DAWN OF A RENAISSANCE THE MALAYSIAN DERIVATIVES MARKET

Transcription

1 DAWN OF A RENAISSANCE THE MALAYSIAN DERIVATIVES MARKET

2 2010 A REMINISCENT YEAR 2010 was a year of reckoning for Bursa Malaysia Derivatives (BMD), a subsidiary of Bursa Malaysia Berhad. It was the first full year of our partnership with the Chicago Mercantile Exchange (CME) Group in developing initiatives jointly towards the growth and internationalisation of the Malaysian derivatives market. The partnership with CME Group was sealed on 17 September 2009 with CME investing a 25 percent equity stake in BMD. To fellow players who participated in the Malaysian derivatives journey over the initialisation and consolidation phases of the commodity, monetary and financial futures exchanges, it was akin to going through a period of déjà vu. Years ago, we had built the same dream for our futures exchanges. The dream lives on. And the story continues. It s still a growth story, but more compelling - an internationalisation story. Let us relate the early chapters of

3 BIRTH OF THE NEW BURSA MALAYSIA DERIVATIVES BMD went through a re-organisation where teams from the core derivatives business units, namely business development & marketing, product development and market operations & risk management, were brought together under one roof. The shift in business structure resulted in one dedicated team in place, focusing exclusively on the derivatives business whilst the supporting functions continued to be outsourced to our holding company, Bursa Malaysia Berhad. OUR UNIQUE PARTNERSHIP WITH CME Our smart partnership with CME is unique as it is a stakeholder relationship. With mutual vested interest to grow the derivatives market, CME has demonstrated strong commitment and dedication towards this venture. Our search for new businesses and markets has been at the forefront of our discussions and intiatives. The vast transfer of knowledge and skills set to our team members has been beneficial. NATIONAL ECONOMIC BLUEPRINTS The local derivatives industry has the potential to contribute significant growth towards the economy as unveiled in the New Economic Model. The notional trading value on the derivatives market is expected to grow rapidly from RM512 billion in 2010 to RM4.2 trillion in 2020 with positive spillover effects for stock market liquidity. The capital market will have an expanded role, evolving from a primarily fundraising model to a liquidity driven and risk diversification model that encourages entrepreneurs and investors to be part of Malaysia s economic future. The development of the Malaysian capital markets will be further strengthened via the Capital Market Master Plan II. 2 3

4 TECHNOLOGICAL INFRASTRUCTURE Migration to CME GLOBEX, Exchange-hosted Order Management System (OMS), CME Kuala Lumpur Hub and Internet Trading Facilities. OUR TRADING PARTICIPANTS (TPs) Two new Trading Participants were added to our growing list in 2010, bringing it to a total of 19. (List of TPs listed in the Appendix 4). We hope to build on this pipeline of intermediaries, crucial to the building of the critical mass and market liquidity. Certain TPs already have an international presence in Singapore, China, India, Japan and the U.S. We strongly believe the time is opportune to further leverage and build on these global linkages. INTERNATIONALISING OUR DERIVATIVES MARKET To compete internationally, reliance on organic growth was not sufficient. The way forward was to internationalise our market in order to grow our Average Daily Volume (ADV). Hence, we made many key infrastructural changes in the form of technological enhancements, rule changes and the securing of trade reliefs. MIGRATION TO CME GLOBEX On 20 September 2010, all our derivatives products comprising commodity, financial and equity futures were successfully migrated onto the CME GLOBEX trading platform, thereby making our derivatives market truly international. We now have unparalleled global distribution for our derivatives products, particularly our star Crude Palm Oil Futures (FCPO) contract, which is the global price benchmark for the CPO market. Through CME GLOBEX, international customers who might never have thought of investing in Malaysian derivatives products now have efficient access to our market. EXCHANGE-HOSTED OMS To facilitate the migration of BMD s products onto CME s global trading platform, we developed the technological infrastructure for our market. The Exchange took the initiative of hosting a CME-certified broker front end system or better known as Order Management System (OMS), to ensure that all TPs, regardless of size, are able to subscribe to a reliable system. This move was aimed at providing the industry a head start, system readiness wise, to immediately trade on CME GLOBEX. The Capital Market Development Fund (CMDF) was instrumental in supporting our OMS initiative and funded the one-time software licensing fee for OMS. CME KUALA LUMPUR HUB CME s own telecommunication hub in Kuala Lumpur that was launched in May 2010 acts as an international gateway for greater accessibility. It is available to both local and international traders and serves to connect our market to the rest of the world. INTERNET TRADING FACILITIES Internet trading was made available for the derivatives market to allow for the growing presence of sophisticated traders, accessible through our Malaysian TPs electronically. Both the OMS and internet trading model were necessary catalysts to improve channels of distribution. 4 5

