Datawatch - ZE PowerGroup Inc.

February 2013
 datawatch
 D ata n e w s f o r e n e r gy a n d c o m m o d i t i e s m a r k e t s

 NYSE opens Argus expands DoE’s solar Europe’s natural
 new office in to chemical and data analysis gas virtual storage
 Philippines fertilizer sectors to improve by Vattenfall

 How Renewables Shape
 the Future
 by KYOS Energy Consulting

 Powered by

February 2013
 datawatch Summary
Editorial p. 3 New Interest Rate Derivatives Launched by BM&FBOVESPA
 Exchange Traded Bonds and Sukuk Launched on Bursa Malaysia
 ComStage ETF S&P SMIT 40 launched on Xetra
Once again, US President Barack Obama called for a continued fight EGX and NYSE Liffe to List EGX 30 Index Futures
against climate change. This time, it was during his State of the Union Xetra: Five db X-trackers on CSI300 Sector Index Family
speech. In it he urged Congress to develop a market-based solution that
 HKEx Introduces New ETF Options
would mitigate the impact of climate change… I couldn’t resist revisiting
 ISE Introduces ISE ETF Ventures
the last decade of such bills that have gone through Congress. None of
them has ever become law. Clearstream on the Offshore RMB Market
 Clearstream and Belfius Expand Global Services to OTC

Data News Markit Launches Markit CMBX Series 6
 Eurex Repo Offers Funding for GC Pooling and Euro Repo Markets
 CME Delists 2 -Year Treasury Note vs.2-Year Deliverable IR Swap
Power Markets p. 4 TOCOM Delists Nikkei-TOCOM Index Future

Argus Expands its Forward Curve Services
US DoE Announces New Data-Driven Solar Initiatives
 Other Matters p. 15- 16
NASDAQ OMX Launches German Power Futures Department of Energy’s ESnet Launches New Map Tool
NGX Extends Tenor of Canadian Power Products to 96 Months EIA Expands API Options with State Energy Data
 CBOE Launches Customized Option Pricing through MDX
 NYSE Expands Asian Offerings with NYSE Philippines Inc.
Fossil Fuel Markets p. 5-8 Clearstream and 360T To Launch Pioneering Triparty Repo Service
CME Adds to its Natural Gas OTC Offering New Data Centre Opened by HKEx in Tseung Kwan O
ICE Introduces Oil Swap Futures Europe Liquidity Alliance Launched to Address Global Collateral Crunch
ICE Launches API 8 South China Coal Futures
Asian Coal Market Evolves with API 5 Coal Index ZEMA Market Dashboard p. 17 - 18
Argus Launches Marine Fuels Pricing and Analysis Service Actual Weather (AccuWeather)
Platts to Publish Midpoints for LPG Assessments North American Natural Gas Spot Prices (ICE)
Platts Launches Durban MGO Assessment Henry Hub Natural Gas Forward Curve (ICE)
Platts to Add Points on Transco and Tennessee Gas Pipelines North American Electricity Day-Ahead Prices (ICE)
Vattenfall Creates Standard Product for Virtual Gas Storage Crude Oil Brent vs. WTI (NYMEX) - Prompt-Month Contract
Two Oil UBS ETFs Launched on Xetra Crude Oil Brent vs. WTI (NYMEX) - Forward Curve
Platts to Discontinue Reporting of Tennessee Gas Pipeline, Zone 4-Ohio
CME Denatures Fuel Ethanol Forward Month Futures
CME Expands European Gasoil (100mt) Bullet Futures News from Data Vendors p. 19 - 20
CME Expands Heating Oil Calendar Spread Option Listing
ICE Amends Specs for Heating Oil and Related Inter-Product Spreads
Platts to Change Basis for US Ethylene and Propylene Assessments Carbon Market Data Releases Phase III Data on the EU ETS
 EPEX SPOT SE: Power Trading Results in January 2013
 EPEX SPOT SE: North-Western European Price Coupling in Good
Agriculture, Forestry and Metal Markets p. 9-10 Progress
BM&FBOVESPA Launches Derivatives for Sugar/Ethanol OTC Global Holdings Launches Power Implied Volatilities
TOCOM Launches New Corn, Bean and Sugar Contracts OTC Global Holdings Completes Gas and Power Data Suite
Platts to Publish Iron Ore Lump Contract Price Premiums New Data Reports for ZEMA
NCDEX Launches New Gold Futures
CME Lists Platinum Options and Palladium Options
ICE Launches Iron Ore Contracts
Xetra Launched Four Precious Metals ETF
CME Delists International Skimmed Milk Powder Products
Argus Acquires Fertilizer and Chemical Consultancy
Platts Updates US Aluminum Specifications

Environmental Markets and Weather Services p. 11 p. 21 - 24
 In Depth
China Partners with AccuWeather for Worldwide Weather Distribution
NASDAQ OMX Commodities Adds to the Nordic and Carbon Product
Offerings How Renewables Shape the Future by KYOS Energy
BM&FBOVESPA and BNDES Develop Carbon Efficient Index Consulting

FX, Interest Rates, Credit and Equity Indexes p. 12 - 14 In 2012, the German capacity of solar energy passed the 32 GW mark. The
 impact on the market prices is noticeable: summer prices go down, peak
CME Lists Standard and E-micro USD/Offshore RMB Futures
 prices go down especially midday, and gas fired power generation plants
CME Lists Standard and E-micro Indian Rupee/USD Futures have difficulty making money. In this article, we take a detailed look at how
 this is further going to shape future price levels.

February 2013
 datawatch Editor’s letter
No matter how much attention oil and natural gas sectors have been drawing in recent times, renewable power generation continues to
maintain significant attention from media circles and government programs.

Once again, US President Barack Obama called against climate change. This time, it was during his State of the Union speech. In it he
urged Congress to develop a market-based solution that would mitigate the impact of climate change. If the Congress fails to act, the
White House will do so through executive actions.

After hearing this, I thought this wasn’t the first time this sort of legislative action has been considered. A cap-and-trade system formed the
cornerstone of several climate bills that have been reviewed by US Congress. I couldn’t resist revisiting the last decade of such bills that
have gone through Congress. None of them can be referred to as a success as none of them has ever become law:

• S. 843 Clean Air Planning Act of 2003 proposed a nation-wide, cap-and-trade system to set up tonnage caps for nitrogen oxides, sulfur
 dioxide, mercury, and carbon dioxide.

• H.R. 5049 Keep America Competitive Global Warming Policy Act of 2006 considered the introduction of a mandatory market-based cap
for
 all large emitters with allowances trading mechanism. The program permitted a “safety valve” ($7 per ton of CO2) when the price can
 only increase if the President and Secretary of State certify that other countries are controlling their emissions.

• S. 309 Global Warming Pollution Reduction Act allowed the EPA to determine the mandatory market-based system and aimed to bring
CO2
 emissions 80% below 1990 levels by 2050.

• S. 280 Climate Stewardship and Innovation Act of 2007 called for a mandatory market-based cap for all large emitters resulting in a 60%
 emission reduction below 1990 levels by 2050.

