Embed Size (px)
Citation preview
DAWN OFA RENAISSANCETHE MALAYSIAN DERIVATIVES MARKET
2010 was a year of reckoning for Bursa Malaysia
Derivatives (BMD), a subsidiary of Bursa Malaysia Berhad.
It was the fi rst full year of our partnership with
the Chicago Mercantile Exchange (CME) Group in
developing initiatives jointly towards the growth and
internationalisation of the Malaysian derivatives market.
The partnership with CME Group was sealed on
17 September 2009 with CME investing a 25 percent
equity stake in BMD. To fellow players who
participated in the Malaysian derivatives journey over
the initialisation and consolidation phases of the
commodity, monetary and fi nancial futures exchanges,
it was akin to going through a period of déjà vu.
Years ago, we had built the same dream for our
futures exchanges. The dream lives on.
And the story continues. It’s still a growth story,
but more compelling - an internationalisation story.
Let us relate the early chapters of 2010 ...
AREMINISCENT
YEAR
2010
1
Our smart partnership with CME is unique as it is
a stakeholder relationship. With mutual vested interest
to grow the derivatives market, CME has demonstrated
strong commitment and dedication towards this venture.
Our search for new businesses and markets has been
at the forefront of our discussions and intiatives.
The vast transfer of knowledge and skills set to our
team members has been benefi cial.
OUR UNIQUE PARTNERSHIP
WITH CME
BMD went through a re-organisation where teams from
the core derivatives business units, namely business
development & marketing, product development and
market operations & risk management, were brought
together under one roof. The shift in business structure
resulted in one dedicated team in place, focusing
exclusively on the derivatives business whilst
the supporting functions continued to be outsourced
to our holding company, Bursa Malaysia Berhad.
BIRTH OF THE ‘NEW BURSA
MALAYSIA DERIVATIVES’
The local derivatives industry has the potential to contribute signifi cant growth
towards the economy as unveiled in the New Economic Model. The notional
trading value on the derivatives market is expected to grow rapidly from
RM512 billion in 2010 to RM4.2 trillion in 2020 with positive spillover effects for
stock market liquidity. The capital market will have an expanded role, evolving
from a primarily fundraising model to a liquidity driven and risk diversifi cation
model that encourages entrepreneurs and investors to be part of Malaysia’s
economic future.
The development of the Malaysian capital markets will be further strengthened
via the Capital Market Master Plan II.
NATIONAL ECONOMICBLUEPRINTS
2 3
To compete internationally, reliance on organic growth
was not suffi cient. The way forward was to internationalise
our market in order to grow our Average Daily Volume
(ADV). Hence, we made many key infrastructural
changes in the form of technological enhancements, rule
changes and the securing of trade reliefs.
INTERNATIONALISINGOUR DERIVATIVES MARKET
Two new Trading Participants were added to our growing list in 2010,
bringing it to a total of 19. (List of TPs listed in the Appendix 4). We hope
to build on this pipeline of intermediaries, crucial to the building of the
critical mass and market liquidity. Certain TPs already have an international
presence in Singapore, China, India, Japan and the U.S. We strongly believe
the time is opportune to further leverage and build on these global linkages.
OUR TRADING PARTICIPANTS (TPs)
TECHNOLOGICAL INFRASTRUCTUREMigration to CME GLOBEX®, Exchange-hosted Order Management System (OMS),
CME Kuala Lumpur Hub and Internet Trading Facilities.
EXCHANGE-HOSTED OMS
To facilitate the migration of BMD’s products onto CME’s global trading platform, we developed
the technological infrastructure for our market. The Exchange took the initiative of hosting
a CME-certifi ed broker front end system or better known as Order Management System (OMS),
to ensure that all TPs, regardless of size, are able to subscribe to a reliable system.
This move was aimed at providing the industry a head start, system readiness wise, to immediately
trade on CME GLOBEX®. The Capital Market Development Fund (CMDF) was instrumental in
supporting our OMS initiative and funded the one-time software licensing fee for OMS.
CME KUALA LUMPUR HUB
CME’s own telecommunication hub in Kuala Lumpur that was launched in May 2010 acts as
an international gateway for greater accessibility. It is available to both local and international
traders and serves to connect our market to the rest of the world.
