DataWatch March 2013

7/28/2019 DataWatch March 2013

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March 2013

datawatchSumma

Editorial p. 3

It was the pending offering of social media sentiment statistics by NYSE Technologiesand Social Market Analytics that triggered my interest in how energy businesses are

handling the current social media craze.

Data News

Power Markets p. 4Elia System Operator and TenneT Holding to Launch APXOTE Joins the Price Coupling of Regions InitiativeCAISO and PaciCorp Aim for a Real-time Energy Market

Fossil Fuel Markets p. 5 - 8CME Adds Cross Continental Fuel Oil Swap FuturesCME Launches Buttery Spreads for Brent Last-Day FuturesGasunie Launches ENDEX Derivatives and Spot Gas ExchangePlatts Launched New Dubai, WTI Swaps

Argus Announced the First Australian OTC Coal DealPlatts Adds New Locations for North American GasPlatts Proposes CFR Korea Isomer-MX Price Assessment

CME Delists Singapore Gasoil ContractsPlatts Ceased Publishing API DataPlatts Discontinues Trunkline, La. Location AssessmentsPlatts to Cease CFR Japan SM AssessmentPlatts to Discontinue Assessment of FOB Japan ButadienePlatts to Launch Escalators for Oseberg and Ekosk June Brent BFOEPlatts to Align NWE Benzene Forward Curve Month RollPlatts to Update CFR China SM Assessment Delivery PortsCME Expands Brent Last Day Futures TAS Contract Months

Agriculture, Forestry and Metal Markets p. 9 - 10Platts Publishes Contract Price Premiums for Iron Ore LumpSMX Launches E-Silver FuturesCME Launches Implied Inter-Exchange MGEX-KCBT SpreadMGEX Announces Single-Click Spread FunctionalityPlatts Discontinued Tantalite Ore AssessmentPlatts to Discontinue Japan, China Molybdenum Assessments

NCDEX Postpones Launch of Pepper FuturesCME Transitions KCBT to Chicago Trading FloorPlatts Reduces Frequency Assessment of Copper TC/RC

Environmental Markets and Weather Services p. 11EPA Updates Greenhouse Gas Emissions DataEEX Executes First Flemish EUA AuctionNYSE Euronext and Bloomberg Rename Clean Energy Indices

FX, Interest Rates, Credit and Equity Indexes p. 12 - 15ICAP Launches i-Swap in the USCME Lists 5-Year Eurodollar Mid-Curve OptionsEBS Launches Two New Rupee Products in IndiaEurex Lists Four New MSCI Index DerivativesBM&FBOVESPA Starts Trading New Interest Rate Derivatives

Xetra Launched db X-trackers Nikkei 225Five New iShares ETFs Launched on XetraFTSE and TMX Datalinx Create New Global Fixed Income Index BusinessICE Launches Cetip | TraderNYSE Liffe Lists MSCI Europe IndexXetra Launched db X-trackers Nikkei 225Eurex Expands Offerings of French Government BondsClearstreams Direct Link to Russia Goes LiveS&P/ASX 200 VIX Available in Real TimeCME Delists 30-Year Treasury Bond Futures vs. 30-Year USD Interest Rate SwapFuturesEurex to Offer Direct Market Access in South KoreaTradition Expands Trad-X Platform for USD Interest Rate SwapsNGX Renames Cleared Futures Instruments

Other Matters p. 16 - 17Wall Street Journal Launches NYINDEXNYSE and SMA to Distribute Social Media AnalysisPlatts to Launch Assessments for China Caustic SodaMarkit Hub Distributes Fitch Ratings Research

ASX Enhances Global Network ConnectivityISE and IndexIQ Partner to Develop New ETPsTAIFEX and Eurex to Cooperate in Derivatives Trading

NOAA Plans for New Arctic Nautical Charts

ZEMA Market Dashboard p. 18 - 19Crude Oil Brent vs. WTI

Actual Weather (AccuWeather)North American Electricity DA Prices (ICE)North American Natural Gas Spot Prices (ICE)

Henry Hub Natural Gas Forward Curve (ICE)

News from Data Vendors p. 20 - 27

New Data Reports for ZEMAPlatts: Changes to Platts Derivative Market DataPlatts: New Platts Market Data Categories and Symbols for ISO prices,

Platts: Heat Rates and RECsPlatts: New Platts Risk Products Going Live May 1Platts: Russia Conrms Argus as Sole Supplier of Indexes for Oil Export DutiesMDA Wind Generation ForecastEPEX SPOT: Successful Launch of CWE Flow-Based Market Coupling Parallel RunCzech Market Operator OTE Joins the Price Coupling of Regions InitiativeEPEX SPOT: Power Trading Results in February 2013EPEX SPOT: Pan-European Intraday Target Model Connes ExchangesDevelopment CapacityInteractive Data: Addition of the Legal Entity Identier (LEI) to SIRSInteractive Data: U.S. Agency/GSE Pass-Through Security Evaluation MethodologyEnhancementInteractive Data: Expanded FVIS Coverage to Latin AmericaInteractive Data: Vantage EnhancementsInteractive Data: Leveraged Loans (aka Bank Loans)Interactive Data: Single Name Credit Default Swaps and Credit Default Swap IndiceInteractive Data: Whole Loan Evaluations

In Depthp. 28 - 31

The State o Fracking Globally:Whos Playing CatchUp on the US

Shale gas has been pitted as one of the main drivers for economic recovery in the USEarlier this year, during his state of the Union address, President Barack Obama saidthe American oil and gas boom of recent times had swept the country into a state ooptimism. During his speech the President quipped that his administration will keepcutting red tape and speeding up new oil and gas permits. Perhaps an indication owhat the next four years are likely to entail.


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March 2013

datawatchEditors lett

EditorOlga Gorstenko

Phone: 778-296-4183

Email: [email protected]

Advertising & Vendor RelationshipsBruce Colquhoun

Phone: 604-790-3299


ZEMA Suite InquiriesBruce Colquhoun

Phone: 604-790-3299


Have an idea for an article or would like to contribute to an upcoming issue?Write to us [email protected]

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

It was the pending offering of social media sentiment statistics by NYSE Technologies and Social Market Analytics that triggered myinterest in how energy businesses are handling the current social media craze.

The social media monitoring engine created by NYSE was designed to help traders make better decisions when trading individual stocks

ETFs, indices, and other financial instruments. This new tool measures real-time interactions from social media sources relative to theihistorical levels and offers customers additional measurements to bolster their market analysis and decision-making processes. Whethe

it actually works or not, and whether traders actually care about these measurements is yet to be seen. One thing is for sure: traders are

agile and are likely to try various tools, applications, information sources pretty much anything what will help them make timely andsometimes costly decisions.

The giants of social media have been in existence for less than 10 years and have experienced growth to be envied by any business:

Facebook was started in 2004 and now has over one billion users

YouTube launched in 2005 and is now available in 54 languages

Twitter created in 2006 has 200 million users

Google+, since its start in 2011, has acquired 500 million users

It seems like everybody is on the Facebook, shares news on Twitter and uploads videos on YouTube. Software is being developed to

assist businesses with outreach programs, algorithms are being developed to listen to the web, corporations are building social mediacomponent into their business models and strategies, scholars are coming up with sets of measures to assess the effectiveness and

benefits of social media to businesses. So where do the energy industry stand in all of this?

The energy industry is arguably one of the most cautious when it comes to changing its approach to business operation processes. Fromthe long view taken by its members (remember, it takes longer than ten years to have a nuclear or large hydro plant reviewed, approved

and built), a decade of social media fascination and hype seem somewhat embryonic. Yet, to my surprise, and pleasantly so, the industry

is not as archaic as one would have imagined.

It is not surprising that the oil and natural gas giants are masters of the social media game. I never doubted that this would be the casein an industry where reputational management is so important. Then I looked at a less promising group of contenders: utilities. At a very

quick glance, utilities have effectively been using various social media outlets to communicate to their customers and employees. So far

Facebook and Twitter are the winners in this. Some utilities even have different pages to serve different customer programs. They informclients of system setbacks, emergencies, weather changes, and educates them on energy efficiency programs and safety. At the same

time, they are soliciting feedback and asking customers to report on outages and emergency situations.

It is clear to see how dynamic two-way communication through social media serves many purposes for utilities: connecting with customers

helps to build trust and at the same time to improve operations, not to forget aforementioned reputation management. There are many

apparent benefits when compared to conventional (isnt it amusing to refer to TV and radio this way) communication channels. It is fastsocial media are semi-official so postings do not have to go through multiple channels of internal approvals. It is effective: social mediaavoids formal lingo so that the customers do not have to decipher and filter through many paragraphs of press releases before getting

to the very sentence that says it all (if it does at all). It is efficient; social media run on mobile devices as a source of information duringstorms and hurricanes, when all other communication devices are simply destroyed by the force of nature.

And last, but definitely not least, its important to consider are the regulators. The Department of Energy (DOE) is setting the pace forregulators by tweeting several times every day to almost 10k of its followers and communicating through Facebooks postings and multiple

videos on YouTube. FERC is trying to keep up with the DOE it has a Twitter account with almost 5,000 followers and a Facebook pageThey might not be that flashy but they do keep the audience informed of the most recent releases and events. NERC is somewhat lagging

behind; I could not find anything on their website.

With regulators playing the game, it is mostly anticipated that everyone in the industry has to be on the same social media page. Whethe

or not at some point of time we will see analytics and statistics developed and reported for this sector - is certain, for now at least.

