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The Moscow Interbank Currency ExchangeThe National Mercantile Exchange
Sofia 2005
MaterialsMaterials for the international conferencefor the international conference««BLACK SEA BASIN GRAIN MARKET:BLACK SEA BASIN GRAIN MARKET:
Commodity Management, FinancingCommodity Management, Financing,, Trade and Investment Trade and Investment»»
Pavel Ilichev
Head of the NAMEX Exchange Technologies Division
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Organization of the Grain Future Market with Organization of the Grain Future Market with Delivery FOB in the Black Sea BasinDelivery FOB in the Black Sea Basin
Reasons to create a derivatives grain market
Project goals
Sample of exchange contract
Delivery
Legal foundation
3
The Black Sea Basin holds a prominent place in the world production and export of wheat1
ReasonsReasons to createto create a derivativesa derivatives grain grain market market in in thethe B Blacklack SeaSea basin - basin - 11
Main producers Production: 2004/05
Mln tons %
Bulgaria 3,60 0,58
Hungary 5,80 0,93
Kazakhstan 9,95 1,59
Romania 6,50 1,04
RussiaRussia 4545,,3030 7,257,25
Turkey 18,00 2,88
Ukraine 17,50 2,80
TOTAL 106,65 17,07
EU-25 136,67 21,87
USA 58,70 9,39
Canada 25,86 4,14
Australia 21,50 3,44
TOTAL world figure 624,9 100,00
1 Data of the US Department of Agriculture: May 2005
Main producers Export 2004/05
Mln tons %
Kazakhstan 2,7 2,50
RussiaRussia 66,,33 5,845,84
Turkey 1,3 1,20
Ukraine 3,8 3,52
TOTAL 14,1 13,07
EU-25 13,5 12,51
USA 28,0 25,95
Canada 15,0 13,90
Australia 16,7 15,48
TOTAL world figure 107,9 100,00
The
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The
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The exchange grain market is the oldest exchange market (trading in derivative contracts on grain were launched in 1849 on the CBOT; in pre-revolutionary Russia grain was traded on the Moscow exchange, the Samara Grain Exchange and other exchanges.)
Exchange trade in grain is organized in the centers of production and consumption
The world exchange grain market works on the basis of technologies of the derivatives market
ReasonsReasons to createto create a derivativesa derivatives grain grain market market in in thethe B Blacklack SeaSea basin -basin - 22
Main grain exchanges Wheat contracts2 Share in exchange’s
total turnoverCountry
Chicago Board of Trade (CBOT) futures, options 67,94%
USAKansas City Board of Trade (KCBT) futures, options 21,95%
Minneapolis Grain Exchange (MGE) futures, options 8,18%
MidAmerica Commodity Exchange (MACE) futures, options 0,64%
Winnipeg Commodity Exchange (WCE) futures, options 0,19% Canada
Marche a Terme International de France (MATIF) futures, options 0,17% France
London International Financial Futures and Options Exchange (LIFFE) futures, options 0,92% Great Britain
2 Method of execution of futures contracts: delivery of the underlying asset
The use of exchange mechanisms for price risk hedging is a widespread practice in the international grain market
5
ReasonsReasons to createto create a derivativesa derivatives grain grain market market in in thethe B Blacklack SeaSea basin -basin - 33
It is difficult to use the existing exchange instruments
Period Price correlation
22.2.02 - 28.11.03 0,250
09.7.04 - 08.4.05 0,076
22.2.02 - 08.4.05 0,505
It is necessary to create anIt is necessary to create an exchangeexchange market market with thewith the Black Black SSea basinea basin as the delivery basisas the delivery basis
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The existing over-the-counter market of farm products has all elements which are
necessary to develop the exchange segment
Participants need exchange mechanisms to carry out operations
Foreign participants show their interest in creating a futures market in Russia: «At
present, the marketing structure is ready for the creation of the market of wheat futures» -
Si Matthies (ACDI/VOCA)
The state has begun to actively use exchange mechanisms to regulate the internal
commodity market (grain interventions)
There is a well-developed national exchange infrastructure, which has experience in
developing national exchange markets (including cases of state interventions in the grain
market on an all-Russia scale). This infrastructure can provide a basis for an exchange
grain market in the Black Sea basin.
