DataWatch August 2015

New products and data sources

Delisting of products and data sources

Potential impacton data

Changes to data attributes, replacement of products

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AUGUST 2015

By Kathy Hall and Samantha Hartke, PetroChem Wire

By the ZE Business Analysts Team

Olefin Prices Volatile Ride May Threaten US Petrochem Renaissance

Weighing the Options: Build an Internal EDM System or Get ZEMA

GUEST FEATURE

Summary

August 2015

Contents

Editorial 5 August, the Month of Energy Sector Discontent 5

Power 7 IESO to Host Training Course for Ontarios First Demand Response Auction 7PJM Holds Capacity Auction with New Capacity Performance Requirement 7NYMEX Amends 22 Electricity Products 8

Petroleum 10 Platts to Launch New Americas Dirty Tanker Assessments 10Platts to Publish Dated Brent to Brent Frontline Swap Values for 36 Months Ahead 11Platts to Launch New Baltic-UK Medium Range Clean Tanker Assessment 11Platts to Assess Singapore Front Month Swaps and European East-West Fuel Oil 11Platts to Launch Weekly DINP and DOTP Assessments 12Platts to Launch New Asia Clean Tanker Assessments 13Platts Publishes Outright Price Values for Eight US Coastal Vacuum Gasoil Assessments 14Platts Launches Six US and Canadian Daily Medium Range Clean Tanker Assessments 14Platts Launches US Scrap Lead-Acid Battery Price Assessments 15Platts Launches Asian Metallocene C6 LLDPE Assessments 15Platts Publishes New West African Crude Oil Assessments 16Argus Launches Daily European Fuel Oil and Gasoil Diesel Assessments 16Argus Introduces Daily Middle East Butane and Propane Assessments 17Argus Adds North American Styrene Assessments 18Argus Introduces Asia-Pacific Forwards for Crude, Refined Products, and Crack Spreads 18NYMEX Introduces New Light Louisiana Sweet Average Price Options 19DCE Lists New Petroleum Product Contracts 21Platts to End Northwest Europe, Italy, and Singapore Visbreaking Yields, Netbacks, and Margins 21Platts to Discontinue FOB La Skhirra Zarzaitine Crude Oil Outright and Differential Assessments 22Platts to Discontinue Stybarrow, AHS Crude Index 22Platts to End CIF Augusta Kumkol Outright and Differential Assessments 23Platts Discontinues Daily US Styrene Balance of the Month Assessment 23Platts Ends All US Methyl Ethyl Ketone and Methyl Isobutyl Ketone Assessments 24Platts Discontinues Weekly US Mixed Xylenes Contract 24Argus Discontinues Multiple Eugene Island Crude Assessments 25Argus Stops Druzhba Czech Crude Export Assessment 26Argus Ends Russian Gasoil Cargo Assessments 26NYMEX Delists Three RIN Futures 28NYMEX Discontinues Singapore Fuel Oil Spread Futures 28

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August 2015

Natural Gas 29 Energy Department Authorizes American LNG Marketings Application to Export LNG 29Platts to Launch Brazil LNG Netforward 29Platts Publishes New Transco and Tennessee Natural Gas Assessments 30ICE to List Three US Natural Gas Contracts 31

Coal 33Platts Launches New US Illinois Basin Coal Assessment 33DCE Launches New Coal-Based Contracts 34Platts to Discontinue Two US Coal Assessments 34

Softs and Metals 35SOFTS 35 Platts to Launch New Thai Hi-Pol Sugar Forward Physical Assessment Curve 35Platts to Introduce Daily US Dried Distillers Grains with Solubles Assessments 36Platts to Launch CIF European Feed Wheat and Corn Assessments 36Platts Launches US BOHO Assessment 37DCE Lists New Softs Contracts 37Platts to Discontinue Ethanol FOB Singapore Assessments 37Argus Changes Description for New Orleans Urea Assessment 38METALS 38Platts to Launch China Blast Furnace Iron Ore Pellet Premium 38NCDEX Launches Silver Hedge 30 KG Futures 39LME Clear Launches New Renminbi Initiative 39

Finance 39CME Delists Approved Copper Warehouse 39Argus Changes Timing Descriptions for Black Sea Steel Publication 40CME Lists Additional Expiration Months in Serial Options and Serial Mid-Curve Options on Eurodollar Futures 42CBOE to List Weeklys Options on VIX 43CBOE Launches Hedge Fund Benchmarks with Eurekahedge 43CBOE Introduces 10 Options-Based Strategy Performance Benchmark Indexes 44CBOT Launches User-Defined Spreads for CBOT Treasury Bond and Note Futures Calendar Spreads 45Deka Equity Index ETF Launched on Xetra Tracks Sustainable Euro-Zone Companies 45Ossiam Smart Beta ETF Launched on Xetra to Track Undervalued US Sectors 46Thomson Reuters Releases StarMine Combined Alpha Model 46Thomson Reuters Introduces Intraday Evaluated Pricing Capabilities 47Eurex Launches GMEX IRS Constant Maturity Futures 47SGX Introduces Evaluated Bond Prices 48TMX Lists Composite Index Banks and Capped Utilities Index Futures and Options 48

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4August 2015

Summ

aryWeather and Emissions 50Obama Administration Announces New EPA Clean Power Plan to Cut Carbon Pollution 32% by 2030 50United States First Commercial Scale Offshore Wind Farm Celebrates Construction Milestone 51Argus Introduces Emissions-Adjusted Spark and Dark Spreads for UK Market 52Platts to Change European CO2 Emissions Assessments 53

News from Data Vendors 54ZEMA Adds Electricity, Fuel, Natural Gas, Metal, and Currency Data in August 54MDA Introduces Zip-Code Level Weather Data and Other Product Offerings 54PetroChem Wire Introduces 70+ NGL Prices in NGLs Week Newsletter 55Mideast Gulf LPG Spot Trade Flourishes Led by Qatari Supplies 56

Monthly Market Analysis 57Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX) 57Crude Oil Brent vs. WTI: Forward Curve (NYMEX) 57North American Natural Gas Spot Prices (NYMEX) 58Henry Hub Natural Gas Forward Curve (NYMEX) 58Actual Weather (AccuWeather) Electricity: Day-Ahead Prices (ICE) 60Gold and Silver Daily Prices (CME) 60

Guest Feature 61Olefin Prices Volatile Ride May Threaten US Petrochem Renaissance 61Ethylene 61Plants at 100%, Impact of Ad-valorem Inventory Taxes 63Widespread Sentiment, August Contract Price Impact 64Forward Curve 65Narrower cash cost margins 66Propylene 67Summary 68

In Depth 70Weighing the Options:Build an Internal EDM System or Get ZEMA 70The Role of Enterprise Data Management in Energy and Commodities Industries 70What is an Enterprise Data Management System? 71Development of Commercial Off-The-Shelf Software 72The Case for Building a Modern EDM System In House Costs and Requirements 73The Case for Buying a Commercial EDM Software ZEMA 78Case Study 1: A Power Firm That Initially Decided to Build an EDM System 81Case Study 2: Global Integrated Oil/Gas Firm Licenses ZEMA 82Conclusion 84Bibliography 85

Editorial

August 2015 5

The eighth month of the year has historically been very special for the US energy sector. The Northeast Blackout of 2003, the Energy Policy Act (EPAct) of 2005, and the Clean Power Plan and Methane Emission Reduction Policy proposal of 2015 each had immense impacts on the industry and originated in August. Whether their birthdays are coincidental or not, logically they are connected with one another in a very curious manner.

In August of 2003, a massive blackout left 50 million electricity users in Northeast Canada and the United States in darkness for several days. Even though that disturbance was nowhere near the expanse of the 2012 blackout in India with 620 million left without electricity, the US regulatory impact from this event was disproportionately enormous. The reaction from the government authorities to the Indian blackout was a three-person committee investigation that issued a report with series of recommendations. North Americans had a bit more thorough take. A joint US-Canadian government federal taskforce investigation concluded that the cause of such disaster was absence of mandatory reliability standards. Two years later, in August 2005, the Energy Policy Act (EPAct) was signed into law by US President George W. Bush. This legislature set up the framework for mandatory requirements for reliability of services provided by operators of bulk electric systems. By the way, it was the second time lawmakers got very serious about reliability. An earlier joint US-Canadian blackout in 1965 set the foundation for creation of NERC itself; forty years later, EPAct made these reliability standards developed by NERC mandatory, and NERC was given the authority to enforce compliance with these standards.