MIGRATION TO CME GLOBEX®
On 20 September 2010, all our derivatives products comprising commodity, fi nancial and equity
futures were successfully migrated onto the CME GLOBEX® trading platform, thereby making
our derivatives market truly international. We now have unparalleled global distribution for our
derivatives products, particularly our star Crude Palm Oil Futures (FCPO) contract, which is the
global price benchmark for the CPO market. Through CME GLOBEX®, international customers
who might never have thought of investing in Malaysian derivatives products now have effi cient
access to our market.
INTERNET TRADING FACILITIES
Internet trading was made available for the derivatives market to allow for the growing presence
of sophisticated traders, accessible through our Malaysian TPs electronically. Both the OMS
and internet trading model were necessary catalysts to improve channels of distribution.
4 5
In April 2010, we received the central bank’s (Bank Negara Malaysia) approval for the relaxation
of the Foreign Exchange Administration Rules. From 2 April 2010, resident futures brokers
are allowed to make payments, on behalf of residents, to non-residents for foreign currency-
denominated derivatives (excluding currency contracts) transacted on overseas specifi ed
exchanges. This was part of the continuous efforts by Bank Negara Malaysia to enhance
Malaysia’s competitiveness by reducing the cost of doing business as well as providing greater
fl exibility in managing risks.
From December 2010 onwards, the Derivatives Clearing House extended its acceptance of
foreign currency collateral for margin coverage to include Chinese Renminbi and Hong Kong
dollars, in addition to the existing Euro, Australian dollars, U.S. dollars, Japanese yen, Singapore
dollars, U.K. Pound and Malaysian Ringgit to appeal to a broader investor base.
On 15 June 2010, we secured another signifi cant milestone, a trade relief for our TPs. The U.S.
Commodity Futures Trading Commission (U.S. CFTC) issued an order to BMD pursuant to
Regulation 30.10 of the Commodity Exchange Act Order. With the Order, TPs of BMD are
permitted to solicit and accept orders and customer funds directly from U.S. customers for
trading on the Exchange without having to register with the U.S. CFTC as Futures Commission
Merchants. Ten fi rms were exempted by the U.S. CFTC from the application of certain provisions
in Part 30 of the U.S. CFTC Regulations due to the existence of substituted compliance with
comparable requirements under the Malaysian Capital Markets and Services Act 2007. The ten
TPs* have since fi led with the National Futures Association of the U.S. and availed themselves of
the Regulation 30.10 Relief.
*The ten futures brokers which received the Part 30.10 Relief recognition are: AmFutures Sdn Bhd, CIMB Futures Sdn Bhd,
HDM Futures Sdn Bhd, JF Apex Securities Bhd, Kenanga Deutsche Futures Sdn Bhd, LT International Futures (M) Sdn Bhd,
Okachi Malaysia Sdn Bhd, Oriental Pacifi c Futures Sdn Bhd, OSK Investment Bank Berhad and TA Futures Sdn Bhd.
(also listed on Appendix 4)
REGULATORY-FRIENDLY REGIME
In May 2010, the U.S. Dollar-denominated futures
contract in Crude Palm Oil (CPO) was launched on
CME GLOBEX®. It is being traded on a 23½-hour time
frame. The launch of CUPO augurs well for industry
players as they may see more arbitrage opportunities.
Essentially, international players such as exporters
have greater choices for hedging in dollars to mitigate
currency risks while the ringgit-denominated CPO
futures continues to be there for those with smaller
risk appetites.
LAUNCHOF CUPO
6 7
Market engagement and education were key for
successful migration to the CME GLOBEX® trading
system. Together with our CME partners, ‘onboarding’
and one-to-one sessions were held at the brokers’
premises to ensure they were ready to migrate to
the CME GLOBEX® trading system, both from a
technological and market readiness view point.
Vigorous training and education sessions continued
for our internal users, TPs and regulators to familiarise
themselves with OMS and CME GLOBEX® and their
diverse and rich functionalities.
Our Trading Rules and Trading Manual were revamped
prior to the CME GLOBEX® migration, to be in line
with CME GLOBEX® Trading Rules and are now
benchmarked against international best practices.
The move to the CME GLOBEX® electronic trading
platform is expected to bring greater access and reach
of Malaysian derivative products globally.