ReasonsReasons to createto create a derivativesa derivatives grain grain market market in in thethe B Blacklack SeaSea basin -basin - 44
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The National The National Depositary CenterDepositary Center
E-StockE-Stock
MainMain currency and stock exchangescurrency and stock exchanges
NAMEXNAMEX
The nationalThe national exchange exchange infrastructureinfrastructure: : composition of the composition of the MICEXMICEX Group Group
Technological support of the MICEX projects
Listing. Trading.
Cash payments
Clearing for the MICEX
Group’s markets
Trade in commodity groups. State interventions in the grain market
The The MICEXMICEX Clearing House Clearing House
The MICEX Stock ExchangeThe MICEX Stock Exchange
The The MICEXMICEX Settlement HouseSettlement House
Exchange trade and clearing in the currency, stock and derivatives markets
Custody of securities and settlements for securities
St.Petersburg Currency Exchange (SPCEX)
N.Novgorod Currency and Stock Exchange (NCSE)
Samara Currency Interbank Exchange (SCIEX)
Rostov Currency and Stock Exchange (RCSE)
Urals Regional Currency Exchange (URCEX)
Asian-Pacific Interbank Currency Exchange (АPICEX)
Siberian Interbank Currency Exchange (SICEX)
Access to the MICEX Group’s trading network for main market participants
The The MICEXMICEX
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The MoscowThe Moscow Interbank Interbank Currency Exchange (Currency Exchange (MICEXMICEX)) was established in 1992 as a closed joint-stock company Stockholders:
• The Central Bank of the Russian Federation
• The Association of Russian Banks
• Russia’s leading commercial banks
The The MICEX MICEX Stock Exchange (Stock Exchange (MICEX MICEX SE)SE) was established in 2004 on the basis of the MICEX Stock Market Section
The National Mercantile Exchange (NAMEX)The National Mercantile Exchange (NAMEX) was established in 2002 as a closed joint-stock company Stockholders :
• The Russian Grain Association
• The Association of Russian sugar producers
• Leading companies in the market of farm products
• Exchanges of the MICEX Group
The The MICEX MICEX Group’s historyGroup’s history
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Saratov Samara
Kazan
Nizhni Novgorod
Novosibirsk
Yekaterinburg
Kurgan
Krasnoyarsk
Saransk
St.Petersburg
Rostov-on-Don Orenburg
MOSCOW
MICEX
SPCEX
RCSE
NCSE
URCEX
SICEXSCIEX
TheThe MICEX MICEX Group Group: : the geography of the nationalthe geography of the national exchangeexchange infrastructure infrastructure
NAMEX
Remote access centersexchanges
Ufa
The The MICEXMICEX soft- and hardware complex unites soft- and hardware complex unites parts of the Nationalparts of the National exchange exchange infrastructure infrastructure into a unifiedinto a unified tradingtrading, , clearingclearing, , settlement and settlement and information area.information area.
The core of the MICEX global trading network consists of two computing centers: the main center and the reserve center
System platform: Hewlett-Packard UNIX-servers (over 80)
About 10 000 clients are connected to the trading network
The MICEX trading complex:
• handles up to 220 000 orders a day
• registers up to 110 000 transactions a day
11 network providers and 279 broker systems are connected to the MICEX trading complex
Vladivostok
APICEX
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The The MICEX MICEX GroupGroup: : financial supermarketfinancial supermarket
MarketsBeginning of trades
Number of participants
Annual trading volume, bln USD
2003 2004 2003 2004
The stock market(140 stocks of 97 issuers, 177 corporate and 71 regional bonds, 11 eurobonds)
1997 517 555 99,1 151,2
The foreign exchange market
(USD, EUR, UAH, KZT, BYR)1992 506 534 145,6 350,0
The government securities market 1993 303 286 36,1 46,8
The derivatives market
(Futures on the US dollar, the Euro, cross rate US dollar/Euro)
1996 197 156 0,1 0,46
The commodity market
(grain market: state interventions with the use of of the MICEX soft- and hardware complex)
2002 343 307 0,16 0,21
The MICEX Group has experience in organizing and supporting exchange
markets of national significance
The volume of trading in the Russian stock market amounts to over 60%
of the stock market of CIS and Central and Eastern Europe
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Grain futuresGrain futures: : project goalsproject goals
Project goal Organization of exchange trade in an international
futures contract with grain delivery (delivery basis:
the Black Sea basin)
Potential
participants
Exporters and importers of grain from the countries
of the Black Sea basin, international grain traders,
investment companies and banks
Prospects The yearly volume of full-fledged futures market with
the Black Sea basin as delivery basis is estimated at
25 bln USD (211,5 mln tons at the average price of
$120/ton)3
3 Export of wheat by main exporters of the Black Sea basin amounts to 14,1 mln tons. The ratio of the annual turnover of the world wheat derivatives market to the volume of the world export is 15/1. Given this ratio, the potential volume of the derivatives market of the Black Sea basin amounts to 211,5 mln tons.
