Commodity Risk Management. Commodity Risk Management. Platts FCStone Commodity Services (Europe) Ltd. May 13.
|
|
- Godfrey Gibson
- 6 years ago
- Views:
Transcription
1 Commodity Risk Management Platts FCStone Commodity Services (Europe) Ltd. May
2 Disclaimer and Notices Commodity Risk Management 2 FCStone Commodity Services (Europe) Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at 5th Floor, Portview House, Thorncastle Street, Dublin 4. Registered number Past performance may not be a reliable guide to future performance. Mention of specific commodities should not be taken as a recommendation to buy or sell these commodities. Commodity Trading is risky and FCStone Europe assumes no liability for the use of any information contained herein. Past financial results are not necessarily indicative of future performance. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. References to and discussions of OTC products are made on behalf of INTL Hanley, LLC, and OTC products are only available to eligible counterparties (similar to a large undertaking under EU Regulation) Any examples given in this presentation are strictly hypothetical and no representation is being made that any person will or is likely to achieve profits or losses similar to those examples. Neither this information, nor any opinion expressed, constitutes a solicitation to buy or sell futures or options or futures contracts, or OTC products. Reproduction without authorisation is forbidden. All rights reserved.
3 Agenda-Creating a strong Futures Market Brief Overview of INTL/FCStone Examine Purpose of using financial tools How tools are developed What is the strength of futures market now How can it become stronger Summary 3
4 INTL FCStone INTL FCStone Inc. is a Fortune 500 company, providing customers across the globe with execution and advisory services in commodities, capital markets, currencies, asset management and more. INTL FCStone is a customer-centric organization that provides a comprehensive array of products designed to manage risk and enhance margins for corporations, including the producers, processors, and end-users of nearly all widely traded physical commodities; commercial counterparties who are end-users of the firm s products and services; governmental and non-governmental organizations; institutional investors; brokers; commercial banks; and major investment banks. FCStone, LLC held segregated customer assets of over $1.2 billion as of September 30, 2012, and traded 29.5 million contracts in fiscal year INTL FCStone traded more than $47 billion of physical commodities in INTL FCStone ranked #39 on the 2012 Fortune 500 list of the largest U.S. corporations. 4
5 33 offices employees 20,000 customers in more than 100 countries 5
6 Risk Management Consultant Futures Commission Merchant OTC Derivative Platform Principal & Commodity Financier 6
7 Why do we need Futures? Hedging-But what is hedging? 7
8 Purpose of hedging Control Volatility Manage Budgets Secure Margin 8
9 How to manage commodity volatility? Physical management Procurement activities Advance purchase Storing or selling of inventories Securing long term contracts with suppliers / customers Financial Management Using futures markets to lock in a price Using options to create or cap exposure Using options to create a floor or bottom on exposure Using OTC markets to custom make financial products that meet your needs exactly. Using a combination of the strategies listed above! 9
10 Hedging Theory Hedging is used to manage the effects of price volatility on businesses Hedging typically utilises financial markets to offset risks faced in your physical purchases and/or sales Cash Market Losses (Gains) = Futures Contract Gains (Losses) 10
11 Market Types Futures Exchanges Over the Counter (OTC) Markets 11
12 What is a Futures Exchange? Marketplace where buyers and sellers meet to agree price on specific commodity contracts and terms: The exchange acts as a buyer to every seller and a seller to every buyer Exchange is a means of price discovery on specific commodities Highly Regulated 12
13 1 st Stages of development of tools Industry expresses interest in tools due to volatility or Margin Risk Exchange consults with industry Consensus on contract specifications is reached Contract lists Hopefully trades!! 13
14 Difficulty for Exchanges Consensus of Industry participants It is a balance of what is correlated enough and what will attain enough liquidity! 14
15 No GOOD If highly correlated But only suits the risk of a small few players Liquidity will not develop! 15