With multiple access points globally, CME GLOBEX®
will give unparalleled global distribution to our full range
of derivatives products, particularly our star product,
Crude Palm Oil Futures (FCPO) contract which is the
global price benchmark for the CPO market. It would
further enhance our globalisation efforts and product
visibility.
On 20 September 2010, we successfully migrated and
listed BMD products onto the CME GLOBEX® trading
platform. Foreign traders can view and trade Malaysian
derivatives products. In addition, the trading profi le for
the Malaysian brokers will be enhanced and on par with
regional peers over time. In essence, CME GLOBEX®
will become a derivatives market access model not only
for TPs but also their end-clients, where they would have
greater price distribution, the ability to view prices and
trade with ease.
On this note, BMD continues to operate and regulate
its market as well as have control over trading hours,
product and specifi cations, spread defi nitions and
pricing, within the parameters supported by CME
GLOBEX®. The trading hours for the Malaysian derivatives
market remain unchanged. All BMD contracts traded
on CME GLOBEX® continues, as per current practice,
cleared by Bursa Malaysia Derivatives Clearing Berhad,
a subsidiary of BMD. Changes have been effected to
the rules of BMD to refl ect the trading features and
functionalities on CME GLOBEX®.
MARKET READINESS
FOR BROKERS
MIGRATION TO CME GLOBEX®
8 9
Together with Bank Negara and Securities Commission,
we conducted educational dialogues to dispel myths
on Malaysian’s foreign exchange controls. There are
no restrictions in trading of derivatives by foreigners in
Malaysia or the repatriation of funds arising from such
trading activities overseas.
We conducted roadshows at the following venues:
• Euromoney Hong Kong (8 - 9 September 2010)
• Globoil India (23 - 25 September 2010)
• FOW Singapore (27 - 28 September 2010)
• FIA Chicago (10 - 12 October 2010)
• CIOC China (12 - 13 November 2010)
• FIA Singapore (29 November - 1 December 2010)
In all events, brokers were supportive of our efforts and
aggressive in their marketing efforts, evidenced from
the various road shows they participated in, to showcase
their broking shops.
PROFILING DERIVATIVES MARKET TO
INSTITUTIONS
We organised and participated in our partner-exchange
and various third party events during the year.
These events profi led and showcased the opportunities
traders can experience by trading on the CME GLOBEX®
Platform.
Our annual Palm & Lauric Oils Conference and
Exhibition (POC2011) was a resounding success with
a record turnout. We had participation from over 2,000
delegates originating from 61 countries to hear top
speakers from the industry speak. It was truly a global
event for industry players to get together. Local and
foreign participants had ample networking opportunities.
As the conference was taking place, business meetings
and negotiations continued on the sidelines. The POC
event continues to lead discussions on the future of
the edible oil industry.
10 11
We jointly hosted educational road shows called
Talk Futures with TPs across various states in West
and East Malaysia. It catered to retailers and Futures
Broker Representatives (FBRs) and attracted a large
turnout. We have successfully conducted 61 Talk Futures
events and have seen gradual growth in the number of
accounts maintained in futures account. These retail
road shows will continue in 2011 and we hope to bring
in a new and younger generation of players to vitalise
our market.
It is essential that we have a continuous sales force
supply to market our derivatives products. To this end,
we are working closely with our regulators to liberalise
certain participant requirements in light of the current
business environment, whilst recruiting Locals and FBRs.
We are working with universities to build meaningful
collaboration to encourage the younger generation to
venture into the derivatives market as a career.
Over time, we hope to build a sustainable talent pool
to continuously replenish this vital group.
RETAIL EDUCATION
INCREASING OUR SALES
FORCE
12 13
REVIEW OF MARKET ACTIVITIES
2010
Our derivatives market operated at lower activity levels in the fi rst nine months of 2010 largely
due to relatively narrow spread between the futures and physical markets. However, with
a return of volatility and better spreads, activity levels picked up noticeably, in the fi nal quarter
of the year.
In the month of November, FCPO contracts traded recorded an all time high of 451,843
contracts, exceeding the previous record of 442,220 contracts in April 2009. ADV touched
a record high of 41,879 contracts on 18 November, surpassing the previous record of 37,231
recorded on 13 June 2007.
Overall, the total number of contracts for 2010 grew marginally by 0.3% from 6.14 million in
2009 to 6.15 million in 2010. ADV increased correspondingly from 24,749 contracts in 2009 to
24,818 contracts in 2010. Open positions improved 7.3% from approximately 123,000 contracts
in 2009 to 132,000 contracts in 2010.
