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By Aiman El-Ramly, C.S.O. ZE PowerGroup Inc. [email protected] New products and data sources Delisting of products and data sources Potential impact on data Changes to data attributes, replacement of products Powered by MARCH 2015 Why is so Paramount Crisis ?

DataWatch March 2015

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In this month’s issue, the editorial examines Nasdaq’s unprecedented expansion into North American power, oil, and natural gas futures as well as the possible rationale behind such a maneuver. The “In-Depth” article looks at the continuation of depressed oil prices in light of the commodity’s complex history during the 20th century. Numerous short articles provide updates about FERC proposing to allow the trading of primary frequency response service, Thomson Reuters unveiling a new copper mine data service, Platts launching WTI Midland crude oil assessments, and much more.

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  • By Aiman El-Ramly, C.S.O. ZE PowerGroup [email protected]

    New products and data sources

    Delisting of products and data sources

    Potential impacton data

    Changes to data attributes, replacement of products

    Powered by

    MARCH 2015

    Whyis

    soParamountCrisis?

  • Summary

    March 2015

    Contents

    Editorial 5Nasdaq Adds to the Energy Derivatives Markets and Steps in against CME and ICE 5

    Power 7 FERC: Primary Frequency Response Service to Be Traded in the Market 7EEX Launches Italian/Phelix and Italian/French Financial Power Location-Spread Futures 8MISO Introduces Extended LMP, DRR, and Other Enhancements 8Nasdaq to Initiate Power Futures Market 9EEX Discontinues Power Production Data Provision 10

    Petroleum 11 Platts to Launch Gasoline FOB Mediterranean Crack Swaps 11Platts to List European/Asian Naphtha Swap Spread Assessments 11Platts Sakhalin Blend Crude Assessments to Replace Vityaz 12Platts to Publish European Metallocene and LLDPE C6 Assessments 12Platts Launches Middle East Sulfur Gasoil Assessment 12Platts Introduces Gulf Coast Supplemental Gasoline Assessments 13Platts Launches Gulf Coast ULSD and No. 2 Heating Oil Assessments 13Platts Lists WTI Midland Crude Oil Assessments 14Argus Adds Asian DeWitt Butadiene Assessments 14Argus Introduces Two Russian Crude Assessments 15Argus Adds Fuel Oil Bunker Assessment to Argus Marine Fuels 15Argus Launches Argus Global Wax 16Argus Lists WTI Houston Assessments 17CME to List Singapore Fuel Oil Futures Contracts 17CME to List Singapore Mogas 92 Unleaded and Brent Crack Spread Futures 19CME Launches Louisiana Crude Oil Storage Futures 19CME Lists New York Jet Fuel Futures 21ICE Introduces European Crude and Refined Oil Options and Futures 22Nasdaq to Inaugurate Oil Futures Market 25NCDEX Lists New Currency Exchange Rate for Light Sweet Crude Contract 26Platts to Discontinue CIF Augusta Kumkol Assessments 26Platts to Stop Publishing Various North American Crude Yields, Netbacks, and Margins 26Platts Discontinues Oil and Refined Products Section in Weekly Global Ethanol Report 27Argus Discontinues Mangyshlak Blend cpt Akzhaiyk Assessment 27Argus Discontinues WCS-WTI Differential Assessments 27Argus Amends Ukrainian Gasoil Diesel Assessment Descriptions 28Argus Changes Descriptions for Bitumen Codes 28NYMEX Amends Gulf Coast Sour Crude Oil Futures Contract 29

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  • Summary

    March 2015

    Natural Gas 30 Argus Launches Hungarian Natural Gas Assessments 30CME Lists Natural Gas Intercommodity Spreads 31Nasdaq to Launch Natural Gas Futures Market 32Platts to Replace Ras Gas with Deodorized Field Condensate Assessments 32Platts Renames French PEG Sud Gas Assessments 33

    Coal 34 Platts to Launch Metallurgical Coal China Index Series 34Argus Launches Latin American Coal Assessments 35Argus Launches Australian Metallurgical Coal Assessments 35CME Lists Asia Coal Options 36CME Launches Short-Dated International Coal Calendar Strip Options 37

    Softs and Metals 38SOFTS 38 Platts Launches Weekly Export Premium FOB Antwerp Sugar Assessments 38Argus Introduces Caribbean Fertilizer Assessment 39CME Lists European Cocoa Futures 40ICE Launches European Cocoa Futures and Options 40CBOT Amends Fertilizer Cleared Swap Contracts 42Argus Launches Ferrous Scrap and Iron Ore Assessments for Turkey 43

    METALS 44Argus Introduces Minor Metals Report and Data Feed 44Argus Lists Chinese Gadolinium Oxide Assessment 44Argus Adds Weekly Chinese Iron Ore Assessments 45Thomson Reuters Launches Copper Mine Data Service 45LBMA Launches New Gold Price 46SGX Launches TSI-based Iron Ore Swap and Futures 47Platts to Discontinue Chinese Steel Assessments 47Platts Discontinues East Asian Hot-Dip Galvanized and Merchant Bar CFR Assessments 47Platts to Discontinue East Asian Wire Rod Prices 48HKFE Suspends Trading of Gold Futures 48LME and HKEx Partner with Borsa Istanbul 48

    Finance 49CBOE to Launch MSCI Index Options 49CBOE Begins Listing Options on FTSE and Russell Indexes 50Nasdaq Lists Tuttle Tactical Management US Core ETF 50Thomson Reuters Launches Monthly IPSOS Global Primary Consumer Sentiment Index 50

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  • Summary

    4March 2015

    Bloomberg Collaborates with the African Development Bank to Launch African Bond Index 51Eurex to Launch New Options Contracts on Euro Bund Futures 52ETFs Launched on Xetra Provide Access to US Stocks 52Source JPX-Nikkei 400 UCITS ETF Launched on Xetra 53UBS ETF Launched on Xetra Provides Currency-Hedged Access to CMCI Commodity Index 54UBS ETF Listed on Xetra Provides Currency Hedging to MSCI Canada Index 55Euronext Launches Private Placement Bonds Initiative 55CME Group and TAIFEX Sign Letter of Intent for Cross-Border Collaboration 56TMX Group and Industrial Commercial Bank of China (Canada) Sign MOU 56

    Other 57EIA Releases New Data Add-In Tool for Excel 57Bloomberg Professional Service Adds Genscape Proprietary Data for Commodity Markets 57

    News from Data Vendors 58ZEMA Adds Power, Currency, Weather, Metals, and Natural Gas Data Sources in March 58ZE Introduces DataWatch for iPad 59PEGAS Successfully Launches NBP Gas Spot and Futures and PSV Gas Future Contracts 60PEGAS to Offer Straight-Through Processing (STP) Registration Service for all Gas Derivatives Contracts 61Argus Launches WTI Houston Assessment 62OTC Global Holdings and EOXLive to Support Nasdaqs Energy Derivatives at Launch 64MDA Introduces New Midday Model Predictor 65

    Monthly Market Analysis 66Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX) 66Crude Oil Brent vs. WTI: Forward Curve (NYMEX) 67Henry Hub Natural Gas Forward Curve 68Actual Weather (AccuWeather) 69Electricity: Day-Ahead Prices (ICE) 70

    In Depth 71Why Is Crisis so Paramount? 71

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  • Editorial

    March 2015 5

    I admire the valor of Nasdaq daring to enter the energy derivatives market space that has been dominated by two giants, CME and ICE. Nasdaq, operating mainly in stock markets, though with some exposure to European power markets, decided to expand into North American power, oil, and natural gas futures and options starting summer 2015. Even though, unlike CME and ICE, this exchange is not planning to handle any physical but will instead focus only on cash-settled contracts, the impact from this new entrant might be noteworthy.

    Nasdaq is aiming high and projects to take over 10% of this market in two years. But how will these ambitions be realized? Trying to find the answer, I took a look at some financial figures from the commodity exchanges most recent annual filings. It was interesting, but not shocking, to learn that both exchanges did not do perform so well in the energy sector. First of all, in 2014, ICE reported $3,013 million from transaction and clearing fees, the largest portion of which came from the interest rate products, which increased almost six-fold compared to the last years results and equities contracts, which grew nine-fold. At the same time, the combined revenues from natural gas, oil, and power contracts have flattened out. In 2014, the revenue from energy contracts comprised about 25% of the total transaction and

    Nasdaq Adds to the Energy Derivatives Markets

    and Steps in against CME and ICE

    By Olga Gorstenko, Editor-In-Chief, [email protected]

    Editorial

  • Editorial

    March 2015

    clearing fees. In 2013, the energy contracts share was over 55%.

    CME, according to the 2014 annual report, enjoyed the annual increase in transaction and clearing fees by 6% to $2,616 million, which was, however, mainly attributed to interest rate products. Similar to ICE, energy contracts have not exactly been shining stars: their average daily volumes represented only 12% of the total volume of trades in 2014, which was a 2% decrease compared to the previous years data.

    The not-so-wonderful performance of the energy contracts in the commodity exchanges portfolios can be explained by several factors, the most obvious of which is the market caution regarding the future of oil markets and a somewhat apathetic outlook for natural gas.

    So what does really attract Nasdaq to products that are currently not economically attractive? My bets are on Nasdaqs intent of taking over the market share by applying the low price strategy. In fact, it has been suggested by some sources that the exchange is planning to move into the energy space by lowering the cost of trades by 50%. At the same time, Nasdaq has been negotiating bringing on its side such trading giants as Goldman Sachs, JP Morgan, Morgan Stanley, and others. The quote by Hans-Ole Jochumsen, the President of Nasdaq, in the corporate press release

    starts with the statement that Nasdaqs strategy is always to meet demand where competition is lacking. It is an absolute truth: while the market is well developed and liquid, it is being run by duopoly. And with Nasdaq specializing in stock trades, which are usually operating under lower margins than commodity markets, frugality will not be a shocker but more of a standard modus operandi. In the end, entering the markets when the big guys are already losing and are unlikely to compete by slashing prices could have been a well thought-out, tactical move.

    As for the rest of us: there is nothing wrong with lower costs and more alternatives for those who are shopping around. Petrochemicals> Butadiene> Asia-Pacific

    Monthly

    PA0016080 0 8 1

    Butadiene FOB South Korea monthly average month

    USD/t>Petrochemicals> Butadiene> Asia-Pacific

    Monthly

    Petroleum

  • 15March 2015

    PA-codeTime stamp

    Price type

    Continuous forward

    Description Unit Category Frequency

    PA0016081 0 8 1

    Butadiene cfr southeast Asia monthly average month

    USD/t>Petrochemicals> Butadiene> Asia-Pacific

    Monthly

    See the original announcement.

