FOURTH QUARTER 2010 QUARTERly FX Update A Global Trading Summary of FX Futures and Options Highlights Futures Options
As the world s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets. FX products DESIGNED FOR THE RAPID PACE OF A GLOBAL MARKETPLACE. With $4.0 trillion traded daily, FX markets represent the largest asset class in the world. CME Group offers the world s largest regulated FX marketplace and one of the top two FX platforms with over $110 billion in daily liquidity. We offer transparent pricing in a regulated centralized marketplace that provides all participants equal access to 54 futures contracts and 31 options contracts based on 20 major world and emerging market currencies. Trading FX at CME Group gives you effective and efficient investment and risk management opportunities and unprecedented access to a global array of market participants including banks, hedge funds, proprietary trading firms and individual traders. Additionally, we will offer comprehensive and flexible clearing services for OTC FX trades through CME ClearPort an open-access, platform agnostic, post-execution clearing solution.
FX Quarterly Update HIGHLIGHTS December 2010 Overall Fourth Quarter Highlights CME Group FX volume averaged 919,196 contracts per day in Q4, up 22 percent compared with the same period a year ago, reflecting average daily notional value of $118.5 billion. October Highlights CME Group FX volume averaged 889,000 contracts per day, up 19 percent compared with October 2009, reflecting an average daily notional value of $121 billion. November Highlights CME Group FX volume averaged 964,000 contracts per day, up 23 percent compared with November 2009, reflecting an average daily notional value of $131 billion. December Highlights CME Group FX volume averaged 811,000 contracts per day, up 10 percent compared with December 2009, reflecting an average daily notional value of $107 billion. Fourth Quarter Announcements FX Vol - Realized Volatility Futures Launching Q1 2011 CME Group will be launching a set of FX Realized Volatility futures, called FX Vol, in major currency pairs, starting with the euro. The EUR/USD 1-month and 3-month Realized Volatility futures will launch on Sunday, February 6 (trade date Monday, February 7). These are the first futures contracts that offer direct trading of FX volatility, and the first that settle to realized rather than implied volatility. They offer a standardized, listed and transparent means of controlling price risk. In addition, they will provide spread opportunities against CME's listed FX futures and options products. FX Vol will be offered under a license agreement with VolX, which controls a patent on Vol. The contracts will be cash-settled to either a 1- or 3-month historical or "realized" volatility calculated by reference to daily price movements in major CME currency futures. The realized volatility calculation is based on a simple standard deviation formula. The contracts are valued at $1,000 x the computed realized volatility for the specific time period. For additional information on FX Vol, visit www.cmegroup.com/fxvolcontracts. Three New E-micro Forex Futures - Launched December 19, 2010 1 /10 the standard contract size. Nine Currency Pairs. Quoted in Interbank and IMM Terms. Physically Delivered. CME Group launched three new E-micro Forex futures contracts on Sunday, December 19 (trade date December 20): CAD/USD, CHF/USD and JPY/USD. With the addition of these new contracts, we now offer nine E-micro Forex futures. The three new E-micro Forex contracts along with the three previously offered U.S. denominated currency pairs (EUR/USD, GBP/USD and AUD/USD) allow for perfect offsets with corresponding standard-size FX futures on a 10:1 ratio, as well as one lot hedges with Dow Jones CME FX$INDEX futures contracts. For additional information on E-micro Forex futures, visit www.cmegroup.com/forexmicros. 3
