Market Quality Indicators. ASX Equity Index and Interest Rate Futures
|
|
- Georgina Carson
- 5 years ago
- Views:
Transcription
1 Market Quality Indicators ASX Equity Index and Interest Rate Futures March Quarter 213
2 Introduction Welcome to this edition of Market Quality Indicators. The Market Quality Indicators is a bi-annual publication prepared by ASX in conjunction with, Dr Andrew Lepone and Jimmy Liu from the Discipline of Finance at the University of Sydney. Market Quality Indicators has been developed to provide a quantitative overview of the trading activity and market dynamics of ASX equity index and interest rate futures, and highlights the extent of trading opportunities available on ASX. The Company ASX is a multi-asset class, vertically integrated exchange group, and one of the world s top-1 listed exchange groups measured by market capitalisation. ASX s activities span primary and secondary market services, central counterparty risk transfer, and securities settlement for both the equities and fixed income markets. It functions as a market operator, clearing house and payments system facilitator. It monitors and enforces compliance with its operating rules, promotes standards of corporate governance among Australia s listed companies and helps to educate retail investors. ASX s diverse domestic and international customer base includes issuers of securities and financial products, investment and trading banks, fund managers, hedge funds, commodity trading advisers, brokers and proprietary traders, market data vendors and retail investors. By providing its systems, processes and services reliably and fairly, ASX generates confidence in the markets that depend on its infrastructure. This is integral to ASX s long-term commercial success. More information on ASX can be found on our website
3 Table of Contents Equity Index Futures 1. Market commentary on Q4 212 and Q1 213 activity Page 2 2. SPI2 Futures Graphs Page 3 Trading Activity Average Daily Volume and Trade Size Orderbook Liquidity Bid Ask Spreads and Market Depth Price Volatility Trading Range and Volatility Tracking Basis Interest Rate Futures 1. Market commentary on Q4 212 and Q1 213 activity Page Day Interbank Cash Rate Futures Graphs Page 9 Trading Activity Average Daily Volume and Trade Size Orderbook Liquidity Bid Ask Spreads and Market Depth Price Volatility Trading Range and Volatility 3. 9 Day Bank Bill Futures Futures Graphs Page 13 Trading Activity Average Daily Volume and Trade Size Orderbook Liquidity Bid Ask Spreads and Market Depth Price Volatility Trading Range and Volatility 4. 3 Year Treasury Bond Futures Graphs Page 17 Trading Activity Average Daily Volume and Trade Size Orderbook Liquidity Bid Ask Spreads and Market Depth Price Volatility Trading Range and Volatility 1. 1 Year Treasury Bond Futures Graphs Page 21 Trading Activity Average Daily Volume and Trade Size Orderbook Liquidity Bid Ask Spreads and Market Depth Price Volatility Trading Range and Volatility 6. 9 Day New Zealand Bank Bill Futures Graphs Page 2 Trading Activity Average Daily Volume and Trade Size Orderbook Liquidity Bid Ask Spreads and Market Depth Price Volatility Trading Range and Volatility 7. 3 Year vs 1 Year Treasury Bond Futures Spread Page Day Bank Bill vs 3 Year Treasury Bond Futures Spread Page Day Interbank Cash Rate vs 9 Day Bank Bill Futures Spread Page 3 Methodology Page 31
4 ASX 24 Equity Index Futures Market Activity for Q4 212 and Q1 213 The Spot ASX SPI 2 Futures (SPI) contract broke through the 4, level in October before forming a low in November which marked the start of a prolonged rally taking the SPI to over,1. March saw a pullback to below 4,9. The Reserve Bank of Australia lowered the cash rate by 2bps in October and December. With concerns remaining about the outlook for the domestic economy markets continued to build in expectations of further rate cuts. Over this time period, global equity markets continued to rally as foreign central banks offered more accommodative monetary policy conditions in order to encourage investment and job growth. US and Japanese central banks have accelerated their asset purchase plans in order to support weak domestic economies which have had a positive effect on equity markets. The difficult credit situation in Europe eased into 213 following the Greek bailout deal in late 212 and partial resolution of the political deadlock in Italy in February, with funding rates in both Spain and Italy improving. The average trading range (graphs and 6) increased slightly during the day session and remained largely unchanged in the night session. Given the relatively low trading ranges seen in the past 12 months, a slight increase isn t surprising given the rally that started in November. The trading range frequency graph (graph 8) for 212/13 appears to be in the process of forming a peak slightly to the left of previous years which is to be expected given the lower average trading ranges seen over the past 12 months or more. The premium or discount of the SPI to the S&P/ASX 2 index (graph 9) continues to oscillate in a relatively predictable pattern consistent as the SPI moves from premium to discount in relation to the S&P/ASX 2. 2 Similar to global markets, the SPI 2 witnessed a consistent rally throughout the Q4 212 and Q1 213 period, increasing from approximately 4,3 to over, points at the end of Q Average daily volume in both the day and night sessions were largely unchanged throughout this period. The average trade size in the night session has continued to trend upwards and the volume traded in the day session has reversed the downward trend in the previous two quarters. Over the past two quarters the average trade size decreased slightly during the day session and increased slightly during the night session. Best depth improved over both the day and night sessions in the past two quarters while total depth improved markedly in the night session and remained close to the depth seen in the Q2 212 day session. Bid-ask spreads were largely unchanged on previous quarters (graphs 3 and 4).