    ZEMA collects more than 50 Argus reports on petroleum products. To learn how ZEMAs massive data library can enhance your companys business processes, book a free ZEMA demo at http://www.ze.com/book-a-demo/.

    Argus Introduces Two Russian Crude AssessmentsAs of March 11, 2015, Argus initiated the following Mangyshlak Blend cpt Akzhaiyk assessments:

    PA-code Time stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0016055 0 1, 2 0

    Mangyshlak Blend cpt Akzhaiyk (up to 15kt cargos)

    - USD/t >Crude> Russia- Caspian>other

    Monthly

    PA0016056 0 1, 2 0

    Mangyshlak Blend cpt Akzhaiyk (more than 15kt cargos)

    - USD/t >Crude> Russia- Caspian>other

    Monthly

    See the original announcement.

    Argus Adds Fuel Oil Bunker Assessment to Argus Marine FuelsAs of March 2, 2015, Argus added the following fuel oil bunker code to Argus Marine Fuels:

    PA-codeTime stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0016057 2 1, 2 0

    Fuel oil bunker 500 cst Seattle

    - USD/t>Products >Fuel oil>US west coast

    Daily

    See the original announcement.

    ZEMAs massive data library includes numerous daily US petroleum reports from Argus. To learn more about ZEMAs data collection capabilities, visit http://www.ze.com/the-zema-solutions/data/.

    Petroleum

  • 16March 2015

    Argus Launches Argus Global WaxEffective February 27, 2015, Argus introduced Argus Global Wax publication. For FTP subscribers, the following PA codes appear in the dwax module in the DWax folder on ftp.argusmedia.com.

    PA-codeTime stamp

    Price type

    Continuous forward

    Description Unit Category Frequency

    PA0015808 0 1, 2 0Wax paraffin fully-refined bulk liquid Wax> America

    Monthly

    PA0015809 0 1, 2 0Wax paraffin fully-refined bulk liquid 133-144F FOB US Gulf USC/lb month

    USC/lb>Wax> America

    Monthly

    PA0015810 0 1, 2 0Wax paraffin fully-refined bulk liquid >144F FOB US Gulf USC/lb month

    USC/lb>Wax> America

    Monthly

    PA0015811 0 1, 2 0Wax slack bulk liquid 15-25 pc FOB US Gulf USC/lb month

    USC/lb>Wax> America

    Monthly

    PA0015812 0 1, 2 0Wax paraffin fully-refined bulk liquid Wax> America

    Monthly

    PA0015813 0 1, 2 0Wax paraffin fully-refined bulk liquid 133-144F FOB US Gulf Euro/t month

    Euro/t>Wax> America

    Monthly

    PA0015814 0 1, 2 0Wax paraffin fully-refined bulk liquid >144F FOB US Gulf Euro/t month

    Euro/t>Wax> America

    Monthly

    PA0015815 0 1, 2 0Wax slack bulk liquid 15-25 pc FOB US Gulf Euro/t month

    Euro/t>Wax> America

    Monthly

    See the original announcement.

    Petroleum

  • 17March 2015

    Argus Lists WTI Houston AssessmentsOn February 26, 2015, Argus began publishing the following new WTI Houston time series in the Argus Crude publication and data module. These changes apply to data in the DHC module in the DCRDEUS folder on ftp.argusmedia.com.

    PA-codeTime stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0016058 21,2, 6,7

    1WTI Houston month

    WTI USD/bl

    >Crude> North America> US Gulf coast

    Daily

    PA0016059 2 4, 49 1WTI Houston weighted average month

    WTI USD/bl

    >Crude> North America> US Gulf coast

    Daily

    PA0016060 2 49 1WTI Houston MTD weighted average month

    WTI USD/bl

    >Crude> North America> US Gulf coast

    Daily

    See the original announcement.

    ZEMA gathers daily settle WTI futures, which can be used to generate valuable analyses and forward curves to be pushed to downstream systems. To learn more about the complete ZEMA solution, visit http://www.ze.com/the-zema-solutions/.

    CME to List Singapore Fuel Oil Futures ContractsEffective April 12, 2015, the New York Mercantile Exchange, Inc. (NYMEX) will list the following two petroleum contracts for trading on CME Globex, the NYMEX trading floor, and for submission for clearing through CME ClearPort.

    The contract specifications are provided below:

    Contract NameSingapore Fuel Oil 180cst (Platts) Brent Crack Spread (1000mt) Futures

    Commodity Code SF1

    Chapter 749

    Settlement Type Financial

    Contract SizeThe contract quantity shall be 6350 U.S barrels (1000 metric tons). Each contract shall be valued as the contract quantity (6350) multiplied by the settlement price.

    Termination of Trading Trading shall cease on the last business day of the contract month.

    Petroleum

  • 18March 2015

    Minimum Price Fluctuation $0.001 per barrel

    Final Settlement Price Tick $0.001 per barrel

    First Listed and Delivery Month May 2015

    Block Trade Minimum 5 contracts

    Listing ConventionCME Globex, CME ClearPort, and NYMEX Trading Floor: forty eight consecutive months.

    Contract NameSingapore Fuel Oil 380cst (Platts) Brent Crack Spread (1000mt) Futures

    Commodity Code SF3

    Chapter 1110

    Settlement Type Financial

    Contract SizeThe contract quantity shall be 6350 U.S barrels (1000 metric tons). Each contract shall be valued as the contract quantity (6350) multiplied by the settlement price.

    Termination of Trading Trading shall cease on the last business day of the contract month.

    Minimum Price Fluctuation $0.001 per barrel

    Final Settlement Price Tick $0.001 per barrel

    First Listed and Delivery Month May 2015

    Block Trade Minimum 5 contracts

    Listing ConventionCME Globex, CME ClearPort, and NYMEX Trading Floor: forty eight consecutive months.

    See the original announcement.

    Petroleum

  • 19March 2015

    CME to List Singapore Mogas 92 Unleaded and Brent Crack Spread FuturesEffective April 12, 2015, NYMEX will expand the listing of contract months for the product listed below on CME Globex, Open Outcry, and available for submission for clearing on CME ClearPort.

    Code Clearing / Globex Title Current Listing Schedule

    New Listing Schedule (as of 12th of April)

    CME ClearPort: 1NB

    CME Globex: D1N

    Singapore Mogas 92 Unleaded (Platts) Brent Crack Spread Futures

    12 consecutive months

    Monthly contracts listed for the current year plus the next calendar year

    See the original announcement.

    ZEMA collects more than 100 regular reports from CME and over a dozen reports related to Brent crude. To learn more about ZEMAs extensive data coverage, visit http://www.ze.com/the-zema-solutions/data/.

    CME Launches Louisiana Crude Oil Storage FuturesEffective March 30, 2015, the following Crude Oil futures began trading on CME Globex and for clearing submission on CME ClearPort.

    This new contract will provide market participants with an innovative, exchange-traded futures contract based on crude oil storage capacity at LOOPs Clovelly Hub in Louisiana, beginning with the May 2015 contract month. Each futures contract will represent the right to store 1,000 barrels of crude oil at the hub for a specific calendar month.

    Contract Name LOOP Crude Oil Storage Futures

    Commodity Code LPS

    Chapter 210

    Settlement Type Physical

    Contract Size 1,000 barrels

    Termination of Trading

    Trading shall cease on the third business day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a non-business day, trading shall cease on the third business day prior to the last business day preceding the twenty-fifth calendar day.

    Minimum Price Fluctuation $0.001

    Petroleum

  • 20March 2015

    Final Settlement Price Tick $0.001

    First Listed and Delivery Month

    May 2015

    Listing Convention Twelve (12) consecutive months

    CME Match Algorithm First In First Out (F)

    See the original announcement.

    The graph below shows the futures contract based on crude oil storage capacity at LOOPs Clovelly Hub in Louisiana, beginning with the April 2015 contract month (CME data). The futures contract represents the right to store 1,000 barrels of crude oil at the hub for a specific calendar month. The graph shows that future settlement increases monotonically with time, from 50 $/bbl in April 2015 to 62 $/bbl as of March 2018, which is about a 24% increase in 2.5 years. The yearly averages for 2015, 2016, and 2017 are about 52 $/bbl, 56 $/bbl, and 60 $/bbl, respectively. Analysis like this is easy to customize in ZEMA due to the solutions enhanced visualization functionalities. To learn more about ZEMA suite, please book a complimentary demonstration.

    Graph created with ZEMA

    Petroleum

  • 21March 2015

    CME Lists New York Jet Fuel FuturesEffective March 23, 2015, the following NY Jet Fuel futures began trading on CME Globex, open outcry, and clearing submission via CME ClearPort:

    Codes Contract Name Rule Chapter

    Listing Schedule

    Block Trade Minimum Threshold

    First Listed Contract

    CME Match Algorithm

    JET NY Buckeye Jet Fuel (Platts) vs. NY Harbor ULSD Futures

    997

    Current year plus three consecutive years

    10 April 2015

    First In First Out

    BUC NY Buckeye Jet Fuel (Platts) Futures

    996

    Current year plus three consecutive years

    10 April 2015

    First In First Out

    See the original announcement.

    Using ZEMAs advanced data collection and analytic capabilities, market participants can easily keep track of the new data that will be generated by CME. To learn more, visit http://www.ze.com/the-zema-solutions/.

    The ZEMA graph below shows New York jet fuel vs. New York Harbor ULSD (ultra low sulfur diesel) futures pricesfor the last 365 days. New York Harbor ULSD price data is taken from NYMEX, and New York jet fuel prices are determined by adding the NY jet fuel vs. NY Harbor ULSD futures (published by CME) andthe New York Harbor ULSD prices. The difference in price between the two commodities is represented by the yellow area, which can be easily applied as one of Market Analyzers many visualization options, and graphs can be viewed instantly as the analytics are built. To learn more, book a complimentary ZEMA demonstration.