www.cmegroup.com/fx Fourth Quarter 2010 Futures Average Daily Volume Open Interest 20 Day Hist. Volatility Open Interest Price Close 30 Dec-'10 2010 YTD Price Return EUR/USD E-mini Euro 5,691 $483 5,246 439 1.3384-6.543% 8.95% Euro 350,860 $59,646 160,687 $26,811 Euro Total 356,551 $60,129 165,933 $27,250 JPY/USD E-mini Japanese Yen 286 $22 951 $73 0.0123-12.793% 7.98% Japanese Yen 111,744 $16,918 121,596 $18,744 Japanese Yen Total 112,030 $16,939 122,547 $18,818 GBP/USD British Pound 104,616 $10,345 82,354 $8,020 1.5612-3.451% 9.43% CHF/USD Swiss Franc 42,225 $5,413 47,017 $6,297 0.9352-9.660% 10.47% CAD/USD Canadian Dollar 83,849 $8,265 121,607 $12,212 0.9980-5.241% 5.10% AUD/USD Australian Dollar 93,958 $9,211 123,815 $12,555 0.9772 13.991% 8.45% MXN/USD Mexican Peso 27,925 $1,122 115,356 $4,647 0.0810-5.740% 6.92% RMB/USD Chinese RMB 37 $6 1,428 $221 0.1514-3.222% 2.27% Options Open Interest 2010 YTD Price Return 20 Day Hist. Volatility EUR/USD Euro 26,953 $4,568 272,288 $45,491-6.543% 8.95% JPY/USD Japanese Yen 5,956 $903 72,736 $11,210-12.793% 7.98% GBP/USD British Pound 3,934 $388 52,291 $5,092-3.451% 9.43% CAD/USD Canadian Dollar 3,120 $308 34,134 $3,428-5.241% 5.10% CHF/USD Swiss Franc 914 $116 8,721 $1,174-9.660% 10.47% AUD/USD Australian Dollar 3,202 $313 43,303 $4,392 13.991% 8.45% Cross Notional (Euro millions) Notional (USD millions) Open Interest Notional (Euro millions) Notional (USD millions) Price Close 30- Dec-'10 2010 YTD Price Return 20 Day Hist. Volatility Euro/Japanese Yen 1,009 128 $171 6,208 761 $1,037 108.4700-18.5661% 7.50% Euro/British Pound 1,144 145 $194 5,890 722 $984 0.8574-3.3285% 6.99% Euro/Swiss Franc 836 106 $141 4,855 595 $811 1.2507-15.6983% 8.84% Total Futures and Options Quarterly Open Interest Total Futures 842,190 112,964 916,180 102,315 Total Options 44,531 6,664 489,263 71,602 Grand Total Futures & Options 886,721 119,628 1,405,443 173,917 4
FX Quarterly Update December 2010 Futures Average Daily Volume Open Interest Open Interest Price Close 30 Dec-'10 2010 YTD Price Return EUR/USD E-mini Euro 5,156 $426 5,246 439 1.3384-6.543% 8.95% Euro 306,237 $50,656 160,687 $26,811 Euro Total 311,392 $51,082 165,933 $27,250 20 Day Hist. Volatility JPY/USD E-mini Japanese Yen 275 $21 951 $73 0.0123-12.793% 7.98% Japanese Yen 113,447 $17,008 121,596 $18,744 Japanese Yen Total 113,722 $17,028 122,547 $18,818 GBP/USD British Pound 95,049 $9,286 82,354 $8,020 1.5612-3.451% 9.43% CHF/USD Swiss Franc 41,560 $5,346 47,017 $6,297 0.9352-9.660% 10.47% CAD/USD Canadian Dollar 74,331 $7,366 121,607 $12,212 0.9980-5.241% 5.10% AUD/USD Australian Dollar 81,838 $8,044 123,815 $12,555 0.9772 13.991% 8.45% MXN/USD Mexican Peso 32,668 $1,311 115,356 $4,647 0.0810-5.740% 6.92% RMB/USD Chinese RMB 38 $6 1,428 $221 0.1514-3.222% 2.27% Options Open Interest 2010 YTD Price Return 20 Day Hist. Volatility EUR/USD Euro 23,145 $3,807 272,288 $45,491-6.543% 