5 REGULATORY- FRIENDLY REGIME In April 2010, we received the central bank s (Bank Negara Malaysia) approval for the relaxation of the Foreign Exchange Administration Rules. From 2 April 2010, resident futures brokers are allowed to make payments, on behalf of residents, to non-residents for foreign currencydenominated derivatives (excluding currency contracts) transacted on overseas specified exchanges. This was part of the continuous efforts by Bank Negara Malaysia to enhance Malaysia s competitiveness by reducing the cost of doing business as well as providing greater flexibility in managing risks. From December 2010 onwards, the Derivatives Clearing House extended its acceptance of foreign currency collateral for margin coverage to include Chinese Renminbi and Hong Kong dollars, in addition to the existing Euro, Australian dollars, U.S. dollars, Japanese yen, Singapore dollars, U.K. Pound and Malaysian Ringgit to appeal to a broader investor base. LAUNCH OF CUPO In May 2010, the U.S. Dollar-denominated futures contract in Crude Palm Oil (CPO) was launched on CME GLOBEX. It is being traded on a 23½-hour time frame. The launch of CUPO augurs well for industry players as they may see more arbitrage opportunities. Essentially, international players such as exporters have greater choices for hedging in dollars to mitigate currency risks while the ringgit-denominated CPO futures continues to be there for those with smaller risk appetites. On 15 June 2010, we secured another significant milestone, a trade relief for our TPs. The U.S. Commodity Futures Trading Commission (U.S. CFTC) issued an order to BMD pursuant to Regulation of the Commodity Exchange Act Order. With the Order, TPs of BMD are permitted to solicit and accept orders and customer funds directly from U.S. customers for trading on the Exchange without having to register with the U.S. CFTC as Futures Commission Merchants. Ten firms were exempted by the U.S. CFTC from the application of certain provisions in Part 30 of the U.S. CFTC Regulations due to the existence of substituted compliance with comparable requirements under the Malaysian Capital Markets and Services Act The ten TPs* have since filed with the National Futures Association of the U.S. and availed themselves of the Regulation Relief. *The ten futures brokers which received the Part Relief recognition are: AmFutures Sdn Bhd, CIMB Futures Sdn Bhd, HDM Futures Sdn Bhd, JF Apex Securities Bhd, Kenanga Deutsche Futures Sdn Bhd, LT International Futures (M) Sdn Bhd, Okachi Malaysia Sdn Bhd, Oriental Pacific Futures Sdn Bhd, OSK Investment Bank Berhad and TA Futures Sdn Bhd. (also listed on Appendix 4) 6 7

6 The move to the CME GLOBEX electronic trading platform is expected to bring greater access and reach of Malaysian derivative products globally. With multiple access points globally, CME GLOBEX will give unparalleled global distribution to our full range of derivatives products, particularly our star product, Crude Palm Oil Futures (FCPO) contract which is the global price benchmark for the CPO market. It would further enhance our globalisation efforts and product MARKET READINESS FOR BROKERS Market engagement and education were key for successful migration to the CME GLOBEX trading system. Together with our CME partners, onboarding and one-to-one sessions were held at the brokers premises to ensure they were ready to migrate to the CME GLOBEX trading system, both from a technological and market readiness view point. Vigorous training and education sessions continued for our internal users, TPs and regulators to familiarise themselves with OMS and CME GLOBEX and their diverse and rich functionalities. MIGRATION TO CME GLOBEX visibility. On 20 September 2010, we successfully migrated and listed BMD products onto the CME GLOBEX trading platform. Foreign traders can view and trade Malaysian derivatives products. In addition, the trading profile for the Malaysian brokers will be enhanced and on par with regional peers over time. In essence, CME GLOBEX will become a derivatives market access model not only for TPs but also their end-clients, where they would have greater price distribution, the ability to view prices and trade with ease. Our Trading Rules and Trading Manual were revamped prior to the CME GLOBEX migration, to be in line with CME GLOBEX Trading Rules and are now benchmarked against international best practices. On this note, BMD continues to operate and regulate its market as well as have control over trading hours, product and specifications, spread definitions and pricing, within the parameters supported by CME GLOBEX. The trading hours for the Malaysian derivatives market remain unchanged. All BMD contracts traded on CME GLOBEX continues, as per current practice, cleared by Bursa Malaysia Derivatives Clearing Berhad, a subsidiary of BMD. Changes have been effected to the rules of BMD to reflect the trading features and functionalities on CME GLOBEX. 8 9