    Graph created with ZEMA

    Petroleum

  • 22March 2015

    ICE Introduces European Crude and Refined Oil Options and FuturesAs of March 30, 2015, Intercontinental Exchange (ICE) introduced a European heating oil vs. low sulfur gasoil option and a fuel oil 1% FOB average price option:

    Heating Oil Diff EU-Style Heating Oil vs. Low Sulfur Gasoil Option

    Description

    The Fuel Oil 1% FOB NWE Cargos (Platts) Average Price Option is based on the underlying Fuel Oil 1% FOB NWE Cargos (Platts) Future (CAR) and will automatically exercise into the settlement price of the Future on the day of expiry of the options contract.

    Contract Symbol CAR

    Hedge Instrument The delta hedge for the Fuel Oil 1% FOB NWE Cargos (Platts) Average Price Option is the Fuel Oil 1% FOB NWE Cargos (Platts) Mini Future (CAT).

    Contract Size 1,000 metric tons

    Unit of Trading Any multiple of 1,000 metric tons

    Currency US Dollars and cents

    Trading Price Quotation One cent ($0.01) per metric ton

    Settlement Price Quotation One tenth of one cent ($0.001) per metric ton

    Minimum Price Fluctuation One tenth of one cent ($0.001) per metric ton

    Last Trading Day Last Trading Day of the contract month

    Contract Series Up to 60 consecutive months

    Petroleum

  • 23March 2015

    Fuel Oil Outright Fuel Oil 1% FOB NEW Cargos (Platts) Average Price Option

    Description

    The Fuel Oil 1% FOB NWE Cargos (Platts) Average Price Option is based on the underlying Fuel Oil 1% FOB NWE Cargos (Platts) Future (CAR) and will automatically exercise into the settlement price of the Future on the day of expiry of the options contract.

    Contract Symbol CAR

    Hedge Instrument The delta hedge for the Fuel Oil 1% FOB NWE Cargos (Platts) Average Price Option is the Fuel Oil 1% FOB NWE Cargos (Platts) Mini Future (CAT).

    Contract Size 1,000 metric ton

    Unit of Trading Any multiple of 1,000 metric ton

    Currency US Dollars and cents

    Trading Price Quotation One cent ($0.01) per metric ton

    Settlement Price Quotation One tenth of one cent ($0.001) per metric ton

    Minimum Price Fluctuation One tenth of one cent ($0.001) per metric ton

    Last Trading Day Last Trading Day of the contract month

    Contract Series Up to 60 consecutive months

    See the original announcement.

    Also on March 30, 2015, ICE listed the following crude and refined oil futures contracts:

    Gasoline Diff RBOB Gasoline 1st Line vs. Argus Eurobob Oxy FOB Rotterdam Barge Future

    Description A monthly cash settled future based on the difference between the ICE daily settlement price for RBOB Gasoline 1st Line Future and the Argus daily assessment price for Eurobob Oxy FOB Rotterdam Barges.

    Contract Symbol GDO

    Contract Size 1,000 metric ton (349,860 gallons)

    Unit of Trading Any multiple of 1,000 metric ton

    Currency US Dollars and cents

    Trading Price Quotation One hundredth of one cent (0.01) per gallon

    Petroleum

  • 24March 2015

    Settlement Price Quotation One thousandth of one cent (0.001) per gallon

    Minimum Price Fluctuation One thousandth of one cent (0.001) per gallon

    Last Trading Day Last Trading Day of the contract month

    Contract Series Up to 48 consecutive months

    Gasoline Diff RBOB Gasoline 1st Line vs. Argus Eurobob Oxy FOB Rotterdam Barges Mini Future

    Description

    A monthly cash settled mini future based on the difference between the ICE daily settlement price for RBOB Gasoline 1st Line Future and the Argus daily assessment price for Eurobob Oxy FOB Rotterdam Barges.

    Contract Symbol GDQ

    Contract Size 100 metric ton (34,986 gallons)

    Unit of Trading Any multiple of 100 metric ton

    Currency US Dollars and cents

    Trading Price Quotation One hundredth of one cent (0.01) per gallon

    Settlement Price Quotation One thousandth of one cent (0.001) per gallon

    Minimum Price Fluctuation One thousandth of one cent (0.001) per gallon

    Last Trading Day Last Trading Day of the contract month

    Contract Series Up to 48 consecutive months

    Gasoline Diff RBOB Gasoline 1st Line vs. Argus Eurobob Oxy FOB Rotterdam Barges Balmo Mini Future

    Description

    A balance of the month cash settled mini future based on the difference between the ICE daily settlement price for RBOB Gasoline 1st Line Future and the Argus daily assessment price for Eurobob Oxy FOB Rotterdam Barges.

    Contract Symbol 140-14U

    Contract Size 100 metric ton (34,986 gallons)

    Unit of Trading Any multiple of 100 metric ton

    Currency US Dollars and cents

    Petroleum

  • 25March 2015

    Trading Price Quotation One hundredth of one cent (0.01) per gallon

    Settlement Price Quotation One thousandth of one cent (0.001) per gallon

    Minimum Price Fluctuation One thousandth of one cent (0.001) per gallon

    Last Trading Day Last Trading Day of the contract month

    Contract Series Up to 2 consecutive months

    See the original announcement.

    Nasdaq to Inaugurate Oil Futures MarketOn March 11, 2015, Nasdaq announced the establishment of a new energy futures market with contracts in power, oil, and natural gas to be traded on the Nasdaq Futures Inc. (NFX) platform. As part of this initiative, Nasdaq is introducing the following US oil futures contracts mid-year:

    NFX Brent Crude Financial Futures NFX Heating Oil Financial Futures NFX Low Sulphur Gasoil Financial Futures NFX Option on NFX Brent Crude Financial Futures NFX Option on NFX WTI Crude Financial Futures NFX RBOB Gasoline Financial Futures NFX WTI Crude Financial FuturesNasdaq will offer cash-settled energy derivatives with a transparent fee structure, and the products will be cleared through The Options Clearing Corporation (OCC).

    NFX, the exchange groups US-based designated contract market (DCM), will leverage the exchange groups transformative Genium INET technology, and the platform will be domiciled in Chicago. The platform provides open and neutral access, and firms will be able to access the market through proprietary order management systems, broker platforms, and leading independent software vendors.See the original announcement.

    Petroleum

  • 26March 2015

    NCDEX Lists New Currency Exchange Rate for Light Sweet Crude ContractAs of March 20, 2015, National Commodity & Derivatives Exchange Limited (NCDEX) issued a new currency exchange rate (which will be fixed for the entire tenure of the contract) for the Light Sweet Crude Oil contract, expiring in June 2015:

    Symbol Currency Exchange rate (INR/USD)CRUDEOIL 63.855

    See the original announcement.

    ZEMA collects well over 1,000 regular reports on petroleum products and other liquids, including hundreds of records on crude oil specifically. To find out how you can leverage ZEMAs massive petroleum database for your company, book a free demo at http://www.ze.com/book-a-demo/.

    Platts to Discontinue CIF Augusta Kumkol AssessmentsEffective October 1, 2015, Platts proposes to discontinue its CIF Augusta Kumkol outright and differential assessments. Platts is making this proposal for the discontinuation of these assessments due to the conclusion of Kumkol exports out of the Black Sea.

    Platts currently assesses CIF Augusta Kumkol on a daily basis, reflecting cargos of between 30,000-100,000 mt loading out of the Black Sea and delivered into the Mediterranean. Currently, Platts publishes both a CIF Augusta Kumkol differential assessment (AALOW00) and an outright assessment (AAHMP00). These assessments appear on Platts Global Alert page MH1220 and in the Platts Crude Oil Marketwire.

    Kumkol, which is produced in Kazakhstan, was previously delivered via rail to the Black Sea port of Batumi, where it was then loaded for export. Loadings of the grade once averaged some 170,000 mt/month, but volumes have been gradually declining over the last several years and have been averaging below 30,000 mt/month for more than a year. Exports of the grade are expected to halt completely early in 2015.See the original announcement.

    Platts to Stop Publishing Various North American Crude Yields, Netbacks, and MarginsEffective September 1, 2015, Platts proposes to discontinue multiple daily, weekly, and monthly crude yields, netbacks, and margins. Platts proposes to discontinue these prices as they no longer accurately reflect the crude grades refined in their respective regions.

    These prices are published on Platts Global Alert pages 802, 804, 806, 810, 812, 814, 830, 832, 834, 820, 822, and 824. The daily prices are also published in the Crude Oil Marketwire, and the weekly and monthly prices in Oilgram Price Report. The prices are also published in Platts Market Data under the listed codes.

    Numerous crack and coking assessments have been discontinued from the following publications: Caribbean Daily, Caribbean Weekly, Caribbean Monthly, US Gulf Coast Daily,

    Petroleum

  • 27March 2015

    US Gulf Coast Weekly, US Gulf Coast Monthly, US Atlantic Coast Daily, US Atlantic Coast Weekly, US Atlantic Coast Monthly, US Midwest Daily, US Midwest Weekly, and US Midwest Monthly.See the original announcement.

    Platts Discontinues Oil and Refined Products Section in Weekly Global Ethanol ReportEffective March 17, 2015, Platts discontinued publishing the Mineral Oil and Refined Products section of its Weekly Global Ethanol Report. This change has been made to align the content with the Weekly Global Biodiesel Report and to better position the content to reflect the central focus of the publication.See the original announcement.

    Argus Discontinues Mangyshlak Blend cpt Akzhaiyk AssessmentEffective March 11, 2015, Argus has stopped publishing its Mangyshlak Blend cpt Akzhaiyk assessment. The code will be stopped in the DARK file of the DARK folder, on ftp.argusmedia.com.

    PA-code Time stamp

    Price type

    Continuous forward

    Description Differential basis

    Unit Category Frequency

    PA0013232 0 1, 2 0 Mangyshlak Blend cpt Akzhaiyk

    - USD/t

    >Crude> Russia- Caspian> other

    Monthly

    See the original announcement.

    Argus Discontinues WCS-WTI Differential AssessmentsOn February 26, 2015, Argus stopped the following price series in the Argus Crude publication and data module. This change applies to data in the DHC module in the DCRDEUS folder on ftp.argusmedia.com.

    PA-codeTime stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0010773 21, 2, 6, 7

    1WCS Cushing diff to WTI month

    WTI USD/bl>Crude>North America>US Midcontinent

    Daily

    See the original announcement.