On August 7, 2015, Midwest Reliability Organization (MRO), one of the NERCs subsidiaries, released a Happy Birthday wish to EPAct. A classy congratulatory press release contained a reminder about the mandate of the industry to provide a critical public service . . . one that needs to be protected in ensuring a highly reliable regional bulk power system. I dare to speculate that probably this so unconventionally delivered message about where the MROs heart is has something to do with the EPAs progressive march towards cleaner power generation. Several days prior to this message, on August 3, 2015, EPA introduced a revised version of the Clean Power Plan, which, according to EPA, offers more flexibility to the states in meeting compliance with reducing CO2 emissions. Maybe there was some flexibility added; however, the target compliance year has been moved up by two years, making this plan more ambitious. This historic document mandates the electric sector to reduce CO2 emissions by 32% below the 2005 level by 2030. Each state was given an individual target by EPA calculated on the basis of weighted

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

August, the Month of Energy

Sector Discontent

Editorial

Editorial

August 2015

average of 2012 fossil fueled-fired electrical generation introduced to reflect each states unique power supply mix. The selected algorithm created very interesting outcomes. Just look at how some of the 2012 emissions versus reduction targets for 2030, both in lbs/Net MWh, and percentage of such reduction targets are distributed:

Mississippi 1185 => 945; 20% Louisiana 1618 => 1121; 31% Alabama 1518 => 1018; 33% New Mexico 1798 => 1146; 36% Arkansas 1779 => 1130; 37% West Virginia 2064 => 1305; 37%

According to Forbes, the states above are some of the poorest states, with the lowest income. The poorest states will have to cut emissions at very high rate, up to 37%. Switching to intermittent renewables requiring more investments in system upgrades, storage, and ancillary services is unlikely to be that magic wand that will transform economies of those states from ashes to riches. The opposite outcome is more likely.

Even higher emission reduction rates are set for the state of Minnesota (40%) and North Dakota (45%), the MRO subjects. With such high targets in sight, it is no surprise MRO released that happy anniversary to our reliability mandate message. EPA, FERC, and DOE announced that these three agencies will coordinate their efforts in ensuring reliable power supply during the Clean Power Plan implementation. EPA emphasizes that targets can be met through various measures, and states are not limited only to renewables; they can also do so by increasing efficiency and/or introducing carbon trading systems. Besides, multiple states can combine efforts in order to meet goals as part of the grid. However, being part of the grid as a solution raises few question: How the jurisdictional authority will be decided on since the Clean Power Plan is developed for specific states while a grid is usually managed by independent entities, such as ISOs and RTOs, which spread over multiple regions but do not necessarily cover complete states geographically? Will states have the authority over system operators to dictate dispatch rules?

Will FERC have to develop regulations for energy dispatch to meet EPAs requirements? Does that mean that FERC will have to follow the EPAs directives? Will the market-based economic energy dispatch become obsolete?

Questions go on and on. Strange thing: despite the grievance given to fossil-fueled generators, many environmentalists are not happy either. Too little, too late and only negative emissions can save us is their common rhetoric even though EPA did not concentrate their efforts on power sector only. On August 18, 2015, EPA released a proposal on reducing methane emissions from oil and natural gas production the first-time ever federal attempt to establish standards for new and modified sources. The industries did not take the announced proposal warmheartedly stating that the methane emissions have been falling consistently in the last years and the new standards will be just an additional bureaucratic burden on the system. And hear what the environmentalists are saying: not enough, they should put standards on abandoned and existing sources as well.In August 2015, the energy industry did see many happy campers. Oh, wait, litigators might not be too sad it is highly doubtful that entities subject to those strict restrictions will jump to developing compliance plans without trying to bring EPA to court. h

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EditorialEditor-In-Chief

Email: [email protected] Gorstenko

ZEMA Inquiries Bruce Colquhoun. P: 604-790-3299. E: [email protected]

Advertising & Vendor RelationshipsBruce Colquhoun. P: 604-790-3299. E: [email protected]

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Power

August 2015 7

Power

IESO to Host Training Course for Ontarios First Demand Response AuctionIn December 2015, Ontarios first Demand Response Auction will be held. In order to prepare participants for the auction, the IESO is hosting a training course on September 24.

This full-day course will provide information on the mechanics of how successful participants will offer their demand response capacity into Ontarios electricity market. It will be most relevant to organizations that have registered to participate in the first auction, but is open to all stakeholders.See the original announcement.

ZEMA collects thousands of regular data reports on power, more than 1,500 of which are based in North America. To learn more about ZEMAs huge data library, visit www.ze.com/the-zema-solutions/data.

PJM Holds Capacity Auction with New Capacity Performance RequirementOn August 21, 2015, PJM announced that the first PJM Interconnection capacity auction to include the new Capacity Performance requirement attracted a strong response from capacity resources prepared to meet the new pay-for-performance standards. The resources that qualified as Capacity Performance units ensure that a reliable electric supply will be available during extreme weather or other system emergencies.

The 2018-2019 delivery year clearing price for Capacity Performance resources, which include generation, demand response, and energy efficiency, is $164.77/megawatt-day for all of PJM except the ComEd and Eastern MAAC delivery areas. For the two constrained areas, the ComEd Capacity Performance clearing price is $215/MW-day; the Eastern MAAC price is $225.42/MW-day.

As part of the phase-in of the new standard, at least 80% of the cleared capacity in 2018-2019 auction was required to meet Capacity Performance requirements. The remainder is base capacity, which may be unable to commit to Capacity Performance standards and therefore is subject to penalties only during the summer peak period. Capacity Performance is targeted to be the only capacity product in PJM for the 2020-2021 delivery year. The base capacity clearing price for the RTO is $149.98/MW-day, about $15 less than the Capacity Performance price.

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August 2015

The RTO clearing price in last years auction was $120/MW-day. The base capacity price in ComEd is $200.21/MW-day; in Eastern MAAC, $210.63/MW-day; and in the PPL delivery area in Pennsylvania, $75. Overall, the auction procured 166,837 megawatts of capacity, which represents a 19.8% reserve margin. One megawatt is enough to power about 1,000 homes.

The auction attracted over 3,500 megawatts of new generation, including more than 2,900 MW of new generating units and over 500 MW of uprates to existing generating units. A total of 11,084 MW of demand response was procured for 2018-2019, 1,484 MW of which is Capacity Performance. Energy efficiency totaled 1,247 MW, with 887 MW being Capacity Performance. Renewables resources wind, solar, and hydroelectric clearing in the auction totaled 14,347 MW.See the original announcement.

NYMEX Amends 22 Electricity ProductsEffective August 24, 2015, New York Mercantile Exchange, Inc. (NYMEX) amended the termination of trading rules for 22 electricity products, as shown below in tables 1 and 2.

Table 1 Monthly and daily futures electricity contractsClearing Code

Chapter Monthly Product Name Clearing Code

Chapter Daily Product Name

N3 152 PJM Northern Illinois Hub Day-Ahead LMP Peak Calen-dar- Month 5 MW Futures

PNP 956

PJM Northern Illinois Hub Day-Ahead Peak Calendar-Day 5 MW Futures

J4 174 PJM Western Hub Day-Ahead Peak Calendar-Month 5 MW Futures

PWP 950

PJM Western Hub Day-Ahead Peak Calendar-Day 5 MW Futures

L1 176 PJM Western Hub Peak Calendar-Month Real-Time LMP Futures

JD 637

PJM Western Hub Real-Time Peak Calendar-Day 5 MW Futures

I5 280 ERCOT North 345 kV Hub 5 MW Peak Futures

I7 282 ERCOT North 345 kV Hub 5 MW Peak Calendar-Day Futures

I6 281 ERCOT North 345 kV Hub 5 MW Off-Peak Futures

I8 283 ERCOT North 345 kV Hub 5 MW Off-Peak Calendar-Day Futures

N1 288 ERCOT West 345 kV Hub 5 MW Peak Futures

R1 290 ERCOT West 345 kV Hub 5 MW Peak Calendar-Day Futures

O1 289 ERCOT West 345 kV Hub 5 MW Off-Peak Futures

R4 291 ERCOT West 345 kV Hub 5 MW Off-Peak Calendar-Day Futures

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August 2015

D4 553 NYISO Zone J Day-Ahead Off-Peak Calendar-Month 5 MW Futures

ZJO 688 NYISO Zone J Day-Ahead Off-Peak Calendar-Day 5 MW Futures

U6 800 ISO New England Mass Hub 5 MW Peak Calendar-Month Day-Ahead LMP Futures

CE 756B

ISO New England Mass Hub Day-Ahead Peak Calendar-Day 5 MW Futures

H2 801

ISO New England Mass Hub Day-Ahead Off-Peak Calendar-Month 5 MW Fu-tures

IDO 959

ISO New England Mass Hub Day-Ahead Off-Peak Calendar-Day 5 MW Futures

B3 894 PJM Northern Illinois Hub 5 MW Peak Calendar-Month Real-Time LMP Futures

UD 763

PJM Northern Illinois Hub Real-Time Peak Calendar-Day 5 MW Futures

Table 2 Electricity options contracts

Clearing Code Rulebook Chapter Option Contract Title

9T 902A NYISO Zone A 5 MW Peak Calendar-Month Day-Ahead LBMP Option

9V 906A NYISO Zone J 5 MW Peak Calendar-Month Day-Ahead LBMP Option

INE 1272 ISO New England Day-Ahead Peak Calendar-Month 5 MW Option

See the original announcement.

