Market Outlook and Price Assessments in China
|
|
- Allyson Richard
- 5 years ago
- Views:
Transcription
1 Market Outlook and Price Assessments in China Dave Ernsberger Editorial Director, Asia Platts Qingdao, China July 24,
2 Agenda Introduction to Platts: present and future Platts assessment methodology Platts in China Physical and Futures Markets different and often co-dependent The prospects for an integrated market in China Q&A 2
3 Platts: Part of McGraw-Hill Companies McGraw-Hill has more than 280 offices in 40 countries Sales in 2003 were $4.8-billion Platts sister companies include: Standard & Poor s BusinessWeek McGraw-Hill Education Many others Our strategy: build comprehensive information businesses for both general and industry specific audiences. 3
4 Our mission Platts is the world s most trusted and valued source of global energy information and intelligence. Our goal at Platts is to work with our clients and the industry to enable global energy markets to function with efficiency, transparency and integrity. 4
5 Our profile Platts is the world s largest energy information provider. Platts provides decision-critical, expert information to the petroleum, electricity, natural gas, coal, petrochemicals, metals, nuclear and shipping industries. Platts provides unique benchmark pricing opinions, realtime news, market and industry analysis, energy consulting, analytical databases, and geospatial tools. Platts customers are traders, marketers, planners, analysts, managers, engineers, consultants, lawyers and governments. Platts information must be bought directly from Platts, or via our licensed third party distributors, to guarantee reliability, and to ensure that the information is in fact from Platts. 5
6 Unique methodology, unique benchmarks From 14 offices worldwide, Platts covers the oil, natural gas, electricity, nuclear power, coal, petrochemical and metals markets. Platts unique, expert assessments are trusted and used as benchmarks in the world s commodities markets Every day, more than $10-billion of trading activity and term contract sales is based on Platts' price assessments. Platts is the world leader in publishing oil assessments Specialist in oil market information since 1923 Impartial and independent 6
7 Unique methodology, unique benchmarks We have built a unique methodology and price assessment process for the Asian oil markets using many decades of experience and development The assessment process is open, transparent and subject to public scrutiny All of our assessments are proprietary As result of this unique methodology and process, our assessments are trusted, widely-used and valued by the Asian oil markets 7
8 Platts: price assessment process Assessments represent our expert opinion An editorial process developed by Platts to uncover market value of energy commodities All information is tested in the Platts window in Asia, this is Page 190 We use an interactive process where the market itself is the testing ground We use real-time technology to interact with market All bids/offer must be available to market at large Transactions must be made at arms length Values are based on market-on-close principle Assessments always reflect transactable values 8
9 Platts: price assessment process (ctnd) Assessment process is open and transparent Assessments are inclusive of backwardation or contango prevents double counting of differentials Deals are subject to several tests, including golden standards of repeatability and incrementability Key to any price assessment process is transparency and a reliable methodology Our methodologies are open to public scrutiny and comment, and can be viewed at 9
10 Platts: price assessment process 10
11 Platts in China Platts has been marketing its services in China for more than 20 years Provides a broad range of energy, petrochemical and metals information products and services Platts benchmarks are widely used for price benchmarking in China oil, petrochemicals, metals markets Our customers in China include integrated oil companies, petrochemicals companies, traders, regulators and government departments 11
12 Platts China Initiative Launched Huangpu, Shanghai and Qingdao fuel oil assessments this year Started publishing the Chineselanguage China Fuel Oil Report on July 5 Preparing expansion of Platts services to China s LPG, petrochemicals, electricity, natural gas, coal, and LNG markets to serve needs as they arise 12
13 Platts China Initiative Platts expanded commitment to China by establishing Guangzhou representative office in June Our new representative office enables us to provide liaison and product introduction services Our plans call for Beijing, Shanghai representative offices over next 12 months 13
14 Platts China Initiative Platts organizes training courses in risk management in China Educates at seminars held by our partners and other third parties Holds regular petrochemicals and fuel oil market seminars in major cities Studying interest in other valueadded Platts services in China Geospatial services Consulting 14
15 South China fuel oil assessments Ship-to-ship Huangpu 180CST 3.5% sulfur ( 3 5% 180 CST) FOB Huangpu 180CST 3.5% sulfur ( 3 5% 180 CST) C+F Huangpu 180CST 3.5% sulfur ( 3 5% 180 CST) C+F Huangpu 180CST 2.5% sulfur (MSFO) ( 2 5% 180 CST) 15
16 East China fuel oil assessments FOB Shanghai 180CST 3.5% sulfur C+F Shanghai 180CST 3.5% sulfur FOB Shanghai 180CST 1.5% sulfur C+F Shanghai 180CST 1.5% sulfur FOB Qingdao 180CST 1.5% sulfur C+F Qingdao 180CST 1.5% sulfur 16