    Petroleum

  • 28March 2015

    Argus Amends Ukrainian Gasoil Diesel Assessment DescriptionsEffective March 23, 2015, Argus renamed the following daily assessment in Argus (Argus Ukrainian Motor Fuels):

    PA-code Old description New description

    PA0012999 Gasoil diesel summer 10ppm fca Kharkov/fca Donetsk

    Gasoil diesel summer 10ppm fca Kharkov

    PA0013000 Gasoil diesel winter 10ppm fca Kharkov/fca Donetsk

    Gasoil diesel winter 10ppm fca Kharkov

    See the original announcement.

    Argus Changes Descriptions for Bitumen CodesEffective March 6, 2015, Argus modified descriptions for the following codes belonging to Dbitumen. The current and previous descriptions are noted below.

    PA-codeTime stamp

    Price type

    Continuous forward

    Old DescriptionNew Description

    Unit Category Frequency

    PA0000626 01, 2, 8

    0Asphalt (bitumen) FOB Bandar Abbas drums $/t

    Asphalt (bitumen) FOB Iran drums $/t

    USD/t>Asphalt> Mideast Gulf

    Weekly

    PA0000627 01, 2, 8

    0Asphalt (bitumen) FOB Bandar Abbas $/t

    Asphalt (bitumen) FOB Iran $/t

    USD/t>Asphalt> Mideast Gulf

    Weekly

    PA0000716 01, 2, 8

    0Asphalt (bitumen) pen 60/70 FOB Rayong $/t

    Asphalt (bitumen) pen 60/70 FOB Thailand $/t

    USD/t>Asphalt> Asia- Pacific

    Weekly

    Petroleum

  • 29March 2015

    PA-codeTime stamp

    Price type

    Continuous forward

    Old DescriptionNew Description

    Unit Category Frequency

    PA0000717 01, 2, 8

    0Asphalt (bitumen) pen 60/70 FOB Rayong Baht/t

    Asphalt (bitumen) pen 60/70 FOB Thailand Baht/t

    THB/t>Asphalt> Asia- Pacific

    Weekly

    PA0009626 01, 2, 8

    0Asphalt (bitumen) class 170 FOB Rayong

    Asphalt (bitumen) class 170 FOB Thailand

    USD/t>Asphalt> Asia- Pacific

    Weekly

    PA0009627 01, 2, 8

    0Asphalt (bitumen) class 320 FOB Rayong

    Asphalt (bitumen) class 320 FOB Thailand

    USD/t>Asphalt> Asia- Pacific

    Weekly

    See the original announcement.

    NYMEX Amends Gulf Coast Sour Crude Oil Futures ContractEffective March 23, 2015, NYMEX amended the terms and conditions of the Gulf Coast Sour Crude Oil Futures contract.

    Name Commodity Code NYMEX Rulebook Chapter

    Venues

    Gulf Coast Sour Crude Oil Futures

    MB 506 CME Globex, CME ClearPort, NYMEX Trading Floor

    Specifically, the contract was re-named LOOP Gulf Coast Sour Crude Oil Futures and the rules have been amended such that fungible blends of Poseidon and Mars blend type crude oil streams are deliverable under the contract. There is no open interest in this contract.See the original announcement.

    Petroleum

  • Natural Gas

    March 2015

    Natural Gas

    30

    Argus Launches Hungarian Natural Gas AssessmentsEffective April 1, 2015, Argus introduced the following codes to Argus European Natural Gas. The following PA code details will appear in the DNG module in the DENG folder on ftp.argusmedia.com.

    PA-codeTime stamp

    Price type

    Continuous forward

    Description Unit Category Frequency

    PA0016235 6 1, 2 0Natural gas Hungary MGP day-ahead

    Euro/MWh

    >Natural gas> Europe> Hungary MGP

    Daily

    PA0016077 6 8 0Natural gas Hungary MGP-NCG Basis day-ahead

    Euro/MWh

    >Natural gas> Europe> Hungary MGP

    Daily

    PA0016078 6 8 0, 1Natural gas Hungary MGP-Austria VTP Basis day-ahead

    Euro/MWh

    >Natural gas> Europe> Hungary MGP

    Daily

    PA0016239 6 4 1Natural gas Hungary MGP index month

    Euro/MWh

    >Natural gas> Europe> Hungary MGP

    Daily

    See the original announcement.

    ZEMA collects Argus natural gas data, including data from the Argus International LPG record and the Argus LNG Daily record. To learn more about ZEMA, book a free demonstration today at http://www.ze.com/book-a-demo/.

  • 31

    Natural Gas

    March 2015

    CME Lists Natural Gas Intercommodity SpreadsEffective March 23, 2015, the listing cycle for following natural gas intercommodity spreads has been expanded to list an additional 48 maturities on CME Globex. With this change, there is a total of 60 maturities listed starting with the April 2015 to March 2020.

    Intercommodity Spreads

    FIX/FAST and iLink: tag 1151-Security Group MDP 3.0: tag 6937-Asset

    FIX/FAST and iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group

    tag 762-Security-SubType

    Natural Gas (Henry Hub) Penultimate financial futures vs. Natural Gas (Henry Hub) Last-day financial futures

    HP NG IS

    Natural Gas (Henry Hub) Penultimate financial futures vs. Henry Hub Natural Gas futures

    HP NG IS

    See the original announcement.

    The ZEMA graph below shows the futures for California SoCal-City Gate and Colorado Interstate natural gas trading prices from 2015 to 2020 (NYMEX). In 2015, the price starts at around 2.4 USD/MMBtu in California and 2.8 USD/MMBtu in Colorado and slowly increases to a high of nearly 4 USD/MMBtu in Colorado by 2020. We can also see that Californias natural gas price is generally lower than that of Colorado. To learn more, book a complimentary ZEMA demonstration.

    Graph created with ZEMA

  • 32

    Natural Gas

    March 2015

    Nasdaq to Launch Natural Gas Futures MarketOn March 11, 2015, Nasdaq announced the establishment of a new energy futures market with contracts in power, oil, and natural gas to be traded on the Nasdaq Futures Inc. (NFX) platform. As part of this initiative, Nasdaq is introducing the following US natural gas futures contracts mid-year:

    NFX Henry Hub Natural Gas Financial Futures - 10,000 NFX Henry Hub Natural Gas Financial Futures - 2,500 NFX Henry Hub Natural Gas Penultimate Financial Futures - 2,500 NFX Henry Hub Natural Gas Penultimate Financial Futures - 10,000 NFX Option on NFX Henry Hub Penultimate Financial Future - 10,000

    NFX, the exchange groups US-based designated contract market (DCM), will leverage the exchange groups transformative Genium INET technology, and the platform will be domiciled in Chicago. The platform provides open and neutral access, and firms will be able to access the market through proprietary order management systems, broker platforms, and leading independent software vendors.See the original announcement.

    ZEMA contains advanced display functionalities that enable users to easily align news updates from organizations such as Nasdaq next to market data, giving users an enhanced market perspective. For further information, visit http://www.ze.com/the-zema-suite/dashboard/.

    Platts to Replace Ras Gas with Deodorized Field Condensate AssessmentsEffective May 1, 2015, Platts intends to start publishing an assessment reflecting the price of Qatari condensate under the name Deodorized Field Condensate (DFC).

    This assessment would be identical to, and published alongside, the existing Ras Gas condensate assessment. Platts proposes to discontinue the existing Ras Gas assessment starting January 2, 2016. The new DFC assessment and associated code would carry the historical data for the Ras Gas assessment.

  • 33

    Natural Gas

    March 2015

    The change in name would not alter any other aspects of Platts assessment of Qatari condensate. The change would ensure Platts assessments and terminology conforms with the latest market conventions. Platts understands that Qatar International Petroleum Marketing Co., or Tasweeq no longer sells any condensate with the trade name Ras Gas. The official trade name of the field condensate associated with LNG production from Ras Gas and other entities is DFC.See the original announcement.

    Platts Renames French PEG Sud Gas AssessmentsEffective April 1, 2015, Platts aligned its naming convention for the French PEG Sud natural gas market to reflect an industry-wide trading framework change, in line with announcements made by the French Commission de Regulation de lenergie (CRE).

    On April 1, 2015, the PEG TIGF and PEG Sud hubs merged to form a single gas hub to be named Trading Region South (TRS).

    As a result the following Platts assessments (symbols) have undergone a name change:

    Effective Date: April 1, 2015:

    PEG Sud Day-ahead/GPSTD00: French PEG Sud DA Eur/MWh to French TRS DA Eur/MWh PEG Sud Weekend/GPSTT00: French PEG Sud TDt Weekend Eur/MWh to French TRS TDt

    Weekend Eur/MWh Effective March 2, 2015: PEG Sud Month-Ahead/GPSTM00: French PEG Sud MA Eur/MWh to French

    TRS MA Eur/MWh See the original announcement.

  • Coal

    March 2015 34

    Platts to Launch Metallurgical Coal China Index SeriesOn April 13, 2015, Platts will launch of Metallurgical Coal China Index (MCCI) price assessment series. The new series will include five spot metallurgical coal assessments in the Chinese domestic spot market. The proposed assessments are designed to reflect the daily tradable values of a range of coal specifications in the Chinese domestic spot market.

    The assessments are MCCI Shanxi Premium Low Vol, MCCI Shanxi High Sulfur Premium Low Vol, MCCI North China Fat Coal, MCCI Shanxi PCI, and MCCI Shandong Semi Soft.

    The assessments will be assessed in yuan per metric ton on either an ex-washplant, free on rail, or delivered duty paid Tangshan basis, wherever applicable. Platts and Fenwei will also assess four domestic logistic routes, including both rail and truck freight from Shanxi to Tangshan and Shandong.

    The assessments will be published in SBB Steel Markets Daily, Coal Trader International, Metals Market Data category MC, Platts Metals Alert (pg. 1050), and Global Coal Alert (pg. 1050).See the original announcement.

    ZEMA collects more than 600 Platts records, many of which contain coal market data. To learn more about ZEMAs vast data library, visit http://www.ze.com/the-zema-solutions/data-coverage/.

    Coal

  • 35March 2015

    Argus Launches Latin American Coal AssessmentsEffective March 30, 2015, Argus added new series to Argus Coal Daily. These changes apply to the dcu files in the DCDR folder of ftp.argusmedia.com.