The ZEMA graph below shows PJM LMPs for Western Hub in comparison to settle prices of PJM Western Hub peak futures on CME NYMEX this summer. Data: PJM Real Time Hub report and CME NYMEX Futures Settlement report. Analysis like this can easily be generated within ZEMAs Market Analyzer tool. To learn more, book a complimentary ZEMA demonstration.

Graph created with ZEMA

Petroleum

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Petroleum

Platts to Launch New Americas Dirty Tanker AssessmentsEffective November 1, 2015, Platts proposes to launch five Suezmax, seven Aframax, and one Panamax dirty tanker assessment from the Caribbean, US Gulf Coast and East Coast Mexico, reflecting established trade routes of dirty products out of the region. The new assessments reflect strong market interest in these routes and will be based on modern Suezmax, Aframax, and Panamax tonnage.

Four assessments would be published on a lump-sum basis and nine assessments would be published on a Worldscale basis to reflect how these routes are traded. Platts would also publish a dollar per metric ton value for these routes. The following new assessments are under consideration:

130,000 MT Caribbean to China 150,000 MT Caribbean to China 130,000 MT US Gulf Coast to Singapore 150,000 MT US Gulf Coast to Singapore 140,000 MT Caribbean to Caribbean 70,000 MT Caribbean to UK Continent 70,000 MT Caribbean to Mediterranean 90,000 MT Caribbean to UK Continent 90,000 MT Caribbean to Mediterranean 70,000 MT East Coast Mexico to UK Continent 70,000 MT East Coast Mexico to Mediterranean 70,000 MT East Coast Mexico to US Gulf Coast 50,000 MT East Coast Mexico to US Gulf Coast See the original announcement.

ZEMA is used by the front-, mid-, and back-office professionals in the petroleum market. To learn how ZEMA can be tailored to your specific needs and give you access to the right information, book a complimentary ZEMA demo at www.ze.com/book-a-demo.

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Platts to Publish Dated Brent to Brent Frontline Swap Values for 36 Months AheadEffective October 1, 2015, In line with increasing transparency in the Dated Brent to Brent Frontline Swap (DFL) market, Platts intends to publish assessments for DFLs and the corresponding forward Dated Brent values for 36 months ahead of the date of publication. Platts currently publishes DFLs and the corresponding Forward Dated Brent values for seven months ahead of the date of publication, including the balance month contract.

In addition, Platts intends to publish assessments for all quarterly DFL and Forward Dated Brent values falling within the period of 36 months from the date of publication. Platts currently publishes six quarterly and three annual DFL and Forward Dated Brent assessments DFL. There would be no change to the number of annual DFL and Forward Dated Brent assessments. See the original announcement.

Platts to Launch New Baltic-UK Medium Range Clean Tanker AssessmentOn October 1, 2015, Platts proposes to launch a new clean Medium Range (MR) tanker freight rate assessment reflecting flows from the Baltic to UK Continent.

The new daily assessment would aim to capture newly established supply trends of refined products out of the region following a significant increase in Russian exports of ultra-low-sulfur diesel from the Baltic region.

The new assessment would reflect modern MR tonnage, and it would be published on a Worldscale basis to reflect how this route is most commonly traded. Platts would also publish a dollars-per-metric ton value for this route.

This assessment would reflect the Baltic to UK Continent route for a clean MR tanker carrying a cargo of 40,000 mt. The assessment would reflect loadings from Primorsk and discharge at ports including Amsterdam, Hamburg and Dunkirk. This new assessment would be published in Platts Clean Tankerwire and PlattsTanker Alert page PGT 1910.See the original announcement.

ZEMA, ZEs data management solution, collects over 300 Platts records on petroleum and other liquids. To learn more about ZEMAs vast data library, visit www.ze.com/the-zema-solutions/data-coverage.

Platts to Assess Singapore Front Month Swaps and European East-West Fuel OilEffective October 1, 2015, Platts intends to launch assessments for the value of the 180 CST Singapore Fuel Oil cargo swaps, 380 CST Singapore Fuel Oil cargo swaps, and 380 CST and East-West fuel oil swap spreads, which represents the difference between the

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comparable months 380 CST Singapore Fuel Oil cargoes and FOB Rotterdam 3.5% Fuel Oil Barge swaps, at 16:30 London time.

Platts will add these assessments to its existing fuel oil derivative suite in order to enhance its coverage of the fuel oil market and better represent the key high sulfur fuel oil arbitrage route between Europe and Asia.

Platts will publish assessments for three full calendar months ahead of the date of publication. Platts will publish bids, offers, and interest to trade these swaps in the Platts Market on Close assessment process.See the original announcement.

The ZEMA graph below highlights the spread between on 180cst and 380cst Index Futures for Singapore Fuel Oil on the SGX. Data: SGX Derivatives-Delayed Prices report. To learn more about how ZEMA can help with your data and analysis needs, book a complimentary ZEMA demonstration.


Platts to Launch Weekly DINP and DOTP AssessmentsAs of October 1, 2015, Platts proposes to launch US diisononyl phthalate (DINP) and dioctyl terephthalate (DOTP) assessments on a weekly basis in order to capture market liquidity. Specifications for standard DINP are: Density between 0.97-0.98 g/cm3. The proposed weekly domestic delivered East of the Rockies (DER) price assessment to medium-sized customers by tank car or truck would reflect a cargo size of 44,000-45,000 lb. Larger cargo sizes may be assessed, but will be normalized to standard volumes. Minimum purity level would be at 99.6% with a maximum water content of 0.05%.

Specifications for DOTP are: Density between 0.98-0.99 g/cm3. The proposed weekly domestic delivered East of the Rockies (DER) price assessment to medium-sized customers by tank car or truck would reflect a cargo size of 44,000-45,000 lb. Larger cargo sizes may be

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assessed, but will be normalized to standard volumes. Minimum purity level would be at 99% with a maximum water content of 0.1%.See the original announcement.

To learn more about the price of petroleum products in the United States, you can use ZEMA to view records from and the US Energy Information Administration (EIA). To book a complimentary ZEMA demonstration, visit www.ze.com/book-a-demo/.

Platts to Launch New Asia Clean Tanker AssessmentsEffective October 1, 2015, Platts proposes to add two new clean Medium Range (MR) tanker freight rate assessments reflecting flows from Arab Gulf and West Coast India to South Africa. The new assessments would aim to capture newly established supply trends of refined products out of these regions to meet South Africas rapidly growing import requirements.

The new assessments would reflect modern MR tonnage. Both assessments would be published on a Worldscale basis to reflect how these routes are most commonly traded. Platts would also publish a dollars-per-metric ton value for these routes.

WEST COAST INDIA TO SOUTH AFRICA: This assessment would reflect the West Coast India to South Africa route for a clean MR tanker carrying a cargo of 35,000 mt. The assessment would reflect loadings from Sikka and Vadinar and discharge into Durban followed by Mossel Bay as the discharge basis port. Fixtures to Cape Town would be considered in the assessment and normalized to Durban followed by Mossel Bay.

ARAB GULF TO SOUTH AFRICA: This assessment would reflect the Arab Gulf to South Africa route for a clean MR tanker carrying a cargo of 35,000 mt. The assessment would reflect loadings from Jubail and discharge into Durban followed by Mossel Bay as the discharge basis port. Fixtures to Cape Town would be considered in the assessment and normalized to Durban followed by Mossel Bay.

These new assessments would be published in Platts Clean Tankerwire and Platts Tanker Alert page PGT 2920.See the original announcement.

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Platts Publishes Outright Price Values for Eight US Coastal Vacuum Gasoil AssessmentsAs of September 1, 2015, Platts has published outright price values for its eight US Gulf Coast, Atlantic Coast and West Coast vacuum gasoil (VGO) assessments. Platts is also considering discontinuing VGO assessments expressed as differentials to gasoline and diesel benchmarks.

These outright price assessments are published in US dollars per barrel, and complement existing assessments of VGO, which are published as differentials for 0.5%, 1%, and 2% sulfur VGO. See the original announcement.

To learn more about petroleum prices in the United States, use ZEMA to view records from Platts. For more information, visit www.ze.com/the-zema-solutions/.