Olga Gorstenko
mailto:datawatch%40ze.com?subject=datawatchhttp://datawatch.ze.com/http://datawatch.ze.com/mailto:datawatch%40ze.com?subject=datawatch


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datawatchMarch 2013 Power Mark

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Elia System Operator andTenneT Holding Conrm theLaunch o APX

Effective March 1, 2013, APX, the new spot power exchange whorecently separated from APX-ENDEX, is now live. The companycontinues to be run by former CEO of APX-ENDEX, Bert den

Ouden, and former Management Board member for APX-ENDEX,James Matthys-Donnadieu. In addition, the share capital is held bythe electricity transmission system operators TenneT Holding B.V(70.8%) and Elia System Operator N.V (29.2%).

Although newly separated, APX still remains a leading platformfor power spot contracts across Belgium, the Netherlands, andthe UK. With increased strategic exibility, APX aims to furtherdevelop these markets and provide participants with high qualitytrading and clearing solutions. APX will clear all power spot tradesexecuted on the APX platform, as well as build upon the currentspot market clearing solution by providing spot trade clearingservices to other exchanges. This action will benet all marketparticipants.

OTE Joins the Price Coupling oRegions Initiative

On March 4, 2013, the project partners of the Price Coupling ofRegions (PCR) announced partnership with the Czech MarketOperator (OTE) on an initiative to facilitate the pan-Europeancoupling of day-ahead power markets. PCR is the Initiative todevelop a single price coupling solution to be used to assesselectricity prices across Europe. This is crucial in order to achievethe overall EU target of a harmonized European electricity market

aiming to increase liquidity, efciency and social welfare. Theinitiative is open to other European Power Exchanges wishing tojoin as the Power Exchanges involved in the PCR Initiative aim todevelop a wider cooperation all over Europe.

PCR is based on three main principles: the use of a singlealgorithm, robust operation and individual Power Exchangeaccountability. The PCR system service enables the exchangeof anonymous orders and area-to-area transmission capacitiesamong the Power Exchanges to calculate area prices as well asother reference prices and area-to-area cross border-transmissionows for all involved bidding areas.

CAISO and PaciCorp Aim or aRealtime Energy Market

On February 12, 2013, a Memorandum of Understanding wareleased by PaciCorp and the California Independent SysteOperator Corporation (CAISO) stating the two US grid operatorwill work towards producing a real-time energy imbalanc

market (EIM) by October 2014. If plans go ahead, PaciCorwill engage in a co-optimized real-time energy market handleby ISO. Goals of this project include a strengthening of grreliability, integration of renewable resources, and keepincosts down for customers. The ISO Board of Governors wmeet this month to decide whether they will proceed witnegotiations on a formal agreement between the two companie


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datawatchMarch 2013 Fossil Fuel Mark

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CME Adds Cross ContinentalFuel Oil Swap Futures

On March 11, 2013, CME listed the following Singapore FuelOil 380 cst (Platts) vs European 3.5% Fuel Oil Barges FOBRdam (Platts) futures on CME Globex. These contracts are

listed with, and subject to, the rules and regulations of NYMEX.

ICE Code Descripon

EVC Singapore Fuel Oil 380 cst (Plas) vs. European

3.5% Fuel Oil Barges FOB Rdam (Plas) Futures

SFB Singapore Fuel Oil 380 cst (Plas) vs. European

3.5% Fuel Oil Barges FOB Rdam (Plas) BALMO

Futures

For EVC and SFB contract specications click here.

CME Launches Buttery Spreadsor Brent Crude Oil LastDayFinancial Futures

Effective March 17, 2013, CME lists buttery spreads for the BrentCrude Oil Last-Day Financial futures on CME Globex for trading.Six one-month buttery spreads will be available upon launch.Buttery spreads consist of three instruments within the sameproduct with equally distributed maturity months.

This contract is listed with and subject to the rules and regulationsof NYMEX.

ICE Code DescriponBZ Buery Spreads for Brent Crude Oil Last-Day

Financial Futures

For contract specications click here.

Gasunie Launches ENDEXDerivatives and Spot GasExchange

On March 1, 2013, Gasunie - a Dutch natural gas infrastructurand transportation company - announced the launch of ENDEX

The launch of ENDEX follows the decision by APX-ENDEX tdemerge into a power spot and clearing entity and a derivativeand spot gas entity, announced on September 17, 2012. At thsame time, ICE and Gasunie announced an agreement to forma new company based on the derivatives and spot gas businesof APX-ENDEX, whereby ICE would acquire a 79.12% share anGasunie would hold a 20.88% share.

Following the demerger of APX-ENDEX, Gasunie is now the soshareholder in ENDEX. Based on an agreement in Septembe2012, Gasunie will continue to work with ICE in respect of obtaininregulatory approvals. ENDEX aims to provide a liquid, transpareand widely accessible continental European trading hub fonatural gas and power derivatives, gas balancing markets and ga

storage services, including the Title Transfer Facility (TTF) VirtuaTrading Point in the Netherlands, the UK On-the-Day CommodiMarket (OCM) and the Belgian Zeebrugge Trading Point (ZTP).

Its a matter of time before ENDEX shows whether it can build othe success of its predecessor, APX-ENDEX, to serve as a majoEuropean trading hub for natural gas with technology and clearinsolutions for market participants.

Platts Launched New Dubai,WTI Swaps

On March 1, 2013, Platts launched new Dubai and WTI outrigcrude swap assessments, Brent-Dubai ESS (Exchange of Swapfor Swaps) assessments and Dubai, Brent and WTI crude intemonth time spreads. This completes the suite of Platts coverage these assessments for the three main pricing regions of SingaporeHouston and London. The assessments will be published to reevalue at 16:30 London time. All time-spreads and Dubai anWTI outright swap assessments will be published to incorpora36 calendar months, including 12 quarters and 3 years. This the same granularity shared by Platts 16:30 London time, Brenfrontline outright and WTI/Brent differential swap assessments.
https://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/NPadv13-04.pdfhttp://www.cmegroup.com/trading/energy/ethanol/cbot-ethanol-forward-month-swap_contract_specifications.htmlhttps://www.theice.com/publicdocs/circulars/12182%20attach%202.pdfhttp://www.cmegroup.com/trading/energy/ethanol/cbot-ethanol-forward-month-swap_contract_specifications.htmlhttps://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/NPadv13-04.pdf


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Argus Announced the FirstAustralian OTC Coal Deal

On Feb 8, 2013, Argus announced the rst API 5-linked over-the-counter (OTC) coal spot deal brokered by Marex Spectron for a75,000t shipment of NAR 5,500 kcal/kg coal from Newcastle. InMay 2012, the API 5 index was launched jointly by Argus and IHS

McCloskey Coal, which quickly gained the condence of the coaltrading community as a reliable, independent price assessment.

Australian coal exports have been increasing in 2012 from the lastyear levels, although coal exports in 2011 were reduced by heavyooding in Queensland. Argus and IHS McCloskey Coal publish aseries of API indexes, which are used to settle close to 90 percentof the worlds internationally traded coal derivatives.

Platts Adds New Locations or NorthAmerican Gas

Effective March 27, 2013, for the ow date of April 1, Platts addedtwo new locations to its daily and monthly bidweek North Americanspot-price surveys. This follows a period of market feedback. Theyare the Transcontinental Gas Pipe Line, Leidy Line receipts andthe Tennessee Gas Pipeline, Zone 4-200 leg.

The new daily postings would both appear in the Appalachiasection of Gas Dailys Daily price survey table and the Northeastsection of Energy Traders Daily spot gas prices table. Themonthly bidweek postings would appear in the Prices of Spot GasDelivered to Pipelines tables in Inside FERCs Gas Market Report,Energy Trader and Gas Daily Guide and the Bidweek PhysicalBasis Prices Delivered to Pipelines table in Inside FERCs GasMarket Reportand Gas Daily Price Guide. Platts Market Data andNatural Gas Alertwould also publish the prices.

The Transcontinental Gas Pipe Line, Leidy Line receipts (dailyand monthly surveys) is described as deliveries to TranscosLeidy Line downstream of the Leidy/Wharton storage facilities inClinton and Potter counties, Pennsylvania, to Transcos Station505 in Hunterdon County, New Jersey. This pricing location doesnot include transactions at the storage-related interconnects withDominion Transmission, National Fuel Gas Supply, UGI Storageor Tennessee Gas Pipeline.

The Tennessee Gas Pipeline, Zone 4-200 leg (daily and monthlysurvey) is described as deliveries into Tennessee at all points ofreceipt on the 200 line in the states of Pennsylvania and Ohio, as

well as transactions at Tennessees Station 219 pool. This locationdoes not include deliveries from Tennessee to other systems inzone 4.

Platts Proposes CFR KoreaIsomerMX Price Assessment

On May 6, 2013, Platts is seeking feedback on a proposal tlaunch a daily price assessment for CFR Korea isomer-gradmixed xylenes. The isomer-MX would meet the specicationunder ASTM D5211 or ASTM D843. The daily price will reec

cargo sizes of 3,000 to 5,000 mt, with credit terms of 30 dayletters of credit for Asian origin and 60 days LC for deepsea origfor deliveries to Daesan, Ulsan, Yeosu and Inchon.

Comments can be sent to [email protected] with copy to [email protected] by March 31, 2013.

CME Delists Singapore GasoilContracts

Effective January 2, 2013, NYMEX delisted back contract month

for three Singapore Gasoil contracts. This means the last listecontract month for these contracts is December 2012. Thexchange announced that it is self-certifying the delisting of thescontracts upon termination of trading on December 31, 2012 anremoval of contract language from the Exchange rulebook. Thesproducts were listed on CME ClearPort and the NYMEX tradinoor.