    PA-codeTime stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0016203 0 20 0

    Coal panamax size 70-75kt Puerto Bolivar - Pecem

    - USD/t

    >Freight >Coal> Latin America

    Weekly

    PA0016204 0 20 0

    Coal handy size 40-50kt Puerto Bolivar - Itaqui

    - USD/t

    >Freight >Coal> Latin America

    Weekly

    See the original announcement.

    Argus Launches Australian Metallurgical Coal AssessmentsEffective March 2, 2015, Argus launched a new price series to the Argus Steel Feedstocks publication and in the data module. The following PA code details will appear in the DSteelFeedstocks module in the DATA/DSteelFeedstocks folder on ftp.argusmedia.com.

    PA-codeTime stamp

    Price type

    Continuous forward

    Description Unit Category Frequency

    PA0015806 0 17 1

    Metallurgical Coal premium hard FOB Australia (low-vol) within 90 days average month

    USD/t>Coal> Asia-Pacific

    Monthly

    PA0015807 0 17 1

    Metallurgical Coal hard FOB Australia (mid-vol) within 90 days average month

    USD/t>Coal> Asia-Pacific

    Monthly

    See the original announcement.

    ZEMA collects more than a dozen data reports on coal from Argus alone, along with over a hundred more from other sources. To learn more, visit http://www.ze.com/the-zema-solutions/.

    Coal

  • 36March 2015

    CME Lists Asia Coal OptionsEffective March 30, 2015, Asia Coal options began trading on CME Globex, open outcry, and clearing submission via CME ClearPort.

    Product

    FIX/FAST and iLink: tag 1151-Se-curity Group MDP 3.0: tag 6937-Asset

    FIX/FAST and iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group (Outrights)

    FIX/FAST and iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group (UDS)

    Chapter Contract Size

    Coal (API 8) cfr South China (Argus/ McCloskey) Average Price Option

    A8A EF EX 11201,000 metric tons

    Coal (API 8) cfr South China (Argus/ McCloskey) Option on Quarterly Futures Strip

    A84 EF EX 11213,000 metric tons

    Coal (API 8) cfr South China (Argus/ McCloskey) Option on Calendar Futures Strip

    AC8 EF EX 112312,000 metric tons

    Indonesian Coal (McCloskey sub- bituminous) Average Price Option

    ICA EF EX 11241,000 metric tons

    Indonesian Coal (McCloskey sub- bituminous) Option on Quarterly Futures Strip

    IC4 EF EX 11323,000 metric tons

    Indonesian Coal (McCloskey sub- bituminous) Option on Calendar Futures Strip

    ICC EF EX 113312,000 metric tons

    See the original announcement.

    Coal

  • 37March 2015

    CME Launches Short-Dated International Coal Calendar Strip OptionsEffective March 30, 2015, Short-Dated International Coal Calendar Strip options began trading on CME Globex, open outcry, and clearing submission via CME ClearPort.

    Product

    FIX/FAST and iLink: tag 1151-Security Group MDP 3.0: tag 6937-Asset

    FIX/FAST and iLink: tag 55- Symbol MDP 3.0 tag 1151 - Security Group (Outrights)

    FIX/FAST and iLink: tag 55- Symbol MDP 3.0 tag 1151 - Security Group (UDS)

    Coal (API 2) cif ARA (Argus/McCloskey) Short-Dated Option on Calendar Futures Strip

    MTC EF EX

    Coal (API 4) FOB Richards Bay (Argus/ McCloskey) Short-Dated Option on Calendar Futures Strip

    MFY EF EX

    See the original announcement.

    ZEMA collects more than 100 records from CME, several of which are on coal. To learn how the ZEMA solution can enhance your companys market awareness, book a complimentary demo at http://www.ze.com/book-a-demo/.

    The ZEMA graph below shows the coal option trading history for October 2015 contract at strike prices $7,000 (API2) and $7,100(API4). We can see that both of the option prices went up in mid-February and early March. When we check the underlying asset price (indicated by the blue bars) for the same period, we can see a clear increase in coal price around the same time. We can also see that the coal price dropped towards the end of February, and the options showed a steeper decline. This demonstrates that options prices are closely related with underlying asset prices, and options prices can be more volatile compared to the underlying asset. Creating customized analysis like this is easy to perform in ZEMA. To learn more, book a complimentary ZEMA demo.

    Graph created with ZEMA

    Coal

  • Softs and Metals

    March 2015 38

    SOFTS

    Platts Launches Weekly Export Premium FOB Antwerp Sugar AssessmentsEffective April 3, 2015, Platts began assessing its Export (Premium to Ldn 5) - FOB Antwerp sugar assessment on a weekly basis. It was previously assessed on a monthly basis.

    This assessment is established as an indicator of out-of-quota white sugar exported on a FOB basis from Antwerp. Price assessments reflect EU 45 ICUMSA white sugar of standard quality and a maximum ICUMSA of 45 and meeting EEC No 2. The assessment is published as a premium to the ICE White Sugar Futures front-month contract.

    This follows the launch of the EU Sugar Weekly, a new publication providing pricing and news information on the regional sugar market. This assessment appears on Platts Agriculture Alert service Page PA1512, and will continue to be found in the Platts price database under symbol code SGBCB00.See the original announcement.

    ZEMA collects several sugar-based reports from Platts and IHS. To learn more about ZEMAs data coverage, visit http://www.ze.com/the-zema-solutions/data-coverage/.

    Softs and Metals

  • 39March 2015

    Argus Introduces Caribbean Fertilizer AssessmentEffective March 5, 2015, Argus added the following time series to Argus FMB North American Fertilizer:

    PA-codeTime stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0009360 0 1, 2, 8 0Ammonia FOB Caribbean

    - USD/t>Fertiliz-er>Am-monia

    Weekly

    See the original announcement.

    The ZEMA graph below shows the average monthly DAP fertilizer clearing futures prices for New Orleans and Tampa, as well as the average monthly urea fertilizer clearing futures prices in New Orleans from March 2015 to January 2016 (LCH Clearnet data). In March 2015, New Orleans DAP, Tampa DAP, and New Orleans urea fertilizer clearing futures prices reached highs of $430, $480, and $290 respectively. New Orleans and Tampa DAP fertilizer clearing futures prices are projected to remain relatively stable from May 2015 through to the end of the year, eclipsing their March 2015 highs in January 2016 with New Orleans DAP hitting $440 while Tampa DAP reaches $482.50. New Orleans urea clearing futures prices follow suit in terms of stability, in this case from June 2015 through to the end of the year, again rebounding in January 2016 at a price of $285 USD. A combination of data from Argus, FertilizerWEEK, and FERTECON allow these reference prices to be calculated, giving fertilizer traders, producers, and end-users enhanced price and risk management opportunities. To learn more, book a complimentary ZEMA demonstration.

    Graph created with ZEMA

    Softs and Metals

  • 40March 2015

    CME Lists European Cocoa FuturesEffective March 30, 2015, CME Europe listed the following Cocoa futures for trading on CME Globex and for clearing submission via CME ClearPort:

    ProductFIX/FAST and iLink: tag 1151- Security Group MDP 3.0: tag 6937-Asset

    FIX/FAST and iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group

    Cocoa Future CCP JX

    Cocoa NY (ICE) Future CCC JX

    See the original announcement.

    ZEMA regularly collects more than 100 data reports on softs. To learn more about ZEMAs extensive data coverage, visit http://www.ze.com/the-zema-solutions/data-coverage/.

    ICE Launches European Cocoa Futures and OptionsAs of March 30, 2015, Intercontinental Exchange (ICE) introduced Euro Cocoa futures and options contracts.

    ICE introduced the new Euro Cocoa contracts, which operates in parallel with the existing pound-sterling London Cocoa contract. Excluding currency, the new Euro Cocoa contracts specification mirrors the London cocoa contract including physical settlement and will trade and clear at ICE Futures Europe and ICE Clear Europe. Customers are therefore able to benefit from cross margin offsets with the London Cocoa contract.

    Euro Cocoa Futures Contract

    Description A physically settled futures contract on cocoa.

    Contract Symbol EC

    Contract MonthsMarch, May, July, September, December, such that ten delivery months are available for trading

    Contract Size 10 tons

    Currency Euro

    Softs and Metals

  • 41March 2015

    Settlement

    Physical Delivery: Standard Delivery Unit (SDU) bagged cocoa with a nominal net weight of ten tons. Large Delivery Unit (LDU) bagged cocoa with a nominal net weight of 100 tons. Bulk Delivery Unit (BDU) loose cocoa with a nominal net weight of 1000 tons

    Deliverable Growths

    Cte dIvoire, Democratic Republic of Congo (formerly known as Zaire), Equatorial Guinea, Ghana, Grenada Fine Estates, Jamaica, Nigeria, Republic of Cameroon, Republic of Sierra Leone, Togo, Trinidad and Tobago Plantation, Western Samoa at contract price. All other origins tenderable at set discounts

    Trading Tick Size 1 EUR per ton (10 EUR)

    Options on Euro Cocoa Contract

    Description Option on Euro Cocoa futures contract

    Contract Symbol EC

    Contract MonthsMarch, May, July, September, December, such that ten expiry months are available for trading, subject to the option expiring before the underlying future

    Expiration Date12:00 on the last trading day in the calendar month preceding the expiry month

    Contract Size One Euro Cocoa Futures Contract

    Currency Euros

    Trading Price Quotation Euros per metric ton

    Trading Tick Size 1 EUR per ton (10 EUR)

    Strike Price Intervals 25 EUR per ton

    See the original announcement.

    The ZEMA graph below shows the price change of cocoa futures from CME and ICE data from April 2014 to June 2016. The green bar indicates the price of ICE cocoa futures, in which we take the promptness future price as a proxy for historical price, and take the last available day (August 15, 2014) as the effective day of futures. The amber bar represents the price of CME cocoa futures, using the same method for historical value and taking the most recent available date as the effective date. As we can see, the CME futures price drops dramatically in September 2014 and remains low until June 2016. The gap between those two futures has remained stable thus far. To learn more about how to create similar analyses using CME and ICE data, book a complimentary ZEMA demo.

    Softs and Metals

  • 42March 2015

    CBOT Amends Fertilizer Cleared Swap ContractsEffective March 30, 2015, The Board of Trade of the City of Chicago, Inc. (CBOT) amended the last trade date for all December contract months for the CBOT fertilizer swap contracts listed in the table below from the last Thursday in the month to the Thursday preceding December 26. These contracts are available for clearing via CME ClearPort. The last trade date will remain unchanged as the last Thursday of the month for all other contract months.

