FUEL RISK MANAGEMENT. Fixed Forward Physical
|
|
|
- Jerome Lamb
- 5 years ago
- Views:
Transcription
1 FUEL RISK MANAGEMENT Fixed Forward Physical
2 Our Services Daily Market Update Oil market drivers Technical analysis FFP indications for Major ports Charts Daily Swap Indications Monitor and execute limit orders Fast Competitive pricing 24 hour desk (Singapore, London, New York) Monthly Statements Position Overview Mark to Market
3 Fixed Forward Price (FFP)
4 Description Fixed Forward Price (FFP) FFP Agreements allow the customer to lock in the price they pay for bunkers in a specific time frame. Mechanism You buy 5,000 metric tons of IFO 380cst in Singapore per month for a period of 3 months from CHEMOIL at USD640.00/mt. Month 1: IFO 380cst in Singapore spot price at time of delivery equates to USD680.00/mt. You pay CHEMOIL USD640.00/mt and save USD40.00/mt Month 2: IFO 380cst in Singapore spot price at time of delivery equates to USD620.00/mt. You pay CHEMOIL the fixed price of USD640.00/mt. and suffer an opportunity loss of USD20.00/mt Month 3: IFO 380cst in Singapore spot price at time of delivery equates to USD700.00/mt. You pay CHEMOIL USD640.00/mt and save USD60.00/mt Advantages Protection from spot price increases Guaranteed future fuel supply Guaranteed price Settlement through normal invoicing after each delivery at normal credit terms Disadvantages Lost opportunity if spot price falls
5 Capped Forward Price
6 Description Capped Forward Price Capped Forward Price Agreements allow the customer to lock in the price they pay for bunkers in a specific time frame at a discount to a normal FFP. However, the benefit to the upside is limited. This allows the customer to take advantage of the lower forward prices and high premiums in the options market. Mechanism You buy 5,000 metric tons of IFO 380cst in Singapore per month for a period of 3 months from CHEMOIL at USD with a limit at USD Normal FFP is offered at USD640. Month 1: IFO 380cst in Singapore spot price at time of delivery equates to USD680.00/mt (Past the Cap at USD660 by USD20. You pay CHEMOIL USD USD20.00 = USD640.00/mt. You save USD40.00/mt Month 2: IFO 380cst in Singapore spot price at time of delivery equates to USD610.00/mt. You pay CHEMOIL USD620.00/mt. and suffer an opportunity loss of USD10.00/mt Month 3: IFO 380cst in Singapore spot price at time of delivery equates to USD660.00/mt. (Below at Cap at $660) You pay CHEMOIL USD620.00/mt and save USD40.00/mt Advantages Obtain a discount on the fixed price compared to the normal FFP Some protection against rising markets Settlement through normal invoicing after each delivery at normal credit terms When prices increase, you will always save money in comparison to the spot price. Disadvantages Opportunity costs if market price falls 100% protection against rising markets not guaranteed
7 Cap Price + Premium
8 Description Mechanism Cap Price Cap Price Agreements allow the customer to cap the price they pay for bunkers in a specific time frame. This benefit requires a non refundable upfront premium to be paid when you enter the agreement. If the spot price is below the maximum price, you pay the spot price over the period of the agreement. If the spot price is above the maximum price, you only pay the maximum price over the period of the agreement. You buy 5,000 metric tons of IFO 380cst in Singapore per month for a period of 3 months from CHEMOIL at a cap price of USD660.00/mt. Premium for the upside protection of USD30/mt to be paid when entering the agreement. Month 1: IFO 380cst in Singapore spot price at time of delivery equates to USD680.00/mt. You pay CHEMOIL USD660.00/mt and save USD20.00/mt. However, You have paid an upfront premium of USD30.00/mt, therefore you suffer an opportunity loss of USD10.00/mt Month 2: IFO 380cst in Singapore spot price at time of delivery equates to USD620.00/mt. You pay CHEMOIL the spot price at USD620.00/mt. You have paid an upfront premium of USD30.00/mt, therefore the total price is USD650.00/mt Month 3: IFO 380cst in Singapore spot price at time of delivery equates to USD700.00/mt. You pay CHEMOIL USD660.00/mt and save USD40.00/mt. However, You have paid an upfront premium of USD30.00/mt, therefore net savings will be USD10.00/mt. Advantages Protection from spot price increases Full benefit from falling spot prices Guaranteed future fuel supply Guaranteed certainty that price will be lower or equal the agreed price level Settlement through normal invoicing after each delivery at normal credit terms Disadvantages Upfront premium