• S. 485 Global Warming Reduction Act of 2007 promised to freeze emissions in 2010 and to gradually reduce to 65% below the 2050
 levels.

• S. 1766 Low Carbon Economy Act of 2007 established a mandatory GHG allowance program to maintain emissions at approximately
 2006 levels in 2020, 1990 levels in 2030, and at least 60% below 1990 levels by 2050.

• S.2191 America’s Climate Security Act of 2007 a.k.a. the Lieberman-Warner bill, which would have aligned US with the Kyoto goals by
creating
 a national cap-and-trade scheme for greenhouse gas emissions, where emitters would be allocated allowances. The cap would get lower
 over time, and in 2050, emissions would be reduced to 63% below 2005 levels.

• H.R. 2454 American Clean Energy and Security Act of 2009, also known as the Waxman-Markey Bill - was approved by the House on
 June 26th, 2009. The bill proposed the introduction of a federal RPS and GHG cap-and-trade program calling for emissions reductions
 of 17% by 2020 with energy efficiency features.

• S. 1733 Clean Energy Jobs and American Power Act of 2009, the Kerry-Boxer Bill, was proposed in the Senate as an alternative to H.R.
 2454. The bill sought an emissions reduction of 20% by 2020.

• S.2877 Carbon Limits and Energy for America’s Renewal Act of 2009, introduced by Sens. Maria Cantwell (D-WA) and Susan Collins
 (R-ME), considered capping carbon dioxide emissions and allowing very limited emissions trading.

• A draft discussion American Power Act of 2010 by Sens. John Kerry (D-MA), Joseph Lieberman (I-CT) proposed a cap-and-trade
 program on greenhouse gas emissions and called for reducing carbon pollution by over 80% in 2050.

I may have missed out on a few bills from the list above. In any event, what will be of most interest now is to see is if the odds are high
for this bill to be more successful than its predecessors this time round.

 Olga Gorstenko
Editor Advertising & Vendor Relationships ZEMA Suite Inquiries
Olga Gorstenko Bruce Colquhoun Bruce Colquhoun
Phone: 778-296-4183 Phone: 604-790-3299 Phone: 604-790-3299
Email: olga@ze.com Email: bruce.c@ze.com Email: bruce.c@ze.com

 Have an idea for an article or would like to contribute to an upcoming issue?
 Write to us at datawatch@ze.com

 To access previous issues of ZE DataWatch, go to datawatch.ze.com

datawatch February 2013 Power Markets

 Extension of the German The extended forward curve will cover
Argus Expands its Forward Power Forward Curve 6 monthly, 8-11 quarterly and 5 yearly
Curve Services contracts.
 Extension of the Nordic The extended forward curve will cover
 Power Forward Curve up to 10 yearly contracts and the new
On January 9, 2013, Argus launched new implied volatility curves contracts will have the same technical
for North American electricity and natural gas, expanding its suite of setup in regards to delivery and settlement
forward curve services. To establish the market value for electricity procedures.
and natural gas locations and forward periods that stretch to a Introduction of Swedish Products will be Euro denominated
minimum of two years, daily assessments of the volatilities must and Norwegian Electricity covering daily spot contracts and 5 yearly
use a wide range of data sources. When locations and terms are Certificates forward contracts with March expiry dates.
illiquid, the basis for establishing fair market values are locational Alberta Super Peak Fixed for Floating (AESO)
spreads and time spreads. The new implied volatilities can be Ontario Ext Off Peak Fixed for Floating (IESO)
used to validate internal price curves, assess risk on energy Ontario Ext Peak Fixed for Floating (IESO)
transactions, forecast trends and evaluate physical and financial Ontario Flat Fixed for Floating (IESO)
assets. Ontario Off Peak Fixed for Floating (IESO)
 Ontario On Peak Fixed for Floating (IESO)
 Alberta Ext Peak Index Floating (AESO) for Floating (RRO)
 Alberta Flat Index Floating (AESO) for Floating (RRO)
US DoE Announces New Data-
 All new and extended products are subject to successful testing which is
Driven Solar Initiatives ongoing as of January 24, 2013.

On January 30, 2013, the Department of Energy (DoE) announced
seven projects aimed at improving data analysis to find new
opportunities in solar energy development. The set of projects,
named the SunShot Initiative, will run in California, Colorado,
 NGX Extends Tenor of Canadian
Connecticut, Massachusetts, North Carolina and Texas. Through Power Products to 96 Months
these initiatives, the goal is to achieve viable methods to increase
the effectiveness of solar deployments, from manufacturing to final
implementation. Effective January 21, 2013, NGX extended the tenor of all of its
 Alberta and Ontario power products to 96 months. Power products
With a $9 million investment, DoE hopes to fund research teams will be available for trading out to January 2021 on WebIce on the
from various universities and labs from around the country. These effective date. The products will roll forward 96 months as each
teams will apply statistical and computational tools to datasets month rolls off the current calendar. Below is the list of impacted
provided by industry players such as utilities. By working directly future products:
with utilities that operate in the solar power market, it is hoped
that this research will accelerate technological breakthrough and Product Description
reduce costs associated with the technology. Alberta Ext Off Peak Fixed for Floating (AESO)
 Alberta Ext Peak Fixed for Floating (AESO)
For more information about this initiative click here. Alberta Flat Fixed for Floating (AESO)
 Alberta Off Peak Fixed for Floating (AESO)
 Alberta On Peak Fixed for Floating (AESO)
 Alberta Super Peak Fixed for Floating (AESO)
NASDAQ OMX Commodities Ontario Ext Off Peak Fixed for Floating (IESO)
 Ontario Ext Peak Fixed for Floating (IESO)
Launches New German Futures Ontario Flat Fixed for Floating (IESO)
and Options Ontario Off Peak Fixed for Floating (IESO)
 Ontario On Peak Fixed for Floating (IESO)
 Alberta Ext Peak Index Floating (AESO) for Floating (RRO)
On January 9, 2013, NASDAQ OMX Commodities announced that Alberta Flat Index Floating (AESO) for Floating (RRO)
it will launch new products in Genium INET. Genium INET will be
upgraded to version .0222 during the weekend of March 23-24,
2013. Five power product lines will be created and extended:

Product Description
Extension of German German product offering will be extended
Power Futures to include 6 monthly, 8-11 quarterly and 5
 yearly futures contracts.
Launch of European A suite of European Style options will be
Style Options for Ger- launched on monthly, quarterly and yearly
man Power Forward and German Forwards and Futures contracts.
Futures

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 4

datawatch February 2013 Fossil Fuel Markets

 BTM Brent CFD vs Third 1860
CME Adds to its Natural Gas Month Swap Future
OTC Offering -1000bbl
 DBL Daily Dated Brent vs 1860
 Brent 1st Line Swap
On January 25, 2013, CME Group’s European clearing house Future
announced the addition of two new over-the-counter European MAM-MBQ Urals North vs Dated 1860
natural gas forward contracts for launching on 25 February 2013, Brent CFD Balmo Swap
subject to approval by the Financial Services Authority. The newly Future
listed forward contracts are: the United Kingdom National Balancing MED-MFH Urate Med vs Dated
Point Natural Gas Physically Delivered and the Netherlands (NL) Brent CFD Balmo Swap
Title Transfer Facility Natural Gas Physically Delivered. Future