Platts Launches Six US and Canadian Daily Medium Range Clean Tanker AssessmentsEffective September 1, 2015, Platts launched six new daily Medium Range clean tanker assessments from the US and Canada. The new assessments reflect established trade routes for clean products out of these regions, and are based on modern MR tonnage.

Each assessment was published on a lump-sum basis and expressed as US dollars per voyage, to reflect how these routes are traded. Platts will also publish the equivalent US dollar per metric ton value for these routes.

The following are the new assessments that were launched:

US Gulf Coast to East Coast Mexico: This assessment reflects the US Gulf Coast to East Coast Mexico route for a clean MR tanker carrying a cargo of 38,000 mt. The assessment reflects loadings from the US Gulf Coast, such as Port Arthur, Houston, and the Galveston Lightering and Anchorage area, and discharge at ports including Coatzacoalcos (Pajaritos) and Tuxpan.

US Gulf Coast to Chile: This assessment reflects the US Gulf Coast to Chile route for a clean MR tanker carrying a cargo of 38,000 mt. The assessment reflects loadings from US Gulf Coast ports such as Port Arthur, Port of South Louisiana, and Houston, and discharge at ports including Quintero, Mejillones, and Iquique.

US Gulf Coast to Peru: This assessment reflects the US Gulf Coast to Peru route for a clean MR tanker carrying a cargo of 38,000 mt. The assessment reflects loadings from US Gulf Coast ports such as Houston, Pascagoula, and Corpus Christi, and discharge at ports including Callao and La Pampilla.

US Gulf Coast to Ecuador: This assessment reflects the US Gulf Coast to Ecuador route for a clean MR tanker carrying a cargo of 38,000 mt. The assessment reflects loadings from US Gulf Coast ports such as Texas City, Houston, and Corpus Christi, and discharge at the ports of La Libertad and Esmeraldas (Balao).

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US Gulf Coast to Caribbean: This assessment reflects the US Gulf Coast to Caribbean route for a clean MR tanker carrying a cargo of 38,000 mt. The assessment reflects loadings from US Gulf Coast ports such as Houston, Port Arthur, Port of South Louisiana, and Corpus Christi, and discharge at ports including Puerto Prodeco, Cartagena, and Barranquilla in Colombia; Jose in Venezuela; St. Eustatius; Rio Haina in Dominican Republic; Kingston in Jamaica; and St. Lucia.

East Coast Canada to US Atlantic Coast: This assessment reflects the East Coast Canada to US Atlantic Coast route for a clean MR tanker carrying a cargo of 38,000 mt. The assessment reflects loadings from ports such as Saint John and Whiffen Head (Come By Chance) and discharge at ports including Boston, Portland, and New York.

The new Americas clean tanker assessments will appear in Platts Clean Tankerwire, on Platts Global Alert page 1912, and in the price database.See the original announcement.

Platts Launches US Scrap Lead-Acid Battery Price AssessmentsEffective August 4, 2015, Platts has added a new weekly price assessment for scrap used lead-acid batteries reflecting market activity in the US Northeast. The new assessment is for used 50% lead-acid, starter lighter ignition automotive batteries, picked up US Northeast. The Northeast region for price normalization will include New York, New Jersey, Pennsylvania, Delaware, Maryland, Connecticut, Massachusetts, Vermont, New Hampshire, Rhode Island, and Maine.

The specification is for a minimum quantity of one truckload (42,000-44,000 lb), normalized to a typical order size one to five truckloads, packaged in shrink-wrapped pallets or skids, pallet size 40 or 44 by 48, maximum 3,600 lb per skid, no more than three battery layers separated by cardboard sheets; assessed in a cents/lb range reflecting the majority of business, normalized to a picked-up US Northeast basis, delivery within 30 days, net-30-day payment terms.See the original announcement.

ZEMA collects more than 600 petroleum data reports from North America alone. To find out how ZEMA integrates this data with downstream systems, visit www.ze.com/the-zema-solutions/integration.

Platts Launches Asian Metallocene C6 LLDPE AssessmentsOn August 3, 2015, Platts announced its intention to assess CFR China, CFR Southeast Asia, and CFR South Asia metallocene C6 linear low density polyethylene prices on a weekly basis. The assessment methodology for metallocene C6 LLDPE is as follows:

Assessment window: Weekly assessments of metallocene C6 LLDPE based on latest information sourced from the market up to the close of the assessment window at 4:30 p.m. Singapore time (0830 GMT) on Wednesday.

Timing: Cargoes for delivery 15-30 days forward from date of publication.

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Basis and locations: CFR China: Shanghai, Ningbo, Xiamen, Shenzhen, Huangpu, Guangzhou, Xingang and Qingdao, Shantou, Tianjin; CFR South East Asia: Indonesia (Jakarta, Surabaya), Singapore, Philippines (Manila Bay), Malaysia (Port Klang),Thailand (Map Tap Phut, Laem Chabang), Vietnam (Ho Chi Minh); CFR South Asia: India (Kolkata, Chennai, Mumbai, Nhava Sheva), Pakistan (Karachi).

Cargo size: 100-500 mt

Terms and conditions: LC 30-90 days credit terms

Quality specification: 1-Hexene comonomer with a density of 918-940 kg/m3 with a melt flow index between 1.0-4.5See the original announcement.

Platts Publishes New West African Crude Oil AssessmentsAs of August 3, 2015, Platts commenced daily assessments for four new West African crudes. The new assessments are for two Nigerian grades, one Chadian grade, and one Ghanaian grade.

Platts now publishes assessments for Nigerias Erha and Usan. Erha is a light sweet crude oil grade produced offshore Nigeria. Production is currently around 100,000 b/d from the Erha FPSO. Usan is a medium sweet grade with a current production rate of around 110,000 b/d. It is produced offshore Nigeria from the Usan FPSO, which has a capacity of 180,000 b/d.

Platts also publishes assessments for Chads Doba grade. Doba is a heavy sweet acidic crude oil grade produced primarily in the south of the country. Its production is currently around 100,000 b/d, loaded from the Kome-Kribi terminal offshore Cameroon.

Finally, Platts publishes assessments for Jubilee crude, produced offshore Ghana. Jubilee currently has production of around 100,000 b/d and is produced and loaded from the Kwame Nkrumah FPSO. See the original announcement.

Argus Launches Daily European Fuel Oil and Gasoil Diesel AssessmentsOn August 4, 2015, Argus introduced the following weekly series to Argus Caspian Market. These daily assessments have time stamps of 6, continuous forwards of 0, and are in USD/t.

PA-code Price type Description Differential basis

Category

PA5001548 1 Fuel oil 3.5% NWE cif Tue snapshot

- >Products>Fuel oil>Northwest Europe

PA5001548 2 Fuel oil 3.5% NWE cif Tue snapshot

- >Products>Fuel oil>Northwest Europe

PA5001549 1 Gasoil diesel French 10ppm NWE cif Tue snapshot

Ice Gasoil Settlement

>Products>Gasoil/Diesel/ Heating oil>Northwest Europe

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Petroleum

August 2015

PA-code Price type Description Differential basis

Category










Snapshots will appear in the DARK file of the DARK folder, on ftp.argusmedia.com.See the original announcement.

ZEMA collects over 100 Argus reports regularly, more than 40 of which pertain to petroleum products. To find out how ZEMA can convert this data into sophisticated analyses, visit www.ze.com/the-zema-solutions/analytics.

Argus Introduces Daily Middle East Butane and Propane AssessmentsEffective August 3, 2015, Argus introduced the following daily codes, which have time stamps of 8 and are in USD/t. These series can be found in the dpgasia and dpg data file in the \DLPG folder of ftp.argusmedia.com.

PA-code Price typeContinuous forward

Description Category

PA0016946 4 0 Butane Argus Middle East Index >LPG>Mideast Gulf>Butane

PA0016945 4 0Propane Argus Middle East Index

>LPG>Mideast Gulf>Propane

PA0016944 17 1Butane Argus Middle East Index average month

>LPG>Mideast Gulf>Butane

PA0016943 17 1Propane Argus Middle East Index average month

>LPG>Mideast Gulf>Propane


18

Petroleum

August 2015

Argus Adds North American Styrene AssessmentsAs of July 23, 2015, Argus added series to the Argus DeWitt Benzene and Dervatives data feed. For FTP subscribers, these changes apply to the dbenzeneweekly filein the DATA/DBenzeneWeekly folder of ftp.argusmedia.com.

The weekly codes below have time stamps of 0, price types of 8, continuous forwards of 1, and are in USC/lb:

PA-code Description Category

PA0016916 Styrene fob USGC VWA month >Petrochemicals>Styrene>North America

PA0016917Styrene USGC large buyer index month

>Petrochemicals>Styrene>North America


ZEMA collects more than 90 Argus reports from North America alone, more than 40 of which pertain to petroleum products. To find out how ZEMA can analyze this data and share this analysis with downstream systems, visit www.ze.com/the-zema-solutions.