9 Fixed Forward Collar
10 Description Mechanism Fixed Forward Collar FFP Collar is a Capped Forward Price with limited downside opportunity. This agreement allows the customer to lock in the price they pay for bunkers in a specific time frame but leave the opportunity open to achieve some limited cost savings should prices decline. If the spot price is between the maximum and minimum price, you pay the spot price. If the spot price is above the maximum price, you only pay the agreed maximum price (cap). If the spot price is below the minimum price, you pay the agreed minimum price (floor). You buy 5,000 metric tons of IFO 380cst in Singapore per month for a period of 3 months from CHEMOIL at a capped price of USD660.00/mt (maximum price) and a floor at USD630.00/mt (minimum price). Month 1: IFO 380cst in Singapore spot price at time of delivery equates to USD680.00/mt. You pay CHEMOIL USD660.00/mt and save USD20.00/mt Month 2: IFO 380cst in Singapore spot price at time of delivery equates to USD620.00/mt. You pay CHEMOIL the floor price of USD630.00/mt and suffer an opportunity loss of USD10.00/mt Month 3: IFO 380cst in Singapore spot price at time of delivery equates to USD700.00/mt. You pay CHEMOIL USD660.00/mt. and save USD40.00/mt Advantages Protection from spot price increases Benefit from falling spot prices until the minimum price Guaranteed future fuel supply Guaranteed certainty that price will be lower or equal the agreed price level Settlement through normal invoicing after each delivery at normal credit terms No upfront premium as this structure is calculated at zero-cost Disadvantages Opportunity costs if market price falls below the floor
11
Managing The Financial Position-Minimising Risks. Can Ertem Managing Analyst EMEA
Managing The Financial Position-Minimising Risks Can Ertem Managing Analyst EMEA Today s Agenda About OI. Risks associated with the bunker industry and how to minimise them. 2 Who are we? Founded by Adam
Responsive Maritime Partners. Risk management
Responsive Maritime Partners Risk management LOWER AND MANAGE YOUR BUNKER COSTS WITH RISK MANAGEMENT KPI BRIDGE OIL CAN SOLVE YOUR PROBLEMS WHEN Bunker price increases hurt your business You need bunker
Hedging Sales Revenue by Commodity Production
Hedging Sales Revenue by Commodity Production By: Andrew Volz, Solutions Consultant, Reval April 8, 2010 CONTENT Executive Summary Introduction Life Cycle of the Producer Evaluate the Ability to Hedge
The Collar Strategy. Also known as a hedge wrap. Involves a combination of two strategies: Covered call Protective put
The Collar Strategy The Collar Strategy Also known as a hedge wrap. Involves a combination of two strategies: Covered call Protective put The Collar Strategy Ownership of the underlying security Sale of
Challenges & Changes in the Bunker
Challenges & Changes in the Bunker M Market: k t 2011 & Beyond Tom Reilly - Chief Executive Officer Asia Bunker Forum 2011 September 7, 2011 STATE OF THE BUNKER INDUSTRY 2011 Year of the Golden Rabbit
Foreign Exchange Services
Foreign Exchange Services Economic Development Committee for the Prince William County Chamber of Commerce Hedging FX Risk M&T Bank Treasury Capital Markets Foreign Exchange Services Why most every company
COMMODITY RISK MANAGEMENT & HEDGING POLICY
COMMODITY RISK MANAGEMENT & HEDGING POLICY HGO-OPMS-POL2.0-002 IIII HILLGROVE RESOURCES LIMITED IIII ACN 004 297 116 5-7 King William Road, Unley SA 5061, Australia T +61 8 7070 1698 F +61 8 8538 5255
Enterprise Ireland Finance for Growth
Enterprise Ireland Finance for Growth Strategies to better understand and manage foreign exchange risks Orla Meagher May 2018 Orla Meagher Treasury Products and Distribution Investec Bank Email: Orla.Meagher@investec.ie
Foreign Currency Risk Management
Foreign Currency Risk Management Global Markets Introduction One of the key challenges for those engaged in international trade and overseas investment is managing foreign currency exposure. The document
SNAPSHOT OF COMMERCIAL INDICATORS. Week 17 / 2018 (23-27 APRIL)
SNAPSHOT OF COMMERCIAL INDICATORS Week 17 / 2018 (23-27 APRIL) "It is one of the blessings of old friends that you can afford to be stupid with them." Ralph Waldo Emerson, American - Poet (1803-1882) Introductory
Product Disclosure Statement Structured Foreign Exchange Option Products 1 April 2019
Product Disclosure Statement Structured Foreign Exchange Option Products 1 April 2019 TABLE OF CONTENTS 1. INTRODUCTION... 1 1. INTRODUCTION... 3 2 ABOUT THIS PDS... 3 2.1 Purpose and Contents of this