The addition of European natural gas to CME Group’s suite of
global energy products provides market participants with new For TMC contract specifications, click here
trading strategies to manage risk in the natural gas market. These For FSR contract specifications, click here
products offer online access to straight-through-processing, which For EON contract specifications, click here
means instant trade confirmations and real-time clearing for the For STB contract specifications, click here
natural gas market.
 For SFB contract specifications, click here

These contracts are listed for clearing on CME ClearPort and For SSB contract specifications, click here

are subject to the rules of CME Clearing Europe - CME Group’s For DDB contract specifications, click here
European clearing house. For BFM contract specifications, click here
 For BSM contract specifications, click here
 For BTM contract specifications, click here
ICE Introduces Oil Swap Futures For DBL contract specifications, click here

Europe For MAM-MBQ contract specifications, click here
 For MED-MFH contract specifications, click here
On February 11, 2013, ICE Futures Europe listed 13 Oil Swap
Future contracts for trading, subject to regulatory non-objection.
The below ICE Futures Europe Swap Futures contracts are listed
on the ICE trading platform and cleared by ICE Clear Europe ICE Launches API 8 South
which will act as a central counterparty to all trades.
 China Coal Futures
ICE Code Description PGA Page
TMC TMX C5 1b Swap 1850
 Future On January 28, 2012, ICE announced the launch of the ICE
FSR Fuel Oil Straight Run 1850 Futures API South China Coal Futures Contract for the trade date
 0.5-0.7% FOB NWE February 11, 2013. This new contract is a cash-settled contract,
 Cargoes Swap Future quoted in USD/tonne and will be listed up to six consecutive
EON Argus Euro-Bob Oxy 1850 calendar years in monthly, quarterly and yearly formats. This
 FOB Rotterdam Barges contract is cleared by ICE Clear Europe who acts as a central
 vs Naphtha CIF NWE counterparty to all trades.
 Cargoes Swap Future
STB Singapore Mogas 92 1870 ICE Code Description
 Unleaded vs Brent 1st CRF API 8 CFR South China Coal Futures (Argus/IHS Mc-
 Line Swap Future Closkey Coal)
SFB Singapore Mogas 95 1870 For contract specification click here.
 Unleaded vs Brent 1st
 Line Swap Future
SSB Singapore Mogas 97 1870
 Unleaded vs Brent 1st Asian Coal Market Evolves with
DDB
 Line Swap Future
 Daily Dated Brent 1870
 API 5 Coal Index
 Swap Future - lOOOb-
 bl On January 18, 2013, the first over-the-counter coal swap deal
BFM Brent CFD vs First 1860 using the Australian API 5 coal index as a basis was transacted.
 Month Swap Future The deal was brokered by Marex Spectron , with Standard Bank
 -1000bbl acting as one of the counterparties. The API 5 index represents
BSM Brent CFD vs Second 1860 5,500 kcal/kg NAR of high-ash coal shipped from Australia. The
 Month Swap Future API 8 index represents the same quality coal shipped to China.
 -1000bbl As the demand for coal rises in China and India so too does the

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 5

datawatch February 2013 Fossil Fuel Markets

interest in this index, which is viewed as a reliable, independent Platts to Add Points on Transco and
price assessment among the coal trading community. The
introduction of swaps using this index provides producers, end- Tennessee Gas Pipelines
users and other market participants with more flexibility in their
businesses. On January 24, 2013, Platts proposed adding two locations
 to its daily and monthly bidweek North American spot-price
 surveys: Transcontinental Gas Pipe Line, Leidy Line receipts and
Argus Launches Marine Fuels Tennessee Gas Pipeline, Zone 4-200 leg.
Pricing and Analysis Service The daily postings would begin effective trade on March 28, for
 flow date on April 1, and would appear in Gas Daily’s “Daily price
On January 7, 2013, Argus launched Argus Marine Fuels. This survey” table in the “Appalachia” section and the “Northeast”
is a daily marine fuels pricing and analysis service that will add section of Energy Traders “Daily spot gas prices” table. Monthly
transparency to the increasingly complex international bunker bidweek postings would be effective with the late-March bidweek
fuels markets. As environmental regulations force ships to use trading for delivery in April (on March 22, 25, 26, 27, 28). They will
more expensive, low-sulfur fuels, ship-owners and managers are appear in the “Prices of Spot Gas Delivered to Pipelines” tables in
noticing the trade in marine fuels is rapidly changing. The Argus Inside FERC’s Gas Market Report, Energy Trader and Gas Daily
Marine Fuels service offers precise price assessments for high and Price Guide and the “Bidweek Physical Basis Prices Delivered to
low-sulfur marine fuels at more than 60 ports worldwide, as well Pipelines” table. The prices also would be published on Natural
as refueling options at some lesser known ports. A key offering of Gas Alert and in Platts Market Data.
the service is its pricing of ECA-compliant bunkers in the Atlantic
basin, which is critical information for those involved in the marine The proposed description of the new Leidy line location would be:
fuel trade. “Transcontinental Gas Pipe Line, Leidy Line receipts (daily and
 monthly surveys), Deliveries to Transco’s Leidy Line downstream of
 the Leidy/Wharton storage facilities in Clinton and Potter counties,
Platts to Publish Midpoints for LPG Pennsylvania, to Transco’s Station 505 in Hunterdon County,
 New Jersey. This pricing location does not include transactions
Assessments at the storage-related interconnects with Dominion Transmission,
 National Fuel Gas Supply, UGI Storage or Tennessee Gas
Effective March 1, 2013, Platts is proposing to publish midpoints for Pipeline. The proposed description of the Tennessee location
all global LPG assessments that are not already being published. would be: “Tennessee Gas Pipeline, Zone 4-200 leg (daily and
These assessments will be conducted for propane, butane, ethane monthly survey) Deliveries into Tennessee at all points of receipt
and natural gas and will represent the average between the high on the 200 line in the states of Pennsylvania and Ohio as well as
and low of each market assessment published daily. Midpoint transactions at Tennessee’s Station 219 pool.”
assessments will be published and databased to three decimal
places, while the high and low for each assessment will be
published to two decimal places only. The method for calculating
month-to-date averages, monthly averages and weekly averages Vattenfall Creates Standard Product
will also be updated by Platts. The averages will be published
and databased to three decimal places and will be created by
 for Virtual Gas Storage
averaging each point itself. For example the average high will be
the average of the highs for the month or week. On February 1, 2013, Vattenfall’s trading unit announced the launch
 of a virtual storage product for the gas markets in the Netherlands
 and Germany. By buying and selling this standardized product,
 Vattenfall aims to support market participants in balancing their
Platts Launches Durban MGO gas portfolios and create a liquid market place for gas storage in
 Europe. As more and more small and mid-size players, especially
Assessment in Germany, are managing their own gas portfolio, the need for
 flexibility and transparency in pricing is increasing.
On February 1, 2013, Platts launched a new marine gasoil
assessment for Durban, to be assessed on an ex-wharf basis and The virtual product has the same characteristics and value as a
reflect typical standards as defined in document ISO 8217:2005. physical gas storage facility but without the associated costs and
This MGO assessment will be published alongside Platts MDO and constraints of operating an actual facility. A ‘Standard Storage
180 CST bunker fuel assessments in Durban. Platts Global Alert Bundle’ consists out of an injection capacity of 1 MW, a withdrawal
page 1860, Platts Bunkerwire and the Platts price assessment capacity of 2 MW and a working gas volume of 2,928 MWh.
database will publish the assessment under the code AAXDB00 Customers can choose between a base load product, meaning
Marine Gasoil Ex-Wharf Durban. The monthly average for the that the injected or withdrawn volume is constant over the day, and
new assessment will also be published by Platts on Platts Global an hourly profile product, meaning that hourly volume can differ
Alert page 1861 under the code AAXDB03 Marine gasoil Ex-Wharf and customers can re-nominate.
Durban MAvg.
 Customers can buy the same product bundle in the size and at the
 location that they desire. Starting out, the delivery points are Title
 Transfer Facility, Gaspool and NetConnect Germany. Vattenfall