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Grain futuresGrain futures: : brief information on the projectbrief information on the project
16 June 2004: the Russian Grain Association jointly with the MICEX and the
NAMEX held a round table meeting «The Orderly Grain Market: Problems and
Solutions» involving representatives of the RF Ministry of Agriculture and other
ministries, the Federal Agency for Agriculture, deputies of the State Duma,
participants in the grain market, insurance and surveyor companies and banks.
Presentation «Prospects of the Exchange Market: the Black Sea Basin Grain
Futures» by Si Matthies, a grain market expert, ACDI/VOCA (the USA)
The MICEX and the NAMEX have developed the general scheme of circulation of
the grain futures with the delivery of the underlying asset FOB the Black Sea Basin .
March 2005: presentation of «The General Scheme of Circulation of the Grain
Futures with the Delivery of the Underlying Asset FOB the Black Sea Basin» at the
meeting held at the Russian Grain Association
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Underlying asset soft food wheat
Quality parameters of the underlying asset
Foreign matter max. 2 %
Moisture max. 14,5 %
Test weight min 78 kg/HL
Falling number 250 min.
Protein 11,5%
Wet Gluten 21% min (ISO)
W 160 min (ISO/ICC)
Quantity of underlying asset 3 000 MT
Method of fulfilment Delivery of underlying asset under the Sale Contract
Terms of delivery FOB (INCOTERMS 2000)
Delivery basis Ports of the Azov and the Black Sea basin, the Don and the Volga rivers
Price US dollars per 1 ton
Pricing Free pricing: deals are concluded in the trading system in the course of continuous matching of orders to sell and buy grain
Entering of orders The entering of an order into the trading system implies the unconditional consent to conclude a sale contract within the volume of grain indicated in the order
Form of trades Electronic trades held in the form of bilateral auction: “buy” and “sell” orders are entered into the trading system
4 Futures’ parameters are tentative
Sample ofSample of exchange exchange contractcontract44 - 1 - 1
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Minimum price change $0,01/ton
Price change limit 30 rubles/ton ($1/ton)
Deposit margin 180 000 rubles/contract ($6000/contract)
Futures margin (delivery margin)
5,25% of the contract value
First day of trades The day which is 12 months back from the 1st day of the given futures’ fulfillment period
Last day of trades The day which precedes the first day of the futures’ fulfillment period
Delivery period 30 workdays
Controller Surveyor (controller of delivery) - an organization controlling the concluding and the execution of sale contracts to deliver the underlying asset FOB by buyers and sellers
Recording positions positions are recorded in positions accounts
a separate positions account is opened for each market participant (Member of the Section, client)
each participant may have several positions accounts (including a hedging account)
4 Futures’ parameters are tentative
Sample ofSample of exchange exchange contractcontract44 - 2 - 2
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Sample of exchange contractSample of exchange contract44 - 3 - 3
4 Futures’ parameters are tentative
System of guarantees
In futures trading
Setting the price change limit
Charging the deposit margin:
is set at the rate of the doubled price change limit, which ensures the full coverage of a participant’s maximum loss
is deposited before opening positions (prepayment of security)
Forced liquidation of a participant’s positions in case of the participant’s insolvency
Daily revaluation of obligations with payment of funds (variation margin)Variation margin is the amount paid/received by a Member of the Section as a result of change in monetary obligations for one position as a result of its adjustment (mark-to-market)
When delivering the underlying asset
prepayment of futures margin (delivery margin): is paid in rubles before the beginning of the delivery period
In the case of non-fulfillment of delivery obligations, monetary funds deposited by contracting parties as security in the form of futures margin are transferred to the injured party
The existence of guarantee suppliers.A guarantee supplier is a market participant who undertakes to perform the obligations of another participant (the one who failed to perform his obligations) for extra pay at the rate of the futures margin (delivery margin), which is charged from the participant who failed to perform his obligations
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09:45
10:40
19:00
20:00
09:45
Day
ТТ
+1
Setting limits
11:00
Results of trades
Obligations
Obligations09:45
11:00
Preliminary charging of security (deposit margin) tied to price limits
Deposit margin is paid in advance
Trades in the Section are held electronically in the form of a continuous double auction
When an order is entered, the observance of limits is checked
Recording positions Determining obligations
Settlements for the results of trades
Settlements forobligations