Recent GASB Pronouncements. Prepared for the North Dakota SBHE BAFC by Robin Putnam
Recent GASB Pronouncements Prepared for the North Dakota SBHE BAFC by Robin Putnam North Dakota University System April 2011 Recent GASB Pronouncements 2 Applicable to NDUS: GASB Statement No. 51 Accounting
Product Disclosure Statement
Product Disclosure Statement Vanilla Options and Structured Options Issued by EncoreFX (NZ) Limited 24th March 2017 This Product Disclosure Statement replaces the Product Disclosure Statement Vanilla Options
Optimizing FX Risk Management Using Options
Optimizing FX Risk Management Using Options Shan Anwar Director, FX ebay Julie Bennett SVP, Thought Leadership HSBC Heard on the Street Options are complicated We hedge opportunistically Our risk management
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures Prepared By: Danial Wahaj Khan EXECUTIVE SUMMARY: This report is based on a practical scenario solution
1993 ISDA Commodity Derivatives Definitions
1993 ISDA Commodity Derivatives Definitions ISDA INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. Copyright 1993 by INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. 1270 Avenue of the Americas
A GUIDE TO OPTIONS. moving money for better. Manage FX risk and expand your business on an international scale. RISK MANAGEMENT
A GUIDE TO OPTIONS Manage FX risk and expand your business on an international scale. moving money for better RISK MANAGEMENT Protect your profit margins from volatile currencies. Take advantage of favourable
A GUIDE TO OPTIONS. moving money for better. Manage FX risk and expand your business on an international scale. RISK MANAGEMENT
A GUIDE TO OPTIONS Manage FX risk and expand your business on an international scale. moving money for better RISK MANAGEMENT Protect your profit margins from volatile currencies. Take advantage of favourable
Structured Derivatives Valuation. Ľuboš Briatka. Praha, 7 June 2016
Structured Derivatives Valuation Ľuboš Briatka Praha, 7 June 2016 Global financial assets = 225 trillion USD Size of derivatives market = 710 trillion USD BIS Quarterly Review, September 2014 Size of derivatives
Financial Instruments Valuation and the Role of Quantitative Analysis in a Consulting Firm
Financial Instruments Valuation and the Role of Quantitative Analysis in a Consulting Firm Ľuboš Briatka Praha, May 29 th, 2012 Financial Instruments - definition A financial instrument is any contract
Allocation of risk between parties - fixed price mechanisms Price setting mechanisms
10.0 Price setting mechanisms Price setting mechanisms fall into two main categories: fixed and variable. A fixed price mechanism is a straightforward concept which typically results in a relatively stable
Managing Interest Rate Exposure
Managing Interest Rate Exposure Global Markets Contents Products to manage Interest Rate Exposure...1 Interest Rate Swap Product Overview...2 Interest Rate Cap Product Overview...8 Interest Rate Collar
Illustration of Traditional Financial Instrument
Illustration of Traditional Financial Instrument To illustrate the accounting for a traditional financial instrument, assume that Hale Company purchases 1,000 shares of Laredo Inc. common stock for $100,000
AEGEAN MARINE PETROLEUM NETWORK INC. 2
Cautionary Statement This presentation contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements,
CIFFA: Managing FX Risks MAY 2016
CIFFA: Managing FX Risks MAY 2016 Today s Objectives 2 Discuss the recent volatility of currency, and what makes the future value of currency so difficult to predict Assess FX risk to freight forwarders
Bank of Kigali Valuation
HIGHLIGHTS Bank of Kigali (BOK) released its annual report on June 20 for CY 2013. Preliminary results were released much earlier, but this provided a far more complete view of the company. We like what
Introduction. When building wealth with RL, your money is allowed to grow tax-free and can be removed tax-free when in retirement***.
Introduction This presentation contains unique information that will be used to illustrate the power and security of using Revolutionary Life (RL) as a wealth building tool. Are you ready for a wealth
Best Practices for Foreign Exchange Risk Management in Volatile and Uncertain Times
erspective P Insights for America s Business Leaders Best Practices for Foreign Exchange Risk Management in Volatile and Uncertain Times Framing the Challenge The appeal of international trade among U.S.