Dissecting by periods, volume growth in the last quarter of 2010 was 17.5% for FCPO and
5% for FKLI respectively due to improvement in spreads and volatility and listing of derivatives
products on CME GLOBEX®. The prices of FCPO picked up from October onwards in line
with other global commodities, trading from RM2,653 to a high of RM3,792 or a price range
of RM1,139 per metric ton. As for FKLI, the volatility for the underlying index started trending
upwards from August onwards from 1,364 to a high of 1,546 points.
From a market demography perspective, the participation of foreign players in the form of
individuals and institutions improved markedly. For FCPO contracts, foreign participation
grew from 19% to 25% over the year, while for FKLI contracts there was an increase from
26% to 33%. Overall, foreign participation increased from 21.2% in 2009 to 27.3% in 2010.
The overall increase in open interest, volumes and foreign participation augurs well for Malaysia.
This is a positive signal and provides early signs of validation for the globalisation path that
Malaysia has chosen for the derivatives industry.
oooopppeenn iinntteerreesstt ccoonnttrraaccttss
132,000
ttoottaall ccoonnttrraccttss ttrraddedd
6.15mil
all timme day high ADV -FCPO contracts traded
41,879
AADDVV ccoonnttrraaaccttss ttrraaddeedd
24,818
FFFCCPPOO ggrroowwwwtthh ppoosstt--GGlloobbeexx
17.5%
foreignnn ppaarrttiicciippaattiioonn
27.3%
FFKKLLI ggrroowwwth post-Globex
5%
14 15
REVIEW OFMARKET ACTIVITIES
2011
As at end May 2011, the growth in volume that was seen in the last quarter of 2010 continued
its momentum resulting in new records this year.
Comparing the fi rst fi ve months of 2011 to the fi rst fi ve months of 2010, total derivatives volume
have increased by 48.9% amounting to around 1.2 million contracts traded. Open position has
risen to around 152,000 contracts as at end-May 2011 from 132,000 contracts at the end of
2010. ADV in 2011 so far have reached 35,110 contracts as compared to 24,818 contracts in
2010. ADV touched a record high of 74,014 contracts on 24 February, surpassing the previous
record of 73,320 contracts recorded on 26 March 2008. In March 2011 we also broke
the monthly volume record with 856,791 contracts traded, surpassing the previous high of
713,667 contracts in April 2009.
The FCPO contract broke all records in 2011. In March, FCPO contracts recorded an all-time
high monthly volume of 619,326 contracts traded, beating the previous record of 451,843
contracts recorded in November 2010. ADV touched a record high of 48,704 contracts on
24 February, surpassing the previous record of 41,879 contracts recorded on 18 November 2010.
FCPO’s open position also broke records with 112,921 contracts on 9 May before ending
the month at 105,069 contracts.
all-time moonnthhllyy high - total contracts traded
856,791
aall-time monthly hiigghh -- FCPO contracts traded
619,326
all-time day high - ADV contracts traded
74,014
growth in derivatives volume
open interest contracts
48.9%
152,000
16 17
18 19
Just over one year after BMD and CME Group
announced their strategic partnership, BMD has made
signifi cant progress in globalising the distribution of
its derivatives products. A strong distribution network
is a hallmark of a robust derivatives exchange as it
provides more effi cient and transparent ways for
clients to manage their global investments and risk.
CME Group is very proud of its relationship with
BMD which is certainly in the spirit of relationships
that are based on trust and are self-reinforcing over
time, as it is our strong conviction that these are
the only relationships that will be successful.
As a result of the tremendous efforts made by BMD
to achieve this conclusion, Bursa Malaysia is well
poised not only to expand its products and services
to a broader group of customers, but also to deliver
value to its shareholders in the years ahead.
A WORD FROM OUR STRATEGIC
PARTNER
”
CME Group is very proud of its relationship
with BMD which is certainly in the spirit
of relationships that are based on trust
and are self-reinforcing over time,
as it is our strong conviction that
these are the only relationships that will
be successful
“
MR. PHUPINDER GILL
The President of CME Group
has this to say on our strategic partnership,
It has been an exciting year full of signifi cant milestones. In September 2010
we successfully migrated our derivatives products onto the CME GLOBEX®
trading platform, giving Bursa Malaysia Derivatives (BMD) accessibility and
visibility to the global market. Thereafter in June 2011, we received the U.S.