16 Primary concern Should be on the use of products for the Industry market users 1. Producers 2. Blenders 3. Consumer 16
17 2nd Stages of development of tools Industry trades contract Liquidity improves More Participants Open Interest and Daily volumes increase Managed Money looks to market! Hopefully trades!! 17
18 One issue with Financial products Lack of Liquidity 18
19 Industry has to concentrate on product Use basis of this product as the trade of physical This will have more trading in 1 product Easier to enter and exit trades Better returns Less risk 19
20 20 Commodity Risk Management
21 21 Commodity Risk Management
22 Corn World Volumes 845m tonnes Traded on 3 contracts Chicago/Dalian/NYSELiffe Biodiesel 20m European capacity! 22
23 Advantages of Managed Money It increases volumes Brings more diverse interests to trade the market Improves liquidity Improves the bid/offer spread and thereby margins for end users 23
24 What do Money Managers want in a Open Interest market Facility to put in Stops Prices at all times 24
25 Summary Hedging tools are important We have had a lot of success Liquidity is an issue Need to rationalise no of contracts Pool liquidity Get Money Managers involved 25
26 Thank You Liam Fenton Managing Director FCStone Commodity Services (Europe) Ltd. 5th Floor Tel: Portview House Fax: Thorncastle Street liam.fenton@intlfcstone.com Dublin 4 Ireland 26
ROLE OF CLEARING HOUSES AND FINANCIAL SERVICE PROVIDERS
ROLE OF CLEARING HOUSES AND FINANCIAL SERVICE PROVIDERS DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised and regulated by the UK Financial Conduct Authority [FRN:
More informationWHAT DO FINANCIAL AND RISK TOOLS MEAN FOR FARMERS?
WHAT DO FINANCIAL AND RISK TOOLS MEAN FOR FARMERS? Oct 2015 Liam Fenton INTL FCStone Ltd. DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised and regulated by the
More informationWHY AND HOW TO MANAGE THE RISK OF VOLATILITY
WHY AND HOW TO MANAGE THE RISK OF VOLATILITY May 2016 Charlie Hyland Commodity Risk Manager INTL FCStone Ltd. DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised
More informationHOW CAN WE DEAL WITH VOLATILITY IN THE FUTURE?
HOW CAN WE DEAL WITH VOLATILITY IN THE FUTURE? Feb 2016 Liam Fenton INTL FCStone Ltd. DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised and regulated by the UK
More informationSteel Success Strategies XXVI. New York June Dr. Mo Ahmadzadeh Senior Vice President, Metals INTL Commodities, Inc.
Steel Success Strategies XXVI New York June 22 2011 INTL FCStone Inc. www.intlfcstone.com Dr. Mo Ahmadzadeh Senior Vice President, Metals INTL Commodities, Inc. dr.mo@intlfcstone.com Disclaimer Commodity
More informationExecution, Clearing and Advisory Services in COMMODITIES, CAPITAL MARKETS and CURRENCIES. INTL FCStone Inc.
Execution, Clearing and Advisory Services in COMMODITIES, CAPITAL MARKETS and CURRENCIES INTL FCStone Inc. www.intlfcstone.com NASDAQ INTL Disclaimer The following presentation should be taken in conjunction
More informationSLOVENIA AG CONFERENCE
SLOVENIA AG CONFERENCE Thomas.Deevy@intlfcstone.com 23 rd November 2017 INTL FCStone Ltd ( IFL ). Branch registered in Ireland No. 907174. Registered in England and Wales Company No. 5616586. Authorised
More informationRisk Management in the Pulp and Paper Context RISI European Conference March 7, 2017
Risk Management in the Pulp and Paper Context RISI European Conference March 7, 2017 Gary Helik Risk Management Consultant INTL FCStone Financial Inc. FCM Division 1 Disclaimer The trading of derivatives
More informationIRFA Summit OUTLOOK PANEL. INTL FCStone Financial Inc. FCM Division. Mike Blackford Risk Management Consultant
IRFA Summit OUTLOOK PANEL INTL FCStone Financial Inc. FCM Division Mike Blackford Risk Management Consultant DISCLAIMER The trading of derivatives such as futures, options, and over-the-counter ( OTC )
More informationAG LENDING IN A CHANGING MARKET: RISING INTEREST RATES, SHIFTING POLICY, AND STRATEGIES TO COMPETE
AG LENDING IN A CHANGING MARKET: RISING INTEREST RATES, SHIFTING POLICY, AND STRATEGIES TO COMPETE ERIC DONOVAN MANAGING DIRECTOR, INTL FCSTONE MARKETS, LLC Disclaimer The trading of derivatives such as
More informationNAVIGATING. a BriEF guide to the DErivativEs MarkEtPLaCE and its role in EnaBLing ECOnOMiC growth
NAVIGATING a BriEF guide to the DErivativEs MarkEtPLaCE and its role in EnaBLing ECOnOMiC growth p 1 OVERVIEW What does risk look like p 14 THE BIG ECONOMIC PICTURE A quick lesson in supply and demand
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 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 informationVOLATILITY: FRIEND OR ENEMY? YOU DECIDE!
