Average Index and its service marks for use in connection with the ASX DJIA CFD. The ASX DJIA CFD is not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones makes no representation regarding the advisability of investing in the ASX DJIA CFD. te: the additional ASX Index CFD licence agreement disclaimers are set out on pages , Australian Securities Exchange Page 9

10 3 Contract Specification for ASX Equity CFDs The following contract specifications are a summary of the individual contract specifications contained in the SFE Operating Rules. The specification for all ASX Equity CFDs is identical regardless of the underlying stock. As such, only one contract specification is provided below. Underlying instrument Contract Unit (Face Value) Example price as displayed on SYCOM IV. Equity 1 Share from the list of approved shares 1 Share 2850 cents (equalling $28.50) TIC Increment 1 TIC Value 0.01 Target overnight cash rate as published by the Reserve Bank of Australia N/A Expiry 6 May, 2036 Trading Hours (all times are Sydney time) 10.00am 4.00pm Australia Australian Securities Exchange, 2007 Page 10

11 4 for ASX Index CFDs 4.1 Contract Specification for the ASX S&P/ASX 200 CFD Underlying instrument Contract Unit (Face Value) Index S&P/ASX 200 Index Index Number Example price as displayed on SYCOM IV. 5,119.0 TIC Increment 0.1 TIC Value 0.10 Target overnight cash rate as published by the Reserve Bank of Australia N/A Expiry 6 October, 2036 Trading Hours (all times are Sydney time) Aust daylight saving/us non daylight saving 9.50am 4.00pm Aust non daylight saving/us non daylight saving 9.50am 4.00pm Aust non daylight saving/us daylight saving 9.50am 4.00pm Australia Australian Securities Exchange, 2007 Page 11

12 4.2 Contract Specification for ASX DJIA CFD Index Underlying instrument Dow Jones Industrial Average Index Contract Unit (Face Value) Index Number Example price as displayed on SYCOM IV. 11,205.0 TIC Increment 0.1 TIC Value 0.10 Federal Funds Rate (Fed Funds Rate) as published daily by the Federal Reserve Bank of New York N/A Expiry 6 October, 2036 Trading Hours (all times are Sydney time) Aust daylight saving/us non daylight saving 1:30am 8.00am Aust non daylight saving/us non daylight saving 12:30am 7.00am Aust non daylight saving/us daylight saving 11:30pm 6.00am Australia, USA 2007, Australian Securities Exchange Page 12

13 4.3 Contract Specification for ASX NASDAQ CFD Index Underlying instrument NASDAQ 100 Contract Unit (Face Value) Index Number Example price as displayed on SYCOM IV. 2,195.0 TIC Increment 0.1 TIC Value 0.10 Federal Funds Rate (Fed Funds Rate) as published daily by the Federal Reserve Bank of New York N/A Expiry 6 October, 2036 Trading Hours (all times are Sydney time) Aust daylight saving/us non daylight saving 1:30am 8.00am Aust non daylight saving/us non daylight saving 12:30am 7.00am Aust non daylight saving/us daylight saving 11:30pm 6.00am Australia, USA Australian Securities Exchange, 2007 Page 13

14 4.4 Contract Specification for ASX FTSE CFD Underlying instrument Contract Unit (Face Value) Index FTSE UK 100 Index Index Number GBP Example price as displayed on SYCOM IV. 5,675.5 TIC Increment 0.1 TIC Value GBP 0.10 Sterling Overnight Index Average (SONIA) as published daily by the British Wholesale Markets Brokers' Association (WMBA) GBP N/A GBP GBP GBP Expiry 6 October, 2036 Trading Hours (all times are Sydney time) Aust daylight saving/cet non daylight saving 7.00pm 3.30am Aust non daylight saving/cet daylight saving 5.00pm 1.30am Australia, UK Australian Securities Exchange, 2007 Page 14

15 4.5 Contract Specification for ASX DAX CFD Index Underlying instrument DAX 30 Contract Unit (Face Value) Index Number Example price as displayed on SYCOM IV. 5,652.7 TIC Increment 0.1 TIC Value 0.10 Euro Overnight Index Average (EONIA) as published daily by Reuters N/A Expiry 6 October, 2036 Trading Hours (all times are Sydney time) Aust daylight saving/cet non daylight saving 7.00pm 3.30am Aust non daylight saving/cet daylight saving 5.00pm 1.30am Australia, European Australian Securities Exchange, 2007 Page 15