    The affected CBOT fertilizer swap contracts are as follows:

    Contract Title Clearing Code CBOT Rulebook Chapter

    Urea (Granular) FOB US Gulf Swap UFN 45

    UAN FOB NOLA Swap UFU 46

    DAP FOB Tampa Swap DFT 47

    DAP FOB NOLA Swap DFL 48

    Urea (Prilled Bulk) FOB Yuzhny Swap UFZ 49

    Urea (Granular) FOB Egypt Swap UFG 50

    This proposed amendments change clarify the schedule of price information published by the price providers used for final settlement during the Christmas Day and New Years Day holiday.See the original announcement.

    Graph created with ZEMASofts and M

    etals

  • 43March 2015

    Argus Launches Ferrous Scrap and Iron Ore Assessments for TurkeyEffective March 6, 2015, Argus introduced the following new price series to the Argus Steel Feedstocks publication and data module. The following PA code details will appear in the DSteelFeedstocks module in the DATA/DSteelFeedstocks folder on ftp.argusmedia.com. Historical data is available on request from [email protected].

    PA-codeTime stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0016026 6 3 0Ferrous scrap P&S differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016027 6 3 0

    Ferrous scrap HMS1 differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016028 6 3 0

    Ferrous scrap 75/25 differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016029 6 3 0

    Ferrous scrap 85/15 differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016030 6 3 0

    Ferrous scrap 90/10 differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016031 6 3 0

    Ferrous scrap Bonus differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016032 6 3 0

    Ferrous scrap Bundles differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016033 6 3 0

    Ferrous scrap Shredded differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016034 6 3 0

    Ferrous scrap Bushelling differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    METALSSofts and M

    etals

  • 44March 2015

    PA-codeTime stamp

    Price type

    Continuous forward

    DescriptionDifferential basis

    Unit Category Frequency

    PA0016035 6 3 0

    Ferrous scrap New cutting differential cfr Turkey

    Ferrous scrap HMS 1-2 80/20 cfr Turkey

    USD/t>Metals - Ferrous> Scrap

    Daily

    PA0016061 6 8 0Iron Ore ViU 1% Fe

    - USD/t>Metals - Ferrous> Iron Ore

    Weekly

    PA0016062 6 8 0Iron Ore ViU 1% Si

    - USD/t>Metals - Ferrous> Iron Ore

    Weekly

    PA0016063 6 8 0Iron Ore ViU 1% Al

    - USD/t>Metals - Ferrous> Iron Ore

    Weekly

    See the original announcement.

    ZEMA collects more than 200 reports on various metals from around the world. This data can then be used to create advanced analyses and forward curves before being pushed to downstream systems. To learn what ZEMA can do for your business, book a free demo at http://www.ze.com/book-a-demo/.

    Argus Introduces Minor Metals Report and Data FeedEffective March 5, 2015, Argus introduced a new Argus Minor Metals report and associated data feed. The following data series has become available as DMinorMetals data module in /DMinorMetals folder on ftp.argusmedia.com. The scheduled data file will be produced daily at 7 p.m. EST.

    Three new categories have been created to accommodate this change:

    >Metals - Non-ferrous>Minor and Speciality>Europe

    >Metals - Non-ferrous>Minor and Speciality>America

    >Metals - Non-ferrous>Minor and Speciality>Asia-Pacific

    The new report covers: antimony, arsenic, bismuth, cadmium, chromium, cobalt, gallium, germanium, indium, magnesium, manganese flake, mercury, molybdenum oxide, rhenium, selenium, silicon, tantalite, tantalum, tellurium, titanium, tungsten APT, and vanadium pentoxide.

    Historical data is available upon request.See the original announcement.

    Argus Lists Chinese Gadolinium Oxide AssessmentEffective March 3, 2015, Argus introduced a new Gadolinium oxide assessment to Argus Rare Earths report and associated data feed. The following data series is available in DRareEarths data module in /DRareEarths folder on ftp.argusmedia.com.

    Softs and Metals

  • 45March 2015

    PA-code Time stamp

    Price type

    Continuous forward

    Description Unit Category Frequency

    PA0015714 0 1, 2 0

    Gadolinium oxide min 99.999% FOB China

    USD/t

    >Metals - Non-ferrous> Rare Earths> Asia-Pacific

    Daily

    See the original announcement.

    ZEMA collects more than 100 records from Argus, most of which are published daily. To learn more about the ZEMA solution, visit http://www.ze.com/the-zema-solutions/.

    Argus Adds Weekly Chinese Iron Ore AssessmentsOn March 3, 2015, Argus began publishing the following new price series to the Argus Steel Feedstocks publication and data module. The following PA code details will appear in the DSteelFeedstocks module in the DATA/DSteelFeedstocks folder on ftp.argusmedia.com.

    PA-code Time stamp

    Price type

    Continuous forward

    Description Unit Category Frequency

    PA0015712 8 8 0Iron ore fines cfr Qing-dao portside PB 61% Fe

    CNY/t>Metals Ferrous> Iron Ore

    Weekly

    PA0015713 8 8 0Iron ore fines cfr Qin-gdao portside Yandi 57.3% Fe

    CNY/t>Metals Ferrous> Iron Ore

    Weekly

    See the original announcement.

    Additionally, on March 2, 2015, Argus introduced the following new price series also to the Argus Steel Feedstocks publication and data module.

    PA-codeTime stamp

    Price type

    Continuous forward

    Description Unit Category Frequency

    PA0015803 0 17 1Iron ore fines cfr Qingdao 2-6 weeks - 58% Fe average month

    USD/t>Metals - Ferrous> Iron Ore

    Monthly

    PA0015804 0 17 1Iron ore fines cfr Qingdao 2-6 weeks - 62% Fe average month

    USD/t>Metals - Ferrous> Iron Ore

    Monthly

    PA0015805 0 17 1Iron ore fines cfr Qingdao 2-6 weeks - 65% Fe average month

    USD/t>Metals - Ferrous> Iron Ore

    Monthly

    See the original announcement.

    Thomson Reuters Launches Copper Mine Data ServiceOn March 12, 2015, Thomson Reuters announced the release of a detailed mine-by-mine analysis of the worlds copper production to users of its flagship desktop, Eikon.

    Softs and Metals

  • 46March 2015

    GFMS Mine Economics (Copper) gathers up-to-date data from individual copper mining companies on their activity. It also includes the new Copper Cost service, which provides comprehensive global copper industry cost data. The service, now part of the GFMS Mine Economics Package, combines analysis plus in-depth company information on global copper, sourced by the GFMS base metals research team using current operating and cost data, sourced direct from each company.

    GFMS Mine Economics data currently covers 26 of the largest copper producing companies, controlling 87 copper mines across 23 countries: just over two-thirds of global copper production. Content includes: quarterly production trends, cash costs and total costs by region, an analysis of supply curve quartiles and margins, company rankings based on attributable production, and company pages with mine-by-mine production and cost data.See the original announcement.

    ZEMA collects hundreds of metals data records from all over the world. To learn how ZEMA can enhance your companys business processes, book a free demo at http://www.ze.com/book-a-demo/.

    LBMA Launches New Gold PriceOn March 20, 2015, the new London Bullion Market (LBMA) Gold Price, which replaces the long established London Gold Fix, will be launched. As previously announced, ICE Benchmark Administration (IBA) are the new administrators of the LBMA Gold Price. The intellectual property rights will be held by Precious Metals Prices Limited, a newly established subsidiary company of the LBMA.

    As the administrator of the LBMA Gold Price, IBA will operate a physically settled, electronic and tradeable auction process. The price formation will be in dollars, and prices will continue to be set twice daily at 10:30 a.m. and 3 p.m. (London time) in three currencies: USD, EUR, and GBP. Within the process, aggregated gold bids and offers will be updated in real-time with the imbalance calculated and the price updated every 30 seconds until the buy and sell orders are matched. Participants, as well as sponsored clients, will be able to manage their orders in the auction in real time via their desktops. The LBMA Gold Price will continue to be available on the LBMA website as well from a variety of major data vendors. The current instrument codes and tickers will remain unchanged.See the original announcement.

    ZEMA collects more than 200 metal records, many of which contain data about gold specifically. To learn more about ZEMAs data coverage, visit http://www.ze.com/the-zema-solutions/data-coverage/.

    Softs and Metals

  • 47March 2015

    SGX Launches TSI-based Iron Ore Swap and FuturesOn March 9, 2015, the Singapore Exchange (SGX) new iron ore swap and futures contracts, utilizing The Steel Index (TSI) daily iron ore price index published by Platts.

    The SGX TSI Iron Ore CFR China (58% Fe Fines) Index Futures and SGX TSI Iron Ore CFR China (58% Fe Fines) Swap will both reflect the value of 58% Fe fines or fine ore powder containing 58% iron content, as delivered to Chinas Qingdao port on a cost and freight (CFR) basis.See the original announcement.

    Platts to Discontinue Chinese Steel AssessmentsOn June 26, 2015, Platts intends to discontinue the following four China domestic steel assessments:

    SB01150 HRC Q235 5.5MM China Dom Prod Guangdong Lecong Weekly SB01259 Rebar HRB400 18-25MM China Dom Prod Shanghai Weekly SB01219 Seamless Pipe 219x6MM Grd8163 China Dom Prod Shanghai Weekly SB01113 H-Beams China Dom Prod Shanghai MonthlyThe discontinuations will allow Platts to focus its market reporting on its remaining domestic price assessments and export price assessments for China.See the original announcement.

    Platts Discontinues East Asian Hot-Dip Galvanized and Merchant Bar CFR AssessmentsEffective June 1, 2015, Platts will discontinue publication of the monthly price assessment of Hot-Dip Galvanized (HDG) CFR East Asia (SB01120).

    China has emerged as a major exporter for HDG to the region in recent years. Platts is seeking to refocus its market reporting on FOB China price assessments for this product.See the original announcement.

    As well, effective the same date, Platts will also discontinue publication of the monthly price assessment of Merchant Bar CFR East Asia (SB01165).

    As Platts reported, wide product specifications, low liquidity, and local pricing have made these pan regional assessments difficult to maintain as a reflection of regional value. Market participants have provided feedback that the price is no longer representative and does not serve a purpose as an industry reference.See the original announcement.