VOLATILITY: FRIEND OR ENEMY? YOU DECIDE! Jared Morgan INTL FCStone Financial Inc. FCM Division Kansas Farm Bureau -- Young Farmers & Ranchers Conference January 25-27, 2019 Manhattan, KS Part 1 DISCLOSURES
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 informationClient Order Execution Policy
Client Order Execution Policy Client Order Execution Policy Application The Codes of Practice for Investment Business issued by the Jersey Financial Services Commission require that investment firms establish
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 informationDairy Market Outlook. European Dairy Market Overview. EU and US SMP Prices ($/Mt) SMP Spread EU-US ($/Mt)
Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Dairy Market Outlook European Dairy Market
More informationCOLUMBIA VARIABLE PORTFOLIO OVERSEAS CORE FUND
PROSPECTUS May 1, 2018 COLUMBIA VARIABLE PORTFOLIO OVERSEAS CORE FUND (FORMERLY KNOWN AS COLUMBIA VARIABLE PORTFOLIO - SELECT INTERNATIONAL EQUITY FUND) The Fund may offer Class 1, Class 2 and Class 3
More informationLevendi Thornbridge Defined Return Fund
Levendi Thornbridge Defined Return Fund The Levendi Thornbridge Defined Return Fund has been developed for investors looking to achieve steady returns with less volatility than that of the global stock
More informationBest Execution Policy for Retail and Professional Clients
Best Execution Policy for Retail and Professional Clients Bank of Ireland Global Markets Ireland Global Markets Best Execution Policy for Retail and Professional Clients 1 Introduction and Application
More informationINTL FCStone Inc. NASDAQ INTL. Disclaimer
Execution, Clearing and Advisory Services in COMMODITIES, CAPITAL MARKETS and CURRENCIES INTL FCStone Inc. www.intlfcstone.com NASDAQ INTL Disclaimer The following presentation should be taken in conjunction
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 informationFinancial Derivatives
Derivatives in ALM Financial Derivatives Swaps Hedge Contracts Forward Rate Agreements Futures Options Caps, Floors and Collars Swaps Agreement between two counterparties to exchange the cash flows. Cash
More informationA L L T O G E T H E R E A S I E R
ALL TOGETHER EASIER 2 Simplifying and standardizing the trading of secured deposits and collateral. Expand Your Horizons At BNY Mellon, we see opportunities that others don t. Trusted with more than 20
More informationFX PRODUCTS. Making a world of forex opportunities accessible to you.
FX PRODUCTS Making a world of forex opportunities accessible to you. In a world of increasing volatility, customers around the globe rely on CME Group as their premier source for managing risk. Formed
More information7/16/2014. FOR COOPERATIVES Fertilizer Risk Management
2014NSAC S S TAX & ACCOUNTING CONFERENCE FOR COOPERATIVES Fertilizer Risk Management DISCLAIMER The INTL FCStone Inc. group of companies conducts a global full service, integrated commodities, futures,
More informationINTL FCSTONE LTD INFORMATION ON ORDER EXECUTION POLICY. April 2018
INTL FCSTONE LTD INFORMATION ON ORDER EXECUTION POLICY April 2018 INTL FCStone Ltd 1 st Floor, Moor House, 120 London Wall, London, EC2Y 5ET Telephone +44 (0)20 3580 6000 Fax +44 (0)20 3580 6001 Registered
More informationPrincipal Listing Exchange for each Fund: Cboe BZX Exchange, Inc.