Setting limitsof futures prices
Trading sessionholding trades
Clearing sessionfor futures
Settlements forobligations
Technological cycleTechnological cycle
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1. Buyers and sellers, who
can be Members of the
Section and their clients
2. The Exchange
3. The Clearing House
(The CH) - clearing
organization
4. The Settlement House
(The SH) - settlement
organization
5. Surveyor - controller of
delivery
If a Member of the Section’s client intends to open a position in wheat delivery futures, the Member is obliged to:
register the client on the Exchange
provide the Exchange with appropriate information about the client
open a position account for the client, in which the client’s positions are recorded
Member of the Section is responsible for:
the performance of gross obligations for open positions,
the timely transfer of funds pledged as security against the performance of obligations for open positions (deposit margin),
the reliability of information about his clients,
the timely transfer of documents and information to the Exchange and the Member’s client s.
DeliveryDelivery - 1: - 1: participantsparticipants in deliveryin delivery
The ExchangeThe Exchange transfers copies of documentstransfers copies of documents, , containing information about the clientcontaining information about the client, , to the Surveyorto the Surveyor ((for the registration of sale contractsfor the registration of sale contracts), ), includingincluding notarized samples of signatures of authorized personsnotarized samples of signatures of authorized persons for the signing of sale contractsfor the signing of sale contracts, , and their requisite and their requisite details certifieddetails certified by the Member of theby the Member of the Section.Section.
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Day
ТТ
+1
open positions are closed out afterr performance of obligations to deliver grain
the deposit margin, deposited by the buyer against open positions, is recorded as part of the delivery margin deposited as security for obligations under the sale contract
Forms pairs of buyers and sellers Assigns numbers to sale contracts Sends reports to Members of the Section:
• reports on obligations to pay for the delivery with specified counterparty in delivery
• reports on delivery obligations with specified counterparty in delivery and the number of the sale contract
Sends to the Exchange (for the Surveyor) lists of counterparties along with numbers of delivery contracts and counterparties’ obligations
Open positions of buyers and sellers
become delivery positions
Delivery margin remainsblocked in the CH
account with the SH assecurity for performance
of delivery obligations
The procedure of forming counterparties in delivery
DeliveryDelivery - 2: - 2: the last daythe last day of tradesof trades
CHCH:: BuyerSeller
19
Salecontract
Day
Т+
4Т
+5
Report on open positions is needed for filling out sale contract
sings contracts
If theIf the SurveyorSurveyor has not receivedhas not received the filled out andthe filled out and signedsigned copy of thecopy of the salesale contractscontracts within the specified periodwithin the specified period, , it is it is assumed that the party has notassumed that the party has not performed itsperformed its delivery delivery obligations. This party’sobligations. This party’s deliverdelivery y marginmargin is transferred to is transferred to the counterparty.the counterparty.
Members of the Sectionsend reports to clients
with specified counterparties
Buyer and seller fill out and signsale contracts
Surveyorcontrols the procedure of
signing sale contracts
Buyer and sellersend filled out and
signed sale contractsto Surveyor
The Surveyor: accepts, checks, registers and sends sale contracts in paper form
and by fax
sings contracts
SurveyorSale
contract
Salecontract
Salecontract notifies the Exchange of receiving signed sale contracts
DeliveryDelivery - 3: - 3: concludingconcluding sale contractssale contracts
BuyerSeller
SalecontractBuyer Seller
Salecontract
20
Day
Т+
30
The buyer performs his obligations to pay forthe commodity under
the sale contract
The buyer makes payment in the form of letter of credit, opened in the seller’s bank. Payment is made against the provision of the following title documents to the buyer:
The Exchange receivesThe Exchange receives information on signed sale contract from theinformation on signed sale contract from the SurveyorSurveyor..ObligationObligationss under under the sale contract are assumed to be unexecuted if one of the parties the sale contract are assumed to be unexecuted if one of the parties has not signed thehas not signed the sale contractsale contract..In this caseIn this case::
- the openthe open positionpositionss of the of the buyer and thebuyer and the seller are closed outseller are closed out;;- the deliverthe delivery y marginmargin of the defaulting party is transferred to the other party of the defaulting party is transferred to the other party to theto the delivery contractdelivery contract..