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 6

datawatch February 2013 Fossil Fuel Markets

has plans to offer the product in Belgium, the Czech Republic,
France and the United Kingdom later this year.
 CME Expands European Gasoil
 (100mt) Bullet Futures
Two Oil UBS ETFs Launched on On February 11, 2013, CME expanded the listing cycle for
Xetra European Gasoil (100mt) Bullet futures such that January 2015
 shall be the last listed contract month. The trading venues are
 CME Globex and CME ClearPort. These contacts are listed with,
On January 24, 2013, two new exchange-traded equity index and subject to, the rules and regulations of NYMEX.
funds issued by UBS (Irl) ETF plc have been tradable in Deutsche
Börse’s XTF segment. The new UBS ETFs from the Structured CME Code Description
Solutions’ “Solactive” index series enable investors to participate GLI European Gasoil (100mt) Bullet Futures
in the performance of international companies, which make their
income from the exploration, extraction and/or refining of oil. The
new products are aimed primarily at private investors through the
A class and at institutional investors through the I class. CME Expands Heating Oil Calendar
Description ISIN Code Spread Option Listing
UBS (Irl) ETF plc - Solactive IE00B5PYL424
Global Oil Equities (USD) A-dis On January 28, 2013, CME expanded the listing of the Heating Oil
UBS (Irl) ETF plc - Solactive IE00B7KYPQ18 Calendar Spread Option (one-month) contract from the first three
Global Oil Equities (USD) I-dis consecutive one-month spreads to the first 35 consecutive one-
 month spreads. The new listing is available for electronic trading
 on CME Globex, open outcry trading on the NYMEX trading floor
 and for clearing through CME ClearPort.
Platts to Discontinue Reporting
of Tennessee Gas Pipeline, Zone CME Code Description
4-Ohio FA Heating Oil Calendar Spread Option

On January 24, 2013, Platts proposed to discontinue publication
of its Tennessee Gas Pipeline, Zone 4-Ohio location, occurring
no less than six months after publication of a final notice. The
 ICE Amends Specs for Heating Oil
publication includes deliveries to Tennessee from the Rockies and Related Inter-Product Spreads
Express Pipeline in Guernsey and Muskingum counties in East
Ohio. The REX/Tennessee interconnect is in Tennessee’s zone 4.
 On January 31, 2013, ICE advised members of amendments made
Should Platts go ahead with a new location “Tennessee Gas to the contract specification for ICE Heating Oil Futures and related
Pipeline, Zone 4-200 leg”, transactions delivered to Tennessee Inter-Product Spreads. The amendment clarifies the wording used
would be included in it. in the ‘Settlement’ section of the contract specification and will be
 valid from March 28, 2013. Attachment 1 lists the full amended
 ICE Heating Oil Futures (O) specification as well as the heating Oil
 inter-product spread contracts:
CME Denatures Fuel Ethanol
Forward Month Futures • Heating Oil/WTI Futures Crack (HO-WBS)
 • Heating Oil/Gasoil (HOGO) Futures Spread (HO-GAS)
 • Heating Oil/Low Sulphur Gasoil Futures Spread (HO-ULS)
On February 25, 2013, CME Group convers the existing CBOT
 • Heating Oil/Brent Crack Spread (HO-BRN)
Denatured Fuel Ethanol Forward Month Swap to a future contract.
 • Heating Oil/Brent NX Crack (HO-BNX)
In addition, the converted Ethanol Forward Month Futures are
 • NYH (RBOB) Gasoline/Heating Oil Futures Spread (UHU-UHO)
listed for electronic trading on CME Globex and could be eligible
for block trading on ClearPort. These contracts are listed with, and
 Attachment 2 shows the full amended contract specifications for
subject to, the rules and regulations of CBOT.
 ICE Heating Oil/ WTI Futures Crack.
CME Code Description
FZE Denatured Fuel Ethanol Forward Month Futures

For contract specifications, click here.

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 7

datawatch February 2013 Fossil Fuel Markets

Platts to Change Basis for
US Ethylene and Propylene
Assessments

Effective April 1, 2013, Platts is proposing to change the basis
for the US ethylene and propylene assessments. It will reflect
pipeline delivery scheduling as the primary delivery method of
the US olefins spot market. It propose to change from a 3-to-30
day timing window basis to a current delivery month and a next
delivery month, three calendar days ahead of the end of the
month. Comments can be sent to kevin_allen@platts.com, with a
copy to pricegroup@platts.com.