CME Code Descripon

SZF Singapore Gasoil 0.05% Sulfur (Plas) Futures

SZL Singapore Gasoil 0.05% Sulfur (Plas) BALMO Futures

SZZ Singapore Gasoil 0.05% Sulfur (Plas) vs. Singapore

Gasoil (Plas) Futures
mailto:pl_asia_petchem%40platts.com?subject=mailto:pricegroup%40platts.com?subject=mailto:pricegroup%40platts.com?subject=mailto:pl_asia_petchem%40platts.com?subject=


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Platts Ceased PublishingAPI Data

Effective March 1, 2013, Platts ceased publishing data from theAmerican Petroleum Institute, affecting the following Platts thirdparty market data categories:

MDC Previous Descripon New DescriponAF EIA/API PADD 4 EIA PADD 4

AH EIA/API PADD 3 EIA PADD 3

AI EIA/API PADD 5 EIA PADD 5

AO EIA/API PADD 1 EIA PADD 1

AS EIA/API US/Reg Totals EIA US/Reg Totals

AT EIA/API PADD 2 EIA PADD 2

Discontinued Platts Global Alert pages include:

Page Descripon

80 Weekly DOE/API Comparison

81 API four-year stocks history

84 Disllate and Resid Imports

85 Mogas & Resids87 Middle Disllate Output

88 Input, Uliz./Resid Product

89 Mogas Output Net of Inputs

95 Jet Kero stocks

96 Disllate stocks

97 Gasoline & Components

98 Crude & Product Totals

99 API Quick Summary

The following Platts publications will remove all API data tablesand charts:

Oilgram Price report

US Marketscan Platts Oilgram News LPGaswire

Platts Discontinues Trunkline,La. Location Assessments

Effective February 26, 2013, Platts ceased Trunkline, La. locationassessments in the Platts-ICE Forward Curve Natural Gas for NorthAmerica following market feedback. Platts-Ice Forward CurveNatural Gas North America comprises daily forward assessments

for 28 locations which are published in the forward curve add-on toPlatts Natural Gas Alert and via Platts Market data in the GN category.

Platts to Cease CFR Japan SMAssessment

On February 5, 2013, Platts proposed to cease its spot weekassessment of styrene monomer basis CFR Japan (PHABZ00which is currently published on the Platts Petrochemicals Ale(PCA) service line, Asian Petrochemicalscan and Platts database

Comments on this proposal can be sent to [email protected] with a copy to [email protected] by June 302013.

Platts to Discontinue Assessmento FOB Japan Butadiene

Platts is requesting industry feedback by August 5, 2013, oits proposal to cease its weekly Asian butadiene spot pricassessment basis FOB Japan (PHAKD00). The proposal

currently published on Platts Petrochemicals Alert (PCA) servicline, Asian Petrochemicalscan, Platts Olenscan and Plattdatabase.

Comments can be sent to [email protected] with copy to [email protected].

Platts to Launch Escalatorsor Oseberg and Ekosk

June Brent BFOE

On February 18, 2013, Platts proposed to introduce a set of pricescalators reecting quality premiums for Oseberg and Ekoscrude oils in its North Sea Dated Brent, cash Brent (BFOE) focargoes loading from June 2013 onwards. Buyers would paescalators to sellers for nomination and delivery of Oseberand Ekosk into a physical BFOE transaction. To establish thescalators for Oseberg and Ekosk, the net price differencebetween these normally premium grades and the most competitivgrade of crude among Brent, Forties, Oseberg and Ekosk durinthe full month prior to the announcement is observed. Publisheescalators for Oseberg and Ekosk will be 50% of the observepremiums for those two crudes to the most competitive BFOcrude oil. If the observed price difference between the grades less than 50 cents/barrel, no price escalator will be announced.

A mid- and year-end review of escalators is being considereby Platts to publicly examine and address application issuesAssessment processes for Dated Brent and related instrumentwould also be considered for escalators, while Brent or Fortiewould remain escalator-free.
mailto:pl_asis_petchem%40platts.com?subject=mailto:pl_asis_petchem%40platts.com?subject=mailto:procegroup%40platts.com?subject=mailto:pl_asia_petchem%40platts.com?subject=mailto:pricegroup%40platts.com?subject=mailto:pricegroup%40platts.com?subject=mailto:pl_asia_petchem%40platts.com?subject=mailto:procegroup%40platts.com?subject=mailto:pl_asis_petchem%40platts.com?subject=mailto:pl_asis_petchem%40platts.com?subject=


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Platts to Align NWE BenzeneForward Curve Month Roll

Effective February 8, 2013, Platts is inviting feedback on a proposalto align the timing of month roll in the NWE benzene CIF ARAforward physical curve with that of the NEW M1/M2 benzene spotassessments. The timing of monthly roll for the CIF ARA forwardphysical curve would therefore be moved forward from the rstcalendar day of each month to the fth UK working day prior to therst UK working day of the rst contractual month.

Comments and queries can be sent to [email protected] witha copy to [email protected] by March 6, 2013.

Platts to Update CFR China SMAssessment Delivery Ports

Platts is proposing to exclude the ports of Nanjing, Shanghai andZhenjiang from its CFR China styrene monomer assessment,based on preliminary market feedback suggesting these ports areseldom selected as delivery locations effective May 6, 2013. Thecurrent assessment includes deliveries to seven ports in total. Theother four ports are Jiangyin, Nantong, Ningbo, Zhangjiagang.

Comments can be sent to [email protected] with acopy to [email protected] by March 31, 2013.

CME Expands Brent Last DayFinancial Futures TAS Contract

Months

Effective March 17, 2013, NYMEX expands the list of Trade AtSettlement (TAS) contract months for its Brent Last Day FinancialFutures for the next trade date. The contract is listed for tradingon CME Globex and for clearing on CME ClearPort. NYMEX willextend the listing of TAS to the second and third contract monthsfor Brent Last Day Financial Futures.

CME Code Descripon

BZT Brent Last Day Financial Futures at Selement
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datawatchMarch 2013 Agriculture, Forestry and Metal Mark

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Platts Publishes Contract PricePremiums or Iron Ore Lump

Effective March 15, 2013, Platts started to publish lump contractprice premiums for Australian lump, which have been agreedby suppliers and Chinese steelmakers. Updated every quarter

and representing the most commonly traded brands, the lumppremium will be published on a dollar/dry metric ton unit basis.Platts published lump premiums will reect their understandingof what most Chinese mills have agreed to and will excludepremiums that are settled under known, special circumstances.The contract price premium will be published in a range and willappear in the Platts SBB Steel Markets Daily, on Platts MetalsAlert and in the Platts SBB Steel Price Analyzer. It will replacethe SBB Hamersley Pilbara Bld Lump 63.5% Fe Jap Aus ExpFOB W Aus Port (SB01111) assessment in the Platts SBB SteelPrice Analyzer.

SMX LaunchesESilver Futures

On March 7, 2013, Singapore Mercantile Exchange (SMX)launched the precious metals futures contract SMX E-Silver.With this new contract, market participants can hedge their ex-posure based on one of the most liquid precious metals futuresmarkets globally. Additionally, the market participants are able tospread Margin benets between the SMX E-Silver futures andthe existing SMX Silver futures leading to considerable savingsin their collateral cost.

Trading shall be conducted in March, May, July, September and

December with ve contracts being listed for trading at any time.The contract will be available for trading across multiple timezones, allowing participants in Asia, Europe and the US to tradethe contract during their respective trading hours.

CME Launches Implied InterExchange MGEXKCBT Spread

On March 11, 2013, CME listed Implied Inter-Exchange MGKCBT Wheat Futures Spread for trading on the CME Gloplatform. This product is disseminated on MDP channel 201.

CME Code Descripon

MWEKE Implied Inter-Exchange MGEX-KCBT Futures Spre

MGEX Announces SingleClickSpread Functionality

On February 25, 2013, MGEX announced a new single-ctrading functionality between its Hard Red Spring Wheat (HRSand the Kansas City Board of Trade (KCBT) Hard Red WiWheat (HRWW). Market participants will now have the sec

and convenient ability of single-click spread trading betweenMGEX and KCBT wheat contracts. This new function becaavailable on March 10, 2013.

Platts Discontinued Tantalite OreAssessment

On February 12, 2013, Platts decided to discontinue its weprice assessment for US spot tantalite ore (MMAGY00) aseeking industry feedback. Effective February 21, the passessment is no longer published in Platts Metals Daily and

Platts Metals Alert. Effective February 25, it is no longer publisin Metals Week.

Platts to Discontinue Japan, ChinaMolybdenum Assessments

Effective April 30, 2013, Platts is proposing to cease conductwo regional, weekly price assessments for molybdenum oxmoly oxide on a CIF Japan basis and moly oxide FOB Chwhich are published in Platts Metals Alert pages 418 and

respectively. Neither of the assessments have symbols nor they being published in Platts Metal Daily or being databased. reason for the discontinuation is to avoid a possible duplicaor conict with the global daily Molybdenum Dealer Oassessment, which incorporates dealer-to-consumer, producedealer, dealer-to-dealer and producer-to-consumer spot businin-warehouse European ports, delivered US and CIF Japan mports, CIF South Korean ports and CIF Nhava Sheva/MumIndia.

Comments can be sent to [email protected] beMarch 29, 2013.

Graph created with ZEMA

Series a: SMX Silver Futures Contract (USD/toz)
mailto:karen_mcbeth%40platts.com?subject=mailto:karen_mcbeth%40platts.com?subject=http://www.cmegroup.com/trading/agricultural/files/fact-card-wheat.pdfhttp://www.cmegroup.com/trading/agricultural/files/fact-card-wheat.pdf


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datawatchMarch 2013 Agriculture, Forestry and Metal Mark

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NCDEX Postpones Launch oPepper Futures

On February 9, 2013, National Commodity & Derivatives ExchangeLimited informed all trading and clearing members that the launchof Futures Contract Pepper (Symbol: PPRMLGKOC) scheduled

for release February 11, 2013 has been postponed until furthernotice.