5 ASX SPI 2 Index Futures 1. Trading activity Day trading session 4, 2.2 3, 2.1 3, 2, 2, 1, Average Trade Size 1,, Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS) 2. Trading activity Night trading session 8, , 1.8 6, 1.6, 4, 3, Average Trade Size 2, 1. 1,.8 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4.6 Average Daily Volume (LHS) Trade Size (RHS)
6 ASX SPI 2 Index Futures continued 3. Bid-Ask spreads and average quoted depth Day trading session Index Points Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS) 4. Bid-Ask spreads and average quoted depth Night trading session Index Points Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS)
7 . Trading range Day trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 Index Points 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average 6. Trading range Night trading session 6 4 Index Points /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average
8 ASX SPI 2 Index Futures continued 7. Volatility Panel A : Day Trading 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Panel A : Day Trading Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Trading Range Frequency Frequency More 29/1 21/11 211/12 212/13
9 9. ASX SPI 2 Futures vs Cash Index Basis /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 Index Points 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/ Average Quarterly Basis 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 7 Average Daily Error Average Daily Error
10 ASX 24 Interest Rate Futures 8 Market Activity for Q2 212 and Q3 212 Given concerns surrounding the US fiscal cliff, uncertainty surrounding the Greek bailout deal and further unease about the state of the domestic two speed economy, the RBA considered it prudent to reduce the official cash rate twice from 3.% to 3% in Q These cuts were largely priced into the market prior to the Q4 212 period, as evidenced by the stable market volatility during that period. Two notable trends in the short term interest rate futures were the strength in overnight volumes as well as a significant increase in both day and night session depth. These levels of depth were only surpassed in Q2 211 during the height of the European sovereign debt crisis. Similarly, night session volume in the long term interest rate futures also showed an upward trend. This was particularly evident in the 1 Year Treasury Bond Futures contract where the highest recorded average daily volume for a night session was witnessed in Q This was coupled with record levels of total liquidity in both the 3 and 1 Year Treasury Bond Futures contracts. Total night session depth in the 3 Year Treasury Bond Futures increased by 2% on the previous record set in Q Night session liquidity in the 1 Year Treasury Bond Futures increased 4% in Q4 212 and 48% in Q The increased level of liquidity has led to tighter spreads and stable volatility in light of economic concerns in the US and the re-emergence of sovereign bank liquidity issues in Europe. During March 213 there were a number of exchange records. Individual monthly trading records set for the 9 Day Bank Bill Futures, 3 Year Treasury Bond Futures, 1 year Treasury Bond Futures contract and 3 Year Treasury Bond Overnight Options. March 213 was also a record volume month across all ASX 24 products. In New Zealand, the RBNZ maintained its conservative stance on cash rate movements, continuing to hold the official cash rate at 2.% throughout the six month period covered in this report. Liquidity in the NZ 9 Day Bank Bill Futures contract improved in Q1 213, however this has not resulted in an increase in traded volume. Traded volume has followed a downward trend since Q3 211 given the stable cash rate environment. The report concludes with the graphs of the CAB spread (IB vs IR) and BAT spread (IR vs YT) tracked against the overnight cash rate. Previous negative spreads on these charts have moved more positive, especially with the BAT spread where a large positive movement in the basis point spread was evident is December 212. Both spreads trended towards zero as economic conditions together with statements given by the RBA indicated that official cash rate levels were likely to remain stable for a period of time.
11 3 Day Interbank Cash Rate Futures 11. Trading activity Day trading session 12, 2 1, 2 8, 6, 4, 1 1 Average Trade Size 2, 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS) 12. Trading activity Night trading session 3, 2 9 2, 2 2, 1, 1, 1 1 Average Trade Size 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS)
12 3 Day Interbank Cash Rate Futures continued 13. Bid-Ask spreads and average quoted depth Day trading session 1, , 1.2 6, 4, , Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS) 14. Bid-Ask spreads and average quoted depth Night trading session 1 9, 2.8 8, 7, 6,, 4, 3, 2, 1, Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS)
13 1. Trading range Day trading session RBA official cash rate % /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range RBA Official Cash Rate Moving Average 16. Trading range Night trading session RBA official cash rate % 1 16/3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range RBA Official Cash Rate Moving Average
14 3 Day Interbank Cash Rate Futures continued 17. Volatility Panel A : Day Trading 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Panel A : Day Trading Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Trading Range Frequency Frequency More 29/1 21/11 211/12 212/13
15 9 Day Bank Accepted Bill Futures 19. Trading activity Day trading session 3, 4 2, 4 3 2, 3 1, 1, Average Trade Size, 1 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS) 2. Trading activity Night trading session 9, 8, 7, ,, 4, 3, Average Trade Size 2, 1 1, 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS)
16 9 Day Bank Accepted Bill Futures continued 21. Bid-Ask spreads and average quoted depth Day trading session 12, 1.6 1, , 6, 4, ,.2 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS) 22. Bid-Ask spreads and average quoted depth Night trading session 14 7, 2. 6,, 1. 4, 3, 1. 2,. 1, 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS)
17 23. Trading range Day trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average 24. Trading range Night trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average
18 9 Day Bank Accepted Bill Futures continued 2. Volatility Panel A : Day Trading 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Panel A : Day Trading Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Trading Range Frequency Frequency More 29/1 21/11 211/12 212/13
19 3 Year Treasury Bond Futures 27. Trading activity Day trading session 12, 7 1, 6 8, 6, 4, Average Trade Size 2, 1 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS) 28. Trading Activity Night trading session 4, 4, 3, , 3 2, 2, 1, Average Trade Size 1, 1, 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS)
20 3 Year Treasury Bond Futures continued 29. Bid-Ask spreads and average quoted depth Day trading session 2, 1.2 2, 1. 1, 1,.8.6.4,.2 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS) 3. Bid-Ask spreads and average quoted depth Night trading session 18 14, , 1.2 1, 1. 8, 6,.8.6 4,.4 2,.2 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS)