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 8

datawatch February 2013 Agriculture, Forestry and Metal Markets

 suppliers and Chinese steelmakers. Published quarterly on
BM&FBOVESPA Launches a dollar per dry metric ton unit basis, the lump premium would
Derivatives for Sugar/Ethanol represent commonly traded brands such as Pilbara Blend and
 Newman lump. Variations from company to company will depend
 on brand, volumes and the negotiated package. The lump premium
On January 28, 2013, MB&FBOVESPA launched new commodity would be published in a range, and would appear in Platts SBB
derivatives for the sugar/ethanol sector. They are the cash-settled Steel Markets Daily, Platts Metals Alert and the Platts SBB Price
crystal sugar futures contract and the anhydrous fuel ethanol Analyzer. The proposed lump premium would replace SBB
futures contract. The cash-settled crystal sugar futures contract Hamersley Pilbara Bld Lump 63.5% Fe Jap Aus Exp FOB W Aus
is quoted in Brazilian Reals under ticker symbol ACF, as of the port (SB01111) assessment in Platts SBB Steel Price analyzer.
April 2013 contract month. The contract is approved for trading
from 9am to 2pm (Sao Paulo time). After-hours trading is from
2.35pm to 6pm. The contract size is 508 50-net kilogram bags.
On January 29, 2013, call and put options on the cash-settled
crystal sugar futures contract began trading, and reflected the NCDEX Launches New Gold Futures
same specifications as the futures contract. Prices reflect the
product delivered at the Sao Paolo port of Santos, for domestic Effective January 14, 2013, the National Commodity and
consumption and for export, and will be settled based on the Derivatives Exchange Limited (NCDEX) introduced futures
Santos (SP) BM&FBOVESPA Crystal Sugar Price Index. contracts in Gold 100 grams (GOLDIND100). In the months of
 January, February, March, April and May of 2013, Gold 100 grams
The anhydrous fuel ethanol futures contract is being traded futures contracts are available for trading with modified contract
under ticker symbol ETN, as of the May 2013 contract month, specifications. COMTRACK® will be exclusively used to settle all
with physical delivery. Trading is authorized from 9am to 3.20pm Gold 100 grams futures contracts expiring in January 2013 and
Sao Paulo time, and from 4.05pm to 6pm is after-hours trading. thereafter.
The contract price reflects prices from the Paulinia region. The
size of the contract is 30 cubic meters (30,000 liters) and each For contract specification click here.
futures contract is quoted in Brazilian Reals.

Market participants now have the ability to execute hedge
and arbitrage strategies between these new contracts in local
 CME Lists Platinum Options and
currency and on a single electronic trading platform. Palladium Options

 Effective February 24, 2013, NYMEX adds Platinum Option (PO)
TOCOM Launches New Corn, Bean and Palladium Option (PAO) on CME Globex trading platform for
and Sugar Contracts the following trade date, pending CFTC review. The trading venues
 are NYMEX trading floor and CME ClearPort. These contacts are
 listed with, and subject to, the rules and regulations of NYMEX.
On January 18, 2013, the Tokyo Commodity Exchange (TO-
COM) announced the launch of several agricultural and sugar
 CME Code Description
products. The new products are set to begin trading on February
 PO NYMEX Platinum Options
12, 2013 and feature corn, soybean, azuki (red bean) and raw
sugar contracts. PAO NYMEX Palladium Options

Contract specifications will primarily match those of the Tokyo
Grain Exchange:

Commodity Description ICE Launches Iron Ore Contracts
Soybean GMO, GMO mixed and GMO non-segregated No. 2
 or better yellow soybeans produced in the USA.
Azuki (Red Grading standards No. 2 azuki (red bean) produced On January 28, 2013, ICE announced the launch of two iron ore
Bean) in Hokkaido, Japan. contracts on Ice Futures Europe, which began trading on February
Corn No. 3 yellow corn produced in the USA. 11, 2013. All ICE contracts are cleared at ICE Clear Europe. The
Raw Sugar Raw centrifugal cane sugar of a polarization of 96 new contracts are:
 degrees produced outside of Japan.
 ICE Code Description
For product specifications click here IOC Iron Ore 62% Fe (TSI), CFR Tianjin Future (The Steel
 Index)
 IOS Iron Ore 62% Fe (Platts IODEX) vs Iron Ore 62% Fe
Platts to Publish Iron Ore Lump (TSI), CFR Tianjin Future (Platts/TSI)
Contract Price Premiums For IOC contract specifications click here
 For IOS contract specifications click here

On March 1, 2013, Platts is proposing to launch contract price
lump premiums for Australian iron ore lump, agreed between

 Back to Summary
 9

datawatch February 2013 Agriculture, Forestry and Metal Markets

 has not changed; the update is merely clarifying what has been
Xetra Launched Four Precious longtime practice.
Metals ETF
 Contract specifications for MW US Transaction Premium, MW US
 Transaction and MW US Net-cash Premium can be found here.
On January 24, 2013, Xetra listed four new exchange-traded equity
index funds issued by UBS (Irl) ETF plc. The new UBS ETFs from
the Structured Solutions’ “Solactive” index series enable investors
to participate in the performance of international companies, which
make their income from the exploration, extraction and/or refining
of gold or copper. The new products are aimed primarily at private
investors through the A class and at institutional investors through
the I class.

Description ISIN Code
UBS (Irl) ETF plc - Solactive Global Pure Gold IE00B7KMNP07
Miners (USD) A-dis
UBS (Irl) ETF plc - Solactive Global Pure Gold IE00B7KMTJ66
Miners (USD) I-dis
UBS (Irl) ETF plc - Solactive Global Copper Min- IE00B7JM9X10
ing (USD) A-dis
UBS (Irl) ETF plc - Solactive Global Copper Min- IE00B7JMFQ66
ing (USD) I-dis

CME Delists International
Skimmed Milk Powder Products

On January 14, 2013, CME delisted International Skimmed Milk
Powder Futures and Options contracts.

CME Code Description
ISM International Skimmed Milk Powder

Argus Acquires Fertilizer and
Chemical Consultancy

On January 14, 2013, Argus acquired Fertilizer and Chemical
Consultancy (FCC), for which it already owned a 49 percent stak
e in. FCC provides long-term outlooks and strategic consulting
for fertilizer markets. The founders of FCC, Bernard Brentnall
and Frances Wollmer, will join Argus as principals, bringing
their extensive experience of fertilizer and fertilizer raw material
markets.

Platts Updates US Aluminum
Specifications

Effective January 18, 2013, Platts updated the methodology
descriptions and specifications of its price assessments for US
Aluminum. Normalization factors are more detailed and the
benchmark US Transaction assessment has been dissected into
individual components. The methodology and consistency of data

 Back to Summary
 10

datawatch February 2013 Environmental Markets and Weather Services

 China Partners with AccuWeather BM&FBOVESPA and BNDES
 for Worldwide Weather Develop Carbon Efficient Index
 Distribution

 On January 30, 2013, weather service products available from On January 7, 2013, BM&FBOVESPA and BNDES declared the
 Beijing Huafeng Innovative Network Technology Co Ltd became new portfolio of the Carbon Efficient Index (ICO2), based on the
 available across AccuWeather’s original device manufacturer end of trading on January 4, 2013 and valid from January 7, 2013
 partners. These manufacturers distribute across the People’s to May 3, 2013. The portfolio comprises 36 stocks from the IBrX-
 Republic of China. This relationship came about due to a global 50 Index in 35 companies. These companies have committed to
 cross-licensing agreement between the two. being transparent in reporting their greenhouse gas emissions
 (GGEs). They are:
 The agreement will supply AccuWeather with weather service
 products from Huafeng Innovative Network across all digital media. COMPANIES ISIN Code
 AccuWeather will provide Huafeng Innovative Network with its ALL AMBEV BM&FBOVESPA
 information for use within the PRC. This agreement applies to BR MALLS BRADESCO BRADESPAR
 distribution on any device with an IP address. BANCO DO BRASIL BRASKEM BRF FOODS
 CCR CEMIG CIELO
 This arrangement will give device manufacturers and distributors COSAN ELETROPAULO FIBRIA
 a single, reliable source for weather information when dealing with GOL ITAÚSA ITAÚ UNIBANCO
 the PRC. JBS KLABIN LOJAS AMERICANAS
 LOJAS RENNER MARFRIG MMX
 An example of data reported by AccuWeather is displayed in the MRV NATURA OGX PETROLEO
 graph below. OI PDG REALTY SANDANDER BR
 SOUZA CRUZ SUZANO PAPEL TELEFÔNICA
 TIM e VALE

 GGEs (factors recalculated annually) and the free floats (assessed
 every four months) of the companies are taken into consideration
 in the weighting of shares in the ICO2 index. The Center for
 Sustainability Studies (GVces), of the Business Administration
 School of Fundação Getúlio Vargas (FGV-EAESP), harmonizes
 all issued data for the current portfolio using the ICO2 guidelines;
 these guidelines require mandatory presentation of a company’s
 GGE inventory. These emission inventories are published on a
 specific environment set up by BM&FBOVESPA on its Em Boa
 Companhia website.