Producer Newsletter. DAIRY COMMENTARY
Tuesday October 16, 2018 135 S. LaSalle St. Suite 3000 Chicago, IL 60603 312-492-4200 www.ricedairy.com Zach Bowers, & Ryan By Trevor Slegers,Trevor Ryan Slegers Yonkman, Zach Yonkman Bowers & Cody Koster
Minimizing Risk, Effective Hedging Amidst Uncertainty. Laura Hodges Director, Pricing and Purchasing Service Global Insight
Minimizing Risk, Effective Hedging Amidst Uncertainty Laura Hodges Director, Pricing and Purchasing Service Global Insight Global Insight Offers Several Ways to Minimize Risk Pull from the latest information
DRY BULK FORWARD FREIGHT AGREEMENTS
DRY BULK FORWARD FREIGHT AGREEMENTS SSY Futures Ltd are authorised and regulated by the Financial Conduct Authority. The material contained herein is for information purposes only and should not be seen
A GUIDE TO OPTIONS. moving money for better. Manage risk and expand your business on an international scale. RISK MANAGEMENT
A GUIDE TO OPTIONS Manage risk and expand your business on an international scale. moving money for better RISK MANAGEMENT Protect your profits from volatile currencies. Take advantage of favourable market
Squeezing the Bunker Barrel
Squeezing the Bunker Barrel Negating High Cost and volatility : Shifts in Procurement Strategies Wade DeClaris Senior Vice President of Business Development World Fuel Services, Inc. BunkerWorld Forum
A GUIDE TO OPTIONS. moving money for better. Manage FX risk and expand your business on an international scale. RISK MANAGEMENT
A GUIDE TO OPTIONS Manage FX risk and expand your business on an international scale. moving money for better RISK MANAGEMENT Protect your profit margins from volatile currencies. Take advantage of favourable
Deutsche Bank Interest Rate Derivatives at Deutsche Bank
Deutsche Bank www.deutschebank.nl Interest Rate Derivatives at Deutsche Bank Interest Rate Derivatives at Deutsche Bank 1. Why is this prospectus important? You are currently considering to take out an
Managing and Identifying Risk
Managing and Identifying Risk Fall 2013 Stephen Sapp All of life is the management of risk, not its elimination Risk is the volatility of unexpected outcomes. In the context of financial risk the volatility
Carbon Markets and Mexico Key Issues for Market Design
Carbon Markets and Mexico Key Issues for Market Design Mark C. Trexler Director of Climate Strategies and Markets DNV Climate Change Service North America 24 August 2009 Key Points It s All About the Price
Constructive Sales and Contingent Payment Options
Constructive Sales and Contingent Payment Options John F. Marshall, Ph.D. Marshall, Tucker & Associates, LLC www.mtaglobal.com Alan L. Tucker, Ph.D. Lubin School of Business Pace University www.pace.edu
INTEREST RATE RISK MANAGEMENT
INTEREST RATE RISK MANAGEMENT In September 2011, ACCA published an article for candidates preparing to sit Paper P4 on interest rate risk management. Since then, this topic has appeared in several papers
Best Execution Policy for Retail and Professional Clients
Best Execution Policy for Retail and Professional Clients Bank of Ireland Global Markets Ireland Global Markets Best Execution Policy for Retail and Professional Clients 1 Introduction and Application
SNAPSHOT OF COMMERCIAL INDICATORS. Week 44 / 2018 (29 Oct 2 Nov)
SNAPSHOT OF COMMERCIAL INDICATORS Week 44 / 2018 (29 Oct 2 Nov) "The early bird gets the worm, but the second mouse gets the cheese." Willie Hugh Nelson, American musician, singer, songwriter, author,
Symetra Accumulator IUL
Symetra Accumulator IUL Downside protection with greater upside potential through index-linked interest. Hypothetical performance of the S&P 500 Index in indexed universal life insurance Not a bank or
Lecture 11. SWAPs markets. I. Background of Interest Rate SWAP markets. Types of Interest Rate SWAPs
Lecture 11 SWAPs markets Agenda: I. Background of Interest Rate SWAP markets II. Types of Interest Rate SWAPs II.1 Plain vanilla swaps II.2 Forward swaps II.3 Callable swaps (Swaptions) II.4 Putable swaps
MEASURING ACCOUNTING EXPOSURE
MEASURING ACCOUNTING EXPOSURE PART I. ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE I. ALTERNATIVE MEASURES A. THREE TYPES 1. Accounting Exposure: when reporting and consolidating financial statements
Options Strategies. BIGSKY INVESTMENTS.