EXCHANGE TRADED CONCEPTS TRUST Prospectus March 30, 2018 REX VolMAXX TM LONG VIX WEEKLY FUTURES STRATEGY ETF (VMAX) REX VolMAXX TM SHORT VIX WEEKLY FUTURES STRATEGY ETF (VMIN) Principal Listing Exchange
More informationGotham Absolute Return Fund. Institutional Class GARIX. Gotham Enhanced Return Fund. Institutional Class GENIX. Gotham Neutral Fund
Gotham Absolute Return Fund Institutional Class GARIX Gotham Enhanced Return Fund Institutional Class GENIX Gotham Neutral Fund Institutional Class GONIX Gotham Index Plus Fund Institutional Class GINDX
More informationDeliveries (millions litres per week)
Deliveries (millions litres per week) Dairy Market Outlook Since May 215, EEX offers trading in Agricultural Index Futures formerly listed on Eurex Exchange. European Dairy Market Overview Monday, 15 June
More informationHatteras Core Alternatives Institutional Fund, L.P. Hatteras Core Alternatives TEI Institutional Fund, L.P. (the Funds )
February 27, 2017 Hatteras Core Alternatives Institutional Fund, L.P. Hatteras Core Alternatives TEI Institutional Fund, L.P. (the Funds ) Supplement to the Prospectus and Statement of Additional Information
More informationInvesco V.I. High Yield Fund
Prospectus April 30, 2018 Series I shares Invesco V.I. High Yield Fund Shares of the Fund are currently offered only to insurance company separate accounts funding variable annuity contracts and variable
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 informationFUTURES OPTIONS A TRADING STRATEGY GUIDE STRATEGY GUIDE OPTIONS ON FUTURES CONTRACTS:
OPTIONS ON FUTURES CONTRCTS: FUTURES OPTIONS TRDING STRTEGY GUIDE STRTEGY GUIDE 1.800.800.3840 25 for trading options on CME Group futures WORLD OF OPTIONS ON SINGLE POWERFUL PLTFORM. With nearly 3 billion
More informationRISK DISCLOSURE. Clients can trade through the Company CFDs on forex, spot metals, futures, shares and cryptocurrencies.
RISK DISCLOSURE RISK DISCLOSURE IronFX (the Company ), whose registered office is at 2, Iapetou street, Agios Athanasios, 4101, Limassol, Cyprus is authorised and regulated by Cyprus Securities and Exchange
More informationINSIGHT LIQUID ABS FUND. Supplement dated 11 July 2017 to the Prospectus. for Insight Global Funds II p.l.c.
INSIGHT LIQUID ABS FUND Supplement dated 11 July 2017 to the Prospectus for Insight Global Funds II p.l.c. This Supplement contains specific information in relation to the Insight Liquid ABS Fund (the
More informationEXCHANGE TRADED CONCEPTS TRUST. REX VolMAXX TM Long VIX Futures Strategy ETF. Summary Prospectus March 30, 2018, as revised April 25, 2018
EXCHANGE TRADED CONCEPTS TRUST REX VolMAXX TM Long VIX Futures Strategy ETF Summary Prospectus March 30, 2018, as revised April 25, 2018 Principal Listing Exchange for the Fund: Cboe BZX Exchange, Inc.