21 31. Trading range Day trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average 32. Trading range Night trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average
22 3 Year Treasury Bond Futures continued 33. Volatility Panel A : Day Trading 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Panel A : Day Trading Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Trading Range Frequency Frequency More 29/1 21/11 211/12 212/13
23 1 Year Treasury Bond Futures 3. Trading activity Day trading session 3, 12 3, 1 2, 8 2, 1, 6 4 Average Trade Size 1,, 2 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS) 36. Trading activity Night trading session 2, , , 1, Average Trade Size, 2 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS)
24 1 Year Treasury Bond Futures continued 37. Bid-Ask spreads and average quoted depth Day trading session 4,.7 3,.6 3,. 2, 2, 1,.4.3 1, Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS) 38. Bid-Ask spreads and average quoted depth Night trading session Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS)
25 39. Trading range Day trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average 4. Trading range Night trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average
26 1 Year Treasury Bond Futures continued 41. Volatility Panel A : Day Trading 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Panel A : Day Trading Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Trading Range Frequency Frequency More /1 21/11 211/12 212/13
27 9 Day New Zealand Bank Bill Futures 43. Trading activity Day trading session 2, 1,8 1,6 4 1,4 1,2 1, Average Trade Size Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS) 44. Trading activity Night trading session Average Trade Size 1 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Volume (LHS) Trade Size (RHS)
28 9 Day New Zealand Bank Bill Futures continued 4. Bid-Ask spreads and average quoted depth Day trading session 1,6 6 1,4 1,2 1, Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS) 46. Bid-Ask spreads and average quoted depth Night trading session 26 1,2 18 1,1 1, Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Best Depth (LHS) Total Depth (LHS) Bid-Ask Spread (RHS)
29 47. Trading range Day trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average 48. Trading range Night trading session /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Trading Range Day Range Moving Average
30 9 Day New Zealand Bank Bill Futures continued 49. Volatility Panel A : Day Trading 9-Q2 9-Q3 9-Q4 1-Q1 1-Q2 1-Q3 1-Q4 Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Panel A : Day Trading Average Daily Range (B.P.) Standard Deviation Panel A : Night Trading Average Daily Range (B.P.) Standard Deviation Trading Range Frequency Frequency More 29/1 21/11 211/12 212/13
31 Interest Rate Futures Curve Spreads 1. 3 vs. 1 Year Spread RBA official cash rate % /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Spread RBA Official Cash Rate 2. BAT spread (9 Day Bank Bill vs. 3 Year Bond) RBA official cash rate % /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 16/3/213 Spread RBA Official Cash Rate
32 Interest Rate Futures Curve Spreads continued 3. CAB Spread (3 Day Interbank vs. 9 Day Bank Bill) RBA official cash rate % /3/29 16/7/29 16/11/29 16/3/21 16/7/21 16/11/21 16/3/211 16/7/211 16/11/211 16/3/212 16/7/212 16/11/213 CAB Spread RBA Official Cash Rate 3
33 Methodology Data is obtained from a Reuters trade and quote database managed by SIRCA. The data contains a record describing each transaction, including the contract code, date, time and the price and volume of each trade. The data also provides the prices and volumes of the best bid and ask quotes. The time period extends from 16 March 29 to 22 March 213. The contracts examined are the SPI 2 futures, 3 Day Interbank Cash Rate futures, 9 Day Bank Accepted Bill futures, 3 Year Treasury Bond futures, 1 Year Treasury Bond futures and 9 Day New Zealand Bank Bill Futures. For each contract, we exclude the days prior to expiration. Traded volume is calculated as the total number of shares traded. Trade size is equal to the average number of contracts per trade. The absolute bid-ask spread is measured as the best ask-price minus the best bid-price. Best depth is defined as the average of the volume available at the best bid and best ask price. Total depth is defined as the average of the volume available at each bid and ask price throughout the visible limit-order book. Trading range is calculated as the difference between the high and low price for the day and night trading session. Standard deviation of returns is defined as the standard deviation of the logarithm of the daily high and low price for the quarter. The basis tracking is the difference in the closing prices of the SPI 2 futures and the ASX 2 index. The 3 vs. 1 Year Spread is the difference in the daily closing prices of the 1 Year Treasury Bond futures and 3 Year Treasury bond futures. The BAT spread is the difference in the daily closing prices of the 3 Year Treasury Bond futures and 9 Day Bank Accepted Bill futures (second month). The CAB Spread is the difference in the daily closing prices of the 9 Day Bank Accepted Bill futures (second month) and 3 Day Interbank Cash Rate futures (second month). 31
34 32 Notes
35 Contact Details Australia Maurice Farhart Senior Manager, International Sales maurice.farhart@asx.com.au Asia Andrew Musgrave Regional Manager, Asia andrew.musgrave@asx.com.au Europe James Keeley Regional Manager, Europe james.keeley@asx.com.au North America David Ritchie Vice President Regional Manager, North America Chicago: david.ritchie@asx.com.au Head office ASX Limited Exchange Centre 2 Bridge Street Sydney NSW 2 Australia Telephone
36 This is not intended to be financial product advice. To the extent permitted by law, ASX Limited ABN and its related bodies corporate excludes all liability for any loss or damage arising in any way including by way of negligence. This document is not a substitute for the Operating Rules of the relevant ASX entity and in the case of any inconsistency, the Operating Rules prevail. Copyright 213 ASX Limited ABN All rights reserved 213. Domestic Information Line: International Information Line: For these contracts the market is operated by Australian Securities Exchange Limited ACN
Annual Australian Cash Equity Market
Annual Australian Cash Equity Market ASX Equity Market Turnover Average Total Market Capitalisation and Liquidity (1987 to 212) A$B 1,8 1,6 1,4 1,2 1, 8 6 4 2 11 1 9 8 7 6 5 4 3 2 1 Percentage (%) 1987
More informationInternational Listings on ASX. Road to growth and opportunity
International Listings on ASX Road to growth and opportunity Disclaimer: This is not intended to be financial product advice. To the extent permitted by law, ASX Limited ABN 98 8 624 691 and its related
More informationS&P/ASX 200 VIX Futures SECTOR FUTURES
S&P/ASX 200 VIX Futures SECTOR FUTURES S&P/ASX 200 VIX futures provide an exchange-traded mechanism to efficiently isolate, trade, hedge and arbitrage anticipated volatility in the Australian equity market.