Options Strategies https://www.optionseducation.org/en.html BIGSKY INVESTMENTS www.bigskyinvestments.com 1 Getting Started Before you buy or sell options, you need a strategy. Understanding how options
CLAIM SUMMARY / DETERMINATION FORM
CLAIM SUMMARY / DETERMINATION FORM Date : 7/06/2010 Claim Number : N08057-076 Claimant : Warta Shipping, Ltd. Type of Claimant : Corporate Type of Claim : Loss of Profits and Earning Capacity Claim Manager
A systems perspective to marketbased measures (MBM) comparison
A systems perspective to marketbased measures (MBM) comparison Kah-Hin Chai, Xin-Ni Lee, Antoine Gaudin Department of Industry Systems Engineering & Management / Centre for Maritime Studies 13-Nov-2018
LDI MONTHLY WRAP. Monthly Market Update. April 2017 LDI Monthly Wrap MARKET CONDITIONS AS AT COB 31 MARCH 2017 KEY EVENTS AND DATA SUPPLY
LDI MONTHLY WRAP Monthly Market Update MARKET CONDITIONS AS AT COB 31 MARCH 2017 Rates Maturity Monthly change (bps) 10y 30y 50y 10y 30y 50y Gilt Yields 0.82% 1.76% 1.56% -0.1-2.7-4.7 Gilt Real Yields
Click here to visit our website : ClearHedging
March 16, 2017 On Wednesday, the front month WTI future settled at $48.86. This was a decline of 2.8% since last Wednesday, but above its low of the week at $47.09. The Forward curve was little changed
March 9, 2017 PORTFOLIO PROTECTION TECHNIQUES By Mike Halloran, CFA Investment Strategist
March 9, 2017 PORTFOLIO PROTECTION TECHNIQUES By Mike Halloran, CFA Investment Strategist The stock market has been on a historic run higher since last fall. The good news is that global economic growth
Other transportation increased 0.9% or USD 9 million, from USD 973 million in 2011 to USD 982 million in 2012.
MD&A 31 st of December 2012 versus 31 st of December 2011 Operating revenue General: Consolidated operating revenue increased by USD 1,054 million, or 7.1% from USD 14,870 million in 2011 to USD 15,923
CLAIM SUMMARY / DETERMINATION FORM
CLAIM SUMMARY / DETERMINATION FORM Date : 3/16/2010 Claim Number : N08057-033 Claimant : MUR Shipping B.V. Type of Claimant : Corporate Type of Claim : Loss of Profits and Earning Capacity Claim Manager
LDI MONTHLY WRAP. Monthly Market Update. November 2018 LDI Monthly Wrap MARKET CONDITIONS AS AT COB 31 OCTOBER 2018 KEY EVENTS AND DATA SUPPLY
LDI MONTHLY WRAP Monthly Market Update MARKET CONDITIONS AS AT COB 31 OCTOBER 2018 Rates Maturity Monthly change (bps) 10y 30y 50y 10y 30y 50y Gilt Yields 1.44% 1.86% 1.78% -14.2-5.7-1.0 Gilt Real Yields
LDI MONTHLY WRAP. Monthly Market Update. July 2018 LDI Monthly Wrap MARKET CONDITIONS AS AT COB 30 JUNE 2018 KEY EVENTS AND DATA SUPPLY
LDI MONTHLY WRAP Monthly Market Update MARKET CONDITIONS AS AT COB 30 JUNE 2018 Rates Maturity Monthly change (bps) 10y 30y 50y 10y 30y 50y Gilt Yields 1.28% 1.73% 1.57% +5.7 +4.6 +7.8 Gilt Real Yields
Derivative Management Policy
Derivative Management Policy Updated August 31, 2017 CONTENTS I. INTRODUCTION... 3 II. POLICY OBJECTIVES AND PHILOSOPHY... 3 III. MANAGEMENT AND OVERSIGHT... 3 RESPONSIBILITIES... 4 IV. GUIDELINES... 4
ISDA Glossary of Selected Provisions from the 2006 ISDA Definitions ~ Vietnamese Translation
ISDA Glossary of Selected Provisions from the 2006 ISDA Definitions ~ Vietnamese Translation [Apr 25, 2011] 1 OBJECTIVES of the ISDA Glossary of Selected Provisions from the 2006 ISDA Definitions ~ Vietnamese
Mining Company Funding. 2) Development Capital Funding Program.