17 Platts: Chinese assessment window Launched July 12 Information in Chinese and English Same methodology applied as in Singapore and Page 190 Open access for participants in physical market 17
18 Price discovery interactive process Platts market reporters Market activity Instant feedback Real-time publication of bids, offers and deals Decision support Price transparency 18
19 Solid benchmarks = Clear price signals Platts Huangpu vs MOPS, 180 CST Fuel Oil ($/ mt) 0 5/ 12 5/ 19 5/ 26 6/ 2 6/ 9 FOB Huangpu fell below import cost and even FOB Singapore for periods in May China markets sent clear signal in May that port was congested, bonded storage full to bursting Supply corrected itself, premiums were re-established in early June Without clear price signals, market could have become critically oversupplied for longer
20 China: needs efficient markets Efficient markets allow countries to manage economic growth Expert assessments send clear price signals about where new supplies are most needed Allow for better planning and targeted infrastructure development Efficient markets are created in trading centers where liquidity, transparency, stability, and rule of law are reasonably guaranteed Platts role is to help energy markets around the world function with greater efficiency, transparency and integrity 20
21 China: demand growing on all fronts Infrastructure under increasing stress from high oil demand growth Overtook Japan as world s second biggest oil user in 2003 Oil demand rose by more than 900,000b/d in Q to 6.14-mil b/d; up 18% year-on-year Electricity demand rose 16.4% in Q1 2004, almost all grids in China experienced shortages Peak supply-demand gap stretching to 30,000MW in 2004 Government taking measures to slow down economic growth in 2004; moved to slow down borrowing in late April 21
22 China: needs physical and futures trade Physical and Futures markets are different, but usually codependent Taken together, physical and financial markets are used around the world to properly manage price risk Used together, they help balance supply and demand in the short and long term To use both markets most efficiently, traders need to minimize the basis risk between the two (delivery timing, location of delivery, quality specifications) 22
23 Physical Markets Essential for moving commodities from producers to consumers the primordial marketplace Trading is relatively unregulated Usually not traded on an exchange Trades typically settled by actual delivery of products seller to buyer Sellers, buyers assume a certain amount of credit risk Give financial markets a solid (and non-circular) reference point for settlement 23
24 Futures Markets Allow buyers and sellers to hedge price risk Provide a venue for financial institutions (banks, funds) Usually traded on an exchange Exchanges often assume credit risk by taking each side of every trade done Exchanges often highly regulated to provide certainty of rules, protection for investors and high degree of standardization Trades typically settled with exchange in cash Settlement often relies on a benchmark (or basket of benchmarks) from the physical markets 24
25 Physical & Futures: codependent Efficient commodities markets have coexisting, and codependent physical and futures trading Platts and established exchanges work together around the world to provide unified hedging and settlement systems Transparent physical markets influence futures prices Transparent futures markets influence physical prices Together, both markets minimize price distortions by providing reliable and immediate signals of changes in market conditions Together, both markets are critical to maintaining a supply/demand balance 25
26 Prospects for an integrated China market Prospects are very good, depend mostly on supportive measures from Beijing China s physical fuel oil markets have thrived since regulations were relaxed in January Platts launched proprietary physical benchmarks for Huangpu in March Launched proprietary benchmarks for Shanghai and Qingdao in July Development work on an exchange-traded futures market picking up speed 26
27 Only Authorized Platts Distributors in Asia ComStock Reuters Moneyline Telerate Bloomberg FAME OilSpace GlobalView 27
28 questions? Dave Ernsberger Editorial Director, Asia Platts (65)
WHITE PAPER. Bringing Transparency to the Petrochemical Markets. January 16, By David Hanna Platts Global Director of Petrochemicals
Bringing Transparency to the Petrochemical Markets January 16, 2007 By David Hanna Platts Global Director of Petrochemicals Copyright 2007 Platts, All Rights Reserved Bringing Transparency This is one
More informationRecent oil market volatility
Recent oil market volatility Dave Ernsberger Global Head of Energy Pricing S&P Global Platts March 15, 2018 Recent trends and structural volatility in physical benchmarks Interpretations of recent volatility
More informationGlobal 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
More informationCHEMICAL. EMEA Aromatics Daily: Pricing and Methodology
CHEMICAL EMEA Aromatics : Pricing and Methodology EMEA Aromatics CONTENTS Overview Product Methodology Table Price Discovery Process Price Assessment Laycans Price Assessment Criteria Illiquid Markets
More informationCan LOOP Ever Be a Gulf Coast Cushing? Part 2 Searching for a sour crude benchmark.