    Softs and Metals

  • 48March 2015

    Platts to Discontinue East Asian Wire Rod PricesEffective April 27, 2015, Platts discontinued publication of its monthly price assessment of Wire Rod Mesh Quality CFR East Asia (SB01245).

    China has emerged as a major exporter wire rod to the region in recent years and Platts has refocused its market reporting on FOB China price assessments for this steel product.See the original announcement.

    HKFE Suspends Trading of Gold FuturesEffective March 20, 2015, Hong Kong Futures Exchange Ltd. (HKFE), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), suspended trading of its gold futures. The decision was made after a recent review of the product, in view of a change in the London gold pricing mechanism.

    HKEx will review its precious metals strategy from a group perspective and redesigned gold futures contracts may be added to the HKEx Groups product list in the future.See the original announcement.

    LME and HKEx Partner with Borsa IstanbulOn March 18, 2015, the London Metal Exchange (LME) announced that it is entering into two agreements with Borsa stanbul A.S., under which Borsa stanbul will acquire the LMEs stake in clearing house LCH.Clearnet, and Borsa stanbul, the LME, and the LMEs parent company HKEx will partner on the dissemination of market data.

    Under the terms of the agreements, the LME will license LME steel billet settlement data to Borsa stanbul, and will work with the Turkish exchange to develop future products and services for the steel market. Borsa stanbul will also have the right to disseminate real-time pricing data from the LME and HKEx.

    Following this transaction, the LME has disposed of its entire remaining stake in its former clearing provider, LCH.Clearnet.See the original announcement.

    Softs and Metals

  • Finance

    March 2015 49

    CBOE to Launch MSCI Index OptionsOn April 21, 2015, CBOE Holdings, Inc. plans to list options on the MSCI Emerging Markets Index (EEM) and the MSCI EAFE Index (EAFE).

    Options on the EEM and EAFE Indexes are the first of six MSCI Indexes planned to launch in 2015. Later this year, the Chicago Board Options Exchange (CBOE) also plans to offer options on the MSCI ACWI Index, MSCI USA Index, MSCI World Index, and the MSCI ACWI ex-USA Index.

    Trading in options on other MSCI Indexes also offers new opportunities to hedge a variety of different exposures.

    The MSCI Emerging Markets Index (EEM) captures large- and mid-cap representation across 23 emerging-market countries. With over 800 constituents, the index covers approximately 85% of the free-float-adjusted market capitalization in each country.

    The MSCI EAFE Index (EAFE) is recognized as the pre-eminent benchmark in the United States to measure international equity performance. It comprises MSCI country indexes that represent developed markets outside of North America: Europe, Australasia and the Far East. The MSCI EAFE Index is calculated in US dollars on a real-time basis, and its values are disseminated every 60 seconds during market trading hours.

    See the original announcement.

    ZEMA excels at displaying time-series data in charts, graphs, forward curves, and more. ZEMA also collects financial derivatives data from a wide range of sources. For more information, visit http://www.ze.com/the-zema-suite/.

    The graph below shows a year-to-year comparison of US dollars to Singapore dollars based on daily exchange rates from the Federal Reserve. The years 2012-2013 show a similar cycle of seasonal fluctuation, but as the global economic recovery strengthened and the US dollar weakened, there is a noticeable reversal of that pattern in 2014. To learn more about how ZEMA analyzes real-time financial data, book a complimentary demo.

    Graph created with ZEMA

    Finance

  • 50March 2015

    CBOE Begins Listing Options on FTSE and Russell IndexesOn February 26, 2015, CBOE Holdings, Inc. announced that it has entered into a licensing agreement with London Stock Exchange Group (LSEG), to develop and list options based on more than two dozen FTSE and Russell indexes. Under the agreement, cash-settled options on these indexes will now be available to trade in the United States on CBOE. In addition, as part of the agreement, CBOE and LSEG will collaborate on new index options products and investor education globally. The trading in FTSE and Russell index-based options on the CBOE will begin in the coming months.

    The deal includes the bellwether FTSE and Russell indexes: the FTSE GEIS (Global Equity Index Series), which covers 98%of the worlds investable market capitalization; FTSE EPRA/NAREIT; FTSE China 50; the Russell 2000 Index, which measures performance of the small-cap segment of the US equity market; the Russell 1000 Index, which comprises a broad large-cap equity segment; the Russell 1000 Value Index, which measures the large-cap equities with lower price-to-book ratios and expected growth values; and the Russell 1000 Growth Index, which measures large-cap stocks with higher price-to-book ratios and anticipated growth.

    The partnership with LSEG not only seeks to extend the range of these indexes but to introduce new options for US investors. CBOE intends to launch a significant new co-branded product every year for the full duration of the agreement, including the opportunity to list cash-settled index options. CBOE intends to develop options based on other FTSE and Russell index products globally as well.See the original announcement.

    Nasdaq Lists Tuttle Tactical Management US Core ETFOn February 25, 2015, Nasdaq began trading a new exchange-traded product (ETP), Tuttle Tactical Management US Core ETF (Symbol: TUTT).

    The tactical nature of TUTTs objective is a pre-determined, active strategy that responds to market indicators rather than attempts to use them as predictors of market direction. Under normal market conditions, TUTT will invest no less than 80% of its total assets in shares of ETPs listed on US exchanges. The total annual fund operating expenses will be 1.34%. Tuttle Tactical Management, LLC, the Funds investment sub-adviser, manages the assets using a tactical approach.See the original announcement.

    Thomson Reuters Launches Monthly IPSOS Global Primary Consumer Sentiment IndexOn March 11, 2015, Thomson Reuters announced the launch of the Thomson Reuters/Ipsos Monthly Global Primary Consumer Sentiment Index (PCSI). The Thomson Reuters/Ipsos PCSI, measures 11 key indicators of consumer confidence and outlook as perceived by consumers in 24 countries. In depth analysis will be available for 12 countries including the

    Finance

  • 51March 2015

    United States, Canada, Great Britain, China, Russia, Brazil, Japan, Mexico, France, Germany, Italy, and Australia.

    The PCSI is the only dataset providing an aggregated global consumer sentiment series across 24 countries. The PCSI represents a composite index of 11 questions that have been running monthly in 22 countries since March 2010, in Brazil since 2005, and in the United States since 2002. The 24 country indexes will be included free of charge to users of Eikon and Datastream.

    For an additional fee, users will get access to the detailed questions used in the PCSI survey. These questions are focused on areas such as individuals appraisal of their homelands current economic status, their own personal economic status, and their future expectations for the local economy. Additional questions focus on consumer confidence, job security, and investments in the future.

    The monthly data output is derived from a balanced online sample that is weighed to the latest Census information of the general population in each country. The sample is aged 18-64 in the US and Canada, and age 16-64 in all other countries. Of the 24 countries surveyed 15 are representative of the general population: Argentina, Australia, Belgium, Canada, France, Germany, Hungary, Italy, Japan, Poland, South Korea, Spain, Sweden, United Kingdom, and United States, while the remaining nine of Brazil, China, India, Israel, Mexico, Russia, Saudi Arabia, South Africa, and Turkey comprise more urban, educated, and higher income respondents referred to as Upper Deck Consumers relative to their country general population.

    Data will be released at 11 a.m. EST the second Wednesday of every month, and will be accompanied by a series of reports providing commentary at the country level, starting with a subset of the 24 countries.See the original announcement.

    ZEMA, ZEs best-in-class data management solution, collects more than 75 records from Thomson Reuters on a daily basis. ZEMA can collect, display, and analyze data for market participants in any sector. For further information, visit http://www.ze.com/the-zema-solutions/.

    Bloomberg Collaborates with the African Development Bank to Launch African Bond IndexOn February 19, 2015, the African Development Bank (AfDB) through the African Financial Markets Initiative (AFMI) launched its AFMISM Bloomberg African Bond Index. Calculated by Bloomberg Indexes, this composite index is comprised of the Bloomberg South Africa, Egypt, Nigeria, and Kenya local currency sovereign indexes.

    The current index includes an African sovereign bond index comprised of the four most liquid bonds in Africa and three sub-indexes for different maturity ranges. To be included in the index, a security must have at least one year remaining to maturity and withstand price stability tests. Further liquid markets are expected to be added to the index this year.

    Finance

  • 52March 2015

    The composite index is available to Bloomberg Professional service subscribers via {BADB Index}, which includes the Bloomberg South Africa {BSAFR Index}, Bloomberg Egypt {BEGYP Index}, Bloomberg Nigeria {BNGRI Index}, and Bloomberg Kenya {BKEN Index} indexes.See the original announcement.

    ZEMA collects Bloomberg financial recordsrecords which contain key data on North American equities, indexes, and currency. To learn more about ZEMAs data coverage, visit http://www.ze.com/the-zema-solutions/data-coverage/.

    Eurex to Launch New Options Contracts on Euro Bund FuturesAs of April 20, 2015, Eurex Exchange, a subsidiary of Deutsche Brse Group, is launching new options contracts on the Euro Bund futures with weekly expiration dates (weekly options). Contracts with expiration dates on the five following Fridays will be offered in addition to the existing options on the Euro Bund Futures. This expanded range of options further diversifies Eurex Exchanges offering of euro-denominated interest rate derivatives.

    Eurex Exchange will offer a special market-making incentive program at the market launch. A large number of participants, particularly the institutions currently quoting Euro Bund options, have signaled great interest in market making.

    The new options will have similar product specifications to the existing Bund options: the contracts will be physically settled and denominated in euros with a minimum price change of one tick (= 10 euros). Trading hours will be from 8 a.m. to 5:15 p.m. CET.See the original announcement.

    ETFs Launched on Xetra Provide Access to US StocksEffective March 23, 2015, three new db x-trackers ETFs from the product family section of Deutsche Asset & Wealth Management have been tradable in Deutsche Brses XTF segment on Xetra:

    Name db x-trackers S&P 500 UCITS ETF (Prospective DR)

    Asset class Equity index ETF

    ISIN IE00BM67HW99

    Ongoing charges 0.30%

    Distribution policy accumulating

    Benchmark S&P 500 EUR Hedged Index

    The db x-trackers S&P 500 UCITS ETF (Prospective DR) tracks the performance of 500 large-cap companies, representing all major US industries. A companys weighting in the reference index is based on its market capitalization. Investors benefit from a monthly currency hedge to reduce the impact of euro-dollar exchange rate fluctuations on the value of their investment.