7 PROFILING DERIVATIVES MARKET TO INSTITUTIONS We organised and participated in our partner-exchange and various third party events during the year. These events profiled and showcased the opportunities traders can experience by trading on the CME GLOBEX Platform. Our annual Palm & Lauric Oils Conference and Exhibition (POC2011) was a resounding success with a record turnout. We had participation from over 2,000 delegates originating from 61 countries to hear top speakers from the industry speak. It was truly a global event for industry players to get together. Local and foreign participants had ample networking opportunities. As the conference was taking place, business meetings and negotiations continued on the sidelines. The POC event continues to lead discussions on the future of the edible oil industry. Together with Bank Negara and Securities Commission, we conducted educational dialogues to dispel myths on Malaysian s foreign exchange controls. There are no restrictions in trading of derivatives by foreigners in Malaysia or the repatriation of funds arising from such trading activities overseas. We conducted roadshows at the following venues: Euromoney Hong Kong (8-9 September 2010) Globoil India (23-25 September 2010) FOW Singapore (27-28 September 2010) FIA Chicago (10-12 October 2010) CIOC China (12-13 November 2010) FIA Singapore (29 November - 1 December 2010) In all events, brokers were supportive of our efforts and aggressive in their marketing efforts, evidenced from the various road shows they participated in, to showcase their broking shops

8 RETAIL EDUCATION We jointly hosted educational road shows called Talk Futures with TPs across various states in West and East Malaysia. It catered to retailers and Futures Broker Representatives (FBRs) and attracted a large turnout. We have successfully conducted 61 Talk Futures events and have seen gradual growth in the number of accounts maintained in futures account. These retail road shows will continue in 2011 and we hope to bring in a new and younger generation of players to vitalise our market. INCREASING OUR SALES FORCE It is essential that we have a continuous sales force supply to market our derivatives products. To this end, we are working closely with our regulators to liberalise certain participant requirements in light of the current business environment, whilst recruiting Locals and FBRs. We are working with universities to build meaningful collaboration to encourage the younger generation to venture into the derivatives market as a career. Over time, we hope to build a sustainable talent pool to continuously replenish this vital group

9 REVIEW OF MARKET ACTIVITIES 2010 Our derivatives market operated at lower activity levels in the first nine months of 2010 largely due to relatively narrow spread between the futures and physical markets. However, with a return of volatility and better spreads, activity levels picked up noticeably, in the final quarter of the year. In the month of November, FCPO contracts traded recorded an all time high of 451,843 contracts, exceeding the previous record of 442,220 contracts in April ADV touched a record high of 41,879 contracts on 18 November, surpassing the previous record of 37,231 recorded on 13 June mil total contracts traded 24,818 ADV contracts traded 41,879 all time day high ADV - FCPO contracts traded 132,000 open interest contracts 17.5% FCPO growth post-globex 5% FKLI growth post-globex 27.3% foreign participation Overall, the total number of contracts for 2010 grew marginally by 0.3% from 6.14 million in 2009 to 6.15 million in ADV increased correspondingly from 24,749 contracts in 2009 to 24,818 contracts in Open positions improved 7.3% from approximately 123,000 contracts in 2009 to 132,000 contracts in Dissecting by periods, volume growth in the last quarter of 2010 was 17.5% for FCPO and 5% for FKLI respectively due to improvement in spreads and volatility and listing of derivatives products on CME GLOBEX. The prices of FCPO picked up from October onwards in line with other global commodities, trading from RM2,653 to a high of RM3,792 or a price range of RM1,139 per metric ton. As for FKLI, the volatility for the underlying index started trending upwards from August onwards from 1,364 to a high of 1,546 points. From a market demography perspective, the participation of foreign players in the form of individuals and institutions improved markedly. For FCPO contracts, foreign participation grew from 19% to 25% over the year, while for FKLI contracts there was an increase from 26% to 33%. Overall, foreign participation increased from 21.2% in 2009 to 27.3% in The overall increase in open interest, volumes and foreign participation augurs well for Malaysia. This is a positive signal and provides early signs of validation for the globalisation path that Malaysia has chosen for the derivatives industry