? Can LOOP Ever Be a Gulf Coast Cushing? Part 2 Searching for a sour crude benchmark. Morningstar Commodities Research 10 April 2017 Sandy Fielden Director, Oil and Products Research +1 512 431-8044 sandy.fielden@morningstar.com
More informationMarket Report. China s 2012 Hottest Job Sectors Simon Mortlock APAC Editor
Market Report China s 2012 Hottest Job Sectors Simon Mortlock APAC Editor Market Report China s 2012 Hottest Job Sectors Global economic uncertainty is bound to have an impact on China s employment environment
More informationChina Gas Markets Monthly Report Methodology
Copyright 2018 Reed Business Information Ltd. ICIS is a part of the RELX Group. China Gas Markets Monthly Report Methodology 15 March 2018 Expiry date of this methodology document: 14 March 2021 Introduction
More informationJet Fuel Spot Markets & Price Reporting
Airline Treasury & Risk Management Forum Jet Fuel Spot Markets & Price Reporting Andrew Bonnington, Platts JET FUEL SPOT MARKETS AND PRICE REPORTING Andrew Bonnington Editorial Director, Strategic Oil
More informationPlatts Aluminum Symposium Warehouse Financing Issues
Platts Aluminum Symposium 2014 Warehouse Financing Issues by Lloyd T. O Carroll, CFA The O Carroll Aluminum Bulletin LTOCarroll@Comcast.net The information provided in this presentation was meant for informational
More informationRIM BUNKER INTELLIGENCE DAILY NO.7452 Apr COPYRIGHT(C) 2014 RIM INTELLIGENCE CO. ALL RIGHTS RESERVED. --TOKYO, 13:00 JST Apr
Rim Bunker Oil Intelligence Daily RIM INTELLIGENCE DAILY NO.7452 Apr 03 2015 COPYRIGHT(C) 2014 CO. ALL RIGHTS RESERVED. --TOKYO, 13:00 JST Apr 03 2015 Information Today's RECX-22 rose by 0.99 from the
More informationChinese Certified Emissions Reductions (Golden CCERs) Methodology
Copyright 2017 Reed Business Information Ltd. ICIS is a part of the RELX Group. Chinese Certified Emissions Reductions (Golden CCERs) Methodology 28 March 2017 Expiry date of this methodology document:
More informationProspects for a Closer Brent/WTI Relationship in Europe Platts proposes adding U.S. crude to Brent assessment.
? Prospects for a Closer Brent/WTI Relationship in Europe Platts proposes adding U.S. crude to Brent assessment. Morningstar Commodities Research Oct. 15, 2018 Sandy Fielden Director, Oil and Products
More informationChallenges & 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
More informationMARKET NEWS. Wednesday, Oct 4, Coal News
Wednesday, Oct 4, 2017 MARKET NEWS Coal News The API2 market pushed higher again following a firm day yesterday with Cal 18 closing at $79.85/t (85 cents higher than yesterday). This is a stark contrast
More informationTokyo Power Market Seminar June 2018 Richard Everett Head of Product and Markets
Tokyo Power Market Seminar 2018 14 June 2018 Richard Everett Head of Product and Markets TRAYPORT OVERVIEW Our company Founded in 1993 HQ in London, with offices in Singapore and New York 200+ staff Wholly
More informationAmerican Metal Market Methodology. The Process Behind Our Pricing
American Metal Market Methodology The Process Behind Our Pricing Brands The original metals price reporting agency since 1882 with more than 1200 proprietary price assessments in 25 regions across North
More informationChief Executive Officer S&P Dow Jones Indices
Alexander J. Matturri, Jr. Chief Executive Officer S&P Dow Jones Indices 55 Water Street New York, NY 10041 212-438-5530 Tel 212-438-5582 Fax alexander_matturri@spdji.com February 11, 2013 Mr Alp Eroglu
More informationUS Ferrous Scrap Export Index. Methodology and Price Specifications
US Ferrous Scrap Export Index Methodology and Price Specifications Last reviewed: May 2017 American Metal Market (AMM) is the leading independent supplier of market intelligence and pricing to the North
More informationCopyright 2011, The NASDAQ OMX Group, Inc. All rights reserved. Copyright 2010, The NASDAQ OMX Group, Inc. All rights reserved.