CME Transitions KCBT toChicago Trading Floor

On February 4, 2013, CME announced it will transition open outcrytrading for Kansas City Board of Trade (KCBT) hard red winterwheat futures and options to its Chicago trading oor beginningon Monday, July 1, 2013. This is pending a CFTC review. Thistransition will accelerate efciencies and trading opportunities forcustomers trading both the HRW wheat and CBOT Soft Red Winterwheat varieties. KCBT wheat futures and options will continue totrade on CME Globex and be listed by and subject to the rules ofKCBT.

June 28 of this year will be the last day of open outcry trading on theKCBT oor. CME plans to operate an electronic trading center inthe former KCBT oor space until the end of September, providinga place for Kansas city-based traders to execute trades on CMEGlobex. Furthermore, beginning April 15 customers will benetfrom the integration of KCBT clearing services into CME Clearing,subject to CFTC approval. This will provide cross-margining andother capital efciencies for market participants.

CME Code Descripon

SRW CBOT So Red Winter Wheat

HRW KBCT Hard Red Winter Wheat

Platts Reduces FrequencyAssessment o Copper TC/RC

Effective March 1, 2013, Platts proposed to reduce the frequencof assessment for copper concentrate treatment and renincharges, CIF Japan (AAFGC00 and MMCCJ00), from daily t

quarterly assessments. The change to quarterly reects thestablished practice in Japan. It takes into account the mosrecently concluded deals, offers or bids for copper concentratTC/RCs under quarterly, semi-annual or annual contracts. Plattis also proposing to align the assessment names across PlattMetals Daily, Platts Metals Alert and the Platts internal database

The assessment names will change to: Copper concentrate TC CIJapan (expressed as a range in dollars/mt, symbol AAFGC00) anCopper concentrate RC CIF Japan (expressed as a range in centslb, symbol MMCCJ00). The copper concentrate specicationremain 25-30% CU copper-in-concentrate, lumpy ore and anorigin. Payment terms are 0-30 days and cargo begins leaving thport in the month following the transaction.


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EPA Updates Greenhouse GasEmissions Data

On March 2, 2013, the US Environmental Protection Agency (EPA)posted the second year of greenhouse gas (GHGs) emissions dataon its website, which provides public access to emissions data by

sector, greenhouse gas and geographic region.

The 2011 data is collected through the congressionally mandatedGreenhouse Gas (GHG) Reporting Program. It also containsnew data collected from additional source categories, includingpetroleum and natural gas systems and coal mines.

For facilities that are direct emitters of GHGs the data shows thatin 2011:

- Power plants remain the largest stationary source of GHGemissions with 2,221 million metric tons carbon dioxide equivalent(mmtCO2e) followed by Petroleum and natural gas systems withemissions of 225 mmtCO2e. The third-largest emitting source wasReneries with 182 mmtCO2e, a half of a percent increase over2010.

- Overall emissions reported from these 29 sources were 3 percentlower in 2011 than in 2010. In the future the data collected throughthe program will provide the public with the opportunity to compareemissions and developing trends for all 41 industry types by facilityand sector.

EPAs GHG Reporting Program Data and Data Publication Tool canbe accessed here.

EEX Executes First FlemishEUA Auction

On February 26, 2013, the European Energy Exchange (EEX)executed the rst European Union Allowance (EUA) auctionon behalf of the Flanders region in Belgium. This process waslaunched back in 2007 by EEX and Eurex. Together, they provide aplatform for participants for trading in emissions allowances. Duringthe auction, 16 companies bid over 2 million EUA that was sold for4.29 Euro/ EUA. The auction is the rst of four, in which a volume ofat least 8 million EUA is set to be sold by the Flemish region.

NYSE Euronext and BloombergRename Clean Energy Indices

On March 1, 2013, NYSE Euronext and Bloomberg renametheir family of clean energy indices from NYSE BNEF TO NYS

Bloomberg to highlight the involvement of both NYSE anBloomberg in this clean energy index series. The tickers of thindices are also updated to ensure that they are easy to nd antrack.

The clean energy indices are based on Bloombergs New EnergFinances database of organizations involved in clean energand related sectors. Bloomberg New Energy partners with NYSEuronext to benet from the exchanges experience in investabindices and exchange-traded products. NYSE Euronext has beeinvolved in developing and calculating clean energy equity indeproducts for the better part of a decade.
http://www.epa.gov/ghgreporting/http://www.epa.gov/ghgreporting/


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ICAP Launches iSwapin the US

On February 15, 2013, ICAP launched i-Swap, an electronicinterest rate derivative platform for the trading of US dollarinterest rate swaps. This will provide new levels of transparency

and a complete audit trail. Once the new rules are issued by theCommodity Futures Trading Commission (CFTC), ICAP plans onregistering i-swap as a Swap Execution Facility and will operatein compliance with the Dodd-Frank Wall Street Reform andConsumer Protection Act.

CME Lists 5Year EurodollarMidCurve Options

On March 11, 2013, CME listed the 5-Year Eurodollar Mid-Curveoptions for trading. Eurodollar Mid-Curve options provide a wide

variety of hedging and trading opportunities on the mid-range ofthe yield curve. The new 5-Year Mid-Curve options are listed withfour quarterly and two serial expirations. Since these new optionsare short-dated, they offer a low premium, high-time decay optionalternative for trading this part of the curve. The trading venues areopen outcry and on CME Globex.

CME Code Descripon

GE5 5-Year Eurodollar Mid-Curve opons

The trading venues are CME Globex and CME ClearPort.

EBS Launches Two New RupeeProducts in India

On February 03, 2013, EBS announced the launch of two newproducts on the EBS Market. The rst trade in EUR/USD wasexecuted by a major Indian private sector bank on the EBS Marketon January 24. Spot USD/INR (US dollar/Indian rupee) prices arenow available for onshore bank customers to trade. The Indianrupee is one of the top 20 most traded currencies globally and thisis set to increase when it becomes fully convertible.

In a rst for an electronic trading platform in India, the INR Fixis now also available for onshore bank customers to trade on

the EBS Market and will provide traders with the ability to matchcorresponding interests to buy and sell trades. In addition to spotUSD/INR and the INR Fix, banks in India that satisfy eligibilitycriteria now have the opportunity to trade all G7 currencies availableon the EBS Market, in addition to a wide range of emerging marketcurrency pairs.

Eurex Lists Four New MSCI IndexDerivatives

On March 11, 2013, Eurex Exchange listed new derivatives oglobal MSCI indices including futures and options based on thMSCI World, MSCI Europe, MSCI All Countries Asia Pacic ex

Japan and futures. Later this year in July, other derivatives oregional and country-specic MSCI emerging markets indicewill be launched. A total of around 30 new index derivatives wbe launched in two phases. The two planned product launchewill grow the existing offering of equity index derivatives, whiccurrently covers 70 different indices to around 100. Eurex is thonly exchange in the world to offer options as well as futureon regional MSCI indices. Thus, Eurex can offer signicant coadvantages for pledging collateral.

All MSCI index-linked contracts (except the euro-denominateMSCI Europe) are USD-denominated contracts with cassettlement. Maturities of up to 12 months are offered for futureand up to 24 months for options.

BM&FBOVESPA Starts Trading NewInterest Rate Derivatives

On March 1, 2013, BM&FBOVESPA started trading new nanciaderivative contracts referenced to the average rate of one-darepurchase agreements, backed by federal securities. Tradinin the contract is authorized between 9:00 am to 4:00 pm undeticker symbol OC1, with the April 2013 contract as the front month

The contract size will be 100,000 points (BRL 100,000) an

the reference is the effective annual interest rate based on 25business days. The quotation of each contract is given in effectivrates and its value is converted into the Unit Price in points. Threference rate used for this futures contract will be an averagrate representing daily trading in repurchase agreements backeby federal securities via the Special System for Settlement anCustody managed by the Central Bank of Brazil.


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Xetra Launched db XtrackersNikkei 225

On February 25, 2013, a new equity index Exchange-TradedFund (ETF) issued by db X-trackers has been made available fortrading in Deutsche Brses XTF. The newly added db X-trackers

Nikkei 225 UCITS ETF (DR) allows investors to participate in theperformance of the Nikkei Stock Average Index. The referenceindex comprises the 225 largest stock corporations on the TokyoStock Exchange, which are checked at regular intervals withregard to market liquidity factors and sector weighting.

The trading volume and the level of price volatility in the last veyears are taken into account when assessing market liquidity. Themost liquid stock corporations are then assigned to the six sectors:technology, nancials, consumer goods, materials, capital goods/other and transportation/utilities.

Descripon ISIN Code

LU0839027447 ETF name: db X-trackers Nikkei 225 UCITS ETF (DR)

Five New iShares ETFs Launchedon Xetra

On February 11, 2013, four new equity index ETFs and one newbond index ETF issued by iShares have been tradable in DeutscheBrses XTF segment. The aim of the four new ETFs is to trackthe performance of stock corporations, which have exhibited lowvolatility in the past. Investors are able to focus on the followingcorporate markets: emerging markets, Europe, the USA and themarket as a whole. On the other hand, the iShares Global HighYield Bond gives investors access to the US dollar, British pound,

Canadian dollar and euro-denominated corporate bonds fromindustrialised countries with a sub-investment grade rating. Theremaining maturity for new bonds is at least 1.5 years and no morethan 15 years. To maintain diversication, no single issuer mayaccount for more than 3% of the index.