Argus Introduces Asia-Pacific Forwards for Crude, Refined Products, and Crack SpreadsEffective July 22, 2015, Argus has introduced new Asia-Pacific Forwards for Crude, Refined Products, and Crack Spreads. Each data set will be available through the Argus FC API and also via ftp.argusmedia.com at 8:00 a.m. CST.

Product Folder Filename

Crude FWDCrudeAsia yyyymmddfwdcrudeasia.csv

Refined Products FWDRefProdAsia yyyymmddfwdrefprodasia.csv

Crack Spreads FWDCrackSpreadsAsia yyyymmddfwdcrackasia.csv

The following new products have been added to support this data:

Product ID Description

174 Crude oil Asia fixed price

175 Crude oil Asia differential

176 Refined products Asia fixed price

177 Refined products Asia differential

178 Refined products Asia crack spread

179 ICE Brent futures (Singapore close)

180 ICE Gasoil futures (Singapore close)

181 Crude oil Dubai swap

19

Petroleum

August 2015

The following new markets have been added to support this data:

MarketID Description

252 Basrah Light

253 Butane AFEI

254 Dubai swap

255 ESPO Blend

256 Fuel oil HS 180 cst Singapore swap

257 Fuel oil HS 380 cst Singapore swap

258 Gasoil 0.001% Singapore




262 Gasoil Singapore swap

263 Gasoline 92r Singapore



266 ICE Brent futures (Singapore Close)

267 ICE Brent swap

268 ICE Gasoil ARA (Singapore close)

269 Jet fuel Singapore swap

270 Murban

271 Naphtha Japan swap

272 Naphtha Singapore swap

273 Oman

274 Propane AFEI

275 Upper Zakum

The latest metadata is available via the FCDOC folder of ftp.argusmedia.com.See the original announcement.

NYMEX Introduces New Light Louisiana Sweet Average Price OptionsEffective September 14, 2015, New York Mercantile Exchange, Inc. (NYMEX) will list three new European-style Light Louisiana Sweet (LLS) average price option contracts for trading on NYMEX trading floor and CME Globex, and for submission for clearing through CME ClearPort. Also concurrent with the launch of these contracts CME will permit block trading pursuant to Rule 526 (Block Trades) in these contracts.

20

Petroleum

August 2015

The specifications for these contracts are as follows:

Contract Title LLS (Argus) vs. WTI Crude Oil Average Price Option

LLS (Argus) vs. Brent Crude Oil Average Price Option

LLS (Argus) Crude Oil Average Price Option

Commodity Code WJO LRO XAO

Rule Chapter 1128 1129 1130

Venue CME Globex, CME ClearPort & NYMEX Trading Floor

CME Globex, CME ClearPort & NYMEX Trading Floor

CME Globex, CME ClearPort & NYMEX Trading Floor

Settlement Method Financial Financial Financial

Option Type European European European

Contract Size 1000 Barrels 1000 Barrels 1000 Barrels

Listing Schedule Current year+5 consecutive years

Current year+5 consec-utive years

Current year+5 consecutive years

Minimum Price Fluctuation

$0.01/barrel $0.01/barrel $0.01/barrel

Value per Tick $10.00 $10.00 $10.00

First Listed Contract October 2015 October 2015 October 2015

Block Trade Minimum Threshold

10 10 10

Termination of Trading Last business day of the underlying contract month

Last business day of the underlying contract month

Last business day of the underlying contract month


ZEMA collects more than 100 regular reports from CME, including more than 20 on petroleum and other liquids. To learn more about ZEMAs extensive data coverage, visit www.ze.com/the-zema-solutions/data.

21

Petroleum

August 2015

DCE Lists New Petroleum Product ContractsStarting August 17, 2015, the Dalian Commodity Exchange (DCE) has listed the following contracts for trading:

Contract Posted benchmark price

LLDPE 1608 RMB 8,465 / ton

PVC 1608 RMB 5,125 / ton See the original announcement.

Platts to End Northwest Europe, Italy, and Singapore Visbreaking Yields, Netbacks, and MarginsEffective January 15, 2016, Platts is proposing to discontinue all daily, weekly and monthly Northwest European, Italy and Singapore visbreaking yields, netbacks and margins. Platts intends to discontinue these visbreaking prices because they do not reflect current refining configurations in the respective regions.

The current visbreaking yield models reflect a topping configuration, primarily crude units, and reformers. Refiners in these regions have increasingly added catalytic crackers, which are already reflected in the cracking yields, netbacks, and margins. Platts will continue to publish these cracking prices.

These prices are published on Platts Global Alert pages 1812, 1822, 2812, 1814, 1824, and 2814. The daily prices are also published in the Crude Oil Marketwire, and the weekly and monthly prices in Oilgram Price Report. The prices are also published in Platts Market Data.

Northwest Europe Crude:

Arab Heavy Arab Light Arab Medium Azeri Light Basrah Light Brent Ekofisk Flotta Gold Forties Gullfaks Iran Heavy Iran Light Kuwait Statfjord Urals

Italy Crude:

Arab Heavy Arab Light Arab Medium Azeri Light Basrah Light Es Sider Iran Heavy Iran Light Kirkuk Saharan Blend Suez Blend Urals Zuetina

22

Petroleum

August 2015

Singapore Crude:

Arab Heavy Arab Light Arab Medium Attaka Das Blend Dubai Duri

Kuwait Minas Murban Oman Qatar Land Qatar Marine Tapis


Platts to Discontinue FOB La Skhirra Zarzaitine Crude Oil Outright and Differential AssessmentsAs of December 1, 2015, Platts will discontinue its FOB La Skhirra Zarzaitine outright and differential assessments. Platts is discontinuing these assessments due to low export volumes and low spot market liquidity for the grade.

Platts currently assesses FOB La Skhirra Zarzaitine on a daily basis, reflecting cargoes of between 60,000-140,000 mt loading out of the Mediterranean port of La Skhirra, in Tunisia. Currently, Platts publishes both a FOB La Skhirra Zarzaitine differential assessment (AALOY00) and an outright assessment (AAHMO00). These assessments currently appear on Platts Global Alert page MH1234, in the Platts Crude Oil Marketwire, and Platts Oilgram Price Report.

Zarzaitine, which is produced in Algeria, is delivered via pipeline to the Tunisian port of La Skhirra in the Mediterranean where it is then loaded for export. Loadings of the grade currently stand at around 30,000 b/d, equivalent to around a single cargo per month. The grade is currently traded via tender approximately a full month in advance of loading and is not regularly traded on a spot basis.See the original announcement.

Platts to Discontinue Stybarrow, AHS Crude IndexEffective November 2, 2015, Platts will discontinue its assessments for Australias Stybarrow crude, following the shut in and disconnection of the oil field.

BHP Billiton has shipped its final Stybarrow crude cargo from the oil field off Western Australia. The field, owned 50:50 by a joint venture between BHP Billiton and Woodside Petroleum, have produced a total of nearly 60 million barrels. The field started up producing at close to 80,000 b/d, but output had fallen to 3,476 b/d by the first quarter of 2015, according to data from Woodside.

In the interim period, Stybarrow crudes spot price will be assessed based on its gross product worth using the last known crude assay and yields, and values relative to other similar crudes in the region. For a complete list of all affected assessments and their PGA codes, please see the table below.

23

Petroleum

August 2015

Code Assessment

AARAH00 Stybarrow FOB Australia Spore Close

AARAI00 Stybarrow FOB Australia Spore vs ADB

AAXQC00 Asian Heavy Sweet Index Spore Close

AAPDP00 Asian Heavy Sweet Index Spore vs ADB

AAPDO00 Asian Heavy Sweet Index London Close

AARAH03 Stybarrow FOB Australia Spore Close MAvg

AARAG03 Stybarrow FOB Australia London Close MAvg

AAXCQ03 Asian Heavy Sweet Index Spore Close MAvg

AAPDP03 Asian Heavy Sweet Index Spore vs ADB MAvg

AAPDO03 Asian Heavy Sweet Index London Close MAvgSee the original announcement.

Platts to End CIF Augusta Kumkol Outright and Differential AssessmentsAs of October 1, 2015, Platts confirms that it will discontinue its CIF Augusta Kumkol outright and differential assessments. Platts is discontinuing these assessments due to the conclusion of Kumkol exports out of the Black Sea.

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

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

Platts Discontinues Daily US Styrene Balance of the Month AssessmentEffective September 1, Platts discontinued its daily US styrene balance of the month assessment due to changes in market dynamics. The balance of the month assessment was not reflective of trade in the market and has been replaced by an M1 and M2 assessment.