1. Bill of lading2. Seller’s invoice3. Certificate of quality4. Certificate of weight5. Certificate of origin6. Veterinary health certificate7. Certificate of radioactivity8. Phytosanitary certificate9. Certificate of fumigation10. Customs declaration
DeliveryDelivery - 4: - 4: payment forpayment for graingrain55
5 The form of payment and the list of title documents are tentative
21
Day
Т+
30 The buyer:
• nominates the ship
• places the ship under loading
• informs the seller and the Surveyor of the name of the ship, place of loading, time of loading, name of the ship agent and/or freight forwarder
The sellerdelivers
the commodity
The buyer places the ship under
loading
If theIf the buyer has failed to place the ship under loadingbuyer has failed to place the ship under loading, , e.ie.i. . has failed to comply with has failed to comply with FOB terms of deliveryFOB terms of delivery, , hishis deliverydelivery marginmargin is transferred to theis transferred to the sellerseller
DeliveryDelivery - 5: - 5: actionsactions ofof counterparties incounterparties in deliverydelivery
The seller:
• coordinates with the buyer the schedule of delivery of grain
• notifies the Surveyor of the delivery schedule
The Surveyor arrives to control the quantity and the quality of the grain during loading
22
Day
Т+
30
The sellerloads grain on the
buyer’s ship
DeliveryDelivery - 6: - 6: loadingloading
Control of the quantity and
the quality of grain The Surveyor controls
The seller:
• loads commodity on the buyer’s ship at the seller’s expense
• provides the buyer with necessary title documents (copies are transferred to the Surveyor)
If theIf the sellerseller has failed to loadhas failed to load grain on the shipgrain on the ship, , i.ei.e. . has failed to comply with FOB terms has failed to comply with FOB terms ofof deliverydelivery, , hishis deliverydelivery marginmargin is transferred to theis transferred to the buyer.buyer.
The seller’s delivery obligationThe seller’s delivery obligationss under the sale contract are executed after under the sale contract are executed after the transfer the transfer of the commodity to theof the commodity to the carriercarrier.. The date of The date of delivery is the date specified in the bill ofdelivery is the date specified in the bill of ladinglading..
23
Day
Т+
30
The Surveyor:
• prepares the notice of delivery for each contract on the basis of the bill of lading and title documents
• in the event of nonperformance of obligations under the sale contract by a party to this contract, prepares the notice of non-delivery and specifies the defaulting party and the reasons of nonperformance of obligations:
owing to the fault of the buyer: in case of absence of the ship or its unfitness for loading
owing to the fault of the seller - in case of absence of the commodity or its nonconformity to the specification or in case of failure to ensure the loading of commodity on the buyer’s ship
• sends to the Exchange the above notices
The Exchange (the CH):
on receiving the notice of delivery sends to the Settlement House an order to release the delivery margin and return it to the buyer and the seller
closes out the buyer’s and the seller’s open positions in futures
The Surveyornotifies the
Exchange of delivery or
nondelivery ofgrain
DeliveryDelivery - 7: - 7: confirmation ofconfirmation of deliverydelivery
notice of delivery
notice ofNondelivery
The buyer The seller
The buyer
The seller
orThe Surveyor
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notice of settlementof obligations
Day
Т+
30
The Exchange (the CH):
orders the Settlement House to return the delivery margin of the buyer and the seller
closes out the buyer’s and the seller’s open positions in futures
AlternativeAlternative delivery proceduredelivery procedure
The Exchange The Exchange ((the CH)the CH) orders the Settlement House to release theorders the Settlement House to release the deposit margindeposit margin of the of the buyer and thebuyer and the sellerseller r r on the basis of the Surveyor’s notice ofon the basis of the Surveyor’s notice of deliverydelivery..The buyer andThe buyer and thethe sellerseller ( (counterparties in the deliverycounterparties in the delivery) ) can settlecan settle obligationsobligations before before signing thesigning the sale contractsale contract or during its implementation. In this case, they must send to theor during its implementation. In this case, they must send to the ExchangeExchange ( (Controller of theController of the deliverydelivery) ) a notice ofa notice of settlement of obligationssettlement of obligations..