More informationXtrackers Russell 2000 UCITS ETF. Supplement to the Prospectus
Xtrackers Russell 2000 UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Xtrackers Russell 2000 UCITS ETF (the Fund ), a subfund of Xtrackers (IE) plc (the Company
More informationMORGAN STANLEY & CO. LLC (SEC I.D. No ) CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2011 AND INDEPENDENT AUDITORS REPORT
MORGAN STANLEY & CO. LLC (SEC I.D. No. 8-15869) CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2011 AND INDEPENDENT AUDITORS REPORT ******** INDEPENDENT AUDITORS REPORT To the Board of
More information/27/2017 RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI-CURRENCY ACCOUNTS
3024 07/27/2017 RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI-CURRENCY ACCOUNTS Rules of the U.S. National Futures Association ("NFA") require Interactive Brokers ("IB") to provide you with
More informationConsolidated Statement of Financial Condition December 31, 2010
Consolidated Statement of Financial Condition December 31, 2010 Goldman, Sachs & Co. Established 1869 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION INDEX Page No. Consolidated Statement of Financial Condition
More informationWORKING TOGETHER TO EXPAND YOUR GLOBAL REACH
WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH moving money for better INTERNATIONAL PAYMENTS FOREIGN EXCHANGE GLOBALIZATION HAS CHANGED THE FACE OF BUSINESS Western Union pioneered the idea of moving money
More informationInvestment Risk Disclosures
Investment Risk Disclosures Version 1 3 January 2018 This material is only intended for the use of clients or potential clients of Russell Investments Information about financial instruments Set out below
More informationINSIGHT LIBOR PLUS FUND Supplement dated 11 July 2017 to the Prospectus for Insight Global Funds II p.l.c.
INSIGHT LIBOR PLUS FUND Supplement dated 11 July 2017 to the Prospectus for Insight Global Funds II p.l.c. This Supplement contains specific information in relation to the Insight LIBOR Plus Fund (the
More informationFederated Institutional High Yield Bond Fund
Prospectus December 31, 2017 Share Class Ticker Institutional FIHBX R6 FIHLX Federated Institutional High Yield Bond Fund A Portfolio of Federated Institutional Trust A mutual fund seeking high current
More informationDerivatives Use Policy. Updated and Approved by the Board of Trustees November 13, 2014
Derivatives Use Policy Updated and Approved by the Board of Trustees November 13, 2014 Originated July 22, 2010 Table of Contents 1. STATEMENT OF PURPOSE... 1 2. SUBORDINATE POLICIES... 1 3. AUTHORIZATIONS...
More informationFertilizer Weekly February 7 th, 2017
Fábio Rezende fabio.rezende@intlfcstone.com inteligencia@intlfcstone.com Fertilizer Weekly February 7 th, 2017 Translated from its original source in Portuguese Fertilizer demand ought to increase in 2017
More informationConnections matter. Jonathan Smith & Simon Bentley. Designing your end game. For professional investors only CM17913 UK
CM17913 UK Connections matter For professional investors only Jonathan Smith & Simon Bentley Designing your end game Investment risks The value of investments and any income derived from them can go down
More informationFAIR VALUE MEASUREMENT. Financial Accounting Standards Advisory Council March 2006
ATTACHMENT C Background FAIR VALUE MEASUREMENT Financial Accounting Standards Advisory Council March 2006 In June 2003, the Board added a project to its agenda to improve guidance for measuring fair value,
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 informationXtrackers iboxx EUR Corporate Bond Yield Plus UCITS ETF. Supplement to the Prospectus
Xtrackers iboxx EUR Corporate Bond Yield Plus UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Xtrackers iboxx EUR Corporate Bond Yield Plus UCITS ETF (the Fund
More informationCommodity products. Grain and Oilseed Hedger's Guide
Commodity products Grain and Oilseed Hedger's Guide In a world of increasing volatility, customers around the globe rely on CME Group as their premier source for price discovery and managing risk. Formed
More informationHEDGING. dairy. There Are Many Options. Dairy Economist and Policy Analysts Workshop May 2017
HEDGING dairy Dairy Economist and Policy Analysts Workshop May 2017 5201 East Terrace Drive, Suite 280 l Madison, WI 53718 l800-726-9928 l info@blimling.com 2017 Blimling and Associates, Inc. This report