10 REVIEW OF MARKET ACTIVITIES ,791 all-time monthly high - total contracts traded 619,326 all-time monthly high - FCPO contracts traded 74,014 all-time day high - ADV contracts traded 48.9% growth in derivatives volume 152,000 open interest contracts As at end May 2011, the growth in volume that was seen in the last quarter of 2010 continued its momentum resulting in new records this year. Comparing the first five months of 2011 to the first five months of 2010, total derivatives volume have increased by 48.9% amounting to around 1.2 million contracts traded. Open position has risen to around 152,000 contracts as at end-may 2011 from 132,000 contracts at the end of ADV in 2011 so far have reached 35,110 contracts as compared to 24,818 contracts in ADV touched a record high of 74,014 contracts on 24 February, surpassing the previous record of 73,320 contracts recorded on 26 March In March 2011 we also broke the monthly volume record with 856,791 contracts traded, surpassing the previous high of 713,667 contracts in April The FCPO contract broke all records in In March, FCPO contracts recorded an all-time high monthly volume of 619,326 contracts traded, beating the previous record of 451,843 contracts recorded in November ADV touched a record high of 48,704 contracts on 24 February, surpassing the previous record of 41,879 contracts recorded on 18 November FCPO s open position also broke records with 112,921 contracts on 9 May before ending the month at 105,069 contracts

11 A WORD FROM OUR STRATEGIC PARTNER CME Group is very proud of its relationship with BMD which is certainly in the spirit of relationships that are based on trust and are self-reinforcing over time, as it is our strong conviction that these are the only relationships that will be successful MR. PHUPINDER GILL The President of CME Group has this to say on our strategic partnership, Just over one year after BMD and CME Group announced their strategic partnership, BMD has made significant progress in globalising the distribution of its derivatives products. A strong distribution network is a hallmark of a robust derivatives exchange as it provides more efficient and transparent ways for clients to manage their global investments and risk. CME Group is very proud of its relationship with BMD which is certainly in the spirit of relationships that are based on trust and are self-reinforcing over time, as it is our strong conviction that these are the only relationships that will be successful. As a result of the tremendous efforts made by BMD to achieve this conclusion, Bursa Malaysia is well poised not only to expand its products and services to a broader group of customers, but also to deliver value to its shareholders in the years ahead

12 OUR PLANS MOVING FORWARD It has been an exciting year full of significant milestones. In September 2010 we successfully migrated our derivatives products onto the CME GLOBEX trading platform, giving Bursa Malaysia Derivatives (BMD) accessibility and visibility to the global market. Thereafter in June 2011, we received the U.S. Commodity Futures Trading Commission s no action relief for U.S. individuals to trade in our FKLI contract. Both events demonstrate the crystallisation of our efforts to internationalise the Malaysian derivatives exchange. We are already seeing results from our strategic partnership with CME, which has opened doors on internationalising our market. From a market demography perspective, foreign participation has increased from 27.3% in 2010 to 30.8% in 2011 including high frequency traders will be an imperative year. We will continue to work on capturing new markets and diversifying our pool of traders. We expect the ongoing fast-track programme for dual licensing to bring in a pool of remisiers offering derivative products to their clients. We are excited, too, at the prospect of new products for next year. From a technological perspective, we see a year of post-stabilisation of our migration to CME GLOBEX. We are currently developing our Derivatives Clearing System equipped with the pre-requisites of multi currency, asset classes, time zone and functionalities which will enable us to diversify our product offerings. DATO TAJUDDIN ATAN Chairman of Bursa Malaysia Derivatives and Chief Executive Officer of Bursa Malaysia Berhad We would not have come this far if it wasn t for the support and commitment of our Market Participants, Regulators, Exchange Partner and derivatives traders who have boarded this voyage with us. To all of you, thank you. This is the beginning. The dawn of a renaissance for the Malaysian derivatives market