Copyright 2011, The NASDAQ OMX Group, Inc. All rights reserved. KJELL ASSERLIND HEAD OF GLOBAL COMMODITY SOLUTIONS NOVEMBER 2011 Agenda Update on European Power Market Opportunities for Electricity Derivative
More informationMARKET NEWS. Tuesday, Oct 24, Coal News
Tuesday, Oct 24, 2017 MARKET NEWS Coal News The API2 Cal18 contract opened flat to Friday s close at $83.55 after early strength across the German Power market faded through the early part of the morning
More informationThe first blockchain-based digital commodities platform
The first blockchain-based digital commodities platform Singapore has long been a major trading centre for commodities and best-performing financial market in Asia. The commodity market has evolved significantly
More informationOIL HEDGING INSTRUMENTS
OIL HEDGING INSTRUMENTS Chew Loy Cheow CAFRAL Seminar on Hedging of Oil requirements by Oil Marketing Companies 10 th October 2014 ATARAXIA ADVISORY PTE LTD 2 Outline Major participants of oil market What
More informationThe First Certified Blockchain Based Diamond Exchange
The First Certified Blockchain Based Diamond Exchange Our Vision To Create an Open and Transparent Marketplace Where People can Invest in Diamonds as a New Asset Class What Is An Investment Asset Class?
More informationEDF Trading. The wholesale energy market specialist. At a Glance
EDF Trading The wholesale energy market specialist At a Glance EDF Trading Group We are part of the EDF Group, a global leader in low-carbon energies. North America EDF Trading is a leader in the European
More informationHow MHP increases diversity and resiliency. Acquisitions and investments are performing well. Key trends will keep MHP growing
Harold McGraw III Chairman, President and CEO The McGraw-Hill Companies Citigroup 18th Annual Entertainment, Media & Telecommunications Conference Presented at the Citigroup 18 th Annual Entertainment,
More informationBuying Energy in Today s Market - Maximizing Effective Risk Management. Glenn Barrett SUPERVALU, Director of Energy Management
Buying Energy in Today s Market - Maximizing Effective Risk Management Glenn Barrett SUPERVALU, Director of Energy Management Energy Market Dynamics Natural gas costs drive electricity prices US - 20%
More informationRECX-22 index RECX-22 index for Tuesday was , up 0.23 points from the previous day
Rim Intelligence Daily RIM POLYOLEFINS INTELLIGENCE DAILY No.2664 July 31, 2018 COPYRIGHT(C) 2018 Rim Intelligence Co. All rights reserved. --TOKYO, 18:30 JST July 31, 2018 NOTICE:
More informationOIL PRICING AND VOLATILITY IN A MACRO AND MICRO VIEW
OIL PRICING AND VOLATILITY IN A MACRO AND MICRO VIEW By Jon Hammond Sr. Director EH Energy November 28, 2018 www.eulerhermes.us/energy Oil Pricing and Volatility in a Macro and Micro View 3 WORDWIDE OIL
More informationManaging Oil Price Risks Against the Current Volatile Market
Managing Oil Price Risks Against the Current Volatile Market Petroleum Industry Workshop - by SPC & S&P Global Platts Auckland, New Zealand 22 March 2017 Presenter: Wu Tuck Leong Manager, Commodity Risk
More informationBest Practice Guide. Risk Management Framework and Governance. for. Energy Trading
Commodity Markets Intelligence Series Best Practice Guide Risk Management Framework and Governance for Energy Trading Introduction There is a lot of uncertainty about the future direction of the electricity
More informationCement and Clinker Price Markers: Med Basin, Persian
Cement and Clinker Price Markers: Med Basin, Persian Webinar presentation Gulf-Arabian Sea and East Africa Cement & Clinker prices 2Q2017: Price Assessment and Trade Price Update July 13, 2017 CW Group
More informationPRIMARY MEMBERSHIP GUIDE
PRIMARY MEMBERSHIP GUIDE JOIN FIA FIA is the leading global trade organization for the futures, options and centrally cleared derivatives markets, with offices in London, Singapore and Washington, DC.