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 informationMORGAN STANLEY SMITH BARNEY LLC CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2017 (UNAUDITED)
MORGAN STANLEY SMITH BARNEY LLC CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2017 (UNAUDITED) ******** MORGAN STANLEY SMITH BARNEY LLC CONSOLIDATED STATEMENT OF FINANCIAL CONDITION June
More informationOutline. Commodity Risk Management Group. Microeconomic Problems of Commodity Price Volatility. Macroeconomic Problems of Commodity Price Volatility
Commodity Risk Management Group Panos Varangis / Julie Dana CRM, The World Bank Outline Price Risk Management Problems Background of Project Activities Lessons Learned Presentation to ICAC Research Associates
More informationDerivatives and hedging primer
A.1 Introduction This primer will introduce you to some of the reasons why companies adopt hedging stgies, the hedgeable exposures and risks that companies face and some common hedge stgies that are used
More informationClass Level Assets within Irish Funds
Class Level Assets within Irish Funds 0 CLASS LEVEL ASSETS WITHIN IRISH FUNDS The Irish Financial Regulator has issued a Policy Update (February 9, 2010) in relation to class level assets within Irish
More information1.0 Purpose. Financial Services Commission of Ontario Commission des services financiers de l Ontario. Investment Guidance Notes
Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: INDEX NO.: TITLE: APPROVED BY: Investment Guidance Notes IGN-002 Prudent Investment Practices for Derivatives
More informationPROVEN STRATEGIES. for trading options on CME Group futures
25 PROVEN STRTEGIES for trading options on CME Group futures world of options on a single powerful platform. With more than 2.2 billion contracts (valued at $1.1 quadrillion) traded in 2007, CME Group
More informationMajor Bulk Commodities: Trends and Outlook
Major Bulk Commodities: Trends and Outlook June 19, 2013 Christopher LaFemina European Metals and Mining Equity Research US: 212 336 7304 UK: +44 (0)207 029 8131 clafemina@jefferies.com Jefferies LLC Seaborne
More informationCauseway Global Absolute Return Fund Institutional Class (CGAIX) Investor Class (CGAVX) Summary Prospectus July 24, 2018
Causeway Global Absolute Return Fund Institutional (CGAIX) Investor (CGAVX) Summary Prospectus July 24, 2018 Before you invest, you may want to review the Fund s prospectus, which contains more information
More informationCOLUMBIA VARIABLE PORTFOLIO ASSET ALLOCATION FUND
PROSPECTUS May 1, 2017 COLUMBIA VARIABLE PORTFOLIO ASSET ALLOCATION FUND The Fund may offer Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance
More informationAviva Investors response to CESR s Technical Advice to the European Commission in the context of the MiFID Review: Non-equity markets transparency
Aviva Investors response to CESR s Technical Advice to the European Commission in the context of the MiFID Review: Non-equity markets transparency Aviva plc is the world s fifth-largest 1 insurance group,
More informationForwards, Futures, Options and Swaps
Forwards, Futures, Options and Swaps A derivative asset is any asset whose payoff, price or value depends on the payoff, price or value of another asset. The underlying or primitive asset may be almost
More informationJefferies International Limited
Jefferies International Limited Order Execution Policy August 2015 Issued November 2013 Version 2.0 Supersedes all previous Compliance Policies regarding this subject matter Jefferies International Limited
More informationRisk Management in U.S. Grains Markets
Chapter 6 Risk Management in U.S. Grains Markets In world feed grains markets there are risks that come in many shapes and sizes. This chapter will review the risks associated with the prices of feed grains
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION 2 nd Quarter 2018 NASDAQ: INTL Disclaimer This presentation contains forward-looking statements within the meaning of "forward-looking statements" within the meaning of Section 27A
More informationEducation Pack. Options 21
Education Pack Options 21 What does the free education pack contain?... 3 Who is this information aimed at?... 3 Can I share it with my friends?... 3 What is an option?... 4 Definition of an option...