Mining Company Funding. 1) Seed Capital Funding Program. 2) Development Capital Funding Program. 1 List of Content. Page 1.0 Introduction 3 2.0 How To Get Started? 6 3.0 How Does It Work? 7 4.0 Timescale
To receive advanced notification of Performance Bond (margin) changes, through our free automated mailing list, go to
15-103 TO: Clearing Member Firms Chief Financial Officers Back Office Managers Margin Managers FROM: CME Clearing SUBJECT: Performance Bond Requirements DATE: Thursday, April 09, 2015 To receive advanced
Risk Management Using Futures and Options
Risk Management Using Futures and Options Judith Ganes President J. Ganes Consulting LLC Cumbre Mundial de Cacao Aug. 27, 2014 Identify and Calculate Your Risk Hedging is the process to mitigate price
Today s Presenters. Spyros Gianniotis Chief Financial Officer. Justin Yagerman Senior Vice President Investor Relations and Business Strategy
Today s Presenters Jonathan McIlroy President Spyros Gianniotis Chief Financial Officer Justin Yagerman Senior Vice President Investor Relations and Business Strategy 2 Who We Are Q3 Performance Overview
THE PUTS, THE CALLS AND THE DREADED SELECT ALLs
CIMA P3 SECTION D MANAGING FINANCIAL RISK THE PUTS, THE CALLS AND THE DREADED SELECT ALLs Example long form to OT approach Here is my favourite long form question on Interest rate risk management: Assume
UNOFFICIAL COPY OF SENATE BILL 580 CHAPTER
UNOFFICIAL COPY OF SENATE BILL 580 C4 5lr1894 CF 5lr1606 By: Senator Gladden Senators Gladden, Kelley, Klausmeier, Hooper, and Middleton Introduced and read first time: February 4, 2005 Assigned to: Finance
As rates change continuously, the monthly discount factor should be calculated on a continuous time basis:
JUN-09 You are an importer of stone chippings for building purposes and you have entered into a fixed price contract for the delivery of 10,000 metric tonnes per month for the next six months. The first
Lecture 3: Interest Rate Forwards and Options
Lecture 3: Interest Rate Forwards and Options 01135532: Financial Instrument and Innovation Nattawut Jenwittayaroje, Ph.D., CFA NIDA Business School 1 Forward Rate Agreements (FRAs) Definition A forward
Global Commodities. Freight Iron Ore Fuel Oil Wood Pellets
Global Commodities Freight Iron Ore Fuel Oil Wood Pellets Supporting our customers on a global level Commodity markets are global in character and interconnected both intra-regionally and within supply
MSCI CUSTOM RISK WEIGHTED INDEXES
INVESTOR INSIGHT MSCI RISK WEIGHTED INDEXES MSCI CUSTOM RISK WEIGHTED INDEXES An Approach to Combining Low Risk and Size Exposure Index Marketing December 2016 DECEMBER 2016 The MSCI Risk Weighted Indexes
CLAIM SUMMARY / DETERMINATION FORM
CLAIM SUMMARY / DETERMINATION FORM Date : 9/01/2010 Claim Number : N08057-070 Claimant : Kandilousa Special Maritime Enterprise Type of Claimant : Corporate Type of Claim : Loss of Profits and Earning
Derivatives and hedging primer
A.1 Introduction This primer will introduce you to some of the reasons why companies adopt hedging stgies, the hedgeable exposures and risks that companies face and some common hedge stgies that are used
CLAIM SUMMARY / DETERMINATION FORM
CLAIM SUMMARY / DETERMINATION FORM Date : 7/07/2010 Claim Number : N08057-077 Claimant : Wisla Shipping, Ltd. Type of Claimant : Corporate Type of Claim : Loss of Profits and Earning Capacity Claim Manager
Why Wealthy Investors Need to Explore Other Wealth Protection Vehicles
Why Wealthy Investors Need to Explore Other Wealth Protection Vehicles By: Joseph D. Salvemini Published April 13,2007 You have spent years taking risks and obtaining wealth, and now at age 50 or older
PT. Indocement Tunggal Prakarsa Tbk. SELL. Equity Research. 6 November 2018 Basic Industry Cement. Investment Consideration
Equity Research PT. Indocement Tunggal Prakarsa Tbk. 6 November 2018 Basic Industry Cement Price IDR 17,350 Target Price IDR 16,000 JKSE Index 5,920.594 Stock Information Bloomberg Code INTP IJ Market
AGRICULTURAL RISK MANAGEMENT. Global Grain Geneva November 12, 2013
AGRICULTURAL RISK MANAGEMENT Global Grain Geneva November 12, 2013 Managing Price Risk is Easier to Swallow Than THE ALTERNATIVE Is Your Business Protected Is Your Business Protected Is Your Business Protected
CLAIM SUMMARY / DETERMINATION FORM
CLAIM SUMMARY / DETERMINATION FORM Date : 2/2/2011 Claim Number : N08057-072 Claimant : Hanjin Shipping Co. Ltd. Type of Claimant : Corporate (US) Type of Claim : Loss of Profits and Earning Capacity Claim
CLAIM SUMMARY / DETERMINATION FORM
CLAIM SUMMARY / DETERMINATION FORM Date : 7/13/2010 Claim Number : N08057-075 Claimant : Zegluga Polska Shipping, Ltd. Type of Claimant : Corporate Type of Claim : Loss of Profits and Earning Capacity
What s the Cost of Waiting? How Interest Rate Swaps May Help Manage Your Interest Rate Exposure.