More informationMETALS Products. Where the metals market
METALS Products Where the metals market manages risk. In a world of increasing volatility, customers around the globe rely on CME Group as their premier source for managing risk across all major asset
More informationMergers, acquisitions and capital-raising in mining and metals trends, 2014 outlook: changing gear. The CFO perspective at a glance
Mergers, acquisitions and capital-raising in mining and metals 2013 trends, 2014 outlook: changing gear The CFO perspective at a glance The CFO perspective at a glance We want to help you get to the insight
More information10 TH ANNUAL OIL TRADER ACADEMY SUMMER SCHOOL
ICE EDUCATION 10 TH ANNUAL OIL TRADER ACADEMY SUMMER SCHOOL ICE FUTURES EUROPE, LONDON ICE Education and IBH have combined their expertise to provide an innovative and practical programme covering all
More informationLNG market evolution, contracting & asset value
LNG market evolution, contracting & asset value Timera Energy Sep 2013 Headlines A tight LNG market pre-2015 is likely to support the value of LNG supply flexibility But... several factors may structurally
More informationRPX Corporation. Sidoti & Co. Fall Conference September 28, Dave Anderson, CFO
RPX Corporation Sidoti & Co. Fall Conference September 28, 2017 Dave Anderson, CFO RPX CORPORATION 2017 DO NOT COPY, DISTRIBUTE, BROADCAST OR INCORPORATE THESE MATERIALS WITHOUT THE EXPRESS WRITTEN CONSENT
More informationS&P Global Platts JKM TM. Shelley Kerr Editorial Director, LNG
S&P Global Platts JKM TM Shelley Kerr Editorial Director, LNG A8 Natural Gas Platts Key Facts 12000 DAILY PRICE ASSESSMENTS AND 1400+ EXCHANGE TRADED CASH SETTLED FUTURES EMERGING BENCHMARK IN GLOBAL LNG
More informationEvolution of commodity price benchmarks
Outline Evolution of commodity price benchmarks The first price benchmarking mechanism was the London Tea Auction, the longest running organized commodity market it traded tea from 1679 to 1998. Competitive
More informationOutlook 2013: China. Growth expected to accelerate again
Outlook 13: China Growth expected to accelerate again Weakened external demand and only limited growth supporting policies from the Chinese government were the main factors explaining China s slowing growth
More informationARM. A commodity risk management system.
ARM A commodity risk management system. 1. ARM: A commodity risk management system. ARM is a complete suite allowing the management of market risk and operational risk for commodities derivatives. 4 main
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION JUNE 2018 RIYADH, SAUDI ARABIA JUNE 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS ON
More informationMasterclass Energy Markets and Derivatives Trading
Masterclass Energy Markets and Derivatives Trading Introduction In today s rapidly changing and increasingly challenging world, every organization is facing more complex risks with greater severity. In
More informationCEFC INTERNATIONAL LIMITED (SGX: Y35) CORPORATE PRESENTATION. October 2015
1 CEFC INTERNATIONAL LIMITED (SGX: Y35) CORPORATE PRESENTATION October 2015 1 Disclaimer 2 The presentation is prepared by CEFC International (the Company ) and is intended solely for your personal reference
More informationMARKET NEWS. Wednesday, Nov 15, Coal News
Wednesday, Nov 15, 2017 MARKET NEWS Coal News The API2 Cal18 contract opened 60cents lower than Monday s close at $85.80/t as revised warmer weather forecasts suppressed front end French Power prices and
More informationMacquarie Securities Group Stevan Vrcelj Group Head
18 Macquarie Securities Group Stevan Vrcelj Group Head Macquarie Group Limited Operational Briefing 7 February 2012 Presentation to Investors and Analysts 19 Macquarie Securities Group 1. Current challenges
More informationLNG Arbitrage, Hedging and Risk Management In-house training course Example 3 day Course
LNG Arbitrage, Hedging and Risk Management In-house training course Example 3 day Course Course Outline Improve your expertise with this course in LNG This 3 day intensive course will give you the cutting-edge
More information4th Athens Triennial Meeting Programme Panel Discussion on Shipping Finance Capital Markets Private Equity
Panel Discussion on Shipping Finance Capital Markets Private Equity 1 Shipping Equities Within The Broader US Market Bloomberg Equity Universe (All Exchanges vs. US) World- Market Cap ($) US Listed - Market
More informationRMB INTERNATIONALIZATION
RMB INTERNATIONALIZATION RMB INTERNATIONALIZATION CHAPTER: YUAN GLOBALIZATION SHIFTS COMMODITIES TRADING China Touts Yuan on World Stage to Bolster Clout in Commodities Analysts Yi Zhu (Metals) & Francis
More informationSYDNEY STOCK EXCHANGE BRIDGING ASIAN & AUSTRALIAN CAPITAL MARKETS
SYDNEY STOCK EXCHANGE BRIDGING ASIAN & AUSTRALIAN CAPITAL MARKETS Sydney Stock Exchange Limited ACN 080 399 220 Tel: (61-2) 9217 2730 Fax: (61-2) 9215 2833 Email: info@ssx.sydney Website: www.ssx.sydney
More informationGovernment & Policy Banks Bond Index Guide. October 2018
Government & Policy Banks Bond Index Guide October 2018 1. iboxx ChinaBond Government & Policy Banks Bond Indices 3 1.1. Index Governance 3 1.2. Publication of the Index 3 2. Bond Selection Rules 5 2.1.