More informationA Guide to LME Clear THE WAY FORWARD IS CLEAR
A Guide to LME Clear THE WAY FORWARD IS CLEAR The way forward is clear LME Clear delivers innovative clearing and settlement services for traded transactions. As clearing house for the London Metal Exchange
More informationBest Execution Policy. 1 Overview
Best Execution Policy 1 Overview This Order Execution Policy is applicable to BLACK PEARL SECURITIES LTD ( BP ) as a Matched Principal Broker ( MPB ) broker. This Policy should be read in conjunction with
More informationXtrackers Eurozone Government Bond Quality Weighted UCITS ETF. Supplement to the Prospectus
Xtrackers Eurozone Government Bond Quality Weighted UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Xtrackers Eurozone Government Bond Quality Weighted UCITS
More informationWORKING TOGETHER TO EXPAND YOUR GLOBAL REACH
WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH moving money for better INTERNATIONAL PAYMENTS FOREIGN EXCHANGE GLOBALIZATION HAS CHANGED THE FACE OF BUSINESS Western Union pioneered the idea of moving money
More informationOrder Execution Policy Macquarie Investment Management EMEA
Macquarie Investment Management EMEA Version: 2.0 Last approved: December 2017 Last updated: December 2017 Policy owner: Compliance 1. Policy Statement In accordance with regulatory obligations in the
More informationETFs and Index Funds. Similarities and Differences. For professional clients only
ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index
More informationFUTURES CONTRACTS AND FUTURES OPTION CONTRACTS
CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for FUTURES CONTRACTS AND FUTURES OPTION CONTRACTS Halifax New Zealand Limited Financial Services
More informationINVESTOR PORTFOLIO SERVICE (IPS) IMPORTANT FUND INFORMATION.
INVESTOR PORTFOLIO SERVICE (IPS) IMPORTANT FUND INFORMATION. This guide gives you further information about each fund available from IPS and supports the Key Investor Information Document. 2 IMPORTANT
More informationBlackRock Institutional Trust Company, National Association (UK Branch)
BlackRock Institutional Trust Company, National Association (UK Branch) Annual Best Execution Disclosure 2017 April 2018 Table of Contents 1. Introduction 2. Top five entity report for transmission of
More informationAgent - The Company receives the Client orders which are then transmitted to the Liquidity Providers for further execution.
Version 6.0 1.1. Following the implementation of the Markets in Financial Instruments Directive (MiFID II) in the European Union and its transposition in Cyprus with Law 87(I)/ 2017, the Company is required
More informationUnder the surface. Focus on ETF Liquidity. For professional clients only
Under the surface Focus on ETF Liquidity For professional clients only Introduction ETFs have been designed as highly liquid investment vehicles, allowing investors to establish both long and short term
More informationHEDGING WITH FUTURES AND BASIS
Futures & Options 1 Introduction The more producer know about the markets, the better equipped producer will be, based on current market conditions and your specific objectives, to decide whether to use
More informationFor professional investors only. Understanding Exchange Traded Funds (ETFs)
For professional investors only Understanding Exchange Traded Funds (ETFs) What are Exchange Traded Funds (ETFs)? 3 Contents Get selective 4 Evaluating ETFs 4 Building portfolios with ETFs 4 Fixed income
More informationAn Introduction to Exchange Traded Products
September 2015 An Introduction to Exchange Traded Products Investment vehicles come in a number of forms in the UK, of which Exchange Traded Products (ETPs) are one. Understanding the differences between
More informationManaging Interest Rate Exposure in a Rising Rate Environment July 2018
Managing Interest Rate Exposure in a Rising Rate Environment July 2018 As the era of ultra-low interest rates comes to an end, we review the US Federal Reserve and European Central Bank policy and interest
More information53% 57% OTCQX Securities Experienced Increased Liquidity. Companies that joined OTCQX had: Increase in trading volume by number of shares on average