8.95% JPY/USD Japanese Yen 4,703 $706 72,736 $11,210-12.793% 7.98% GBP/USD British Pound 3,879 $377 52,291 $5,092-3.451% 9.43% CAD/USD Canadian Dollar 2,307 $229 34,134 $3,428-5.241% 5.10% CHF/USD Swiss Franc 577 $71 8,721 $1,174-9.660% 10.47% AUD/USD Australian Dollar 2,803 $274.39 43,303 $4,392 13.991% 8.45% Cross Notional Notional Open Interest Notional Notional Price Close 30-2010 YTD Price 20 Day Hist. (Euro millions) (USD millions) (Euro millions) (USD millions) Sep-'10 Return Volatility Euro/Japanese Yen 1,225 151 $203 6,208 775 $1,037 108.4700-18.5661% 7.50% Euro/British Pound 1,266 157 $209 5,890 735 $984 0.8574-3.3285% 6.99% Euro/Swiss Franc 932 115 $154 4,855 606 $811 1.2507-15.6983% 8.84% Total Futures and Options Monthly Open Interest Total Futures 773,185 101,227 916,180 102,315 Total Options 37,877 5,532 489,263 71,602 Grand Total Futures & Options 811,062 106,759 1,405,443 173,917 5
www.cmegroup.com/fx Annual Total Futures & Options Futures ($m illions) Open Interest ($m illions) Price Close 30 Dec-'10 2010 YTD Price Return 20 Day Hist. Volatility EUR/USDE-mini Euro 4,922 $406 5,246 439 1.3384-6.543% 8.95% Euro 340,838 $56,350 160,687 $26,811 Euro Total 345,760 $56,756 165,933 $27,250 JPY/USD E-mini Japanese Yen 266 $19 951 $73 0.0123-12.793% 7.98% Japanese Yen 125,941 $17,959 121,596 $18,744 Japanese Yen Total 126,207 $17,978 122,547 $18,818 GBP/USDBritish Pound 119,448 $11,498 82,354 $8,020 1.5612-3.451% 9.43% C HF/USD Swiss Franc 47,475 $5,669 47,017 $6,297 0.9352-9.660% 10.47% C AD/USD Canadian Dollar 87,288 $8,455 121,607 $12,212 0.9980-5.241% 5.10% AUD/USD Australian Dollar 102,385 $9,302 123,815 $12,555 0.9772 13.991% 8.45% MXN/USD Mexican Peso 26,737 $1,050 115,356 $4,647 0.0810-5.740% 6.92% RMB/USD Chinese RMB 20 $3 1,428 $221 0.1514-3.222% 2.27% Options Open In te res t 2010 YTD Price 20 Day Hist. ($m illions ) ($m illions ) Return Volatility E UR/USD Euro 26,716 $4,412 272,288 $45,491-6.543% 8.95% JPY/USD Japanese Yen 5,456 $783 72,736 $11,210-12.793% 7.98% G BP/USDBritish Pound 4,869 $466 52,291 $5,092-3.451% 9.43% C AD/USD Canadian Dollar 3,600 $348 34,134 $3,428-5.241% 5.10% C HF/USD Swiss Franc 728 $88 8,721 $1,174-9.660% 10.47% AUD/USD Australian Dollar 2,183 $201 43,303 $4,392 13.991% 8.45% Cross Open Interest Price Close 30- Dec-'10 2010 YTD Price Return 20 Day Hist. Volatilit y Notional Notional Notional Notional (Euro millions) (USD millions) (Euro millions) (USD millions) Euro/Japanese Yen 1,169 141 $189 6,208 775 $1,037 108.4700-18.5661% 7.50% Euro/British Pound 1,088 134 $179 5,890 735 $984 0.8574-3.3285% 6.99% Euro/Swiss Franc 601 72 $97 4,855 606 $811 1.2507-15.6983% 8.84% Total Futures and Options Annual Open Interest Total Futures 875,701 112,196 916,180 102,315 Total Options 43,561 6,300 489,263 71,602 Grand Total Futures & Options 919,262 118,496 1,405,443 173,917 6
FX Quarterly Update Average Daily Volume (in contracts) FX Futures Average Daily Volume and Notional Value AUD/USD CHF/USD CAD/USD GBP/USD JPY/USD EUR/USD Approximately Notional Value (in billions of dollars) 1,250,000 1,200,000 1,150,000 1,100,000 1,050,000 1,000,000 950,000 900,000 850,000 800,000 750,000 700,000 650,000 600,000 550,000 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 160 140 120 100 80 60 40 20 0 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Average Daily Volume (in contracts) 80,000 FX Options Average Daily Volume and Notional Value CHF/USD EUR/USD GBP/USD JPY/USD CAD/USD Approximately Notional Value (in billions of dollars) 70,000 10 60,000 50,000 9 8 7 40,000 30,000 6 5 4 20,000 10,000 0 3 2 1 0 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 7