More informationAbleMarkets 20-minute Aggressive HFT Index Helped Beat VWAP by 8% Across Russell 3000 Stocks in 2015
AbleMarkets 20-minute Aggressive HFT Index Helped Beat by 8% Across Russell 3000 Stocks in 2015 Live out-of-sample demo of the 20-minute aggressive HFT index performance in execution on Canadian dollar
More informationTrading Around the World Using CME Group Metals Options as Trading Opportunities
Trading Around the World Using CME Group Metals Options as Trading Opportunities Exchange and Industry Sponsored Webinars are presented by unaffiliated third parties. Interactive Brokers LLC is not responsible
More informationClick 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
More informationAsset Servicing, Fund Management and Investors Awards 2015
Asset Servicing, Fund Management and Investors Awards 2015 RULE BOOK The Asset Triple A Asset Servicing, Fund Management and Investor Awards 2015 Introduction The Asset Triple A Asset Servicing, Fund Management
More informationThe Innovation Opportunity in Commercial Real Estate:
The Innovation Opportunity in Commercial Real Estate: A Shift in PropTech Adoption and Investment 1 ALTUS GROUP CRE INNOVATION REPORT The Innovation Opportunity in Commercial Real Estate: A Shift in PropTech
More informationWHAT S THE GROWING RELEVANCE OF GOLD WITHIN WEALTH MANAGEMENT IN ASIA? MARTIN HUXLEY
WHAT S THE GROWING RELEVANCE OF GOLD WITHIN WEALTH MANAGEMENT IN ASIA? MARTIN HUXLEY A Leading Provider of Execution, Clearing Services and Market Intelligence - across Asset Classes across Markets - to
More informationAlumina Indices fob Bunbury, Australia fob Vila do Conde, Brazil (adjustment) Methodology, specifications and use
fob Bunbury, Australia fob Vila do Conde, Brazil (adjustment) Methodology, specifications and use December 2017 Mission statement Metal Bulletin is the premier global intelligence service for metals and
More informationTHIRD QUARTER 2018 INVESTOR CONFERENCE CALL. November 2, 2018
THIRD QUARTER 2018 INVESTOR CONFERENCE CALL November 2, 2018 1 DISCLAIMER Forward-Looking Statements Certain statements in this presentation, other than purely historical information, are "forward-looking
More information10º Congresso Value Investing Brasil
www.cvib.com.br 10º Congresso Value Investing Brasil 23 de maio de 2017 Macro global coerente insights variantes Jonathan Tepper Variant Perception Our Company Who We Are: Variant Perception is an independent
More informationPreparing for a Turn in the Chinese Credit Cycle
Preparing for a Turn in the Chinese Credit Cycle Glenn Levine, Associate Director David Hamilton, Managing Director November 2018 Speakers Glenn Levine Corporate Stress Testing Model Lead, Credit Risk
More informationCompany Overview March (An IT Portfolio Management Company)
Company Overview March 2018 (An IT Portfolio Management Company) Disclaimer FORWARD LOOKING STATEMENTS Apart from historical data, this document may contain information and statements concerning the future
More information(R)evolution of ETFs
(R)evolution of ETFs Agenda The global ETP marketplace Indexing adoption accelerates Fee and regulatory (r)evolution ETF usage trends Trading evolution 2 Global ETP marketplace Assets (US$ billions) $2,000
More information2013 SECOND QUARTER ACCOUNT MANAGEMENT REVIEW July 13, 2013
2013 SECOND QUARTER ACCOUNT MANAGEMENT REVIEW July 13, 2013 HIGHLIGHTS Markets fall worldwide on nervousness about higher US interest rates Housing continues to recover, but may be slowing due to higher
More informationYour gateway to Asia s strong growth potential. Schroder Asian Income
Your gateway to Asia s strong growth potential Asian economies rank amongst the fastest-growing and most dynamic globally. The region is set to remain as the world s growth engine for years to come. (the
More informationMONTHLY COPPER BULLETIN
MONTHLY COPPER BULLETIN May-2011 09 th June 2011 LME SELLER AND SETTLEMENT, MAY 2011 LME SELLER AND SETTLEMENT, 2011 DATE OFFICIAL MARKET DATA & PRICE INDICATORS (USD/t) (EUR/t) (GBP/t) WEEKLY AVERAGE