13 APPENDIX 1. Market Highlights for the Derivatives Market 2. Profit & Loss Account for Bursa Malaysia Group 3. Profit & Loss Account for CME Group Inc. 4. Licensed Trading & Clearing Participants APPENDIX 1 MARKET HIGHLIGHTS FOR THE DERIVATIVES MARKET YEAR No. of Trading Participants of Bursa Malaysia Derivatives TOTAL CONTRACTS TRADED FKLI FCPO Others Total 1,111,575 1,158, ,660 2,459,745 1,628,043 2,230, ,641 4,161,024 3,157,341 2,793, ,785 6,202,686 2,920,728 3,003, ,765 6,120,042 1,997,955 4,008, ,990 6,137,827 1,994,907 4,064,361 95,477 6,154,745 OPEN POSITION FKLI FCPO Others Total 17,814 28,918 38,116 84,848 24,621 74,567 59, ,019 27,654 39,635 57, ,051 20,412 82,136 53, ,560 14,827 76,366 31, ,141 21,837 88,544 21, ,151 AVERAGE DAILY VOLUME No. of trading days FKLI FCPO Others Total 247 4,500 4, , ,618 9,066 1,230 16, ,731 11,264 1,015 25, ,873 12, , ,056 16, , ,044 16, ,818 FCPO Contracts Trading Demography (%) Local Domestic Retail Domestic Institutions Foreign Institutions FKLI Contracts Trading Demography (%) Local* Domestic Retail Domestic Institutions Foreign Institutions * Note: Local - License trader who has the right to trade only for himself, on all futures contract listed on BMD 22 23

14 Revenues Expenses Operating Revenue Operating EBITDA Margin % Net Income Attributable to BM Group Diluted EPS (sen per share) PROFIT & LOSS ACCOUNT FOR BURSA MALAYSIA GROUP Financial Highlights for the year ended 31 December December 2010 RM , , , % 113,041 Consolidated Income Statements for the financial year ended 31 December December 2010 RM 000 APPENDIX 2 31 December 2009 RM , , , % 177, December 2009 RM 000 Financial Highlights for the year ended 31 December 2010 ASSETS Non-current assets Property, plant and equipment Computer software Goodwill Investment securities Staff loans receivable Deferred tax assets Total non-current assets Current assets Trade receivables Other receivables Tax recoverable Investment securities Cash collected from CPs and TCPs Cash and bank balances Total current assets Total Assets 31 December 2010 RM ,104 73,056 42, ,404 13,805 1, ,349 33,526 10,197 4,586 27, , ,142 1,235,905 1,708, December 2009 RM ,163 83,609 42, ,347 17,046 4, ,261 21,028 13,763 9,255 62, , ,916 1,258,380 1,786,641 Operating revenue Other income Gain on disposal of subsidiaries Staff costs Depreciation and amortisation Other operating expenses 331,251 29, ,049 (92,406) (43,233) (61,042) 297,818 28,624 75, ,417 (83,251) (38,911) (60,449) Equity and liabilities Equity attributable to owners of Company Share capital Share premium Other reserves Retained earnings Minority interests Total equity 265,700 86,101 38, , ,304 11, , ,328 78,813 52, , ,015 8, ,612 Finance costs Profit before tax Income tax expense Profit for the year Profit attributable to: Owners of the Company Minority interest Earnings per share attributable to owners of the Company (sen per share) 164,368 (614) 163,754 (48,113) 115, ,041 2, , ,806 (625) 219,181 (41,443) 177, , ,738 Non-current liabilities Retirement benefit obligations Deferred capital grants Deferred tax liabilities Current liabilities Trade payables CPs and TCPs contributions to clearing funds Other payables Tax payable Total liabilities 22,825 10,986 18,349 52, ,576 33,543 68,916 13, , ,684 23,893 12,211 16,208 52, ,093 32,441 64,114 7, , ,029 Basic Diluted Total equity and liabilities 1,708,254 1,786,