16 4.6 Contract Specification for ASX Dow Jones O STOXX 50 CFD Index Underlying instrument Dow Jones O STOXX 50 Contract Unit (Face Value) Index Number Example price as displayed on SYCOM IV. 3,361.0 TIC Increment 0.1 TIC Value 0.10 Euro Overnight Index Average (EONIA) as published daily by Reuters N/A Expiry 6 October, 2036 Trading Hours (all times are Sydney time) Aust daylight saving/cet non daylight saving 7.00pm 3.30am Aust non daylight saving/cet daylight saving 5.00pm 1.30am Australia, European Australian Securities Exchange, 2007 Page 16

17 5 for ASX FX CFDs 5.1 Contract Specification for ASX / CFD FX Underlying instrument / FX Spot Contract Unit (Face Value) equivalent to 100 Example price as displayed on SYCOM IV TIC Increment TIC Value 0.01 Federal Funds Rate (Fed Funds Rate) as published daily by the Federal Reserve Bank of New York Target overnight cash rate as published by the Reserve Bank of Australia Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, USA 2007, Australian Securities Exchange Page 17

18 Trading Specifications 5.2 Contract Specification for ASX /NZD CFD Underlying instrument FX / NZD FX Spot Contract Unit (Face Value) NZD equivalent to 100 NZD Example price as displayed on SYCOM IV TIC Increment TIC Value NZD 0.01 Official Overnight Cash Rate (ONCR) as published daily by the Reserve Bank of New Zealand NZD Target overnight cash rate as published by the Reserve Bank of Australia NZD NZD Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, New Zealand Australian Securities Exchange, 2007 Page 18

19 Trading Specifications 5.3 Contract Specification for ASX / CFD Underlying instrument FX / FX Spot Contract Unit (Face Value) equivalent to 100 Example price as displayed on SYCOM IV TIC Increment TIC Value 0.01 Euro Overnight Index Average (EONIA) as published daily by Reuters Target overnight cash rate as published by the Reserve Bank of Australia Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, Europe Australian Securities Exchange, 2007 Page 19

20 Trading Specifications 5.4 Contract Specification for ASX NZD/JPY CFD Underlying instrument FX NZD /JPY FX Spot Contract Unit (Face Value) JPY equivalent to NZD 100 JPY Example price as displayed on SYCOM IV TIC Increment 0.01 TIC Value JPY 1 Overnight Call Rate as published daily by the Bank of Japan JPY Official Overnight Cash Rate(ONCR) as published daily by the RBNZ NZD JPY JPY Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, Japan Australian Securities Exchange, 2007 Page 20

21 Trading Specifications 5.5 Contract Specification for ASX /JPY CFD Underlying instrument FX / JPY FX Spot Contract Unit (Face Value) JPY equivalent to 100 JPY Example price as displayed on SYCOM IV TIC Increment 0.01 TIC Value JPY 1 Overnight Call Rate as published daily by the Bank of Japan JPY Target overnight cash rate as published by the Reserve Bank of Australia JPY JPY Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, Japan Australian Securities Exchange, 2007 Page 21

22 Trading Specifications 5.6 Contract Specification for ASX / CFD Underlying instrument FX / FX Spot Contract Unit (Face Value) equivalent to 100 Example price as displayed on SYCOM IV TIC Increment TIC Value 0.01 Euro Overnight Index Average (EONIA) as published by Reuters Federal Funds Rate (Fed Funds Rate) as published daily by the Federal Reserve Bank of New York Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, USA Australian Securities Exchange, 2007 Page 22

23 Trading Specifications 5.7 Contract Specification for ASX /JPY CFD Underlying instrument FX / JPY FX Spot Contract Unit (Face Value) JPY equivalent to 100 JPY Example price as displayed on SYCOM IV TIC Increment 0.01 TIC Value JPY 1 Overnight Call Rate as published daily by the Bank of Japan JPY Federal Funds Rate (Fed Funds Rate) as published daily by the Federal Reserve Bank of New York JPY JPY Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, Japan Australian Securities Exchange, 2007 Page 23

24 5.8 Contract Specification for ASX NZD/ CFD Underlying instrument FX NZD / Contract Unit (Face Value) equivalent to NZD 100 Example Face Value Minimum Price Movement 0.01 Federal Funds Rate (Fed Funds Rate) as published daily by the Federal Reserve Bank of New York Official Overnight Cash Rate(ONCR) as published daily by the RBNZ NZD Last Trading Day of CFD 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, USA 2007, Australian Securities Exchange Page 24

25 6 for ASX Commodity CFDs 6.1 Contract Specification for ASX GOLD CFD Underlying instrument Contract Unit (Face Value) Commodity Spot Gold 1 ounce of gold Example price as displayed on SYCOM IV TIC Increment 0.01 TIC Value 0.01 Federal Funds Rate (Fed Funds Rate) as published daily by the Federal Reserve Bank of New York N/A N/A Expiry 6 vember, 2036 Trading Hours (all times are Sydney time) 1 st session 5.00pm 7.00am 2 nd session 9.00am 4.00pm Australia, USA 2007, Australian Securities Exchange Page 25

26 7 Index provider disclaimers Standard & Poor s and S&P are registered trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Sydney Futures Exchange Limited. THE ASX S&P/ASX 200 CFD IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY STANDARD & POOR S AND ITS AFFILIATES ( S&P ). S&P MAKES NO REPRESENTATION, CONDITION, WARRANTY, EXPRESS OR IMPLIED, TO HOLDERS OF LONG OR SHORT POSITIONS IN THE CFD ( THE CFD INVESTORS ) OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE CFD PARTICULARLY OR THE ABILITY OF THE ASX S&P/ASX 200 CFD TO TRACK GENERAL STOCK MARKET PERFORMANCE. S&P S ONLY RELATIONSHIP TO SYDNEY FUTURES EXCHANGE LIMITED IS THE LICENSING OF CERTAIN TRADEMARKS AND TRADE NAMES AND OF THE S&P INDICES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY S&P WITHOUT REGARD TO SYDNEY FUTURES EXCHANGE LIMITED OR CFD INVESTORS. S&P HAS NO OBLIGATION TO TAKE THE NEEDS OF SYDNEY FUTURES EXCHANGE LIMITED OR THE CFD INVESTORS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE S&P INDICES. S&P IS NOT RESPONSIBLE FOR AND HAS NOT PARTICIPATED IN THE DETERMINATION OF THE PRICES OF THE CFD OR THE LISTING AND TRADING OF THE CFD. S&P HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING, OR TRADING OF THE CFD. S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY OR CONDITION, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CFD INVESTORS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES OR CONDITIONS, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS) RESULTING FROM THE USE OF THE S&P/ASX INDEX OR ANY DATA INCLUDED THEREIN, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. DAX 30 is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor ). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness on an investment in this product. Dow Jones O STOXX 50 is a service mark of limited or dow Jones & Company, inc., as the case may be, and has been licensed for use for certain purposes by sydney futures exchange limited. ASX Dow Jones O STOXX 50 CFD based on the Dow Jones O STOXX 50 is not sponsored, endorsed, sold or promoted by or Jones and neither nor Jones makes any representation regarding the advisability of investing in such product. STOXX does not: Sponsor, endorse, sell or promote the ASX Dow Jones O STOXX 50 CFD; Recommend that any person invest in the ASX Dow Jones O STOXX 50 CFD or any other securities; Have any responsibility or liability for or make any decisions about the timing, amount or pricing of the ASX Dow Jones O STOXX 50 CFD; Have any responsibility or liability for the administration, management or marketing of the ASX Dow Jones O STOXX 50 CFD ; Consider the needs of the ASX Dow Jones O STOXX 50 CFD or the owners of the ASX Dow Jones O STOXX 50 CFD in determining, composing or calculating the dow Jones euro stoxx 50 or have any obligation to do so. STOXX and/or Jones & Company, inc. (collectively herein the licensors ) will not have any liability in connection with the ASX Dow Jones O STOXX 50 Cfd. specifically, The Licensors do not make any warranty, express or implied, and the Licensors disclaim any warranty about: the results to be obtained by the ASX Dow Jones O STOXX 50 Cfd, the owner of the Jones 50 Cfd or any other person in connection with the use of the Jones 50 and the data included in the Jones 50 ; The accuracy or completeness of the Dow Jones O STOXX 50 and its data; The merchantability and the fitness for a particular purpose or use of the Dow Jones O STOXX 50 and its data; The Licensors will have no liability for any errors, omissions or interruptions in the Dow Jones O STOXX 50 or its data; Under no circumstances will the Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if the licensors know that they might occur. 2007, Australian Securities Exchange Page 26

27 Trading Specifications The licensing agreement between the Sydney Futures Exchange Limited the licensing agreement between the Sydney Futures Exchange Limited and STOXX is solely for their benefit and not for the benefit of the owners of the ASX Dow Jones O STOXX 50 or any other third parties. Jones is a service mark of Jones & Company, inc. this mark has been licensed for use for the purposes described in this document by Limited. Dow Jones, DJIA and Jones Industrial Average SM are service marks of Jones & Company, Jones has no relationship to the other than the licensing of its service marks for use in connection with the DJIA index. Dow Jones does not: Sponsor, endorse, sell or promote the ASX DJIA CFD Recommend that any person invest in these products. Have any responsibility or liability for or make any decisions about the timing, amount or pricing of these products Have any responsibility or liability for the administration, management or marketing of these products. Consider the needs of the owners of these products in determining, composing or calculating the Dow Jones Industrial Average Index or have any obligation to do so. Dow Jones will not have any liability in connection with the ASX DJIA CFD. Specifically, Dow Jones does not make any warranty, express or implied, and Dow Jones disclaims any warranty about: the results to be obtained by the ASX DJIA CFD, the owner of the ASX DJIA CFD, or any other person in connection with the use of the Dow Jones Industrial Average Index and the data related to the Index; The accuracy or completeness of the Dow Jones Indices and their related data; The merchantability and the fitness for a particular purpose or use of the Dow Jones Indices and their related data; Dow Jones will have no liability for any errors, omissions or interruptions in the Dow Jones Indices and their related data; Under no circumstances will Dow Jones be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if Dow Jones knows that they might occur. The licensing agreement between SFE and Dow Jones is solely for their benefit and not for the benefit of the owners of the ASX DJIA CFD or any other third parties. The ASX NASDAQ CFD is not sponsored, endorsed, sold or promoted by the NASDAQ stock market, inc. or its affiliates) (NASDAQ, with its affiliates, are referred to as the Corporations ). Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to the CFD. Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the nasdaq-100 index to track general stock market performance. Corporations only relationship to Sydney Futures Exchange Limited ( licensee ) is in the licensing of the, 100, and 100 trademarks, and certain trade names of the Corporations and the use of the 100 which is determined, composed and calculated by without regard to licensee or the Product(s). NASDAQ has no obligation to take the needs of the or the owners of the Product(s) into consideration in determining, composing or calculating the 100. the Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. Corporations have no liability in connection with the administration, marketing or trading of the Product(s). THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100 INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. FTSE is a trade mark of the London Stock Exchange Plc and the financial times limited and is used by international ( FTSE ) under licence. All copyright and database rights in the index values and constituent lists vest in FTSE. Neither nor its licensors in any way sponsors, endorses or is otherwise involved in the issue and offering of this product. FTSE and its licensors disclaim any liability to any party for any inaccuracy in the data on which the index is based, for any mistakes, errors or omissions in the calculation and/or dissemination of the or for the manner in which it is applied in connection with the issue and offering thereof or in connection with the trading of the Index. the ASX FTSE CFD is not in any way sponsored, endorsed, sold or promoted by international limited ( FTSE ) and neither nor any licensors of make any warranty or representation whatsoever, express or implied, as to the results to be obtained from the use of the CFD. the 100 index is the proprietary interest of and has been licensed for use by the SFE. Australian Securities Exchange, 2007 Page 27