What s the Cost of Waiting? How Interest Rate Swaps May Help Manage Your Interest Rate Exposure. May 2014. Prepared by: Walt Edwards, Director, Wells Fargo Interest Rate Risk Management, Wells Fargo Securities,
Pension Solutions Insights
Pension Solutions Insights Swaptions: A better way to express a short duration view Aaron Meder, FSA, CFA, EA Head of Pension Solutions Andrew Carter Pension Solutions Strategist Legal & General Investment
NATIONAL INTEREST ANALYSIS
Attachment 2 NATIONAL INTEREST ANALYSIS International Convention on Civil Liability for Bunker Oil Pollution Damage (Bunkers Convention) Executive Summary 1. It is proposed that New Zealand become party
Hull, Options, Futures & Other Derivatives, 9th Edition
P1.T3. Financial Markets & Products Hull, Options, Futures & Other Derivatives, 9th Edition Bionic Turtle FRM Study Notes Reading 19 By David Harper, CFA FRM CIPM www.bionicturtle.com HULL, CHAPTER 1:
Overview of Act 120 of 2010 (formerly HB 2497)
Overview of Act 120 of 2010 (formerly HB 2497) Summary of Benefit Changes 2 General Information Act 120 was enacted on November 23, 2010 The benefit reductions contained in this legislation will only impact
INCIDENTS INVOLVING THE IOPC FUNDS 1992 FUND
Agenda Item 3 Date 16 March 2018 Original English 1992 Fund Assembly 92AES22 1992 Fund Executive Committee 92EC70 Supplementary Fund Assembly SAES6 INCIDENTS INVOLVING THE IOPC FUNDS 1992 FUND DOUBLE JOY
Scenario-analysis, with approximate probabilities, may be presented to show impact of unattractive scenarios on company s financial performance.
Managiing IIntterestt Ratte Exposure Naatturree off intteerreesstt i rraattee eexxpossurree US company borrows $100 million for 5 yrs @ 3-m Libor+100bps. Reminder: Libor rate used to fix coupon is observed
TTT SECTION TTT PART II F: OPTIONS PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS: F. OPTIONS
PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS: F. OPTIONS 20. Heating Oil Diff EU-Style Heating Oil vs Low Sulphur Gasoil Option... 2 24. Fuel Oil Outright Fuel Oil 1% FOB NWE Cargoes (Platts)
NORDEN RESULTS. Q2 report. Copenhagen, Denmark 15 August Q2 REPORT 2018 CUSTODIANS OF SMARTER GLOBAL TRADE
NORDEN RESULTS Q2 report Copenhagen, Denmark 15 August 218 1 Q2 REPORT 218 CUSTODIANS OF SMARTER GLOBAL TRADE AGENDA Business update Dry Cargo Q2 update Market outlook Tankers Q2 update Market outlook
Yapi Kredi: $1bn cap raise brings relief
Economic and Financial Analysis 3 August 2018 Fixed Income 3 August 2018 Article Yapi Kredi: $1bn cap raise brings relief Yapi Kredi (YKBNK) reported strong 1H18 profitability, driven by TRY loan growth
ISC: UNRESTRICTED AC Attachment. Hedging Audit (Foreign Exchange and Fuel)
Hedging Audit (Foreign Exchange and Fuel) July 8, 2016 THIS PAGE LEFT INTENTIONALLY BLANK ISC: UNRESTRICTED Table of Contents Executive Summary... 5 1.0 Background... 7 2.0 Audit Objectives, Scope and
Fuel Hedging. Management. Strategien for Airlines, Shippers, VISHNU N. GAJJALA
Fuel Hedging andrisk Management Strategien for Airlines, Shippers, and Other Consumers S. MOHAMED DAFIR VISHNU N. GAJJALA WlLEY Contents Preface Acknovuledgments Almut the Aiithors xiii xix xxi CHAPTER
Paul Maguire Philip Bennett Paul Witheridge Managing Director Chief Financial Officer Chief Financial Officer
McPherson s Limited Results for the year to 30 June 2011 Paul Maguire Philip Bennett Paul Witheridge Managing Director Chief Financial Officer Chief Financial Officer McPherson s Limited McPherson s Limited