Descripon ISIN Asset Class

iShares MSCI Emerging Markets

Minimum Volality

DE000A1KB2B3 Equity Index ETF

iShares MSCI Europe

Minimum Volality

DE000A1KB2C1 Equity Index ETF

iShares MSCI World

Minimum Volality

DE000A1KB2D9 Equity Index ETF

iShares S&P 500

Minimum Volality

DE000A1KB2E7 Equity Index ETF

iShares Global High Yield Bond DE000A1KB2A5 Bond Index ETF

FTSE and TMX Datalinx Create NewGlobal Fixed Income Index Business

On February 27, 2013, FTSE Group and TMX Group signea denitive agreement to combine their xed-income indebusinesses in a new joint venture. FTSE TMX Debt Capit

Markets will be the third largest xed-income exchange tradefund (ETF) index provider globally. Together both indices are useas benchmarks for more than C$1 trillion in xed income assetsFTSE holds a 75 percent majority stake in the joint venture whiTMX Group owns a 25 percent stake.

FTSE TMX Debt Capital Markets can build on the successftrack record of FTSE and TMX Datalinx to provide innovativxed-income index and analytical products and services. Thtransaction will signicantly strengthen FTSEs position in xedincome, the second largest asset class globally with approximateC$13.7 trillion invested.

ICE Launches Cetip | Trader

On February 25, 2013, ICE and Cetip S.A. jointly launchexed income trading platform Cetip | Trader. The launch followa successful beta test, which started in the last August annal regulatory approval from the Brazilian securities regulatoComissao de Valores Mobiliarios.

Cetip | Trader offers market investors and traders access tvoice conrmation, electronic trading and historical data in single platform. Over the past few months, it has been thoroughtested in a simulated trading environment with approximately 8

institutions entering more than 100,000 mock trades. While thplatform was initially developed for corporate and governmenbonds; its exible architecture is adaptable for other productdriven by market demand. Cetip | Trader also supports ICEs postrade processing service.

Ricardo Vit, Cetip Trading Solutions Manager, said: In additioto easier access to liquidity and execution, the complete solutioalso aims for better operational risk mitigation and total coreduction on the life of a trade. ICE Link allows standardization the trade workow and better data integrations with counterpartieand internal systems. This provides market participants a level oautomation never before experienced in the Brazilian over-thecounter market.


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NYSE Life Lists MSCI Europe Index

On March 1, 2013, NYSE Liffe extended its suite of derivativesbased on MSCI indices to the London Central Order Book. ThisContract is the rst of a range of products linked to MSCI indicesthat will be made available on the Central Order Book. TheMSCI Europe Index is a free oat-adjusted market capitalizationweighted index, which is designed to measure the equity marketperformance of the developed markets within Europe.

The MSCI Europe Index consists of the following 16 developedmarket country indices: Austria, Belgium, Denmark, Finland,France, Germany, Greece, Ireland, Italy, the Netherlands, Norway,Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

Eurex Expands its Product Oferingon French Government Bonds

On March 11, 2013, Eurex Exchange introduced a new interestrate future, the Mid-Term Euro-OAT Future, which is based onnotional medium-term bonds issued by France (ObligationsAssimilables du Trsor OAT). Together with the long-term Euro-OAT Futures which were introduced in April 2012, the contractcomplements the existing segment and offers market participantsa hedging instrument. This enables the hedging of risks and basistrading in the mid-term maturities range of the French yield curve.

The Mid-Term Euro-OAT Future is based on deliverable bondswith a residual maturity of 4.50 to 5.50 years with an originalmaturity of not more than 17 years. As with the existing futurescontracts, the notional coupon will be 6 percent and the contract

value 100,000 euros. The minimum tick size will be xed at 0.01percent (10 euros per tick) in line with the tick sizes of the otherEurex interest rate futures.

Clearstreams Direct Linkto Russia Goes Live

On March 4, 2013, Clearstream announced its link to Russia ioperational and ready to serve Russian market investors antraders. Clearstreams direct link to the new Russian CentraSecurities Depository (CSD) the National Settlement Depositor(NSD), went live on February 28, 2013. This offers custody pricefor settlement in Russian government bonds (OFZ). Markeparticipants can now settle securities transactions more efcient in Russian roubles and more securely within this single systemthe new Russian NSD. Clearstream offers enhanced access tseven CEE markets: Hungary, Poland, Czech Republic, SlovaRepublic, Romania, Bulgaria, and Slovenia. These links formpart of a program to develop the rms global reach which offercustomers access to 53 markets world the largest InternationaCentral Securities Depository settlement network.

With the link to Russian NSD live since February 28 , 2013 anpartnership with Deutsche Bank Moscow Ltd., Clearstream offerFOP custody in OFZ bonds at competitive market prices which ar

up to 52 percent lower than Clearstreams existing rates.

S&P/ASX 200 VIX Availablein Real Time

On February 28, 2013 the S&P/ASX 200 VIX, Australias equitmarket volatility benchmark was made available in real time. Thireplaced the current end-of-day VIX index by using real-time bidask prices of S&P/ASX 200 index options to calculate the VIXindex value.

The VIX is an instrument used to monitor the level of near-termvolatility in the Australian benchmark equity index. It impliemarket expectations of the volatility in the S&P/ASX 200 over thnext 30 days and provides an indicator of investment sentiment.

Interest in derivative products over the VIX in Australia has growsince the launch of the end-of-day VIX index in 2010. The real-timVIX is an important requirement for ASX to launch VIX futureswhich is set to launch near the end of this calendar year.


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CME Delists 30Year Treasury BondFutures vs. 30Year USD InterestRate Swap Futures

Effective March 17, 2013, the 30-Year Treasury Bond Futuresvs 30-Year USD Deliverable Interest Rate Swap intercommodityspread will be delisted from CME Globex for the next trade date.These contracts are listed with, and subject to, the rules andregulations of CBOT.

CME Code Descripon

ZB 30-Year Treasury Bond Futures vs. 30-Year USD

Deliverable Interest Rate Swap Futures

Intercommodity Spread

Eurex to Ofer Direct MarketAccess in South Korea

On February 18, 2013, Eurex Exchange announced that itreceived conrmation from the South Korean Financial ServicesCommission (FSC) it can offer its full suite of products in thecountry without objection. Eurex has already established a verysuccessful cooperation with the Korea Exchange (KRX), theEurex/KRX Link. The new possibility of a direct membership willfurther enhance the Eurex/KRX cooperation and strengthen theties between Korean and German nancial markets.

Financial institutions from South Korea now have direct access tothe Eurex Exchange network and to the leading Eurex Exchangeproducts including benchmark index futures based on indices likeEURO STOXX 50, DAX and SMI. This partnership could enableAsian and European market participants to have greater access tomore futures and options product suites.

Tradition Expands TradX Platormor USD Interest Rate Swaps

On February 15th, 2013, it was announced that Trad-X, theglobal hybrid for trading interest rate swaps, would be expandingits services to USD markets by launching its USD interest rateswap product. The derivative technology solution was launchedby Tradition 18 months ago and is supported by 11 of the largestbanks in the world. The platform intends to build on this successby expanding its services into another key trading currency- USD.

NGX Renames Cleared FuturesInstruments

On February 14, 2013, the Natural Gas Exchange (NGX) informecounterparties of a name change of the cleared futures instrumenas a result of changes made by the regulatory environme

governing the NGX.

NGX is currently regulated by the Alberta Securities Commissio(ASC) as an exchange and a clearing agency and by the UCommodity Futures Trading Commission (CFTC) as a derivativeclearing organization (DCO)/ Exempt Commercial Market (ECMThis structure enables both Canadian and US entities to accesNGXs markets and clearing services.

NGX has applied to switch their status to a Foreign Board of Trad(FBOT) as a result of their status elimination as an EMC by thDFA. NXGs application to become a FBOT is under review by thCFTC.

A requirement for the transitioning is that all contracts mad

available by the FBOT for trading by direct access in the US will bsubject to a clearing requirement. Rule 48.7(c) (1) (ii) section 73of the Dodd-Frank Wall Street Reform and Consumer ProtectioAct. All orders within the FBOT will be categorized as foreigfutures and subject to the clearing requirements effective on thdate of NGX registration as a FBOT. NGX will no longer offebilateral trade options within the central limit order book (CLOB).

This transition will allow persons from the US to have direct accesto the FBOTs electronic trading and order matching systems fofutures, options and CFTC regulated swaps.


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Wall Street JournalLaunches NYINDEX

On February 11, 2013, the Wall Street Journal launched NYIndex,an interactive, dynamically updating list of inuential New Yorkers.NYIndex uses frequency and context of media mentions, among

other factors, to determine the rankings. Some refer to NYIndexas the Wall Street Journals Empirical Guide to Power, Fame andInfamy with an ability to track people in real time and scores theirinuence based on key measures.

The NYIndex rankings of inuential New Yorkers, which will beupdated online every Monday, include interactive componentsshowcasing the biggest jumps and drops on the list. In parallel withthe Factiva-generated list is Peoples Picks, generated entirely byreaders votes, and appearing alongside the main Index.

Here is the link to the NYIndex.

NYSE and SMA to Distribute SocialMedia Analysis

On February 14, 2013, NYSE Technologies and Social MarketAnalytics (SMA) announced an agreement to distribute sentimentstatistics from SMAs patent-pending social media monitoringengine through NYSE Technologies SFTI Network; and itsnormalized market data service, SuperFeed. Since social mediahas become a crucial source of information for the nancialservices community, the SMA Sentiment Signature Feed aimsto offer customers a rst-of-a-kind tool for including social mediasentiment in the market analysis and decision-making processes.