More informationAUD-EUR OUTLOOK Risk Appetite is the Key Wednesday, 25 January 2012 The Australian dollar has recently soared to record highs against the euro, reflecting heightened concerns about European sovereign risk,
More informationASX Presentation to Investors
ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215 Telephone +61 2 9227 0000 www.asx.com.au 10 March 2014 Australian Securities and Investments
More informationREPURCHASE AGREEMENT (REPO) MARGINING GUIDELINES
REPURCHASE AGREEMENT (REPO) MARGINING GUIDELINES Australian Financial Markets Association www.afma.com.au Repurchase Agreement (Repo) Margining Guidelines Version 1.2 April 2016 Australian Financial Markets
More informationMANAGING INTEREST RATE RISK WITH AN ABSOLUTE RETURN APPROACH
FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. September 2017
More informationUnderstanding Hybrid Securities. ASX. The Australian Marketplace
Understanding Hybrid Securities ASX. The Australian Marketplace Disclaimer of Liability Information provided is for educational purposes and does not constitute financial product advice. You should obtain
More informationNew Trading Platform Release Notes - Derivatives Release 3
New Trading Platform Release Notes - Derivatives Release 3 INFORMATION CLASSIFICATION - PUBLIC ASX Limited [NTP Release 2 Guidance Notes] TABLE OF CONTENTS 1. Introduction 3 1.1. Key Upcoming Dates and
More informationHalf-Year 2017 Results. ASX Limited. 17 February 2017
Half-Year 2017 Results ASX Limited 17 February 2017 Agenda Results overview Financial and operational detail Summary and outlook Dominic Stevens CEO Peter Hiom Deputy CEO Dominic Stevens CEO Q & A analysts
More informationASX New Zealand Electricity Futures & Options
ASX New Zealand Electricity Futures & Options Disclaimer of Liability Information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice
More informationEquinox. Performance Report September Quarter 2007
Equinox Performance Report September Quarter 2007 MACQUARIE equinox TRUST series Market Commentary Stepping into the third quarter, evidence of further weakness in the US housing market dynamics caused
More informationKiwi Dollar Barometer
Kiwi Dollar Barometer 11 December 212 Businesses see China and the US as key influences on NZD The ASB Institutional Kiwi Dollar Barometer tracks exporters, and importers and importer/exporters exposures
More information2016 Long-term Investing Report
FULL REPORT // MAY 2016 2016 Long-term Investing Report Taking a long-term view of the historical investment landscape. ASX operates at the heart of Australia s financial markets. It is among the world
More informationPerformance Summary June 2015
Performance Summary June 2015 SA Metropolitan Fire Service Superannuation Scheme Funds SA is responsible for investing the assets of the SA Metropolitan Fire Service Superannuation Scheme. In this summary,
More informationGlobal liquidity: selected indicators 1
8 October 14 Global liquidity: selected indicators 1 Highlights Indicators of global liquidity point to a continued strengthening of risk appetite and loosening of credit conditions in the spring and summer
More informationInteractive Brokers March 2009
Interactive Brokers March 2009 Disclaimer: This material contains information only. ASX does not represent or warrant that it is complete or accurate. The information is for education purposes only and
More informationCitiFirst Australian Index MINIs
HA RESULTS CitiFirst Australian MINIs Investment Product: Not a Deposit Not Insured No Bank Guarantee May Lose Value Product Disclosure Statement KOB, KOC, KOI, KOJ, KOK, KOM, KOP, KOQ, KOR, KOS, KOT,
More informationZenith Monthly Economic Report December 2011
Zenith Monthly Economic Report December 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
More informationPlus500AU Pty Ltd. Summary Order Execution Policy
Plus500AU Pty Ltd Summary Order Execution Policy 0 Summary Order Execution Policy 1. Introduction 1.1 Plus500AU Pty Ltd has a general duty to conduct business with you in an honest, fair and professional
More informationWestpac Melbourne Institute Consumer Sentiment
Westpac Melbourne Institute Consumer Sentiment Unemployment expectations chart pack. October 214 Westpac Melbourne Institute Consumer unemployment expectations The Westpac-Melbourne Institute Unemployment
More informationTREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS April June 2013 During the second quarter, the U.S. dollar s nominal trade-weighted exchange value increased 1.7 percent as measured by the Federal
More informationASX 3 and 10 Year Treasury Bonds Futures and Options Interest Rate Markets Fact Sheet Australia
ASX 3 and 0 Year Treasury Bonds Futures and Options Interest Rate Markets Fact Sheet Australia ASX s 3 and 0 Year Treasury Bond Futures and Options are the benchmark derivative products for investors trading
More informationres Key Ideas great or Over the
Investor Guide Managed Futur res Key Ideas Managed Futures seeks to take advantage of trends in global asset classes These strategies have historically performed best when markets went from good to great
More informationMEDIA RELEASE. Designated Price Makers appointed for Exchange Traded CFDs
MEDIA RELEASE 6 September 2006 Designated Price Makers appointed for Exchange Traded CFDs Designated Price Makers (DPMs) have been appointed for the world s first Exchange Traded CFDs, to be available
More informationInvestment report. Products issued by AMP Superannuation Limited January Standard Risk Measure. Notes. Contents. About the Standard Risk Measure
report Products issued by AMP Superannuation Limited January 17 SignatureSuper SignatureSuper Select SignatureSuper Allocated Pension CustomSuper SuperLeader Flexible Lifetime Super AMP Flexible Super
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationPortfolio construction: The case for small caps. by David Wanis, Senior Portfolio Manager, Smaller Companies
For professional investors only Schroders Portfolio construction: The case for small caps by David Wanis, Senior Portfolio Manager, Smaller Companies Looking solely at passive returns available to investors
More informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
More informationCredit Opinion: Bank Nederlandse Gemeenten N.V.