 Data Source: AccuWeather*

 NASDAQ OMX Commodities Adds
 to Nordic and Carbon Product
 Offerings

 On January 9, 2013, NASDAQ OMX Commodities announced that
 it will launch new products in Genium INET. Genium INET will be
 upgraded to version .0222 during the weekend of March 23-24,
 2013.

 European Union Aviation Allowances (EUAA) Futures will be listed
 on a quarterly expiry (March, June, September and December) for
 the two nearest years and December contract up to 2020. Contracts
 will have the same technical setup in regards to delivery and
 settlement procedures as the existing EUA/CER future contracts.
 The products are subject to successful testing which is on-going as
 of January 24, 2013.

*Graph created with ZEMA Back to Summary
 11

datawatch February 2013 FX, Interest Rates, Credit and Equity Indexes

 4:10pm the electronic call for calculation of the settlement price
CME Lists Standard and E-micro will take place. Extended trading will be from 4:50pm to 6:00pm,
USD/Offshore RMB (CNH) Futures with the price of the final transaction in this session being the
 closing reference price. The size of the contract will be 100,000
 points or BRL100,000, using the effective annual interest rate to
On February 25, 2013, CME lists standard-size and E-micro USD/ three decimal places as a reference. The reference rate for the
Offshore RMB (CNH) futures for trading on CME Globex. These futures contract will be backed by federal securities via the Special
futures feature physical delivery of Chinese Renminbi in Hong System for Settlement and Custody (SELIC). This is managed by
Kong (CNH), priced in interbank terms of Chinese Renminbi per the Central Bank of Brazil who publishes the rate on SISBACEN,
US dollar and associated with daily settlement variations banked its information system, after it calculates it.
in Chinese Renminbi offshore in Hong Kong. The new CME USD/
CNH futures will allow hedging and risk-management opportunities
based on the offshore RMB curve, while multiple contract sizes
provide increased trading flexibility as well as broader market
participation.
 Exchange Traded Bonds and Sukuk
 Launched on Bursa Malaysia
CME Code Description Tracks Index
CNH Standard-Size USD/Offshore RMB ISE Gemstone Danalnfra Nasional Berhad (Danalnfra) launched new Exchange
 (CNH) Futures contracts Index™ Traded Bonds and Sukuk (ETBS) on Bursa Malaysia Berhad,
MNH E-micro Size USD/Offshore RMB ISE Mining Service marking a historic milestone for the Malaysian capital market.
 (CNH) Futures contracts Index™
 ETBS are listed fixed income securities traded on the stock
This contract is listed with, and subject to, the rules and regulations of
CME. exchange that offer preset, non-taxable returns, and are paid out
 over fixed intervals. A minimum of RM 1000 capital is needed
 by investors to begin investing. Danalnfra was established to
 undertake funding for infrastructure projects assigned by the
CME Lists Standard and E-micro Government in Malaysia for the benefit of the general public. One
 such project is the ‘My Rapid Transit’ project (MRT). The ETBS
Indian Rupee/USD Futures will be used to partly fund the MRT project, providing a cost-
 effective method to raise capital, as well as providing investors the
On January 28, 2013, CME added cash-settled Standard and opportunity to share in the growth and wealth of the nation.
E-micro Indian Rupee/US Dollar futures. Since 2008, the Indian
rupee (INR) market has grown 42 percent while trading at $
25.5 billion per day. Rising demand in international business
transactions and increasing central bank activity have created a ComStage ETF S&P SMIT 40
need for capital-efficient risk management tools on this emerging
currency. These two futures are offered in two contract sizes to
 launched on Xetra
expand flexibility and opportunities:
 On January 29, 2013, ComStage ETF issued a new equity index
• Standard-sized futures - 5,000,000 INR fund on Xetra for trading. Investors for the first time are able to
• E-micro sized futures - 1,000,000 INR participate in the performance of the S&P SMIT 40 TRN EUR
 Index. The S&P SMIT 40 Net Total Return EUR Index tracks the
 performance of ten stock corporations in the emerging markets
CME Code Description
 South Korea, Mexico, Indonesia and Turkey. All four countries
SIR Standard-Size Indian Rupee/U.S. Dollar Future are given equal weighting in the index, with the weighting of the
MIR E-micro Size Indian Rupee/U.S. Dollar Future individual stock corporations within a country determined by free-
 float market capitalization and trading volumes. The index is a net
The trading venues are CME Globex and CME ClearPort.
 return index, which means dividend payments after tax deduction
 are taken into account.
 Description ISIN Code
New Interest Rate Derivatives ComStage ETF S&P SMIT 40 Index TRN LU0860821874
Launched by BM&FBOVESPA
Effective March 1, 2013, BM&FBOVESPA launches a new futures
contract and new European-style call and put options on interest EGX and NYSE Liffe to List EGX 30
rates. Both new derivatives will be referenced to the average of Index Futures
one-day repurchase agreements, backed by federal securities.
However unlike the options for which the underlying asset will be On January 14, 2013, the Egyptian Exchange (EGX) and NYSE Liffe
an index specially created for this purpose, the underlying asset - the European derivatives business of NYSE Euronext - signed a
for the futures contract will be the average rate itself. license agreement in London to enable the listing of an EGX Index
 futures contract. This would offer investors in the Egyptian capital
The futures contract is authorized to trade between 9:00am market a useful hedging tool, while increasing volumes on the
and 4:00pm, with the April 2013 contract as the front month. At underlying constituents of EGX 30 index, thus increasing liquidity
 Back to Summary
 12

datawatch February 2013 FX, Interest Rates, Credit and Equity Indexes

on the EGX cash market. His Excellency Mr. Osama Saleh, business allows them to bring new ETFs and similar products to
Minister of Investment in Egypt, witnessed the signing ceremony market by offering capital, business development and marketing
and highlighted the importance of the agreement’s timing as support, positioning them as a respected partner of ETF and
the Egyptian economy continues its recovery and reinforces its exchange traded notes issuers, industry service providers and
exposure to international markets. new entrants to the ETF space.