As part of the agreement, NYSE Technologies subscribingcustomers can access data from SMAs social media monitoringengine. SMAs engine extracts, evaluates and calculates data inreal-time to attempt to generate directional and volatility indicationson individual stocks, ETFs, sectors, and indices by measuringthe level and quality of social media interactions on social mediasources relative to historical levels. Through this agreement,NYSE Technologies becomes the exclusive reseller for the SMASentiment Signature Feed in the rst quarter of 2013.

Platts to Launch Assessments or

Domestic China Caustic Soda

On February 5, 2013, Platts announced a proposal for a weeklyChina domestic caustic soda assessment in yuan/mt, to belaunched on May 7, 2013 and reecting a 32% solution of ex-work cargoes of 100-500 mt. The assessment would be basedon information sourced from the market using the Platts Marketon Close assessment processes at 4:40pm Singapore time, andwould be traded with letters of credit at sight.

Comments can be sent to [email protected] byMarch 31, 2013.

Markit Hub Distributes FitchRatings Research

On February 20, 2013, Markit announced their Hub would nodistribute research and credit analysis from Fitch Group. Thdecision would signicantly benet both companies, as Markit w

be able to broaden their Hub content with quality credit researchwhile Fitch will be able to extend their research across largesectors to those who depend on these nancial platforms.

ASX Enhances GlobalNetwork Connectivity

On February 19, 2013, ASX announced plans to expand its globanetwork connectivity through the launch of ASX Net Global foglobal customers to connect to ASX and ASX 24 trading platformand to the full range of services located in the ASX AustraliaLiquidity Centre (ALC). ASX Net Global links the ALC with th

nancial communities located in Asia (SGX Singapore), Europ(Interxion London) and North America (Equinix Chicago). Thnew low latency, yet cost-effective network, promises to provide leading connectivity solution for international customers wanting ttrade on ASX markets and access the growing Australian nancicommunity located in the ALC. Existing ASX 24 internationnetwork customers will be migrated to ASX Net Global during thrst half of 2013.

According to ASXs General Manager, David Raper, thnew network offers enhanced connectivity to the investmenopportunities and services available to both the existing clients ithe ALC and to members of the global nancial services communiwho are attracted to the Australian market.

ISE and IndexIQ Partner toDevelop New ETPs

On February 8, 2013, the International Securities Exchange (ISEannounced their rst partnership with leading asset managemerm IndexIQ. The agreement between ISE and IndexIQ is basearound their decision to create a platform of support and promotiotowards new exchange traded products (ETPs), with a specitarget on physical commodities. This partnership is the rst step itheir attempt to bring new innovative products to the commoditie

market.
http://projects.wsj.com/nyindexmailto:pricegroup%40platts.com?subject=mailto:pricegroup%40platts.com?subject=http://projects.wsj.com/nyindex


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TAIFEX and Eurex to Cooperate inDerivatives Trading

On February 6, 2013, the Taiwan Futures Exchange (TAIFEX)announced extensive product cooperation with the EurexExchange to trade and clear derivatives based on the TAIEX

index. The rst step for this new link is to list TAIEX options andfutures as daily expiring futures on Eurex Exchange in the forthquarter of 2013. In addition, because of this new link, investors inthe US or Europe will be able to trade TAIEX futures and optionswhile the TAIFEX market is closed, which was supported by 11 ofthe largest banks in the world.

NOAAs Coast Survey Plans or NewArctic Nautical Charts

On March 8, 2013, NOAAs Coast Survey ofce issued aupdated Arctic Nautical Charting Plan, as a major effort timprove inadequate chart coverage for Arctic areas experiencin

increasing vessel trafc due to ice diminishment. The update wareleased after consultations with maritime interests and the publicas well as with other federal, state, and local agencies. With lessea ice and more ship trafc, new charts are needed for safetyNOAA plans to create 14 new charts to complement the existinchart coverage.

Commercial vessels depend on NOAA to provide charts anpublications with the latest depth information, aids to navigationaccurate shorelines, and other features required for safnavigation in US waters. The effort to update Arctic Natural Chartsupports the objectives of the National Ocean Policy that fosteunderstanding of changing conditions in the Arctic, and focus oocean, coastal, and Great Lakes observations, mapping, aninfrastructure by strengthening mapping capabilities into a nationa

system and integrating that system into international observatioefforts.
http://ze.com/zema-4.htm


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March 2013

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

Interested in ZEMA Suite? Contactus to learn more18

Prompt month contract for Brent Crude Oil and West Texas

Intermediate plunged in the rst half of March after a quarter ofrising prices. Brent Crude declined by 6USD/Bbl to 109 USD/Bbl inMarch, whereas WTI prices declined by 4 USD/Bbl to 91 USD/Bbl.

Economic uncertainty in Europe as well as manufacturing datafrom China that came in below market expectations contributedto the recent crude oil price declines. The unemployment rate forEurozone countries increased to a record high of 11.9 percent bythe end of February.

The oil futures followed a similar path to the prompt monthcontracts. The Brent WTI Spread of the NYMEX Forwardcontracts narrowed by 2 USD/Bbl in March compared to Februarymostly due to weak status of Brent caused by a lot of uncertaintyover the Eurozone debt situation.

The booming shale production adds to the backlog at the NYMEXdelivery point. This abundance of steady feedstock will continue toweigh on the benchmark and will serve to diminish the US need forlight sweet crudes from other sources.

March has been a relatively volatile month for weather acrossmany cities. Chicago saw temperatures rise above freezing forthe rst time in a few months but likewise saw them drop to -15degrees a few weeks later. In New York, the month-to-monthaverage increased by 2 degrees to plus 1 between February and

March. Raleigh reached highs nearing 15 degrees during March,but each peak followed with a severe drop-off down to below 7degrees.

Actual Weather (AccuWeather)

North American Natural Gas Spot Prices (ICE)


Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX)

Crude Oil Brent vs. WTI: Forward Curve (NYMEX)

Actual Weather (AccuWeather)
mailto:contact%40ze.com?subject=mailto:contact%40ze.com?subject=


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March 2013

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

Interested in ZEMA Suite? Contactus to learn more19

North American Electricity DA Prices (ICE)

North American Natural Gas Spot Prices (ICE)


ISO-NE and NYISO power prices dropped sharply from theFebruary peaks of $140/Mwh and $143/Mwh, respectively, to lowin March of $44/Mwh and $45/Mwh. This is likely due to rising.

California power prices rose slightly in mid- March, but peademand forecasts have attened.

Natural gas prices in the New York region have exhibited volatiliin recent months due to strong weather patterns and persistecapacity issues. With temperatures rising, a decline in demancaused prices in the Northeast to be slightly lower than previouperiods.

Last month, Transcontinental Pipelines Zone 6 delivery point saprices soar well above $40 per MMBtu. This month however, thprice remained well below $6, indicating a steadier rate of deman

With unchanged fundamentals on the long term outlook, ICE HenHub natural gas futures remained at approximately the same levwith only a 3% change in price compared to last month.
mailto:contact%40ze.com?subject=mailto:contact%40ze.com?subject=


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datawatchMarch 2013 News from Data Vend

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DataSource REPORT REGION

AESO Operating Reserve - Offer Control Report North America

Argus LNG Daily Global

Australian Bureau of Statistics CPI - Analytical Series - Weighted Average Australia

Australian Bureau of Statistics CPI - Groups - Weighted Average Australia

Bentek FERC 720 Pipeline Update North America

CAISO CMRI Market Awards RTUC North America

CAISO PIRP Rolling Hour Ahead Forecast North America

EOX Live Power Implied Volatility Curve North America

Energy Intelligence NGW GPR Gas Price Report North America

Energy Intelligence NGW Weekly Spot Prices North America

Energy Intelligence NGW GPR Gas Price Outlook North America

Energy Intelligence NGW Prices at Major Hubs and Selected City Gates North America

Energy Intelligence NGW Comparative Fuel Prices North America

Energy Intelligence NGW Canadian Price Report North America

Energy Intelligence NGW Monthly Bidweek Prices North America

Energy Intelligence NGW Daily Spot Prices North America

Energy Intelligence NGW GPR Composite Spot Prices North America

Energy Intelligence NGW Natural Gas Rig Count North America

Energy Intelligence NGW North American Weekly Gas Storage North America

Federal Reserve Foreign Exchange Rates Global

IESO TTDC Peak System Demand Final Data North America

IESO TTDC Peak System Demand Preliminary Data North America

IIR WECC 7 days Outage Heat and Cool Degrees North America

IIR CAISO 60 Day Power Outage Summary North America

IIR WECC 60 Day Power Outage Summary North America

IIR CAISO 180 Day Outage Forecast North America

IIR PJM 180 Day Outage Forecast North America

IIR MISO 60 Day Power Outage Summary North America

IIR PJM 60 Day Power Outage Summary North America

MSSL Senoko MSSL Master Global

MSSL Senoko MSSL Operational Global

Net Energy Alberta Power Marks North America

One Exchange Crude Oil Indices Global

PADEP Oil And Gas Well Production North America

New Data Reports or ZEMA

At ZE, we are continuously growing our data coverage. Our highly exible data parsers can collect information in any electronic formafrom any source and at a frequency. Since the February 2013 edition of ZE DataWatch, we have added several new data reports to ZEMA


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Platts Changes to PlattsDerivative Market Data

On May 1, 2013, Platts will move any oil swaps market data foundin physical market data categories to categories designed tocontain swaps information.

There are no plans to remove swaps that are available in PGAor any of Platts oil newsletters. The swap data that is availablein publications and PGA today will continue to be available to allsubscribers to those services.