Credit Opinion: Bank Nederlandse Gemeenten N.V. Global Credit Research - 09 May 2014 The Hague, Netherlands Ratings Category Moody's Rating Outlook Stable Bank Deposits Aaa/P-1 Bank Financial Strength
More informationATRIUM EVOLUTION SERIES
MONTHLY REPORT MAY 2018 ATRIUM EVOLUTION SERIES DIVERSIFIED FUND FUND PERFORMANCE Performance 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years Volatility Sharpe Ratio AEF 5 Units 0.2% 1.2% 2.0%
More informationPortuguese Banking System: latest developments. 2 nd quarter 2018
Portuguese Banking System: latest developments 2 nd quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 26 th September of 218. Macroeconomic indicators and banking system data
More informationDiversification paramount Schroders asset allocation survey
Diversification paramount Schroders asset allocation survey Broker Survey results October 2017 Schroders has undertaken its second survey of Australian brokers to gain insight into their asset allocation
More informationCavanal Hill Fixed Income Insights 1 st Quarter, 2018
Cavanal Hill Fixed Income Insights 1 st Quarter, 2018 Michael Maurer, CFA Senior Fixed Income Portfolio Manager Russell Knox, CFA Fixed Income Portfolio Manager Rich Williams Senior Tax Free Fixed Income
More informationASX ANNOUNCES $553 MILLION PRO RATA ACCELERATED RENOUNCEABLE ENTITLEMENT OFFER AND INCREASED INVESTMENT IN ITS CLEARING HOUSES
ASX ANNOUNCES $553 MILLION PRO RATA ACCELERATED RENOUNCEABLE ENTITLEMENT OFFER AND INCREASED INVESTMENT IN ITS CLEARING HOUSES Sydney, - ASX Limited (ASX) today announced that it is undertaking a fully
More informationFutures. June Product Disclosure Statement. Issuer: BBY Limited ABN AFSL
Futures Product Disclosure Statement June 2011 http://www.bby.com.au Issuer: BBY Limited ABN 80 006 707 777 AFSL 238095 Section 1 Important Information Purpose of this PDS This Product Disclosure Statement
More informationNew Trading Platform Release 2 Notes INFORMATION CLASSIFICATION - PUBLIC
New Trading Platform Release 2 Notes INFORMATION CLASSIFICATION - PUBLIC ASX Limited [] TABLE OF CONTENTS 1. Introduction 3 1.1. Key Upcoming Dates and Events 3 1.2. User Login Naming Convention 4 1.3.