24

Petroleum

August 2015

This assessment was listed under the following codes in the Platts price database:

AAPDZ00 Styrene bal mo AAPDZ03 Styrene FOB USG BalMo cts/lb MAvg AAPDZ04 Styrene FOB USG BalMo cts/lb WAvg

These assessments were also published in the Platts Petrochemical Alert on page 339 and page 234.See the original announcement.

Platts Ends All US Methyl Ethyl Ketone and Methyl Isobutyl Ketone AssessmentsAs of September 1, 2015, Platts discontinued all methyl ethyl ketone and methyl isobutyl ketone assessments in the US due to a lack of liquidity in these markets.

Affected assessments:

MEK FOB USG Weekly PHADQ00 PHAYT03

MEK DER US Domestic Weekly PHADT00 PHAYU03

MIBK FOB USG Weekly PHADW00 PHAYX03

MIBK DER US Domestic Weekly PHADZ00 PHAYY03

These assessments could be found on Platts Petrochemical Alert and in the Global Solventswire.See the original announcement.

Platts Discontinues Weekly US Mixed Xylenes ContractEffective September 1, Platts has discontinued its weekly US mixed xylenes contract assessment due to changes in market dynamics. A market-wide contract settlement was no longer openly available and as such the market no longer references or uses the published settlement.

Platts last published a weekly US mixed xylene contract assessment in January 2015, when a settlement was last disclosed by the parties involved and verified per Platts methodology.

This assessment was listed under the following codes in the Platts price database:

Mixed Xylene USG CP PHBHT03.

The assessment was also published in the Platts Petrochemical Alert on page 329 and page 234.See the original announcement.

25

Petroleum

August 2015

Argus Discontinues Multiple Eugene Island Crude AssessmentsEffective August 21, 2015, Argus stopped the following codes in the DAGM data modules in the DAGM folder of the ftp.argusmedia.com server. The following codes have time stamps of 2, WTI as their differential basis, and are in USD/bl.

PA-code Price type

Continuous forward

Description Category Frequency

PA5000018 1, 2, 8 0 Eugene Island month 1 monthly avg

>Crude>North America>US Gulf coast

Monthly

PA5000143 1, 2, 8 0 Eugene Island month 1 quarterly avg


Quarterly

PA5000281 1, 2, 8 0 Eugene Island month 1 snapshot


Weekly

PA5000449 1, 2, 8 0 Eugene Island month 1 weekly avg


Weekly

PA5001238 4, 49 1 Eugene Island weighted average month 1 snapshot


Weekly

PA5001239 4, 49 0 Eugene Island weighted average month 1 monthly avg


Monthly

PA5001240 4, 49 0 Eugene Island weighted average month 1 quarterly avg


Quarterly

PA5001241 4, 49 0 Eugene Island weighted average month 1 weekly avg


Weekly


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Petroleum

August 2015

Furthermore, effective August 25, 2015, Argus discontinued the following codes in the DHC & DHCA data modules in the DCRDEUS folder of the ftp.argusmedia.com server. These codes have time stamps of 2, continuous forwards of 1, WTI as their differential basis, and are in USD/bl.

PA-code Price type Description Category Frequency

PA0000114 1, 2, 3, 6, 7, 8Eugene Island month


Daily

PA0003355 4, 49 Eugene Island weighted average month


Daily

PA0004058 49 Eugene Island MTD weighted average month


Daily


Argus Stops Druzhba Czech Crude Export AssessmentEffective August 5, 2015, Argus stopped publishing the following code to the Argus CIS Crude export data module. The following PA code details have been removed from the DCISCR module in the DCISCR folder on ftp.argusmedia.com.

PA-code Price type Description Differential basis Category Frequency

PA0003396 1, 2, 3Druzhba Czech monthly price

North Sea Dtd mth avg

>Crude>Russia- Caspian>Druzhba

Monthly


Argus Ends Russian Gasoil Cargo AssessmentsAs of July 31, 2015, Argus stopped the following series, which have time stamps of 6. These series are in the DAGM data module in the DAGM folder of the ftp.argusmedia.com.

PA CodePrice Type

Continuous forward

Description Category Frequency

PA5000076 8 0Gasoil Russian cargo NWE cif monthly avg

>Products>Gasoil/ Diesel/Heating oil>Russia

Monthly

PA5000077 8 0Gasoil Russian cargo W Med cif monthly avg


Monthly

PA5000201 8 0Gasoil Russian cargo NWE cif quarterly avg


Quarterly

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Petroleum

August 2015

PA5000202 8 0Gasoil Russian cargo W Med cif quarterly avg


Quarterly

PA50003601, 2, 3, 6, 7, 8

0Gasoil Russian cargo NWE cif snapshot


Weekly

PA50003611, 2, 3, 6, 7, 8

0Gasoil Russian cargo W Med cif snapshot


Weekly

PA5000507 8 0Gasoil Russian cargo NWE cif weekly avg


Weekly

PA5000508 8 0Gasoil Russian cargo W Med cif weekly avg


Weekly


As well, the following series are in the the DAGM data module in the DAGM folder of the ftp.argusmedia.com.

PA50012651, 2, 6, 7

0Gasoil Russian cargo NWE cif Fri Snapshot

>Products>Gasoil/Diesel/ Heating oil>Russia

Weekly

PA50012661, 2, 6, 7

0Gasoil Russian cargo W Med cif Fri Snapshot


Weekly


Furthermore, the following series are in the DLP files in the DEURO folder of ftp.argusmedia.com.

PA0000885 1, 2, 6, 7 0Gasoil Russian cargo NWE cif

>Products>Gasoil/Diesel/Heating oil>Russia

Daily

PA0000886 1, 2, 6, 7 0Gasoil Russian cargo W Med cif


Daily

PA0002308 1, 2 0Gasoil Russian fob W Med


Daily

PA0008682 1, 2, 8 1Gasoil Russian cargo NWE cif average month


Monthly

PA0008683 1, 2, 8 1Gasoil Russian cargo W Med cif average month


Monthly


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Petroleum

August 2015

And finally, the following series are in the dfsue files in the DFSUE folder of ftp.argusmedia.com.

PA5000841 1, 2 0Gasoil Russian fob W Med wed snapshot


Weekly

PA50008631, 2, 6, 7

0Gasoil Russian cargo NWE cif wed snapshot


Weekly

PA50008641, 2, 6, 7

0Gasoil Russian cargo W Med cif wed snapshot


Weekly


NYMEX Delists Three RIN FuturesOn July 27, 2015, the New York Mercantile Exchange, Inc. (NYMEX) delisted three Renewable Identification Number (RIN) futures contracts as noted in the table below. These contracts were listed for trading on CME Globex and for submission for clearing via CME ClearPort. There was no open interest in the contracts.

Rule Chapter Contract Code Contract Name

1158 D43 D4 Biodiesel RINs (Argus) 2013 Futures

1161 D53 D5 Advanced Biofuel RINs (Argus) 2013 Futures

1164 D63 D6 Ethanol RINs (Argus) 2013 FuturesSee the original announcement.

NYMEX Discontinues Singapore Fuel Oil Spread FuturesAs of July 27, 2015, NYMEX delisted the futures contract identified below.

Commodity Code Contract Name Rulebook Chapter

SFC Singapore Fuel Oil 180CST (Platts) Brent Crack Spread Futures 213

This contract was listed for trading on CME Globex and for submission for clearing through CME ClearPort.See the original announcement.

Natural Gas

August 2015

Natural Gas

29

Energy Department Authorizes American LNG Marketings Application to Export LNGOn August 7, 2015, the Energy Department announced that it has issued a final authorization to American LNG Marketing LLC (American LNG) to export domestically produced liquefied natural gas (LNG) to countries that do not have a Free Trade Agreement (FTA) with the United States.

American LNG is authorized to export LNG up to the equivalent of 0.008 billion cubic feet per day (Bcf/d) of natural gas for a period of 20 years from the liquefaction facility located near Medley, Florida in Miami-Dade County, Florida using approved ISO LNG containers.

The Energy Department conducted an extensive review of the American LNG application. Among other factors, the Department considered the economic, energy security, and environmental impacts and determined that exports at a rate of up to 0.008 Bcf/d for a period of 20 years was not inconsistent with the public interest.See the original announcement.

ZEMA collects over 700 data reports regarding natural gas. To learn more about ZEMAs vast data library, visit www.ze.com/the-zema-solutions/data-coverage.

Platts to Launch Brazil LNG NetforwardEffective October 1, 2015, Platts proposes launching a netforward value to reflect the price of LNG imported into Brazil. Platts has observed over a period of time that Brazil is a regular buyer of LNG cargoes used to augment its electricity production during periods when hydropower is insufficient to meet its electricity demand. The value achieved for these cargoes on a DES basis matches the prevailing value of LNG cargoes in the East Atlantic plus a freight element.