Those market data categories are affected by the swap movesinclude:

CS - Singapore physical rened products

CX - Singapore physical fuel oil

CJ - Japan physical rened products

RI - International crudes

LG - LPG Americas LI - LPG non-Americas

PZ - New York Harbor Fuel Oil

UZ - US Gulf Coast Fuel Oil

For more information on the swaps please refer to the followingPlatts subscriber notes.

Asian oil swaps subscriber notes:http://platts.com/SubscriberNotesDetails/6197556 19 April 2012http://platts.com/SubscriberNotesDetails/6488882 23 July 2012

European swaps subscriber notes:http://platts.com/SubscriberNotesDetails/6197554 19 April 2012http://platts.com/SubscriberNotesDetails/6488884 23 July 2012

American swaps subscriber notes:http://platts.com/SubscriberNotesDetails/8197823 19 April 2012http://platts.com/SubscriberNotesDetails/6488880 23 July 2012

New Platts Market DataCategories and Symbolsor ISO prices, Heat Ratesand Renewable Energy

Certicates

As part of the new Platts Megawatt Daily release on March 4, 2013,the following symbols have been created for average on-peakand off-peak day-ahead auction prices from six US independentsystem operator (ISO) markets and marginal heat rates based onPlatts daily gas prices from Gas Daily. The data will be published inthe new Megawatt Daily, and also will be delivered through PlattsFTP and real-time services.

The following new Market Data categories have been created:

IK will be included in ES package, and IL will be in EK packagIK Electricity: North American ISO PricesIL Electricity: North American ISO Spark Spreads

Please note that the new market data categories referenceabove will now be going live to customers on April 1st instead o

March 1st. This is to allow our mutual clients some additional timto prepare for these changes.

We will also be launching another new data category, RE, whicrepresents Platts Renewable Energy Certicate AssessmentAttached is a Fact Sheet that provides further detail about thnew assessment. This, along with IK, will be available to existinES subscribers on April 1st. IL will be available to existing EKsubscribers.

Here are the links to the symbol notices:

https://www.platts.com/newcodedetails/6191832 (IL & IK)http://platts.com/NewCodeDetails/6208027 (RE)

New Platts Risk ProductsGoing Live May 1

Currently Platts publishes M2M Gas and M2M Power productsThey consist of a daily output of 36-month forward curves fo79 natural gas hubs and 48 power hubs in North America. Fonatural gas hubs we also provide a balance-of-the-month valueFor power hubs we provide on-peak and off-peak forward curveOnce a month we provide 240-month curves for each of the gaand power hubs we cover.

To better provide for the needs of customers Platts are working o

a major restructuring of the M2M Gas and M2M Power productsto go live on May 1, 2013. The new products will be called M2MGas and M2MS Power and they will replace the old M2M Gas anPower products, which will stop existing upon the launch of thM2MS.

The dening features of the M2MS Gas and M2MS Power producinclude:

1. M2MS Gas and M2MS Power will contain on a daily bas120-month forward curves for all of the 79 gas hubs and 48 powehubs (on-peak and off-peak) currently covered by M2M Gas anM2M Power.

2. The 79 gas hubs and 48 power hubs will be broken into vregional packages for gas and ve regional packages for powewhich our customers will be able to buy separately or together.

3. Additional packages, containing the curves that pertain only tthe current M2M hubs, covered by our editors will be available foboth Gas and Power

4. On a daily basis we will be providing 120-month curves containinthe historical volatility (in percent per annum) of the gas and poweprices for each of the hubs available in the forward curve regionapackages. The historical volatilities will be determined from daivalues over the course of the last 22 business days.
http://platts.com/SubscriberNotesDetails/6197556http://platts.com/SubscriberNotesDetails/6488882http://platts.com/SubscriberNotesDetails/6197554http://platts.com/SubscriberNotesDetails/6488884http://platts.com/SubscriberNotesDetails/8197823http://platts.com/SubscriberNotesDetails/8197823http://img.en25.com/Web/Platts/Platts_REC_Fact_Sheet.pdf?WT.mc_id=&WT.tsrc=Eloqua&elq=0e9e2b1a708946a181063d74701f69d5https://www.platts.com/newcodedetails/6191832http://platts.com/NewCodeDetails/6208027http://platts.com/NewCodeDetails/6208027https://www.platts.com/newcodedetails/6191832http://img.en25.com/Web/Platts/Platts_REC_Fact_Sheet.pdf?WT.mc_id=&WT.tsrc=Eloqua&elq=0e9e2b1a708946a181063d74701f69d5http://platts.com/SubscriberNotesDetails/8197823http://platts.com/SubscriberNotesDetails/8197823http://platts.com/SubscriberNotesDetails/6488884http://platts.com/SubscriberNotesDetails/6197554http://platts.com/SubscriberNotesDetails/6488882http://platts.com/SubscriberNotesDetails/6197556


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5. Each of the price numbers belonging to forward curves describedabove will have an indicator showing whether this forward pricewas settled at the ICE, or obtained by means of quantitativemodels.

6. On a daily basis we will be providing 120-month spark spreadand heat rate curves for each of the power hubs available in theforward curve regional packages. We will be using selected power/

gas hub pairs at which to calculate the latter quantities. The sparkspreads will be calculated at incrementally increasing plant heatrates (7000, 7500,,13000 Btu/kWh)

7. On a daily basis we will be providing 120-month price correlation(in percent) curves between power and gas prices. The correlationswill be calculated during the last 22 business days for all of thepower hubs (on-peak and off-peak) available in the forward curvepower regional packages and selected gas hubs.

8. On a monthly basis we will be providing 240-month forwardcurves for all of the 79 gas hubs and 48 power hubs (on-peak andoff-peak) currently covered by M2M Gas and M2M Power

9. On a monthly basis we will be providing 240-month curves

containing the historical volatility (in percent per annum) ofthe gas and power prices for each of the hubs available in theforward curve regional packages. The historical volatilities will bedetermined from monthly values over the course of the last 12business months.

10. On a monthly basis we will be providing 240-month sparkspread and heat rate curves for each of the power hubs availablein the forward curve regional packages. We will be using selectedpower/gas hub pairs at which to calculate the latter quantities. Thespark spreads will be calculated at incrementally increasing plantheat rates (7000, 7500,,13000 Btu/kWh)

11. On a monthly basis we will be providing 240-month historical

price correlation (in percent) curves between power and gasprices. The correlations will be calculated from monthly valuesduring the last 12 business months for all of the power hubs (on-peak and off-peak) available in the forward curve power regionalpackages and selected gas hubs.

Russia Conrms Argus asSole Supplier o Indexesor Oil Export Duties

Russian prime minister, Dmitry Medvedev signed a governmenresolution last week formally recognising global energy an

commodity price reporting agency Argus as the sole source oprice information for setting monthly export duties for Russiacrude oil, petroleum products and LPG. The Russian governmenwill use Argus Urals price assessments for calculating duties focrude and products, and Argus daf Brest price assessments foLPG.

The government resolution follows a shift to 100pc Argus pricinfrom May 2012 . Russia previously used other price assessmenproviders in addition to Argus. Industry requests led the Russiagovernment to switch to Argus on an exclusive basis nine monthago, and Medvedevs decision represents the ofcial recognitioof this practice.

Argus Media chairman and chief executive Adrian Binks sai

We are pleased that prime minister Medvedev has conrmed thexclusive use of Argus for calculating Russian export duties fooil and LPG. Russia is a key participant in energy markets anthe choice of Argus as its supplier of price information reects condence in the accuracy of our data. Russia is one of a growinlist of governments that rely on Argus to provide transparent anrepresentative price information.

Argus prices are used by key Russian ministries and governmenagencies, including the federal tax service, the federal antmonopoly service and the economy ministry.
http://ze.com/houston2013/


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Successul Launch oCWE FlowBased MarketCoupling Parallel Run

1 March 2013; The Central Western European (CWE) FlowBased Market Coupling (FB MC) project has achieved a majo

milestone by starting the publication of Flow-Based simulatioresults to the market. Under Flow-Based market coupling, crossborder capacities in the CWE region will be allocated with thaim of optimizing the overall market welfare in the region, whigranting that physical limits of the grids are respected. The FlowBased methodology is expected to enhance the usage of the griinfrastructure while respecting security constraints, and henccontribute to increased price convergence in the PentalaterCWE region (consisting of Belgium, France, Germany, Luxemburand the Netherlands).

After two years of development and experimentation, TransmissioSystem Operators (TSOs) and Power Exchanges (PXs) havdelivered a robust Flow-Based design in line with preliminarstudies showing higher price convergence and welfare in thCWE region, compared to the current market coupling methobased on available transmission capacities (ATC) per individuaborder. Based on these promising results, the external parallel ruhas started on February 21 2013, with an ex-post publication othe results as of January 1 2013, and will last for one year. Thlearning period is meant to enable market parties to experiencthe Flow-Based market mechanism.

The data publication consists in Flow-Based paramete(calculated capacities) and reports of market simulation resulincluding hourly prices, volumes and net positions for all CWmarket areas, graphs on price convergence/divergence anwelfare calculations.

In addition, project partners will implement industrialized systemin the course of the year in order to ensure the reliability of thprocess. All parties aim to have CWE FB MC technically ready bthe end of 2013.

Feedback from stakeholders is expected during the publconsultation process in May/June and will be key input for thvalidation of the nal market coupling solution.

The Go Live decision will be taken after the successful launch othe NWE (North West Europe) price coupling based on the desigof the PCR (Price Coupling of Regions) and the necessary jointesting activities.