 Currently, ISE has a portfolio of over 30 proprietary indexes with
 19 exchange-traded products based on them.
Five db X-trackers on CSI300
Sector Index Family Launched on
Xetra Clearstream on the Offshore RMB
 Market
On January 21, 2013, db X-trackers issued five new equity index
ETFs for trades in Deutsche Börse’s XTF segment. The five new On January 14, 2013, Clearstream acted as the exclusive
db X-trackers ETFs from the CSI300 sector index series enable international central securities depository (ICSD) for the primary
investors to participate for the first time in the performance of distribution of two new RMB bonds:
Chinese A-class shares in the following sectors: banking, energy,
healthcare, real estate and consumer discretionary. 1) China Construction Bank issued a RMB 1.25 billion certificate
 of deposit
Description ISIN Code 2) Bank of China Hong Kong issued a RMB 650 million bond
db X-trackers CSI300 Banks Index ETF LU0781021877
db X-trackers CSI300 Consumer Discretionary LU0781021950 These bonds represented Clearstream’s first in 2013 but it follows
Index ETF a trend in 2012 which saw the ICSD support the issuance of more
db X-trackers CSI300 Energy Index ETF LU0781022172 than RMB 84 billion of international bonds. In 2012, Clearstream
db X-trackers CSI300 Health Care Index ETF LU0781022339 facilitated the primary distribution of a RMB 1 billion bond issued
db X-trackers CSI300 Real Estate Index ETF LU0781022099 by CCBL Funding PLC with the China Construction Bank as
 guarantor.
The CSI300 sector index series only contains companies in the
CSI300 index. The CSI300 index comprises A-class equities of As the process of raising RMB funds outside of China is expected
the 300 Chinese companies with the highest market capitalization to grow to meet increasing demand, Clearstream is working with
and greatest liquidity traded on the Shanghai Stock Exchange or major partners to facilitate this process.
the Shenzhen Stock Exchange. Currently, the product offering
in Deutsche Börse’s XTF segment comprises a total of 1,014
exchange-listed index funds while the average monthly trading
volume stands at approximately €11 billion. Clearstream and Belfius Expand
 Global Services to OTC Derivatives
 On January 17, 2013, Clearstream and Belfius announced a
 partnership to exclusively develop a new collateral management
HKEx Introduces New ETF Options activity for bilateral trades, focusing on OTC derivatives aimed
 primarily at corporate and medium-sized banks. The services will
Effective January 21, 2013, Hong Kong Exchanges and Clearing leverage Belfius’ specialist experience and will be white-labeled by
Limited (HKEx) introduced options on two A-share ETFs: the CSOP Clearstream and offered to its clients.
FTSE China A50 (CSOP A50) ETF and ChinaAMC CSI 300 Index The new services are expected to be launched in summer 2013
(CAM CSI300) ETF. The options size for both is 200 and they will and will be compliant with the best practices and standards in the
be traded in Hong Kong dollars. As of January 21, 2013, the expiry European Market Infrastructure Regulation (EMIR). The deal is the
months available for trading are January, February, March, June, latest in a number of partnerships created by Clearstream as it
September and December of this year. Full specifications can be extends the reach and capabilities of its Global Liquidity Hub.
found here.

 Markit Launches Markit CMBX
 Series 6
ISE Introduces ISE ETF Ventures
 On January 25, 2013, global financial information services
On January 30, 2013, the International Securities Exchange company, Markit, launched the Markit CMBX Series 6 product.
(ISE) introduced ISE ETF Ventures, a new product development CMBX Series 6 is a family of synthetic indices based on a static
group. Its dedicated team focuses on expanding capabilities and portfolio of US commercial mortgage-backed securities (CMBS).
partnership opportunities in the ETF space. In particular CMBX Series 6 consists of the following six sub-
 indices each of which references 25 bonds from a portfolio of 25
Already experts in index development, ISE’s expansion in the ETF CMBS issued in 2012:

 Back to Summary
 13

datawatch February 2013 FX, Interest Rates, Credit and Equity Indexes

Markit Index Underlying Security tory approval from the Minister of Economy.
Markit CMBX. Last cashflow AAA bonds
NA.AAA.6 The exchange will continue to calculate and publish the index in
Markit CMBX. Junior AAA bonds the future for benchmarking purposes in the evaluation of invest-
NA.AS.6 ment trusts or commodity funds.
Markit CMBX. AA bonds
NA.AA.6
Markit CMBX. A bonds
NA.A.6 #
Markit CMBX. BBB- bonds
NA.BBB-.6
Markit CMBX. BB bonds
NA.BB.6

The index composition is rules-based and selection criterion
includes deal size, pricing date and relevant rating and credit
enhancement of the bonds included in each deal.

Eurex Repo Offers Funding
Opportunities for GC Pooling and
Euro Repo Markets
On January 17, 2013, Eurex Repo announced its plans to extend the
maximum term of tradable securities for the Eurex Repo markets
which include GC Pooling and Euro Repo. As of January 21, the
maximum duration for transaction was increased from one to two
years. This change provides Eurex Repo market participants with
the ability to make use of the Long Term Refinancing Operations
(LTRO) of the European Central Bank (ECB). As of January 30,
the ECB allowed banks to prematurely return LTRO liquidity which
they borrowed from December 2011 and February 2012 with a
maturity of three years.

CME Delists 2 -Year Treasury Note
vs.2-Year Deliverable Interest Rate
Swap
On January 21, 2013, CME delisted the 2-Year Treasury Note vs.
2-Year Deliverable Interest Rate Swap intercommodity spread
from CME Globex. These contracts are listed with, and subject to,
the rules and regulations of NYMEX.

CME Code Description
ZT 2-Year Treasury Note vs. 2-Year Deliverable Interest Rate
 Swap

Tokyo Commodity Exchange Delists
Nikkei-TOCOM Index Future

On January 18, 2013, the Tokyo Commodity Exchange announced
the delisting of the Nikkei TOCOM Commodity Index Futures con-
tract (TOCOM NEXT). The move will be completed upon regula-

 Back to Summary
 14

datawatch February 2013 Other Matters

 Department of Energy’s ESnet CBOE Launches Customized
 Launches New Map Tool Option Pricing through MDX