More informationAustralian Dollar Outlook
Tuesday, 31 March 015 Australian Dollar Outlook Still Under Pressure We have revised our AUD forecasts for this year down slightly to reflect developments over recent months. We now expect the AUD to end
More informationEQUINOX PERFORMANCE REPORT DECEMBER QUARTER 2006 MACQUARIE EQUINOX LIMITED PARTICIPATING SHARES ARBN
PERFORMANCE REPORT DECEMBER QUARTER 2006 MACQUARIE LIMITED PARTICIPATING SHARES ARBN 105 989 231 Market Commentary October has historically been a month characterised by investor nervousness, however October
More informationMACRO INVESTMENT OUTLOOK
MACRO INVESTMENT OUTLOOK AUGUST 18 INVESTMENT STRATEGY AND DYNAMIC MARKETS TEAM, MULTI ASSET GROUP GLOBAL SHARES CONSTRAINED BY TRADE WAR FEARS BUT AUSTRALIAN SHARES RELATIVELY RESILIENT 5 Australia -
More informationProduct Disclosure Statement
CFDs Product Disclosure Statement Foreign Exchange 14 February 2011 2 IMPORTANT NOTICES / DISCLAIMERS This is a Product Disclosure Statement (PDS) prepared by MF Global Australia Limited (MFGA). The date
More informationRisk and Return of Covered Call Strategies for Balanced Funds: Australian Evidence
Research Project Risk and Return of Covered Call Strategies for Balanced Funds: Australian Evidence September 23, 2004 Nadima El-Hassan Tony Hall Jan-Paul Kobarg School of Finance and Economics University
More informationWestpac Private Bank. Investor sentiment. Insights into the investment intentions of wealthy Australians. Quarter 3, 2013
Outstanding New Wealth/Investment Adviser Westpac Private Bank Investor sentiment indicator Insights into the investment intentions of wealthy Australians Quarter 3, 213 $1 Million - $3 Million Outstanding
More informationA HIGH YIELDING RESILIENT ECONOMY:
A HIGH YIELDING RESILIENT ECONOMY: January 2017 BetaShares Strong Australian Dollar Fund (hedge fund) (ASX: AUDS) The BetaShares Strong Australian Dollar Fund (hedge fund) (ASX: AUDS) and the BetaShares
More informationMERCER SUPER TRUST QUARTERLY REPORT THREE MONTHS TO 31 DECEMBER 2016
MERCER SUPER TRUST QUARTERLY REPORT THREE MONTHS TO 31 DECEMBER 2016 MERCER SUPER TRUST QUARTERLY REPORT CONTENTS ECONOMY & MARKETS 1 QUARTER ENDING DECEMBER 2016 FINANCIAL MARKET RETURNS TO 31 DECEMBER
More informationUBS Diversified Credit Fund. Quarterly investment report to 31-Mar-14
UBS Diversified Credit Fund Quarterly investment report to 31-Mar-14 Summary as at 31-Mar-14 Performance Before fees and expenses, the portfolio rose by 2.34% over the quarter, outperforming the UBS Australia
More informationTRADING STRATEGY SERIES LEARN HOW TO SPOT OPPORTUNITIES IN VOLATILE MARKETS fpmarkets.com.au
1 TRADING STRATEGY SERIES LEARN HOW TO SPOT OPPORTUNITIES IN VOLATILE MARKETS This educational material does not constitute financial product advice and does not take into account your investment objectives,
More informationBlackRock Enhanced Australian Bond Fund
2017 FUND UPDATE BlackRock Enhanced Australian Bond Fund Investment Performance (%) Fund Inception 1 M th 3 M ths CYTD 1 Yr 3 Yrs 5 Yrs Inc BlackRock Enhanced Australian Bond Fund (Gross of Fees) 26-Mar-02
More informationFEB GLOBAL ECONOMICS & CAPITAL MARKET COMMENTARY. Global Economics. Winslow, Evans & Crocker
FEB. 2013 GLOBAL ECONOMICS & CAPITAL MARKET COMMENTARY Global Economics Douglas E. White, CFA Chief Investment Officer Sr. Vice President (617) 896-3518 dwhite@e-winslow.com Rand Folta, CFA Executive Vice
More informationAustralian Dollar Outlook
Friday, 28 July 2017 Australian Dollar Outlook Turning Points and Policy Shifts The Australian dollar recently broke out of its narrow trading band where it has been stuck for nearly two years. This month,
More informationInvestor Views on Investment and Borrowing
Investor Views on Investment and Borrowing Highlights from the : Highlighted findings Survey conducted: July - August 2014 Report released: November 2014 Reproduction strictly prohibited Copyright Pty
More informationFINANCIAL SERVICES GUIDE FXGiants
FINANCIAL SERVICES GUIDE FXGiants Operated by Notesco Pty Ltd ABN 78 143 154 698 AFSL No. 417482 Level 17, 9 Castlereagh Street, SYDNEY NSW 2000 FINANCIAL SERVICES GUIDE The purpose of this Financial Services
More informationVanguard ETF Quarterly Report
Vanguard ETF Quarterly Report June quarter 218 In this report: Strong returns help drive industry towards $4 billion Global equities continue to attract over half of all new cash flows Vanguard receives
More informationWestpac Investor Update September 2007
Westpac Investor Update September 2007 Disclaimer The material contained in this presentation is intended to be general background information on Westpac Banking Corporation and its activities. The information
More informationMonetary Policy Divergence and Global Financial Stability: From the Perspective of Demand and Supply of Safe Assets
Monetary Policy Divergence and Global Financial Stability: From the Perspective of Demand and Supply of Safe Assets January, 7 Speech at a Meeting Hosted by the International Bankers Association of Japan
More informationAUSTRALIAN INFRASTRUCTURE METRIC
AUSTRALIAN INFRASTRUCTURE METRIC June Quarter 217 The IPA/BIS Oxford Economics Australian Infrastructure Metric (the Metric) is the leading indicator of real investment in Australia s civil infrastructure.
More informationWestpac Melbourne Institute Consumer Expectations
Westpac Melbourne Institute Consumer Expectations Unemployment expectations chart pack. November 213 Westpac Melbourne Institute Consumer unemployment expectations The unemployment expectations rose.9%
More informationAUSTRALIAN SHAREHOLDERS ASSOCIATION NATIONAL CONFERENCE. Sydney, 6 May Check against delivery
AUSTRALIAN SHAREHOLDERS ASSOCIATION NATIONAL CONFERENCE Sydney, 6 May 2013 ADDRESS BY ASX MANAGING DIRECTOR AND CEO ELMER FUNKE KUPPER Check against delivery Thank you for the opportunity to speak at your
More information03/03/2015. Investing in ideas Achieving genuine diversification. Agenda. Diversification dilemma. Investing in ideas.