The new Flow-Based market coupling mechanism is ful

compliant with other coupling projects. It will apply rst betweethe countries in the CWE region. The Flow-Based design howeveis also exible, allowing a full European market coupling wherebsome borders or regions are treated Flow-Based and others ston the current method of ATC.

Thus, Flow-Based Market Coupling will be an important buildinblock to the target of an integrated European energy market b2014.

More detailed information will be shared during the CWE FB MMarket Forum on the 7th of March 2013 at the Lindner CongresHotel in Dsseldorf.

MDA Wind GenerationForecast

MDA Weather Services produces wind generation forecasts fornearly 1800 wind farms with over 80 GB of generation capacityin the United States, Canada, the United Kingdom, Ireland, Spainand Germany. We also continue to add farms and regions aswind energy keeps expanding across the world. In addition towind farm forecasts for individual farms, we forecast aggregategeneration in 12 electrical grids, including MISO, ERCOT, SPP,and CAISO.

Our short-term forecast uses statistical techniques that learn fromthe data on wind speed and power variations at your location ofinterest, and develop predictive relationships between present windat and around your location and future winds. This allows skillfulforecasts of the wind up to three hours. Beyond that time, we usea hierarchy of numerical models to forecast wind speed from threehours out to nine days. By comparing each models prediction withobservations over the past several weeks, we remove biases fromeach model, and develop forecasts that are more skillful than any

individual model by combining the model forecasts in proportionaccording to their skill. On our web interface, we show not onlyour best estimate of wind generation, but also the independentforecasts of the constituent models, which allows users to considerunlikely but high-impact scenarios.

PJM Win Generation, Initialized At 2013-03-18 18:00:00 UTC

01 Hour NAM 80m Wind Forecast Valid 2013-03-18 at 13 UTC


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Czech Market OperatorOTE Joins the PriceCoupling o RegionsInitiative

Amsterdam / Brussels / Madrid / Oslo / Paris / Prague / Rome

4 March 2013; The project partners of the Price Coupling ofRegions (PCR) today welcome the Czech Market Operator, OTE,as a partner to the PCR Initiative. OTE is the seventh member ofPCR, an initiative to facilitate the pan-European coupling of day-ahead power markets. OTEs participation in the PCR Initiativeis a clear signal of OTEs commitment in European Integrationactivities.

As the Power Exchanges involved in the PCR Initiative aim todevelop a wider cooperation across Europe, the Initiative is opento other European Power Exchanges wishing to join.

PCR is the Initiative to develop a single price coupling solution to beused to calculate electricity prices across Europe. This is crucial in

order to achieve the overall EU target of a harmonised Europeanelectricity market, expected to increase liquidity, efciency andsocial welfare.

PCR is based on three main principles: the use of a singlealgorithm, robust operation and individual Power Exchangeaccountability. The use of a single algorithm will give a fair andtransparent determination of day-ahead electricity prices acrossEurope and has been developed by respecting the specic featuresof the various power markets across Europe. Consequently, it willoptimise the overall welfare and increase transparency.

The PCR system service enables the exchange of anonymousorders and area-to-area transmission capacities among the PowerExchanges, in order to calculate area prices as well as other

reference prices and area-to-area cross border-transmission owsfor all involved bidding areas.

PCR has created a governance structure based on a PCR Co-Ownership Agreement and a PCR Co-Operation Agreement togovern the cooperation among the PCR Exchanges.

By jointly developing a pan-European market coupling algorithmand coordinating the governance structures between PowerExchanges, the Price Coupling of Regions Initiative enables theachievement of the European Day-Ahead Target Model, dueby 2014. The Target Model is the pan-European price couplingsolution fully described in the Capacity Allocation and CongestionManagement Framework Guidelines, published by the Agency for

Cooperation of Energy Regulators (ACER).

For further information please contact:

APX and Belpex, Sanna-Maaria Mattila,Corp Communications and Press, +31 20 305 4060

EPEX SPOT, Wolfram Vogel,Director Public Affairs & Communications, +33 173 03 61 32

GME, Matteo De Santis, Institutional Relation & Communication,+39 06 80 12 4549

Nord Pool Spot, Stina Johansen, Head of Communications,+47 916 50 603

OMIE, Gabriel Menchn Iglesias,Communications & Press,+34 91 659 89 00

Power Trading Results inFebruary 2013

Paris, 4 March 2013; In February 2013, a total volume of 26.8 TWwas traded on EPEX SPOTs Day-Ahead and Intraday market(February 2012: 26.2 TWh). The French Day-Ahead and Intradamarkets displayed particularly good results, with all-time recordin trading volumes on both market segments despite the shortemonth. Together, they accounted for roughly 6 TWh.

Day-Ahead marketsIn February 2013, power trading on the Day-Ahead auctions o

EPEX SPOT accounted for a total of 25,359,672 MWh (Februar2012: 24,742,127 MWh) and can be broken down as follows:

Areas Monthly volume

MWh

Monthly volume

previous year

MWh

Price monthly

average

(Base / Peak*)

Euro/MWh

DE/AT 18,376,904 18,190,156 44.62 / 56.0

FR 5,673,213 5,418,995 54.46 / 63.4

CH 1,309,555 1,132,976 56.48 / 64.5

ELIX European Electricity Index 48.91 / 59.4

* Peak excl. weekend

Trading volume on the French Day-Ahead market registered a neall-time high. The new record is a 2 % increase from the previourecord in October 2012 (5,543,422 MWh).

Prices within the French and the German market, both couplewith Belgium and the Netherlands within the market couplininitiative in Central Western Europe (CWE), converged 13 % othe time.

Intraday MarketsOn the EPEX SPOT Intraday markets, a total volume of 1,442,03MWh was traded in February 2013 (February 2012: 1,481,59MWh):

Areas Monthly volume

MWh

Monthly volume

previous year

MWh

DE/AT 18,376,904 1,217,201

FR 5,673,213 264,38

* without Austrian market, which was launched in October 2012

Trading volume on the French Intraday market registered a neall-time high. The new record is a 13 % increase from the previourecord in February 2012 (264,389 MWh).


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In February, cross-border trades represented 11.2 % of the totalIntraday volume. Volume in 15-Minute contracts amounted to97,215 MWh. In February, they represented 8.7 % of the volumetraded on the German Intraday market.

PanEuropean Intraday

Target Model ConnesExchanges DevelopmentCapacity

London | Paris, 14 March 2013; Performing power markets needexibility: This is the result of discussions amongst the membersof the Exchange Council of the European Power Exchange EPEXSPOT at its latest meeting. Concerning this matter, the ExchangeCouncil deliberated on the tender for the pan-European Intradaysystem and supported the development of new exible products.

Since 2012, a tender for choosing the optimal Intraday systemfor the operation of the pan-European Intraday Target Model isbeing held. This tender is led by Power Exchanges. Developmentand implementation of the system are foreseen during the nextmonths, subject to backing of the Transmission System Operators(TSOs) approvals by regulatory authorities. ACERs support ofthe tender procedure is a clear signal that it was the best road wecould have taken considering the circumstances. The tender willbring facts and transparency, said Peter Heydecker, the Chairmanof EPEX SPOTs Exchange Council. Doubting that a single systemwould be efcient for a market in need of diversied products, heunderlined that the Intraday Target Model has to be robust in itscapacity of letting Power Exchanges choose and develop exibleinstruments that respond best to the needs of the market. Jean-Franois Conil-Lacoste, Chairman of the Management Boardof EPEX SPOT, concluded that continuous intraday markets

become tangibly more important to answer the need for short-term exibility, in particular by integrating the increasing amountof renewable power sources. As 2014 is imminent, a clear cost-benet analysis needs to be presented to decision-makers inorder to nd ways to timely converge towards more integration ofEuropes Intraday markets.

Intermittent production from renewables challenges the electricitysystem, grid stability issues arise and the market evolves closerto real-time. That is why EPEX SPOT is investigating solutionsto increase exibility of its intraday and day-ahead markets, asannounced in September 2012. These ongoing studies arebeing actively shared with stakeholders. The Exchange Councilsupported especially the following improvements:

Opening of 15-minute contracts on the German Intradaymarket one day in advance at 4 p.m. instead of 2 hoursbefore delivery. After the assessment of trading activity andregarding the fact that liquidity of hourly products was notimpacted during the test period since November 2012, theExchange Council decided to maintain the earlier opening.

The Intraday market could run up to 30 minutes before deliveryincluding cross-TSO trades instead of the 45 minutes gateclosure time of today. This could become possible by reducing

the nomination lead time of EPEX SPOTs clearing housEuropean Commodity Clearing, needed for the nomination otransactions at the TSOs to assure the physical delivery oelectricity. Market participants showed strong interest in thtopic. This proposal will be further investigated. There is noyet a timeframe for the implementation.

Based on the markets feedback, the European Power Exchang

will further study the potential for optimizing its markets exibility

The rst Exchange Council in 2013 was held in London oMarch 13, 2013 and chaired by Peter Heydecker, Head oOrigination Gas & Power at Vitol.

***

The Exchange Council of EPEX SPOT is an ofcial body othe Exchange. 16 members and 5 permanent guests represenadequately the diversity of economic and corporate proles thaexists among the Exchange Members from various sectors: powetrading companies, transmission system operators, regionsuppliers, brokers and nancial service providers, as well acommercial consumers and academics. Its missions include

particular the adoption of the Exchange Rules and the Code oConduct of EPEX SPOT and their amendments. The ExchangCouncil approves new trading systems as well as new Contractor Market Areas and approves the appointment of the Head of thMarket Surveillance Ofce. It meets up quarterly.

Addition o the LegalEntity Identier (LEI) toSIRS

Interactive Data are pleased to announce effective February 25

2013 the addition of the Legal

Documents

DataWatch March 2013