    Finance

  • 53March 2015

    Name db x-trackers Russell 2000 UCITS ETF (Prospective DR)

    Asset class Equity index ETF

    ISIN IE00BJZ2DD79

    Ongoing charges 0.45%

    Distribution policy accumulating

    Benchmark Russell 2000 Index

    The db x-trackers Russell 2000 UCITS ETF (Prospective DR) measures the performance of the small-cap segment of the US equity universe, representing approximately 10 percent of the total market capitalization of Russell 3000. The reference index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax.

    Name db x-trackers Russell Midcap UCITS ETF (Prospective DR)

    Asset class Equity index ETF

    ISIN IE00BJZ2DC62

    Ongoing charges 0.35%

    Distribution policy accumulating

    Benchmark Russell Midcap Index

    The db x-trackers Russell Midcap UCITS ETF (Prospective DR) provides investors with access to the performance of mid-cap stocks of the US equity universe. The fund tracks the smallest 800 companies by market capitalization of the Russell 1000 Index (which follows the 1000 largest capitalization corporations in the United States). The reference index is calculated on a total return net basis, which means that all dividends and distributions by the companies are reinvested in the shares after tax.See the original announcement.

    ZEMA lets users stay up to date on a wide range of financial developments. ZEMA enables users to easily visualize data, news, and analytics in one screen, ensuring that users gain a global market snapshot. To learn more, visit http://www.ze.com/the-zema-suite/dashboard/.

    Source JPX-Nikkei 400 UCITS ETF Launched on XetraEffective March 16, 2015, a new equity index fund from the ETF offering issued by Source has been tradable on Xetra in Deutsche Brses XTF segment.

    ETF name Source JPX-Nikkei 400 UCITS ETF (EUR hedged)

    Asset class equity ETF

    Finance

  • 54March 2015

    ISIN IE00BVGC6645

    Ongoing charges 0.20%

    Distribution policy accumulating

    Benchmark JPX-Nikkei 400 Net Total Return Euro Hedged Index

    The Source JPX-Nikkei 400 UCITS ETF (EUR hedged) enables investors to participate in the performance of the JPX-Nikkei 400 Index while hedged against exchange-rate risks to the euro. The reference index comprises small to large-cap stock corporations along with growth and innovation stocks.See the original announcement.

    UBS ETF Launched on Xetra Provides Currency-Hedged Access to CMCI Commodity IndexEffective March 9, 2015, a new exchange-listed commodity index fund from the UBS Global Asset Management product range has been tradable in Deutsche Brses XTF segment:

    ETF name UBS ETFs plc CMCI Composite SF UCITS ETF (GBP) A-acc

    Asset class commodity index ETF

    ISIN IE00B50XJX92

    Ongoing charges 0.45%

    Distribution policy accumulating

    Benchmark UBS Bloomberg CMCI hedged to GBP TR Index

    Trading currency British pound

    The new UBS ETF from the Constant Maturity Commodity Index (CMCI) index series enables investors to participate in the performance of 28 commodity contracts with up to seven different maturities while also benefiting from a hedge against fluctuations in the GBP/USD exchange rate. This covers the entire yield curve and minimizes negative roll effects.

    The weighting of the five commodities sectors included in the CMCI energy, precious and industrial metals, agriculture, and livestock is based two-thirds on economic factors (rate of inflation as well as GDP of the US, EU, and Japan) and one-third on liquidity (open interest and market volume).See the original announcement.

    ZEMA collects more than 300 financial records from many different sources including Deutsche Brse. To stay informed on the latest financial developments, try ZEMA now by booking a free demonstration at http://www.ze.com/book-a-demo/.

    Finance

  • 55March 2015

    UBS ETF Listed on Xetra Provides Currency Hedging to MSCI Canada IndexAs of March 6, 2015, a new equity index fund from the UBS Global Asset Management product family has been tradable on Xetra in Deutsche Brses XTF segment:

    ETF name UBS ETF MSCI Canada UCITS ETF (hedged to EUR) A-acc

    Asset class equity index ETF

    ISIN LU1130155606

    Ongoing charges 0.43%

    Distribution policy accumulating

    Benchmark MSCI Canada 100% hedged to EUR TRN

    The new UBS ETF enables investors to participate in the performance of the MSCI Canada index and also to benefit from hedging against exchange rate fluctuations between the euro and the Canadian dollar. The underlying reference index of the MSCI index family is weighted according to free float market capitalization and tracks the performance of the Canadian equity market. The exchange rate risk is hedged via derivatives.See the original announcement.

    Euronext Launches Private Placement Bonds InitiativeEffective March 13, 2015, Euronext announced the launch of Euronext Private Placement Bonds (EPPB). A pan-European initiative, this new product rounds out Euronexts existing private placement bond range by extending it to Alternext. It gives issuers of private placement bondsEuro PP[1], High Yield[2], mutualized bonds or securitization vehicles easier access to Euronext markets in France, Belgium, and Portugal, thus expanding their investor base.See the original announcement.

    ZEMA collects more than 25 NYSE Euronext data reports. This data can be viewed in conjunction with data from many other financial, commodity, or industry sources. To learn more about ZEMAs analytical capabilities, visit http://www.ze.com/the-zema-solutions/analytics/.

    Finance

  • 56March 2015

    CME Group and TAIFEX Sign Letter of Intent for Cross-Border CollaborationEffective March 10, 2015, CME Group and the Taiwan Futures Exchange (TAIFEX) signed a Letter of Intent (LOI) regarding the potential listing on TAIFEX of US equity index-based contracts, and the exploration of cross-border collaboration opportunities and models, and forge greater collaboration between both exchanges.See the original announcement.

    TMX Group and Industrial Commercial Bank of China (Canada) Sign MOUOn March 25, 2015, Industrial and Commercial Bank of China (Canada) (ICBK), a Canadian Subsidiary of Industrial and Commercial Bank of China Limited (ICBC), and TMX Group announced the signing of a Memorandum of Understanding (MOU) to enhance their understanding of each others businesses and explore the possibilities of cooperation.

    Under the MOU, TMX Group and ICBK will endeavor to set a framework for communicating on a regular basis to evaluate business opportunities, including joint product development in multiple asset classes, establishing clearing, settlement, and risk management mechanisms.See the original announcement.

    Finance

  • 57March 2015

    EIA Releases New Data Add-In Tool for ExcelOn March 18, 2015, The US Energy Information Administration (EIA) announced the release of a new data add-in for Microsoft Excel for Windows builds on the well-known Federal Reserve Economic Data (FRED) add-in from the Federal Reserve Bank of St. Louis. The tool allows users to update their saved spreadsheets to include the most recent data.

    The add-in creates an EIA tab in Excel, allowing researchers to find and download energy time series data from EIA as well as economic data series from the St. Louis Federal Reserve directly into a spreadsheet:

    The add-in enables users to browse categories or search on keywords to find and download the series information and data. Once they have fetched the data, all of Excels functionality is available to create analyses and graphics.

    The EIA and the St. Louis Federal Reserve Bank add-ins are powered by application programming interfaces (APIs), which, along with the add-ins, are offered free of charge.See the original announcement.

    ZEMA collects more than 350 records from the EIA, covering petroleum products, natural gas, coal, power, and finance. To learn more about ZEMAs vast data library, visit http://www.ze.com/the-zema-solutions/data-coverage/.

    Bloomberg Professional Service Adds Genscape Proprietary Data for Commodity MarketsOn February 24, 2015, Genscape and Bloomberg announced that the two companies will work together to include a selection of the proprietary, real-time Genscape commodity data through the Bloomberg Professional service.

    Users of the Bloomberg Professional service will be able to access a variety of Genscapes oil, power, natural gas, and maritime freight data to incorporate real-time fundamentals in the analysis process.

    Genscape routinely accesses tens of thousands of sensors on land and sea and near-Earth orbiting satellites to provide an accurate portrait of global commodity supply chains and commodity and energy markets.See the original announcement.

    Other

  • News from Data Vendors

    March 2015 58

    ZEMA Adds Power, Currency, Weather, Metals, and Natural Gas Data Sources in MarchFor 20 years, ZE PowerGroup Inc. (ZE) has consistently kept up to date on the latest in energy and commodity data changes. ZE collects data from vendors spanning oil, natural gas, electricity, weather, agriculture, and finance, including Platts, Argus, the Chicago Mercantile Exchange, the New York Mercantile Exchange, the Intercontinental Exchange, and OPEC.

    ZE then provides its clients with access to both public (free subscription) and private data reports, including reports that are collected based on clients specific needs.

    Since the last issue of DataWatch, ZE has added many data reports, including reports published by EEX, Environment Canada, EPEX, ICAP, Pattern Recognition Technology (PRT), Reuters, and SGX. The EEX reports cover price data on Italian and Spanish power futures. The Reuters reports include currency data on FX rate and yield futures and spots. Two PRT reports cover a 15-day ERCOT regional load forecast and a 15-day ERCOT total system load forecast. As well, a new Environment Canada report provides conditions data for the past 24 hours. All of these reports, along with other expansions of ZEs data collection within the last month, have been implemented in response to a need for greater data coverage in strategic areas of the petrochemical, metals, coal, oil, and natural gas markets.

    For further information on these reports, visit:

    https://www.eex.com/en/market-data#/market-datahttps://weather.gc.ca/business/index_e.html http://www.epexspot.com/en/market-datahttp://www.icap.com/what-we-do/post-trade-risk-and-information-services/data-and-information-services.aspxhttp://www.prt-inc.com/forecast/ercotzonal.htmhttp://www.reuters.com/finance/global-market-datahttp://sgx.com/marketdata

    To see the full list of ZEMA data providers, visit http://www.ze.com/the-zema-solutions/data-coverage/.

    News from Data Vendors

  • 59March 2015

    ZE Introduces DataWatch for iPadZE PowerGroup Inc. (ZE), the developer of ZEMA, an award-winning enterprise data management solution for energy and commodities industries, has introduced a new way to stay current on the latest market data reports. By offering its monthly DataWatch magazine through Apples App Store and Newsstand apps, ZE now allows readers to subscribe to DataWatch on their iPads and have newly released issues automatically downloaded to their tablets in a simple, intuitive format. Like the web and PDF versions, DataWatch for iPad is entirely free of charge.

    iPad users can subscribe to DataWatch by clicking here via their iPads or by searching DataWatch in the iTunes, App Store or Newsstand apps. Su