www.cmegroup.com/fx Historical Volatility - 20 Day 39.00% GBP JPY Euro 36.00% 33.00% 30.00% 27.00% 24.00% 21.00% 18.00% 15.00% 12.00% 9.00% 6.00% 3.00% 12/30/2004 3/30/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 Historical Volatility - 20 Day 78.00% AUD CAD CHF 73.00% 68.00% 63.00% 58.00% 53.00% 48.00% 43.00% 38.00% 33.00% 28.00% 23.00% 18.00% 13.00% 8.00% 3.00% 12/30/2004 3/30/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 8
FX Quarterly Update Historical Volatility - 20 Day 48.00% 45.00% 42.00% 39.00% 36.00% 33.00% 30.00% 27.00% 24.00% 21.00% 18.00% 15.00% 12.00% 9.00% 6.00% 3.00% 0.00% EURO/JPY EURO/GBP EURO/CHF 9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 Historical Volatility - 20 Day 78.00% EURO GBP JPY AUD CHF CAD 73.00% 68.00% 63.00% 58.00% 53.00% 48.00% 43.00% 38.00% 33.00% 28.00% 23.00% 18.00% 13.00% 8.00% 3.00% 3/28/2006 6/28/2006 9/28/2006 12/28/2006 3/28/2007 6/28/2007 9/28/2007 12/28/2007 3/28/2008 6/28/2008 9/28/2008 12/28/2008 3/28/2009 6/28/2009 9/28/2009 12/28/2009 3/28/2010 6/28/2010 9/28/2010 12/28/2010 9
www.cmegroup.com/fx Historical Volatility - 20 Day 90.00% MXN RMB BRL KRW RUB ILS PLN 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 9/30/2004 12/31/2004 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 GBP EURO JPY CHF CAD AUD MXN RMB BRL KRW RUB ILS PLN EURO/JPY EURO/GBP EURO/CHF S&P Gold Libor GSCI Silver PLAT PALL Copper USCRWTIC DJCMED GBP 1 EURO 0.659 1 JPY 0.016-0.083 1 CHF -0.474-0.705 0.253 1 CAD -0.446-0.517-0.370 0.345 1 AUD 0.535 0.615 0.232-0.464-0.809 1 MXN -0.456-0.526-0.376 0.359 0.806-0.766 1 RMB -0.020-0.088 0.057 0.077 0.027-0.041-0.009 1 BRL -0.013-0.099 0.011 0.113 0.116-0.079 0.150-0.108 1 KRW -0.169-0.119-0.151 0.038 0.231-0.359 0.141 0.145-0.180 1 RUB -0.278-0.352-0.172 0.255 0.511-0.483 0.478 0.065-0.015 0.360 1 ILS -0.381-0.491-0.140 0.345 0.448-0.539 0.494 0.179-0.050 0.387 0.441 1 PLN -0.433-0.702-0.126 0.442 0.579-0.585 0.573 0.093 0.216 0.087 0.528 0.459 1 EURO/JPY 0.520 0.715 0.636-0.374-0.651 0.628-0.665-0.028-0.073-0.188-0.383-0.469-0.622 1 EURO/GBP -0.239 0.571-0.121-0.387-0.180 0.209-0.180-0.091-0.115 0.036-0.147-0.208-0.442 0.357 1 EURO/CHF 0.323 0.502 0.214 0.254-0.291 0.272-0.287-0.018-0.012-0.096-0.168-0.228-0.437 0.532 0.304 1 S&P 0.016 0.136-0.006-0.141-0.109 0.139-0.138-0.007-0.034-0.049-0.198-0.170-0.195 0.100 0.151 0.003 1 Gold 0.134 0.096-0.157-0.227-0.157 0.206-0.150-0.139-0.085-0.032-0.173-0.143-0.117-0.042-0.032-0.183 0.264 1 Libor -0.095-0.084-0.006 0.166 0.136-0.213 0.151-0.007 0.239 0.086 0.120 0.096 0.164-0.073-0.003 0.080-0.028-0.062 1 GSCI 0.159 0.230 0.060-0.250-0.246 0.272-0.291-0.044-0.178-0.004-0.213-0.205-0.274 0.221 0.117-0.005 0.659 0.418-0.115 1 Silver 0.394 0.367-0.048-0.400-0.449 0.510-0.472-0.124-0.011-0.172-0.308-0.349-0.305 0.248 0.036-0.008 0.256 0.672-0.096 0.360 1 PLAT 0.362 0.344 0.133-0.384-0.576 0.603-0.573-0.085 0.003-0.337-0.483-0.454-0.324 0.355 0.043-0.018 0.241 0.459-0.194 0.345 0.700 1 PALL 0.442 0.376 0.146-0.364-0.606 0.636-0.577-0.061-0.037-0.297-0.487-0.373-0.390 0.387 0.002 0.063 0.217 0.422-0.189 0.311 0.704 0.802 1 Copper 0.008 0.033 0.046-0.108-0.103 0.155-0.045-0.161-0.054-0.265-0.242-0.174-0.072 0.055 0.029-0.101 0.110 0.159-0.144 0.209 0.212 0.189 0.213 1 USCRWTIC 0.123 0.193 0.055-0.191-0.191 0.225-0.224-0.016-0.141-0.031-0.155-0.191-0.219 0.189 0.109 0.012 0.637 0.380-0.098 0.925 0.324 0.303 0.252 0.183 1 DJCMED 0.360 0.476-0.086-0.290-0.252 0.431-0.275-0.134 0.050-0.438-0.355-0.484-0.352 0.295 0.217 0.266 0.190 0.138-0.076 0.143 0.282 0.321 0.355 0.058 0.121 1 10