More informationIINO KAIUN KAISHA, LTD. (IINO LINES)
October 31, 2018 Consolidated Financial Results For the Six Months Ended September 30, 2018 - under Japanese GAAP IINO KAIUN KAISHA, LTD. (IINO LINES) Stock code: 9119 URL: http://www.iino.co.jp/kaiun/english/
More informationElectricity trading and risk management in liberalised market
www.pwc.com/jp Electricity trading and risk management in liberalised market PricewaterhouseCoopers Agenda Page 1 Current electricity trading in Japan 1 2 Evolution of trading in a deregulated market 5
More informationNewsletter No. 137 (EN) Setting up an Asian Hub: Why and Where
Setting up an Asian Hub: Why and Where April 2015 All rights reserved Lorenz & Partners 2015 Although Lorenz & Partners always pays great attention on updating information provided in newsletters and brochures
More informationTrends in Municipal Bonds Liquidity Assessment & Pricing WEBINAR 18TH JANUARY AM EST
Trends in Municipal Bonds Liquidity Assessment & Pricing WEBINAR 18TH JANUARY 2018 10AM EST Agenda Welcome Ian Blance Voltaire Advisors 2 1005-1015 Introduction Ian Blance, Voltaire Advisors 1015-1025
More informationMetal Bulletin Chrome Ore Guide
Metal Bulletin Chrome Ore Guide Methodology, Specifications and Usage February 2017 Metal Bulletin Chrome Ore Index Guide Methodology, Specifications and Usage - January 2017 This guide is intended to
More informationIntroduction. This module examines:
Introduction Financial Instruments - Futures and Options Price risk management requires identifying risk through a risk assessment process, and managing risk exposure through physical or financial hedging
More informationMARKET NEWS. Thursday, Nov 16, Coal News
Thursday, Nov 16, 2017 MARKET NEWS Coal News The API2 Cal18 market came under immediate pressure on the open shifting 40cents lower to $84.00/t continuing its downward strength throughout the remainder
More informationCBOT HOLDINGS INC. FORM 425 (Filing of certain prospectuses and communications in connection with business combination transactions) Filed 4/5/2007
CBOT HOLDINGS INC FORM 425 (Filing of certain prospectuses and communications in connection with business combination transactions) Filed 4/5/2007 Address 141 WEST JACKSON BLVD CHICAGO, Illinois 60604
More informationRegional Power Market Challenges and Opportunities from Nepalese perspective
Regional Power Market Challenges and Opportunities from Nepalese perspective Hitendra Dev Shakya Director, Power Trade Department, Nepal Electricity Authority Outline of the Presentation 1. Energy sector
More informationBuilding energy value worldwide
Building energy value worldwide Combining in-depth industry experience and financialmarket knowledge, ENGIE Global Markets (EGM) is the trading platform at the heart of ENGIE, a leading energy player with
More informationCommercial Operations. Steve Muscato Chief Commercial Officer
Commercial Operations Steve Muscato Chief Commercial Officer PORTFOLIO OPTIMIZATION ERCOT MARKET KEY TAKEAWAYS POWER PORTFOLIO AS A SERIES OF OPTIONS Vistra converts unit parameters and fuel logistics
More informationArgentum Metal Management Ltd HOLGER ELLMANN PARTNER
Argentum Metal Management Ltd HOLGER ELLMANN PARTNER The macro-economic outlook Year to date YOY Aluminium demand January to September 2015 Global demand rose by 5.6 % to 43.4 Mio tonnes European demand
More informationLooking ahead to. S&P Global Platts. Celebrating. Disruptors, dealmakers and new developments. December How blockchain could disrupt commodities
S&P Global Platts Celebrating years The five themes to watch next year US midterm elections: energy impact How blockchain could disrupt commodities Disruptors, dealmakers and new developments Looking ahead
More informationCertified Chinese Energy Trader
Energy Seminars In cooperation with Certified Chinese Energy Trader 4-day intensive training on the principles and mechanisms of modern, liberalised power markets and the strategies of energy traders.
More informationCalmer Markets Suggest Crude Price Consensus Speculators burned by lower volatility.