 On January 14, 2013, the Chicago Board Options Exchange
 On January 16, 2013, the Department of Energy publicized a high- Inc. (CBOE) launched the CBOE Customized Option Pricing
 level map of its Energy Sciences Network (ESnet). The new map Service (COPS) through Market Data Express LLC (MDX).
 is published on the ESnet website and depicts color-coded data COPS combines the market making expertise of CBOE’s liquidity
 transfer rates along with summaries on data traffic at given points providing community with the access of MDX to deliver market
 in the network. consensus valuations. This service meets the requirements of
 Launched into production in November 2012, the network institutional investors that, by law, need to correctly price the
 connects 40 research sites around the US with 100 gigabit-per- value of custom options held in their portfolio on a daily basis
 second connectivity. This makes it the fastest coast-to-coast and produce reports for their customers. CBOE market makers
 science network in the world. ESnet’s directors decided to develop help create indicative values for up to 3,000 options series on
 the map to give users better statistics on what’s happening within 300 underlying options classes every day and it is their robust
 their high-speed backbone. The map is expected to be the first of pricing models that COPS will rely on for pricing options. Market
 several others for ESnet. makers will submit their valuations to MDX after the market close
 and COPS subscribers will receive custom data based on those
 averages every day. Wolverine Trading, Spot Trading and Sumo
 Capital will participate in the COPS service initially and will price:
 EIA Expands API Options with State
 • All open FLEX options positions
 Energy Data • OTC options
 • Theoretical option prices
 On January 29, 2013, the US Energy Information Administration
 (EIA) expanded its API to include data from its State Energy Data
 Systems (SEDS). The SEDS library adds 1.4 million data points,
 NYSE Expands Asian Offerings with
 including figures on energy production, consumption, price and NYSE Philippines Inc.
 expenditure information.
 On January 14, 2013, NYSE Euronext announced the completion
 State data available in SEDS includes: of its resource transfer from Fixasia Technologies Inc. to a newly
 • Energy production – crude oil, natural gas, coal and ethanol created subsidiary, NYSE Philippines Inc. Based out of Manila, the
 • Energy consumption – by source and sector (residential, new subsidiary is being launched to expand NYSE’s offerings in
 industrial, commercial and transportation) the Asian market.
 • Energy costs and expenditures – by source and sector The new business is expected to operate as a regional technology
 • GDP and population hub with over 100 employees to start. As NYSE Technologies’
 largest service desk, the new subsidiary will handle infrastructure
 Along with this data, EIA plans to launch a wider range of datasets and client systems monitoring, connectivity and operations support,
 through the API which will include the agency’s weekly, monthly as well as development and quality assurance responsibilities.
 and annual petroleum and natural gas data.

 The following graph shows EIA monthly crude oil production for
 North Dakota, California and Texas: Clearstream and 360T To Launch
 Pioneering Triparty Repo Service

 On January 9, 2013, Clearstream and 360T Trading Networks
 AG announced their cooperation on the delivery of a streamlined
 triparty repo solution through 360T’s front office facilities and
 Clearstream’s integrated collateral management platform and
 securities lending product portfolio. The service reaches out to
 a wide customer base including corporate clients, hedge funds
 and asset managers. It seamlessly integrates Clearstream’s
 leading collateral management solutions with the important
 trading functionalities of 360T. The cooperation will further enrich
 Clearstream’s Global Liquidity Hub through the Liquidity Hub
 Collect stream.

 Carlo Kölzer, CEO at 360T, underlined: “With the seamless
 integration of the 360T trading platform and the Global Liquidity
 Data Source – EIA* Hub, we will enable our clients to benefit from a single trading
 venue for electronic trading. Moreover, the whole product life cycle

*Graph created with ZEMA Back to Summary
 15

datawatch February 2013 Other Matters

from price discovery to execution and settlement will be faster, quarter to discuss partnership plans, developments, commercial
more reliable and fully STP-supported”. opportunities in collateral management, and to share individual
 market news.
Both companies expect the service to go live in the first quarter
of 2013.

Steffen Köhler, Chief Operating Officer of EEX, said: “With this
initiative we react to the increasing requests from American
participants. To raise our distribution in the North American
area, we are working on connecting more independent software
providers (ISVs) to our trading infrastructure.”

Currently, 98% of EEX’s trading participants are based in Europe.
Eurex has 80 exchange members out of 430 based in the US.

New Data Centre Opened by HKEx
in Tseung Kwan O

On January 31, 2013, Honk Kong Exchanges and Clearing
(HKEx) opened its Next Generation Data Center in Tseung Kwan
O Industrial Estate. The new center is the linchpin of HKEx Orion
Technology Initiatives, a $3 billion transformative program of
technology initiatives designed to elevate Honk Kong’s position as
an international financial hub.

Uniting the primary data centers for all of HKEx’s markets and
clearing house systems under one roof, the five-storey facility will
enable HKEx to support the growth and development of its markets.
Hosting Services will be offered at the center, allowing participants
to co-locate their systems next to HKEx’s core platforms to provide
access with the lowest possible latency. The data center can also
support up to 1,200 racks with a total power load of 8MW, making it
the highest capacity service offered by any exchange in Asia-Pacific.
It also meets rigorous international environmental standards and is
among the first data centers in the region to meet Tier-4 standards.

Liquidity Alliance Launched to
Address Global Collateral Crunch

On January 16, 2013, a group of five Central Securities Depositories
(CSDs) from around the world formed a liquidity alliance designed
to help solve the global collateral shortage prompted by the 2007
financial crisis and subsequent regulatory changes. Australia’s
ASX, Brazil’s Cetip, Germany’s Clearstream, Spain’s Iberclear
and South Africa’s Strate announced they will cooperate together
to help address the global collateral crunch. The financial crisis
prompted regulators to make risk avoidance their top priority,
bringing in a raft of new legislation, including Dodd-Frank, Emir,
and CRD IV.

According to April 2012 estimates by the Basel Committee
on Banking Supervision, banks in Europe alone are facing an
aggregate shortfall of stable funding of EUR 2.78 trillion in fulfilling
the additional liquidity requirements of Basel III.

The five members - who hope to bring in more CSDs in the future
- plan to tackle this issue by exchanging information, identifying
common needs and extending global collateral solutions while
encouraging research and development. They will meet each

 Back to Summary
 16

February 2013

Monthly analytics for Power, Natural Gas, Crude Oil and Environmental markets. Graphs prepared with ZEMA.

 Actual
 Actual Weather
 Weather (AccuWeather)
 (AccuWeather)

 Chicago experienced some very cold weather in February dropping
 below -15 degrees Celsius on multiple occasions.
 New York experienced some temperature drops; however, most of
 the time, the temperature ranged between -7 and +7 throughout
 January and February.
 Further south, Raleigh saw its temperature drop below zero on
 three occasions this year and Sacramento has had fairly consistent
 temperatures hovering around +10 degrees Celsius.

 North American
 North American Natural
 Natural Gas
 Gas Spot
 Spot Prices
 Prices (ICE)
 (ICE)

 Eastern electricity prices climbed higher in December and January
 Natural gas prices in North America have exhibited volatility in
 February following a rather unpredictable weather pattern. This
 has been a continuing trend from the last month. With temperatures
 dropping substantially, prices in the Northeast climbed higher in
 response, accompanied by congested pipeline conditions. In
 particular, Transcontinental Pipeline’s Zone 6 delivery point, which
 serves New York City, saw prices soar well above $30 per MMBtu
 on several occasions throughout the month.

 Henry Hub Natural Gas Forward Curve (ICE)
 North American Electricity Day-Ahead Prices (ICE)

 With unchanged fundamentals on the long term outlook, ICE Henry
 Hub natural gas futures remained at approximately the same level
 with only a 2% change in price compared to last month.

 Interested in ZEMA Suite? Contact us to learn more
 17