THE CLEAR ADVANTAGE OTC Markets Group commissioned strategic advisory firm Oxford Metrica to conduct an independent study examining the impact of trading on OTCQX, the top U.S. over-the-counter ( OTC )
More informationProduct Disclosure Statement
Product Disclosure Statement Issuer: HiFX Limited An offer of Derivatives Forward Foreign Exchange Contract(s) (FEC(s)) and Foreign Exchange Option(s) (FX Option(s)) Date: 18 October 2016 This is a replacement
More informationOnline. Professional. Futures and Derivatives Product Disclosure Statement. JUNE 2012
Online Professional Futures and Derivatives Product Disclosure Statement JUNE 2012 http://www.bby.com.au This product disclosure covers futures contracts and derivatives, both exchange traded and over-the-counter
More informationAveraging solutions. A guide to trading and hedging average prices on the London Metal Exchange SETTING THE GLOBAL STANDARD
Averaging solutions A guide to trading and hedging average prices on the London Metal Exchange SETTING THE GLOBAL STANDARD Averaging solutions The world s metal community often negotiate physical deals
More informationCautionary Note on Forward-Looking Statements
Cautionary Note on Forward-Looking Statements Today s presentation may include forward-looking statements. These statements represent the Firm s belief regarding future events that, by their nature, are
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 informationQuestion 2: What are the differences between over-the-counter (OTC) markets and organized exchanges?
Question 1: What is the law of one price and arbitrage? Answer 1: The law of one price is a law that states the price of an asset should be equal in different markets once transaction costs are taken into
More information1.09% Trading currency: Hong Kong Dollars (HK$) -1.09% Exchange listing: SEHK Main Board
Quick facts PRODUCT KEY FACTS Ping An MSCI China Multi-Factor ETF a sub-fund of the Ping An of China Trust (Stock Code: 3163) This is an exchange traded fund. This statement provides you with key information
More informationPresentation to Arctic Energy Summit: Investment Decisions in the Arctic The Nexus of Energy, Climate and Business
Guggenheim Partners Presentation to Arctic Energy Summit: Investment Decisions in the Arctic The Nexus of Energy, Climate and Business September 18, 2017 Please see disclosures and legal notice Investment
More informationFxPro Global Markets Ltd. Risk Disclosure Notice
FxPro Global Markets Ltd. Risk Disclosure Notice CONTENTS SCOPE OF THE NOTICE... 3 APPROPRIATENESS ASSESSMENT... 3 NATURE OF CFDs... 4 PRICES AND COST... 4 MARKET CONDITIONS, REQUIRED MARGIN, LEVERAGE
More informationSANLAM GLOBAL INVESTMENT FUND
SANLAM GLOBAL INVESTMENT FUND Supplement to the Prospectus dated 11 May 2016 for Sanlam Qualifying Investors Funds p.l.c. A QUALIFYING INVESTOR ALTERNATIVE INVESTMENT FUND An open-ended umbrella type investment
More informationPrice Risk Management
Using The Steel Index Price Risk Management Prevent runaway margin erosion on fixed price contracts Gain access to spot prices, without exposure to spot market volatility......with the safety-net of contracts
More informationSUMMARY PROSPECTUS Impact Shares NAACP Minority Empowerment ETF Ticker: NACP NYSE ARCA July 17, 2018
SUMMARY PROSPECTUS Impact Shares NAACP Minority Empowerment ETF Ticker: NACP NYSE ARCA July 17, 2018 Before you invest, you may want to review the Fund s Prospectus and Statement of Additional Information,
More informationImpact Assessment Case Study. Short Selling
Impact Assessment Case Study Short Selling Impact Assessment Case Study Short Selling Objectives of this case study This case study takes the form of a role play exercise. The objectives of this case study
More informationAgenda 1. May 6th General Market Context 2. Preliminary Findings 3. Initial Q&A 4. Next Steps and Analysis 5. Closing Q&A
Slide 1 Agenda 1. May 6 th General Market Context 2. Preliminary Findings a)securities b)futures 3. Initial Q&A 4. Next Steps and Analysis a)securities b)futures c) Joint 5. Closing Q&A Slide 2 General
More information