Commodity Futures Trading Commission’s no action relief for U.S. individuals
to trade in our FKLI contract. Both events demonstrate the crystallisation of
our efforts to internationalise the Malaysian derivatives exchange.
We are already seeing results from our strategic partnership with CME, which
has opened doors on internationalising our market. From a market demography
perspective, foreign participation has increased from 27.3% in 2010 to 30.8%
in 2011 including high frequency traders.
2011 will be an imperative year. We will continue to work on capturing new
markets and diversifying our pool of traders. We expect the ongoing fast-track
programme for dual licensing to bring in a pool of remisiers offering derivative
products to their clients. We are excited, too, at the prospect of new products
for next year.
From a technological perspective, we see a year of post-stabilisation of our
migration to CME GLOBEX®. We are currently developing our Derivatives
Clearing System equipped with the pre-requisites of multi currency,
asset classes, time zone and functionalities which will enable us to diversify
our product offerings.
We would not have come this far if it wasn’t for the support and commitment
of our Market Participants, Regulators, Exchange Partner and derivatives
traders who have boarded this voyage with us. To all of you, thank you. This is
the beginning. The dawn of a renaissance for the Malaysian derivatives market.
OUR PLANS MOVING
FORWARD
DATO’ TAJUDDIN ATAN
Chairman of Bursa Malaysia Derivatives and
Chief Executive Offi cer of Bursa Malaysia Berhad
20 21
1. Market Highlights for the Derivatives Market
2. Profi t & Loss Account for Bursa Malaysia Group
3. Profi t & Loss Account for CME Group Inc.
4. Licensed Trading & Clearing Participants
APPENDIX MARKET HIGHLIGHTS FOR THE DERIVATIVES MARKET
No. of Trading Participants of
Bursa Malaysia Derivatives
TOTAL CONTRACTS TRADED
FKLI
FCPO
Others
Total
OPEN POSITION
FKLI
FCPO
Others
Total
AVERAGE DAILY VOLUME
No. of trading days
FKLI
FCPO
Others
Total
FCPO Contracts Trading Demography (%)
Local
Domestic Retail
Domestic Institutions
Foreign Institutions
FKLI Contracts Trading Demography (%)
Local*
Domestic Retail
Domestic Institutions
Foreign Institutions
15
1,111,575
1,158,510
189,660
2,459,745
17,814
28,918
38,116
84,848
247
4,500
4,690
768
9,958
35
23
22
18
16
40
3
41
15
1,628,043
2,230,340
302,641
4,161,024
24,621
74,567
59,831
159,019
246
6,618
9,066
1,230
16,914
31
27
25
16
13
40
2
44
17
3,157,341
2,793,560
251,785
6,202,686
27,654
39,635
57,762
125,051
248
12,731
11,264
1,015
25,010
25
34
22
18
15
41
2
42
20
2,920,728
3,003,549
195,765
6,120,042
20,412
82,136
53,012
155,560
246
11,873
12,210
796
24,879
27
38
15
20
15
46
2
37
19
1,997,955
4,008,882
130,990
6,137,827
14,827
76,366
31,948
123,141
248
8,056
16,165
528
24,749
36
27
17
19
20
52
3
26
19
1,994,907
4,064,361
95,477
6,154,745
21,837
88,544
21,770
132,151
248
8,044
16,389
385
24,818
34
26
15
25
21
44
2
33
YEAR 2005 2006 2007 2008 2009 2010
* Note: Local - License trader who has the right to trade only for himself, on all futures contract listed on BMD
APPENDIX 1
22 23
PROFIT & LOSS ACCOUNT FOR
BURSA MALAYSIA GROUPFinancial Highlights for the year ended 31 December 2010
Financial Highlights for the year ended 31 December 2010
31 December 2010
RM ‘000
31 December 2009
RM ‘000
Consolidated Income Statements for the fi nancial year ended 31 December 2010
31 December 2010
RM ‘000
Revenues
Expenses
Operating Revenue
Operating EBITDA Margin %
Net Income Attributable to BM Group
Diluted EPS (sen per share)
361,049
197,295
331,251
53.7%
113,041
21.3
402,417
183,236
297,818
51.7%