Signs the notice
The buyer and the seller fill out and sign
the notice of settlementof obligations
Signs the notice
The buyer The seller
25
OwnOwn operationsoperations Insurance against the risk of unfavorable price changes
Effective sales within a wide circle of participants in the grain market
Development of client businessDevelopment of client business A large number of market participants who do not have appropriate
infrastructure to work in the derivatives market
Gains fromGains from acting as Guarantee Supplieracting as Guarantee Supplier The possibility of selling (buying) grain at prices higher (lower) than
market prices as a result of receiving delivery margin from the defaulting party
The market ofThe market of grain futures: new opportunities grain futures: new opportunities for participantsfor participants
26
Relations between the Exchange and the participant wishing to act as guarantee supplier are regulated by an Agreement of performing the functions of guarantee supplier
A guarantee supplier delivers (buys) grain at the price and in the quantity specified in the sale contract, obligations under which were not performed by one of the parties, independently of the prevailing market prices
There can be several guarantee suppliers
The Clearing House transfers to the guarantee supplier, participating in the guaranteed delivery, the guarantee deposit (delivery margin) of the participant who has failed to perform his obligations under the sale contract
Guarantee supplierGuarantee supplier 1 1 – – principles of workprinciples of work
The buyer The guarantee supplier
The Surveyor
notice of delivery The sellerhas not delivered grain
27
Guarantee supplierGuarantee supplier 2 - 2 - principles of workprinciples of workExample6
Initial conditions: Delivery period: 30 calendar days.
Price of grain under the sale contract: $85,86/ton (price of the 4th class wheat FOB the Black Sea on 18.09.02)
Guarantee deposit for the delivery period - 5,25% of the value of the sale contract - amounts to $4,51 (85,86*5,25%)/ton.
A party to the sale contract failed to deliver grain at $85,86/ton. His guarantee deposit of $4,51/ton is written off.
At the time of delivery, the price of the 4th class wheat FOB the Black Sea is $87,4/ton (on 18.10.02).
The guarantee supplier delivers grain under the sale contract at the price of $85,86/ton (e.g., after buying grain on the market for $87,4/ton).
The Clearing House transfers the guarantee deposit of $4,51/ton to the guarantee supplier;
as a result, the guarantee supplier has sold grain at $90,37 (85,86+4,51)/ton, i.e., $2,97 (90,37-87,4)/ton higher than the market price ($87,4/ton). This is the guarantee supplier’s profit.
6 Prices of the 4th class wheat FOB the Black Sea are obtained by adding the price of the 4th class wheat FOB Rostov-on-Don and the transportation costs from Rostov-on-Don port to the Black Sea amounting to $10/ton.Price of the 4th class wheat FOB Rostov-on-Don was provided by Agricultural Market Institute (IKAR).
28
To make up for possible losses, which may arise if the guarantee deposit is insufficient to compensate for delivery (purchase) costs, a guarantee supplier is granted a priority right to deliver in the event of another nonperformance of obligations under a sale contract.
Guarantee supplierGuarantee supplier 3 - 3 - principles of workprinciples of work
The resultsof work of the GuaranteeSupplierduringthe period of20.2.02 –08.4.05.
The results of work of the Guarantee Supplier are given as progressive total
29
The market of derivative instruments on grain is regulated by the Law on Commodity Exchanges and Exchange Trade (#2383-I, 20.02.92)
There are no limitations on the work of foreign companies and organizations on the market of derivative instruments on grain in Russia
Legal foundation of the marketLegal foundation of the market of derivative of derivative instruments on graininstruments on grain
30
Address: 13. B. Kislovskiy per. Moscow. 125009. Russia
telephone: (095) 705-96-76
(095) 203-15-10
(095) 202-96-28
fax: (095) 202-75-04
e-mail (MICEX): [email protected]
e-mail (NAMEX): [email protected]
Web site (MICEX): www.micex.com
Web site (NAMEX) www.namex.org
Contact informationContact information