Platts is proposing to publish on a daily basis the value of LNG on a DES Salvador de Bahia basis, based on the existing Platts East Atlantic Marker (EAM) plus the freight to Salvador de Bahia, Brazil.

30

Natural Gas

August 2015

The netforward value will be published in US dollar per million British thermal units ($/MMBtu) each London business day, corresponding with the EAM, in the LNG Daily publication and Platts Natural Gas Alert. In addition Platts will publish a number of corresponding price comparisons for relevant markets and competing fuels.See the original announcement.

The ZEMA graph below shows forecasted gross imports and exports of LNG to the United States up until December 2016. Data: EIA Forecast STEO NG Supply, Consumption & Inventory. The storage volume data has been represented by the graph, which can be easily applied as one of ZEMAs many visualization options, and graphs can be viewed instantly as the analytics are built. To learn more about how ZEMA can help with your data and analysis needs, book a complimentary ZEMA demonstration.

Platts Publishes New Transco and Tennessee Natural Gas AssessmentsEffective August 31, 2015, Platts added two new assessments to its daily and monthly price surveys.

1. Transco, Zone 6 non-NY South:

Platts has seen consistent price disparities between gas delivered north of station 195 and gas delivered south of station 195. To bring more price transparency to the region, Platts will start assessing prices for gas delivered south of station 195.

The Transco, Zone 6, non-NY South specifications appears as follows:

Transco, Zone 6 non-NY South (daily and monthly survey) Deliveries from Transcontinental Gas Pipeline from the start of zone 6 at the Virginia/Maryland border to Station 195 in York, Pennsylvania.


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Natural Gas

August 2015

There has been no change to the existing Platts listing for Transco, Zone 6 non-NY, which is composed of all non-NY delivered transactions both north and south of Station 195.

2. Tennessee, Zone 4-313 Pool:

Trading in the daily and monthly markets at Tennessee, Zone 4-313 Pool has demonstrated a level that will support a robust pricing location.

The Tennessee, Zone 4-313 Pool specifications appears as follows:

Tennessee, Zone 4-313 Pool (daily and monthly survey) Transactions at Station 313 in Potter County, Pennsylvania, on Tennessee Gas Pipelines Zone 4 300 Leg.

The Transco, Zone 6 non-NY South location appears in the Northeast section of the Market Center Spot Gas Prices table in Inside FERCs Gas Market Report; Energy Trader and Gas Daily Price Guide; in the Citygates section of Gas Dailys Daily Price Survey table; and Platts Natural Gas Alert pages 433, 495 and 516. Additionally, it appears in the Northeast section of the Market Center Bidweek Physical Basis Prices table in Inside FERCs Gas Market Report.

The Tennessee Zone 4 Station 313 location appears in the Prices of Spot Gas Delivered to Pipelines table in Inside FERCs Gas Market Report; Energy Trader and Gas Daily Price Guide; in the Appalachia section of Gas Dailys Daily Price Survey table; and Platts Natural Gas Alert pages 417, 490 and 511. Additionally, it appears in the Bidweek Physical Basis Prices Delivered to Pipelines table in Inside FERCs Gas Market Report.See the original announcement.

ZEMA collects more than 100 natural gas data reports from Platts alone. To learn more about ZEMAs vast data library, visit www.ze.com/the-zema-solutions/data-coverage.

ICE to List Three US Natural Gas ContractsEffective September 28, 2015, ICE Futures US will list three new financial natural gas futures and options contracts for trading. Each of the following is for 25,000 MMBtus, cash settled in USD.

Name Henry LD1 Fixed Price Future 25K

DescriptionA monthly cash settled Exchange Futures Contract based upon the monthly price published by NYMEX for the location specified in Reference Price A

Symbol HHL

Minimum price fluctuation

The price quotation convention shall be One tenth of a cent ($0.001) per MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18

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Natural Gas

August 2015

Listing cycle Up to 156 consecutive monthly Contract Periods

Last trading day Three Business Days prior to the first calendar day of the Contract Period

Name Henry Penultimate Fixed Price Future 25K

DescriptionA monthly cash settled Exchange Futures Contract based upon the monthly price published by NYMEX for the location specified in Reference Price A

Symbol HHP


The price quotation convention shall be One hundredth of a cent ($0.0001) per MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18


Last trading day Four Business Days prior to the first calendar day of the Contract Period

Name Option on Henry Penultimate Fixed Price Future 25K

DescriptionA monthly Option on the corresponding Contract Period of the Henry Penultimate Fixed Price Future

Symbol HHP


The price quotation convention shall be One hundredth of a cent ($0.0001) per MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18


Last trading dayAt 2:30pm EPT on the fourth Business Day prior to the first calendar day of the Contract Period


Coal

August 2015 33

Coal

Platts Launches New US Illinois Basin Coal AssessmentEffective August 7, 2015, Platts launched a weekly price assessment for Illinois Basin 11,800 Btu/lb, 5 lbs SO2/MMBtu FOB barge coal.

The specifications for the coal are an average heat content of 11,800 Btu/lb with typical sulfur content of 5 lbs SO2/MMBtu FOB barge. The price is reported in $/st. The weekly assessment reflects the price of such coal in the US physical market for three forward quarters and one forward calendar year. The respective codes are CIGQ001; CIGQ002; CIGQ003; and CIGY001.

Platts weekly coal assessments for the US physical market are published in the Weekly Price Survey, Traditional Physical Market table in Coal Trader on the final business day of the week.See the original announcement.

ZEMA collects more than 20 different coal records from Platts alone. For a complimentary demo on how ZEMAs data coverage can be specialized for your companys needs, visit www.ze.com/book-a-demo.

The ZEMA graph below shows weekly coal prices for different US locations in comparison to total US coal production. Data: EIA Weekly Coal Prices and EIA Coal Production Weekly reports. Leverage ZEMAs sophisticated analytical functionalities to make more informed decisions about coal. To learn more, book a complimentary ZEMA demonstration.


34

Coal

August 2015

DCE Launches New Coal-Based ContractsStarting August 17, 2015, the Dalian Commodity Exchange (DCE) has listed the following contracts for trading:


Metallurgical Coke 1608 RMB 837.5 / ton

Coking Coal 1608 RMB 629 / ton


Platts to Discontinue Two US Coal AssessmentsEffective September 26, 2015, Platts will discontinue two weekly Illinois Basin thermal coal assessments currently listed in the Weekly Price Survey, Traditional Physical Market table, which typically publishes on Fridays.

Due to evolving market conditions, Platts believes there is no longer sufficient interest or an appreciable market to accurately assess the following products:

Illinois Basin 10,500 Btu/lb, 6+ lbs SO2/MMBtu, FOB Rail coal; affected codes are CIDQ001, CIDQ002, CIDQ003 and CIDY001.

Illinois Basin 11,500 Btu/lb, 2.5 lbs SO2/MMBtu, FOB Rail coal; affected codes are CAJQ001, CAJQ002, CAJQ003 and CAJY001.


Softs and Metals

August 2015 35

Softs and Metals

SOFTS

Platts to Launch New Thai Hi-Pol Sugar Forward Physical Assessment CurveEffective October 5, 2015, Platts intends to launch new forward physical assessments for Thai Hi-Polarization sugar. The daily assessed curve would include the first three 75-day shipment windows.

The new assessments would reflect existing trading patterns where Thai Hi-Pol sugar is traded forward over four 75-day shipment windows. As the calendar year runs, these are March 1 to May 15, May 1 to July 15, July 1 to September 15, and October 1 to December 15.

Platts currently publishes bids, offers and trades heard in the market for these shipment cycles. The proposed forward physical curve would create formal assessments for these windows. Platts would continue to publish heards gathered from the market and the new assessments would add to Platts existing spot Thai Hi-Pol assessments.

The forward physical curve would adopt the same underlying terms and conditions reflected in the existing spot assessments. It would reflect a minimum polarization on a wet basis of 98.5 degrees at the time of shipment.

Cargo assessments will reflect parcels of 12,000 mt, though FOB cargoes of between 8,000 mt and 12,000 mt will be considered. Loading locations FOB Bangkok, Laem Chabang, Koh Si Chang and Sri Racha will be considered.

The assessments will roll forward in line with expiry of the ICE Sugar No. 11 Futures monthly contract. For example, February 29, 2016 expiry day for the March Sugar No. 11 Futures contract would be the final assessment day for the March-May 2016 shipment window. On March 1, 2016, the curve would roll forward with May-Jul 2016 the new front window, Jul-Sep 2016 the second window, and Oct-Dec 2016 added as the third window.