177,588
33.6
31 December 2010
RM ‘000
31 December 2009
RM ‘000
31 December 2009
RM ‘000
Operating revenue
Other income
Gain on disposal of subsidiaries
Staff costs
Depreciation and amortisation
Other operating expenses
Finance costs
Profi t before tax
Income tax expense
Profi t for the year
Profi t attributable to:
Owners of the Company
Minority interest
Earnings per share attributable to owners of the Company (sen per share)
Basic
Diluted
331,251
29,798
-
361,049
(92,406)
(43,233)
(61,042)
164,368
(614)
163,754
(48,113)
115,641
113,041
2,600
115,641
21.3
21.3
297,818
28,624
75,975
402,417
(83,251)
(38,911)
(60,449)
219,806
(625)
219,181
(41,443)
177,738
177,588
150
177,738
33.7
33.6
ASSETS
Non-current assets
Property, plant and equipment
Computer software
Goodwill
Investment securities
Staff loans receivable
Deferred tax assets
Total non-current assets
Current assets
Trade receivables
Other receivables
Tax recoverable
Investment securities
Cash collected from CPs and TCPs
Cash and bank balances
Total current assets
Total Assets
Equity and liabilities
Equity attributable to owners of Company
Share capital
Share premium
Other reserves
Retained earnings
Minority interests
Total equity
Non-current liabilities
Retirement benefi t obligations
Deferred capital grants
Deferred tax liabilities
Current liabilities
Trade payables
CPs’ and TCPs’ contributions to clearing funds
Other payables
Tax payable
Total liabilities
Total equity and liabilities
231,104
73,056
42,957
110,404
13,805
1,023
472,349
33,526
10,197
4,586
27,335
710,119
450,142
1,235,905
1,708,254
265,700
86,101
38,853
461,650
852,304
11,266
863,570
22,825
10,986
18,349
52,160
676,576
33,543
68,916
13,489
792,524
844,684
1,708,254
243,163
83,609
42,957
137,347
17,046
4,139
528,261
21,028
13,763
9,255
62,884
814,534
336,916
1,258,380
1,786,641
264,328
78,813
52,722
444,152
840,015
8,597
848,612
23,893
12,211
16,208
52,312
782,093
32,441
64,114
7,069
885,717
938,029
1,786,641
APPENDIX 2
24 25
PROFIT & LOSS ACCOUNT FORCME GROUP INC.
Financial Highlights for the year ended 31 December 2010
Consolidated Statements of Income for the fi nancial year ended 31 December 2010
31 December 2010
USD’ Million
31 December 2009
USD’ Million
REVENUES
Clearing and transaction fees
Market data and information services
Access and communication fees
Other
Total Revenues
EXPENSES
Compensation and benefi ts
Communications
Technology support services
Professional fees and outside services
Amortization of purchased intangibles
Depreciation and amortization
Occupancy and building operations
Licensing and other fee agreements
Restructuring
Other
Total Expenses
Operating Income
NON-OPERATING INCOME (EXPENSE)
Investment income
Impairment of long-term investment
Gains (losses) on derivative investments
Securities lending interest income
Securities lending interest and other costs
Interest and other borrowing costs
Guarantee of exercise right privileges
Equity in losses of unconsolidated subsidiaries
Other income (expense)
Total Non-Operating
Income Before Income Taxes
Income tax provision
Net Income
Less: Net income attributable to redeemable
non-controlling interest
Net Income Attributable to CME Group
Earnings per Common Share Attributable
to CME Group (in thousands):
Basic
Diluted
Weighted Average Number of Common Shares
(in thousands):
Basic
Diluted
2,486.3
395.1
45.4
76.9
3,003.7
432.1
40.6
50.5
117.5
128.1
129.9
74.9
82.6
(0.6)
117.0
1,172.6
1,831.1
42.3
(2.2)
(2.6)
-
-
(140.3)
-
(6.4)
-
(109.2)
1,721.9
(769.8)
952.1
0.7
951.4
14.35
14.31
66,299
66,495
2,161.9
331.1
45.6
74.2
2,612.8
351.0
47.0
46.2
85.1
125.1
126.3
76.3
89.2
5.3
72.2
1,023.7
1,589.1
28.5
(46.0)
-