Achieving genuine diversification TEXPERS Annual Conference David Millar, FIA Head of Multi Asset March, Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationInteractive Brokers LLC Supplemental Agreement & Disclosures for Trading on Australian Markets
6 April 2018 Interactive Brokers LLC Supplemental Agreement & Disclosures for Trading on Australian Markets PART A 1. INTRODUCTION 1.1 This Supplemental Agreement is in three parts: This Part A sets out
More informationUS Federal Reserve: Feels like the first time
US Federal Reserve: Feels like the first time Economic research note 17 December 2015 The US Federal Reserve (the Fed) has, finally and unanimously, started the monetary policy normalisation process by
More informationAnother Milestone on the Road to Policy Normalization
LEADERSHIP SERIES OCTOBER 2017 A feature article from our U.S. partners Another Milestone on the Road to Policy Normalization The twin tailwinds of strong earnings and easing financial conditions are unlikely
More informationINVESTMENT OUTLOOK. August 2017
INVESTMENT OUTLOOK August 2017 INVESTMENT OUTLOOK AUGUST 2017 MACRO-ECONOMICS AND CURRENCIES Developed and Emerging Markets A series of comments from major central banks during the month, reminded investors
More informationMLC Horizon 1 - Bond Portfolio
Horizon 1 - Bond Portfolio Annual Review September 2009 Investment Management Level 12, 105 153 Miller Street North Sydney NSW 2060 review for the year ending 30 September 2009 Page 1 of 11 Important information
More informationPortuguese Banking System: latest developments. 1 st quarter 2018
Portuguese Banking System: latest developments 1 st quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 27 th June of 218. Macroeconomic indicators and banking system data are quarterly
More informationInterest Rate Derivatives Price and Valuation Guide Australia
Interest Rate Derivatives Price and Valuation Guide Australia The pricing conventions used for most ASX 24 interest rate futures products differ from that used in many offshore futures markets. Unlike
More information2017 Annual Conference. Thursday, 8 June 2017
217 Annual Conference Thursday, 8 June 217 The global markets impact on Australia Thursday, 8 June 217 QIC SLIDES FOR FRONTIER Katrina King 8 th June, 217 GLOBAL INTERACTIONS ARE IMPORTANT The pace of
More informationTECHFX TRADERS WEEKLY FX TECHNICAL REPORT
04 February 2018 TECHFX TRADERS WEEKLY FX TECHNICAL REPORT Contents FX: AUDUSD Medium Term Page 3 AUDUSD Short Term Page 4 AUDUSD VS Interest Rates Page 5 AUDNZD Medium Term Page 6 AUDNZD Short Term Page
More informationWestpac Banking Corporation
Westpac Banking Corporation David Morgan Chief Executive Officer March 2007 Westpac Banking Corporation at a glance Australia s first bank est. 1817 Top 50 bank globally 1 Consistent earnings growth Strong
More informationCoupon Select Deposit.
Coupon Select Deposit. Product Disclosure Statement. Issued by Westpac Banking Corporation Australian Financial Services Licence No. 233714 ABN 33 007 457 141 Dated: 5 May 2017 Contact details. For more
More informationHalf-Year 2016 Results Presentation
Half-Year 2016 Results Presentation ASX Limited Elmer Funke Kupper Peter Hiom 11 February 2016 Disclaimer The material contained in this document is a presentation of general information about the ASX
More informationMonetary Policy Update
Economics & Markets Research Monetary Policy Update 8 October 2008 ANZ Macro and Interest Rate Research Warren Hogan Head of Australian Economics and Interest Rate Research +61 2 9227 1562 warren.hogan@anz.com
More informationMay market performance. Index. Index. Global economies
JUNE 2016 The recovery in equity and commodity prices from February lows continued into May with the third straight month of equity and commodity price rises. Oil prices continued to move higher, up another
More informationLonsec Diversified Direct Model Portfolios
Lonsec Diversified Direct Model Portfolios ISSUE DATE 30-04-2015 Performance review Model portfolios RETURNS TO 31 MAR 2015 SECURE DEFENSIVE CONSERVATIVE BALANCED GROWTH HIGH GROWTH 3 MONTHS (%) MODEL
More informationGlobal Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation
Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return
More informationMLC MasterKey Investment Service MLC MasterKey Unit Trust Annual distribution commentary
MLC MasterKey Investment Service MLC MasterKey Unit Trust Annual distribution commentary May 2012 1. Distributions for FY2012 The table below sets out the cents per unit () distributions paid for the May
More informationQuarterly ASX 300 Business Survey March 2013
Quarterly ASX 3 Business Survey March 13 ASX 3 show greater resilience than the broader economy in Q1, with conditions stable. Finance, Business & Property considerably stronger. Confidence rebounded but
More informationSydney Industrial Property
Sydney Industrial Property Market Forecasts and Strategies 2016 2026 Extract to indicate the general nature of the report COMMERCIAL PROPERTY www.bis.com.au Contents EXECUTIVE SUMMARY... I 1. ECONOMIC
More informationNAB MONTHLY BUSINESS SURVEY JUNE 2018
EMBARGOED UNTIL: 11:3AM AEST, 1 JULY 218 NAB MONTHLY BUSINESS SURVEY JUNE 218 CONFIDENCE AND CONDITIONS HOLD STEADY NAB Australian Economics There was little change in headline business conditions and
More informationLow Correlation Strategy Investment update to 31 March 2018