? Calmer Markets Suggest Crude Price Consensus Speculators burned by lower volatility. Morningstar Commodities Research 14 August 217 Sandy Fielden Director, Oil and Products Research +1 512 431-844 sandy.fielden@morningstar.com
More informationSWIFT for SECURITIES. How the world s post-trade experts can help you improve efficiency, and prepare for tomorrow
SWIFT for SECURITIES How the world s post-trade experts can help you improve efficiency, and prepare for tomorrow 2 1 2 3 4 Your global automation partner A complex and changing landscape Solutions across
More informationFUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" Sep-18 FUEL PRICE RISK MANAGEMENT POLICY REPORT Sep-18 (Office of Management and Budget 09/30/2018) The Fuel Price Risk Management Policy approved
More informationSGX Announces First Quarter Profit of $94.1 million for FY2010
NEWS RELEASE SGX Announces First Quarter Profit of $94.1 million for FY2010 SGX results for 1Q FY2010 (July to September 2009) versus 1Q FY2009 Net profit: $94.1 million, 11.3% higher Operating revenue:
More informationBankwest Future of Business: Focus on Mining Services
Bankwest Future of Business: Focus on Mining Services 2018 2 Contents Key insights Focus on mining services Industry overview What s driving industry growth? Spotlight on Australia Spotlight on Western
More informationIino Kaiun Kaisha, Ltd. (Iino Lines)
Consolidated Financial Results (Summary) For the Six Months Ended September 30, 2011 - under Japanese GAAP October 31, 2011 Iino Kaiun Kaisha, Ltd. (Iino Lines) Stock code: 9119 URL: http://www.iino.co.jp/kaiun/english/
More informationJapan s Competition Regulator Questions LNG Destination Clauses
14 September 2017 Practice Groups: Liquefied Natural Gas Public Policy and Law Japan s Competition Regulator Questions LNG Destination By Eric W. Sedlak, Steven C. Sparling and Tsuguhito Omagari The Japan
More informationResponse to questions on the IOSCO consultation report on Financial Benchmarks. Via electronic submission
55 Water Street New York, NY 10041 United States 11 February 2013 One Snowden Street London, EC2A 2DQ United Kingdom Mr. Alp Eroglu International Organization of Securities Commissions (IOSCO) Calle Oquendo
More informationGeneration investment in a liberalised electricity market. 28 March 2008
Generation investment in a liberalised electricity market 28 March 2008 Darryl Biggar Australian Competition and Consumer Commission Australian Energy Regulator Investment in electricity markets Demand
More informationESG and Sustainability Risk Advisory Services
ESG and Sustainability Risk Advisory Services We are a risk advisory firm specializing in environmental, social and governance (ESG) and sustainability risk management for the global investment and business
More informationMoving precious metals into to the
Link to Article on website Moving precious metals into to the modern world 1 Executive summary The rapid rise in the gold market's infrastructure in Asia in the past decade is now being followed by increasing
More informationPREVIOUS PRICE PREMIUM IN USD/TONNE
ALUMINIUM Japan P1020A cif 105 102 Japan P1020A cif 95-110 95-110 Shanghai P1020A in-whs 90-100 90-100 Premium stable in quiet market with tight LME spreads and financial year-end capping upside. Some
More informationArgus White Paper: Are transactional indexes appropriate for European gas and electricity markets?
Argus White Paper: Are transactional indexes appropriate for European gas and electricity markets? Contents: Executive Summary 2 Price benchmarks for physical OTC gas and electricity 2 Problems with transactional
More information2017 MiFID II EXECUTION QUALITY REPORT
2017 MiFID II EXECUTION QUALITY REPORT 1. Scope and Background T. Rowe Price International Ltd ( TRPIL ) is an investment firm subject to the Markets in Financial Instruments Directive II ( MiFID II ).
More informationMONTHLY COPPER BULLETIN
MONTHLY COPPER BULLETIN December-2010 10 th January 2011 LME SETTLEMENT SELLER AND SETTLEMENT, DECEMBER 2010 LME SETTLEMENT SELLER AND SETTLEMENT, 2010 DATE OFFICIAL MARKET DATA & PRICE INDICATORS (USD/t)
More informationThe Economics of LNG Export Contract Flexibility: a quantitative approach
The Economics of LNG Export Contract Flexibility: a quantitative approach Yichi Zhang, Chi Kong Chyong, Pierre Noël EPRG, University of Cambridge EPRG Winter Research Seminar 07 December 2012 1 Contents
More informationMarket Summaries. People s Republic of China Update. Yield Movements
Market Summaries Market Summaries People s Republic of China People s Republic of China Update Yield Movements The People s Republic of China s (PRC) government bond yield curve rose and flattened in 2010,
More informationFinancial Instruments: basic definitions and derivatives
Risk and Accounting Financial Instruments: basic definitions and derivatives Marco Venuti 2018 Agenda Overview Definition of Financial Instrument Definition of Financial Asset Definition of Financial liability
More informationThe Dawn of. Why integrated commodity producers must become more active in asset optimization and trading to survive
The Dawn of a New Order in Commodity Trading Act II Why integrated commodity producers must become more active in asset optimization and trading to survive Ernst Frankl Roland Rechtsteiner Graham Sharp
More informationTHE SPECIALIST IN TRADING AND INVESTMENT
WCU: US jobs shocker kicks gold back to life By Ole Hansen Commodities continue to recover with the Bloomberg Commodity Index reaching a seven-month high. During this process the index, which reflects
More information