2.8
(0.1)
(133.9)
4.3
(6.8)
(0.4)
(151.6)
1,437.5
(611.7)
825.8
-
825.8
12.44
12.41
66,366
66,548
Revenues
Expenses
Operating Income
Operating Margin %
Net Income Attributable to CME Group
Diluted EPS (in thousands)
3,004
1,173
1,831
61.0%
951
14.31
2,613
1,024
1,589
60.8%
826
12.41
31 December 2010
USD’ Million
31 December 2009
USD’ Million
APPENDIX 3
26 27
31 December 2010
USD’ Million
31 December 2009
USD’ Million
ASSETS
Current Assets:
Cash and cash equivalents
Marketable securities
Accounts receivable, net of allowance
Other current assets
Cash performance bonds and guaranty fund contributions
Total non-current assets
Property, net of accumulated depreciation and amortization
Intangible assets - trading products
Intangible assets - other, net of accumulated amortization
Goodwill
Other assets
Total Assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
Short-term debt
Other current liabilities
Cash performance bonds and guaranty fund contributions
Total current liabilities
Long-term debt
Deferred tax liabilities, net
Other liabilities
Total Liabilities
Redeemable non-controlling interest
Shareholders’ equity
Total Liabilities and Shareholders’ Equity
855.2
50.2
297.5
146.1
4,038.5
5,387.5
786.8
17,040.5
3,453.3
7,983.6
394.4
35,046.1
51.8
420.5
270.4
4,038.5
4,781.2
2,104.8
7,840.4
191.5
14,917.9
68.1
20,060.1
35,046.1
260.6
42.6
248.3
165.6
5,981.9
6,699.0
738.5
16,982.0
3,246.5
7,549.2
435.8
35,651.0
46.7
299.8
195.2
5,981.9
6,523.6
2,014.7
7,645.9
165.8
16,350.0
-
19,301.0
35,651.0
LICENSED TRADING & CLEARING PARTICIPANTSCME GROUP INC. Consolidated Balance Sheets as at 31 December 2010
Please download the latest list from www.bursamalaysia.com
APPENDIX 4
28 29
TRADING PARTICIPANTS GENERAL CLEARING RECIPIENTS OF EMAIL PARTICIPANTS PART 30.10 RELIEF
1 AmFutures Sdn Bhd √ √ [email protected]
2 CIMB Futures Sdn Bhd √ √ [email protected]
3 ECM Libra Investment Bank Bhd √ [email protected]
4 HDM Futures Sdn Bhd √ √ [email protected]
5 Hong Leong Investment Bank Bhd √ [email protected]
6 InnoSabah Options Futures Sdn Bhd [email protected]
7 Interactive Futures Sdn Bhd [email protected]
8 Inter-Pacifi c Securities Sdn Bhd √ [email protected]
9 JF Apex Securities Bhd √ √ [email protected]
10 JPMorgan Securities (Malaysia) Sdn Bhd √ [email protected]
11 Kenanga Deutsche Futures Sdn Bhd √ √ [email protected]
12 LT International Futures (M) Sdn Bhd √ √ [email protected]
13 Okachi (M) Sdn Bhd √ √ [email protected]
14 Oriental Pacifi c Futures Sdn Bhd √ √ [email protected]
15 OSK Investment Bank Bhd √ √ [email protected]
16 Phillip Futures Sdn Bhd √ [email protected]
17 RHB Investment Bank Bhd √ [email protected]
18 TA Futures Sdn Bhd √ √ [email protected]
19 Fedrums Sdn Bhd (Propriety Trading Only) √ [email protected]
Disclaimer
This brochure has been provided for general information purposes only. The information contained does not constitute legal, financial or investment advice and neither does it make any recommendation or endorsement regarding any of the products mentioned herein. Although care has taken to ensure the accuracy of the information within this brochure, Bursa Malaysia does not warrant or represent, expressedly or impliedly as to the accuracy or completeness of the information herein. Bursa Malaysia does not accept any liability for any investment decisions made on the basis of this information. You are advised to seek independent advice and/or consult relevant laws, regulations and rules prior to trading/investing.
BURSA MALAYSIA DERIVATES BERHAD
2nd Floor Exchange Square
Bukit Kewangan
50200 Kuala Lumpur
Malaysia
Tel: +603 2034 7000
Fax: +603 2026 3584
www.bursamalaysia.com