The Low Correlation Strategy (LCS), managed by MLC s Alternative Strategies team, is made up of a range of diversifying alternative strategies, including hedge funds. A distinctive alternative strategy,
More informationA PIVOTAL OCTOBER. Issue #14. October 2018
A PIVOTAL OCTOBER Issue #14 October 2018 Stock markets tend to post their best returns from October to April but October itself can be the most volatile month of the year. The tug of war between good news
More informationASX: DDR FY16 Results Presentation. March 2017
ASX: DDR FY16 Results Presentation March 2017 Corporate Headlines Capital Structure Share Price (24 Mar 2017) $2.17 Fully paid ordinary shares 160.0m Options 0.0m Market Capitalisation $347.2m Shareholders
More informationASX Prime Bank Conventions- NBBO Rolling Maturity Pool
ASX Prime Bank Conventions- NBBO Rolling Maturity Pool EFFECTIVE DATE 4 TH DECEMBER 2017 Contacts For general enquiries, please contact: CONTENTS Monique Bell Manager, Benchmarks T +612 9227 0208 E Monique.bell@asx.com.au
More informationLEPOs. Low Exercise Price Options Explanatory Booklet
LEPOs Low Exercise Price Options Explanatory Booklet Disclaimer of Liability Information provided is for educational purposes and does not constitute financial product advice. You should obtain independent
More informationRAYMOND JAMES RAYMOND JAMES. -Technical Chart Book -
Technical Strategy Team - Technical Chart Book RAYMOND JAMES -Technical Chart Book - Providing Investors with timely data and technical observations on a broad spectrum of asset classes. Portfolio & Technical
More informationBank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets
Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for, and Amounts Outstanding as at June 30, March, 2005 Turnover data for, Table
More informationNZ FIXED INTEREST FUND JUNE 2018
NZ FIXED INTEREST FUND JUNE 2018 Contents 1. Economic and market recap 3 2. Performance and attribution 10 3. Attribution 17 4. Strategy 26 Appendix 1. Portfolio composition 30 1. ECONOMIC AND MARKET RECAP
More informationExchange Traded Options Product Disclosure Statement
Exchange Traded Options Product Disclosure Statement June 2009 Issuer: Westpac Securities Limited ABN 39 087 924 221 Australian Financial Services Licence No. 233723 Your future is our future feel free
More informationSPECIALIST AUSTRALIAN BOND STRAIGHT TALK ON FRANKLIN AUSTRALIAN ABSOLUTE RETURN BOND FUND
SPECIALIST AUSTRALIAN BOND STRAIGHT TALK ON FRANKLIN AUSTRALIAN ABSOLUTE RETURN BOND FUND CHRIS SINIAKOV Managing Director, Australian Fixed Income Franklin Templeton Investments an absolute return approach
More informationZenith Monthly Market Report Zenith Monthly Market Report (30 June 2010)
Zenith Monthly Market Report (30 June 2010) Market Indicators Market Indicator End of Month Previous Month 1 Month Change 12 Months Ago 12 Month Change Interest Rates Overnight Cash 4.50 4.50 0.00% 3.00
More informationInvestor Briefing. Sandler O Neill Global Exchange and Brokerage Conference. Elmer Funke Kupper, CEO. 4 June 2014
Investor Briefing Sandler O Neill Global Exchange and Brokerage Conference 4 June 2014 Elmer Funke Kupper, CEO 1 Disclaimer The material contained in this document is a presentation of general information
More informationPerformance Summary September 2016
Performance Summary September 2016 SA Metropolitan Fire Service Superannuation Scheme Funds SA is responsible for investing the assets of the SA Metropolitan Fire Service Superannuation Scheme. In this
More informationInterest Rate Research
RESEARCH Interest Rate Research 2 March 218 NZ Bank Bill-OIS and FRA-OIS Spreads An Update Increases in US Libor-OIS and the Australian equivalent have filtered through into wider NZ FRA- OIS spreads over
More informationOverview of ASX Energy Initial Margins
Y Overview of ASX Energy Initial Margins Introduction This document provides guidance on how to interpret the ASX Energy Margin Parameter notice and explains the Standard Portfolio Analysis of Risk ( SPAN
More informationPORTFOLIO UPDATE AND FINANCIAL PLANNING NEWS
PORTFOLIO UPDATE AND FINANCIAL PLANNING NEWS June Quarter 2018 Market Movements Australian Market Sector Performance (S&P ASX 200) Page 1 of 16 Australian Market Daily Performance June Quarter 2018 Commentary
More informationAustralia and New Zealand
Executive Summary July 1 Renewals Update Catastrophe reinsurance pricing decreased moderately more aggressively for higher margin U.S. business than witnessed at January and June renewals. Catastrophe
More information54 ECB RESULTS OF THE ECB SURVEY OF PROFESSIONAL FORECASTERS FOR THE FOURTH QUARTER OF 2009
Box 7 RESULTS OF THE ECB SURVEY OF PROFESSIONAL FORECASTERS FOR THE FOURTH QUARTER OF 9 This box reports the results of the ECB Survey of Professional Forecasters (SPF) for the fourth quarter of 9. The
More informationUpdate on Oil Prices. Looking at the market s response as the oil price has fallen
Update on Oil Prices Looking at the market s response as the oil price has fallen Introduction and recap Frontier s Capital Markets and Asset Allocation Team (CMAAT) released a publication on oil in December
More informationFund Review BetaShares U.S. Dollar ETF
Fund Review BetaShares U.S. Dollar ETF P 1-7 ANALYST: MATTHEW O'NEILL APPROVED BY: SAM MORRIS ISSUE DATE 10-07-2017 Key Information INVESTMENT EXCHANGE TRADED FUND (ETF) LISTED ON THE TYPE AUSTRALIAN SECURITIES
More information