STRATEGIC FINANCIAL MANAGEMENT FOREX & OTC Derivatives Summary By CA. Gaurav Jain
1 SFM STRATEGIC FINANCIAL MANAGEMENT FOREX & OTC Derivatives Summary By CA. Gaurav Jain 100% Conceptual Coverage With Live Trading Session Complete Coverage of Study Material, Practice Manual & Previous
It s time to book 2018 fertilizer Focus on nitrogen first, using right tool for each market By Bryce Knorr, grain market analyst
It s time to book 2018 fertilizer Focus on nitrogen first, using right tool for each market By Bryce Knorr, grain market analyst A slump in nitrogen costs this summer gives growers a chance to lock in
Product Disclosure Statement
Product Disclosure Statement Issuer: HiFX Limited An offer of Derivatives Forward Foreign Exchange Contract(s) (FEC(s)) and Foreign Exchange Option(s) (FX Option(s)) Date: 18 October 2016 This is a replacement
Protected Equity Plan
F40 Protected Equity Plan This concept is suitable for insureds up through age 60 who desire to accumulate wealth through a principal protected and tax advantaged vehicle for the generation of future income.
Goldman Sachs JBWere Keystone Funds Series II
Goldman Sachs JBWere Keystone Funds Series II Product Disclosure Statement Dated 16 January 2008 Capital Guarantee* by * The National Australia Bank (NAB) Capital Guarantee is subject to the terms referred
RealCap Uranium Research Report. Toro Energy Limited. RealFin Capital Partners REALCAP Proprietary Limited
RealCap Uranium Research Report RealFin Capital Partners REALCAP Proprietary Limited Toro Energy Research Update RECOMMENDATION: BUY TARGET PRICE: A$0.16 Toro Energy continues to be an exceptionally well-managed
We recommend AGAINST investing R$ 35 million in the V:House multifamily development (303 pre-sold units) in São Paulo
Executive Summary We recommend AGAINST investing R$ 35 million in the V:House multifamily development (303 pre-sold units) in São Paulo Although we achieve a 26% IRR in the Base Case, we earn above the
SAMPLE SOLUTIONS FOR DERIVATIVES MARKETS
SAMPLE SOLUTIONS FOR DERIVATIVES MARKETS Question #1 If the call is at-the-money, the put option with the same cost will have a higher strike price. A purchased collar requires that the put have a lower
Risk Management and Hedging Strategies. CFO BestPractice Conference September 13, 2011
Risk Management and Hedging Strategies CFO BestPractice Conference September 13, 2011 Introduction Why is Risk Management Important? (FX) Clients seek to maximise income and minimise costs. Reducing foreign
Platte River Power Authority Interest Rate Risk Management Policy
Platte River Power Authority Interest Rate Risk Management Policy Purpose Platte River s debt obligations and investment portfolio involve interest rate payments and interest rate risks; a variety of financial
International Financial Management FINA 4836 Rauli Susmel Spring 2017 First Midterm Exam - Solutions
International Financial Management FINA 4836 Rauli Susmel Spring 2017 First Midterm Exam - Solutions No points will be given by simply writing down formulas, and writing down definitions or irrelevant
ANALYZING INTEREST RATE EXPOSURE
ANALYZING INTEREST RATE EXPOSURE STEFFAN TSILIMOS INTEREST RATE DERIVATIVES SPECIALIST STSILIMOS1@BLOOMBERG.NET PH: 212-617-8211 2 ARKET ONDITIONS Market Conditions While the market is stabilizing from
GASB STATEMENTS AND EFFECTIVE DATES
1 Authoritative Status of NCGA On issuance July 1984 Pronouncements and AICPA Industry Audit Guide 2 Financial Reporting of Deferred Financial statements for periods ending after 12/15/86 Compensation