15 Revenues Expenses Operating Income Operating Margin % Net Income Attributable to CME Group Diluted EPS (in thousands) PROFIT & LOSS ACCOUNT FOR CME GROUP INC. Financial Highlights for the year ended 31 December December 2010 USD Million 3,004 1,173 1, % APPENDIX 3 31 December 2009 USD Million 2,613 1,024 1, % Consolidated Statements of Income for the financial year ended 31 December 2010 REVENUES Clearing and transaction fees Market data and information services Access and communication fees Other Total Revenues EXPENSES Compensation and benefits Communications Technology support services Professional fees and outside services Amortization of purchased intangibles Depreciation and amortization Occupancy and building operations Licensing and other fee agreements Restructuring Other 31 December 2010 USD Million 2, , (0.6) December 2009 USD Million 2, , Total Expenses Operating Income 1, , , ,589.1 NON-OPERATING INCOME (EXPENSE) Investment income Impairment of long-term investment Gains (losses) on derivative investments Securities lending interest income Securities lending interest and other costs Interest and other borrowing costs Guarantee of exercise right privileges Equity in losses of unconsolidated subsidiaries Other income (expense) Total Non-Operating Income Before Income Taxes Income tax provision Net Income 42.3 (2.2) (2.6) - - (140.3) - (6.4) - (109.2) 1,721.9 (769.8) (46.0) (0.1) (133.9) 4.3 (6.8) (0.4) (151.6) 1,437.5 (611.7) Less: Net income attributable to redeemable non-controlling interest Net Income Attributable to CME Group Earnings per Common Share Attributable to CME Group (in thousands): Basic Diluted Weighted Average Number of Common Shares (in thousands): Basic Diluted 66,299 66,495 66,366 66,

16 CME GROUP INC. Consolidated Balance Sheets as at 31 December 2010 APPENDIX 4 LICENSED TRADING & CLEARING PARTICIPANTS 31 December 2010 USD Million 31 December 2009 USD Million TRADING PARTICIPANTS GENERAL CLEARING RECIPIENTS OF PARTICIPANTS PART RELIEF ASSETS Current Assets: Cash and cash equivalents Marketable securities Accounts receivable, net of allowance Other current assets Cash performance bonds and guaranty fund contributions Total non-current assets , , , , AmFutures Sdn Bhd futures@ambg.com.my 2 CIMB Futures Sdn Bhd futures@cimb.com 3 ECM Libra Investment Bank Bhd hmtan@ecmlibra.com 4 HDM Futures Sdn Bhd smtai@hdbs.com.my 5 Hong Leong Investment Bank Bhd futures@hlib.hongleong.com.my 6 InnoSabah Options Futures Sdn Bhd ifsb@innosabah.com.my 7 Interactive Futures Sdn Bhd enquiries@isfbfutures.com 8 Inter-Pacific Securities Sdn Bhd ongks@interpac.com.my 9 JF Apex Securities Bhd apexfutures@jfapex.com.my Property, net of accumulated depreciation and amortization Intangible assets - trading products Intangible assets - other, net of accumulated amortization Goodwill Other assets Total Assets , , , , , , , , JPMorgan Securities (Malaysia) Sdn Bhd david.l.strachan@jpmorgan.com 11 Kenanga Deutsche Futures Sdn Bhd futures@kenanga.com.my 12 LT International Futures (M) Sdn Bhd info@ltif.com.my 13 Okachi (M) Sdn Bhd info@okachi.com.my 14 Oriental Pacific Futures Sdn Bhd rickychin@opf.com.my 15 OSK Investment Bank Bhd futures@osk.com.my 16 Phillip Futures Sdn Bhd phillipfutures@poems.com.my LIABILITIES AND SHAREHOLDERS EQUITY 17 RHB Investment Bank Bhd lee.yew.kong@rhbinvestment.com Current Liabilities: Accounts payable Short-term debt Other current liabilities Cash performance bonds and guaranty fund contributions , , TA Futures Sdn Bhd tafutures@ta.com.my 19 Fedrums Sdn Bhd (Propriety Trading Only) yeect@wilmar.com.my Total current liabilities 4, ,523.6 Please download the latest list from Long-term debt Deferred tax liabilities, net Other liabilities 2, , , , Total Liabilities 14, ,350.0 Redeemable non-controlling interest Shareholders equity 20, ,301.0 Total Liabilities and Shareholders Equity 35, ,

17 Disclaimer This brochure has been provided for general information purposes only. The information contained does not constitute legal, financial or investment advice and neither does it make any recommendation or endorsement regarding any of the products mentioned herein. Although care has taken to ensure the accuracy of the information within this brochure, Bursa Malaysia does not warrant or represent, expressedly or impliedly as to the accuracy or completeness of the information herein. Bursa Malaysia does not accept any liability for any investment decisions made on the basis of this information. You are advised to seek independent advice and/or consult relevant laws, regulations and rules prior to trading/investing. BURSA MALAYSIA DERIVATES BERHAD 2 nd Floor Exchange Square Bukit Kewangan Kuala Lumpur Malaysia Tel: Fax: