LONDON COCOA FUTURES CONTRACT CHANGES EFFECTIVE FROM MAY 2017 TOBY BRANDON, DIRECTOR, SOFT COMMODITIES, ICE FUTURES EUROPE
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1 LONDON COCOA FUTURES CONTRACT CHANGES EFFECTIVE FROM MAY 2017 TOBY BRANDON, DIRECTOR, SOFT COMMODITIES, ICE FUTURES EUROPE
2 INTERCONTINENTAL EXCHANGE THE LEADING MARKETPLACE FOR COMMODITIES TRADING AGRICULTURAL COMMODITIES ICE Formed KEY ACQUISITIONS International Petroleum Exchange New York Board of Trade (NYBOT) NYSE Euronext (LIFFE) INTERCONTINENTAL EXCHANGE 2
3 WHY WERE CONTRACT CHANGES NEEDED? Post-LIFFE acquisition, ICE initiative to improve and update contract terms across Soft Commodities Products Increasing relevance of BDUs Re-calibrate allowances and discounts with current market DESIGN: Extensive consultation with market participants GOAL: To continue provide the cocoa industry with the most effective tools for price discovery and price risk management INTERCONTINENTAL EXCHANGE 3
4 KEY CONTRACT TERMS The London Cocoa futures contract has long been used as the global benchmark for the pricing of physical cocoa. It is actively traded by producers, exporters, trade houses, processors and chocolate manufacturers as well as by managed funds and both institutional and short-term investors. DELIVERABLE ORIGINS CONTRACT SIZE DELIVERY UNITS TICK SIZE All Origins - subject to origin and quality allowances and discounts Ten Tonnes Standard Delivery Unit (SDU) bagged cocoa in ten tonne units Large Delivery Unit (LDU) bagged cocoa in 100 tonne units Bulk Delivery Unit (BDU) loose cocoa in 1,000 tonne units 1 per Tonne ( 10 per lot) CONTRACT MONTHS March May July September December LAST TRADING DAY NOTICE DAY Eleven business days immediately prior to the last business day of the delivery month at 12:00 The business day immediately following the last trading day INTERCONTINENTAL EXCHANGE 4
5 DELIVERY PORT LIST PORT SDUs LDUs BDUs Total MT Amsterdam 1, ,730 Antwerp 10, ,690 Bremen Hamburg 1, ,620 Le Havre Liverpool London ,940 Rotterdam ,630 Total Valid Stocks as at 4 th May ,960 INTERCONTINENTAL EXCHANGE 5
6 DELIVERY UNITS Standard Delivery Unit (SDU) bagged cocoa in 10mt units Bulk Delivery Unit (BDU) loose cocoa in 1000mt units Large Delivery Unit (LDU) bagged cocoa in 100mt units INTERCONTINENTAL EXCHANGE 6
7 GROWTH IN BULK DELIVERY UNITS (BDU) 7
8 BULK DELIVERY UNIT CHANGES Up to March 2017 New Rules from May 2017 BULK DISCOUNT 20/mt discount No Discount FFA TEST No assessment FFA test and discount; Maximum 3.5% CERTIFICATE LENGTH 6 months 12 months WEIGHT ALLOWANCE BDUs re-weighed every 6 months (if re-graded) 0% weight loss assumed INTERCONTINENTAL EXCHANGE 8
9 BAGGED DELIVERY UNIT CHANGES SDU, LDU Up to March 2017 New Rules from May 2017 BULK DISCOUNT n/a n/a FFA TEST No assessment No Assessment CERTIFICATE LENGTH 6 months 6 months after first grading 12 months for subsequent re-grades Months % Allowance Days % Allowance WEIGHT ALLOWANCE % days Accrues daily up to 0.5% % % days Accrues daily additional 0.5% % % days Accrues daily additional 0.25% % MAXIMUM 1.25% AFTER 913 DAYS INTERCONTINENTAL EXCHANGE 9
10 ALLOWANCES & DISCOUNTS Category Description Premium level Allowance range (=discount) Non-tenderable level (=failed grading) Defects (per 100 beans) Slate (per 100 beans) Bean Count (beans per 100g) Standard Deviation Bean Count Calculation (beans per 2kg) Residue & Foreign Material (per 2kg sample) No premiums No premiums No premiums 26g 75g 75g 3.75% Clusters No premiums 52g 150g All unchanged EXCEPT Residue and Foreign Matter 10
11 RESIDUE AND FOREIGN MATTER Old rules pre-may 2017 Par up to 25g per 2 kg = 1.25% Non-tenderable above 75g = 3.75% New rules from May 2017 Par up to 45 g per 2kg = 2.25% Non-tenderable above 105g = 5.25% IMPACT: Residue and Foreign Matter discounts are less punitive by 0 to 24 per MT depending on the grading band
12 CHANGES TO ORIGIN GROUPS Pre-May 2017 ORIGIN GROUP 1 - PAR (No Discount) Cote d'ivoire, DRC, Equatorial Guinea, Ghana, Nigeria, Cameron, Sierra Leone Grenada Fine Estates, Jamaica, Trinidad & Tobago, Western Samoa ORIGIN GROUP 2-25 Discount Sao Tome, Sri Lanka ORIGIN GROUP 3-50 Discount Brazil Bahia Superior, Ecuador, Papua New Guinea ORIGIN GROUP 4-75 Discount Malaysia ORIGIN GROUP Discount Cocoa from any other origin Other Africa*, 12,220 Sierre Leone, 14,110 Nigeria, 68,700 ICE Europe Valid Certified Stock Total 268,050 MT Ecuador, 1,740 PNG, 200 Peru, 70 Cameron, 93,760 Ivory Coast, 77,010 Cameron Ivory Coast Nigeria Sierre Leone Other Africa* Ecuador PNG Peru INTERCONTINENTAL EXCHANGE 12
13 Annual Average Grading Result (including origin discount) for SDUs AVERAGE GRADING RESULTS COMPARED BY ORIGIN WITHOUT THE ORIGIN DISCOUNT, ECUADOR GRADINGS WOULD ACHIEVE A PREMIUM CAMEROON COTE D'IVOIRE Dominican Republic ECUADOR NIGERIA Peru Origin Discounts are required to maintain West African cocoa as the primary source of Exchange certified stock INTERCONTINENTAL EXCHANGE 13
14 CHANGES TO ORIGIN GROUPS Pre-May 2017 ORIGIN GROUP 1 - PAR (No Discount) Cote d'ivoire, DRC, Equatorial Guinea, Ghana, Nigeria, Cameron, Sierra Leone Grenada Fine Estates, Jamaica, Trinidad & Tobago, Western Samoa ORIGIN GROUP 2-25 Discount Sao Tome, Sri Lanka ORIGIN GROUP 3-50 Discount Brazil Bahia Superior, Ecuador, Papua New Guinea ORIGIN GROUP 4-75 Discount Malaysia ORIGIN GROUP Discount Cocoa from any other origin Other Africa*, 12,220 Sierre Leone, 14,110 Nigeria, 68,700 ICE Europe Valid Certified Stock Total 268,050 MT Ecuador, 1,740 PNG, 200 Peru, 70 Cameron, 93,760 NEW RULES Effective May 2017 ORIGIN GROUP 1 - PAR (No Discount) All African origins ORIGIN GROUP 2-50 Discount All other origins Ivory Coast, 77,010 Cameron Ivory Coast Nigeria Sierre Leone Other Africa* Ecuador PNG Peru SIMPLE GROUP STRUCTURE, VALUE DRIVEN BY GOOD QUALITY WEST AFRICAN COCOA INTERCONTINENTAL EXCHANGE 14
15 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 IMPACT OPEN INTEREST AND VOLUME Rule changes announced May , , , , , ,000 Volume Month-End OI 300, , ,000 0 INTERCONTINENTAL EXCHANGE 15
16 IMPACT Gradings since 01 November 2016 have been affected by the new rules 01 Nov
17 SUMMARY OF CHANGES Bulk Delivery Units Removal of - 20 discount Introduction of FFA testing Extended grading certificates from 6 to 12 months Extended Certificates, Weight loss accrues daily over first 6 months Extended grading certificates from 6 to 12 months for re-grades of SDUs and LDUs Weight allowances now accrue daily, 0.5% in first 6 months Allowances and Discounts Origin groups reduced from 5 to 2: PAR Africa and - 50 Non-Africa Residue & FM discounts relaxed by 1% RESULT : Updated contract terms, re-aligned with market practice and experience 17
18 CONTACT INFORMATION TIM BARRY TOBY BRANDON MATT RYAN Vice President, Product Development Intercontinental Exchange Director, Soft Commodity Operations Intercontinental Exchange Senior Director, Ags and Soft Commodities Intercontinental Exchange DISCLAIMER 2017 Intercontinental Exchange, Inc. The information and materials contained in this document - including text, graphics, links or other items - are provided "as is" and "as available." ICE and its subsidiaries do not warrant the accuracy, adequacy or completeness of this information and materials and expressly disclaims liability for errors or omissions in this information and materials. This document is provided for information purposes only and in no way constitutes investment advice or a solicitation to purchase investments or market data or otherwise engage in any investment activity. No warranty of any kind, implied, express or statutory, is given in conjunction with the information and materials. The information in this document is liable to change and ICE undertakes no duty to update such information. You should not rely on any information contained in this document without first checking that it is correct and up to date. The content of this document is proprietary to ICE in every respect and is protected by copyright. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of ICE. All third party trademarks are owned by their respective owners and are used with permission. Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at Safe Harbor Statement under the Private Securities Litigation Reform Act of Statements in this presentation regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc. s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on February 5, INTERCONTINENTAL EXCHANGE 18
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