FX Quarterly Update 11
www.cmegroup.com/fx CME Globex Average Hourly Trading Ranges for Fourth Quarter 2010 12
FX Quarterly Update CME Globex Average Hourly Trading Ranges for Fourth Quarter 2010 13
www.cmegroup.com/fx CME Globex Average Hourly Trading Ranges for Fourth Quarter 2010 14
FX Quarterly Update Average Hourly Globex Bid/Ask Book Depth and Bid/Ask Spread Width for 4 th Qtr 2010 15
www.cmegroup.com/fx Average Hourly Globex Bid/Ask Book Depth and Bid/Ask Spread Width for 4 th Qtr 2010 Disclaimer Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All references to options refer to options on futures. The Globe logo, CME and CME Group are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of The Board of Trade of the City of Chicago, Inc. All other trademarks are the property of their respective owners. The information within this presentation has been compiled by CME Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this presentation, CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this presentation are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT and CME Group rules. Current rules should be consulted in all cases concerning contract specifications. 16
If you re looking for an edge in fx, Look no further than cme group FX PRODUCTS. To get started trading CME Group FX Products, or for more information, call a member of our FX product team or visit www.cmegroup.com/fx. CME GROUP GLOBAL FX TEAM Managing Director of FX and Interest Rate Products Derek Sammann derek.sammann@cmegroup.com +1 312 466 7454 Global Head of FX Products Roger Rutherford roger.rutherford@cmegroup.com +44 20 7796 7231 CHICAGO Scott Brusso scott.brusso@cmegroup.com +1 312 930 3133 Craig LeVeille craig.leveille@cmegroup.com +1 312 454 5301 Dave Schulz david.schulz@cmegroup.com +1 312 930 3426 LONDON Will Patrick will.patrick@cmegroup.com + 44 20 7796 7122 SINGAPORE KC Lam kc.lam@cmegroup.com + 65 6593 5561 Ashley Heng ashley.heng@cmegroup.com + 65 6593 5588
CME Group headquarters CME Group REGIONAL offices 20 South Wacker Drive Chicago, Illinois 60606 cmegroup.com info@cmegroup.com 800 331 3332 312 930 1000 New York 212 299 2000 Calgary 403 444 6876 London +44 20 7796 7100 Houston 713 658 9292 Singapore +65 6593 5555 São Paulo +55 11 2565 5999 Tokyo +81 3 5403 4828 Washington D.C. 202 638 3838 Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All references to options refer to options on futures. CME Group is a trademark of CME Group, Inc. The Globe Logo, CME, Chicago Mercantile Exchange, and Globex are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. New York Mercantile Exchange and NYMEX are registered trademarks of the New York Mercantile Exchange, Inc. All other trademarks are the properties of their respective owners. The information within this brochure has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT, and NYMEX rules. Current rules should be consulted in all cases concerning contract specifications. Copyright 2011 CME Group. All rights reserved. FX266.4/0/0211