36

Softs and Metals

August 2015

The assessments would be published as a premium to the relevant ICE Sugar No. 11 Futures contract and as an outright price at 1630 London time. The outright price would not include an additional polarization premium.

The assessments would be published in the Kingsman Daily Sugar Market Report, on Platts Agriculture Alert and in Platts Market Data. Symbols will be announced at a later date.


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

Platts to Introduce Daily US Dried Distillers Grains with Solubles AssessmentsEffective October 1, 2015, Platts intends to launch two new daily price assessments for dried distillers grains with solubles (DDGS) in the US Midwest and Gulf Coast. The new assessments would reflect export quality DDGS with a minimum protein content of 25%, a minimum color of 50 (according to the Hunter L test), a minimum of 6% fat, and a moisture level in the range of 10% to 12%, standardized to 11.5%.

For Chicago, prices would reflect 22.6 mt (25 short tons) truck delivered to the Channahon, Illinois, rail head for next week delivery. For New Orleans, prices would reflect CIF deliveries of 1,360 mt (1,500 short tons) basis New Orleans for next month loading.


Platts to Launch CIF European Feed Wheat and Corn AssessmentsOn October 1, 2015, Platts intends to launch a new daily spot physical assessment for European feed wheat and corn, on a CIF Netherlands basis. The daily assessments would reflect the daily traded or tradable value of cargoes of CIF corn and CIF feed wheat, basis the Netherlands at 16:30 London time.

It is proposed that quality specifications would be normalized to standard requirements for corn and to meet prevailing requirements for feed grade wheat. Per Platts methodology, the assessment would be made using transactional information collected and published daily, including transactions, bids, and offers.


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

37

Softs and Metals

August 2015

Platts Launches US BOHO AssessmentEffective August 17, 2015, Platts launched an assessment of the soybean oil/heating oil spread (known as BOHO) that will reflect the value of the front-month contract for Chicago Board of Trade (CBOT) soybean oil futures multiplied by 7.37, the industry standard for the yield for soy methyl ester biodiesel minus the value of the front-month New York Mercantile Exchange (NYMEX) ultra-low sulfur diesel futures at market close. This assessment is expressed in US cents per gallon and published in the Platts database and the Biofuelscan.


DCE Lists New Softs ContractsStarting August 17, 2015, the Dalian Commodity Exchange (DCE) listed the following contracts for trading:


Soybean Meal 1608 RMB 2,653 / ton

Soybean Oil 1608 RMB 5,648 / ton

RBD Palm Olein 1608 RMB 4,764 / ton

Blockboard 1608 RMB 92.00 / piece

Fiberboard 1608 RMB 54.45 / piece


Platts to Discontinue Ethanol FOB Singapore AssessmentsEffective December 21, 2015, Platts will discontinue its FOB Singapore ethanol assessments including the daily assessment (AAWAD00), and weekly and monthly averages (AAWAD04; AAWAD03).

The discontinuation of these assessments is proposed due to changes in typical spot market trade flows, as participants rarely break bulk ethanol cargoes in Singapore anymore.


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August 2015

Argus Changes Description for New Orleans Urea AssessmentAs of August 13, 2015, Argus made changes to the price series in the Argus FMB North American Fertilizer publication and data module. These changes apply to data in the DFNA module in the DFNA folder onftp.argusmedia.com

The description for the following code has changed:

Code Old description New description

PA0010781Urea granular bulk fob New Orleans upriver/prompt

Urea granular bulk fob New Orleans prompt


Metals

Platts to Launch China Blast Furnace Iron Ore Pellet PremiumOn October 7, 2015, Platts intends to publish a weekly spot CFR China blast furnace (BF) iron ore pellet premium assessment. This assessment would be published on Wednesdays, or the nearest prior working day, in case of a public holiday in Singapore.

The assessment would be published on a $/dry metric ton basis and is intended to reflect the premium over the basis fines value plus VIU adjustment, expressed in the most commonly traded blast furnace pellet grades and brands imported into China.

The proposed launch is in response to market request for greater informational transparency of pellet pricing and premiums in the seaborne spot market and a notable increase in spot liquidity for iron ore pellet imports into China, resulting from tighter environmental regulations.

Platts is proposing to publish this value in the daily iron ore assessment table in SBB Steel Markets Daily on page 3 and on page MW1105 of PMA and to database the value, making it available in data products under the category SI.


ZEMA collects more than 90 metals records from Platts alone. To gain a wider perspective on the metals market and find out how the ZEMA solution can enhance your companys business processes, visit www.ze.com/the-zema-solutions.

NCDEX Launches Silver Hedge 30 KG FuturesEffective August 10, 2015, the National Commodity & Derivatives Exchange Ltd. (NCDEX) has launched the Silver Hedge 30 KG (Symbol: SILVERHEDG), expiring in February 2016.

Contracts for further expiries will be launched as per the contract launch calendar below. Currently, Silver Hedge 30 KG futures contracts expiring in the months of August 2015 and November 2015 are available for trading.

Contract Launch Month Contract Expiry Month

August 10, 2015 February 2016

October 2015 April 2016

December 2015 June 2016

March 2016 August 2016

May 2016 November 2016


LME Clear Launches New Renminbi InitiativeOn July 28, 2015, LME Clear, the clearing house for the London Metal Exchange (LME) market, announced it can now accept offshore renminbi (CNH) as eligible cash collateral. This follows regulatory approval for the initiative from the Bank of England.

The renminbi is seeing rapid adoption internationally. According to Swift data, the Chinese currency is already one of the top-five global payment currencies. The initiative comes in response to calls from LME Clear members to extend the list of accepted cash collateral to include CNH. Chinese-owned BOCI Global Commodities will be the first LME Clear Member to submit CNH collateral.


ZEMA collects more than 200 metals records. To receive a complimentary ZEMA demonstration, visit www.ze.com/book-a-demo.

CME Delists Approved Copper WarehouseEffective August 7, 2015, Southwest Commodity Warehouses, Inc., an existing warehouse for the storage of copper, has notified the Chicago Mercantile Exchange (CME) that its facility is withdrawing its status as an Approved Warehouse and is no longer available for the storage of copper deliverable against CMEs copper futures contract. This facility has the product code 5902 and is located on N. Highway Drive in Tucson, AZ.


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August 2015

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August 2015

The ZEMA graph below shows a forecast of copper spot prices up to January 2019. Data: LME Official Prices report and NYMEX Comex Futures report. To learn more about data available through ZEMA, book a complimentary ZEMA demo.


Argus Changes Timing Descriptions for Black Sea Steel PublicationEffective July 22, 2015, Argus removed a possible ambiguity in the timing description for the following price series in the Argus Black Sea Steel publication and data module. The following PA code details now appear in the DBlackSeaSteel module in the DATA/DBlackSeaSteel folder on ftp.argusmedia.com.

PA-code Description Old timing New timing

PA0015183 Ferrous scrap HMS 1-2 75/25 fob Rotterdam 4-6 weeks prompt spot

PA0015184 Ferrous scrap A3 cfr Marmara within 30 days prompt spot

PA0015185Ferrous scrap A3 fob Russia/Ukraine Black Sea within 30 days

prompt spot

PA0015186 Ferrous scrap HMS 1-2 80/20 cfr Turkey 4 -6 weeks prompt spot

PA0016036 Steel HRC fob Black Sea 2 - 6 weeks prompt spot

PA0016037 Steel CRC fob Black Sea 2 - 6 weeks prompt spot

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August 2015

PA-code Description Old timing New timing

PA0016038 Steel plate fob Black Sea 2 - 6 weeks prompt spot

PA0016039 Steel billet fob Black Sea 2 - 6 weeks prompt spot

PA0016040 Steel slab fob Black Sea 2 - 8 weeks prompt spot

PA0016041 Steel rebar fob Black Sea 2 - 6 weeks prompt spot

PA0016042 Steel wire rod fob Black Sea 2 - 6 weeks prompt spot

PA0016043 Steel HRC cpt Moscow 2 - 5 weeks prompt spot

PA0016044 Steel HRC cpt Moscow 2 - 5 weeks RUB/t prompt spot

PA0016045 Steel rebar cpt Moscow 2 - 5 weeks prompt spot

PA0016046 Steel rebar cpt Moscow 2 - 5 weeks RUB/t prompt spot

PA0016047 Iron Ore pig iron fob Russia Black Sea 2 - 6 weeks prompt spot

PA0016048 Iron Ore pig iron fob Ukraine Black Sea 2 - 6 weeks prompt spot

PA0016049 Ferrous scrap A3 cpt European Russian mills within 30 days prompt spot

PA0016050Ferrous scrap A3 cpt European Russian mills within 30 days RUB/t

prompt spot

PA0016051 Ferrous scrap A3 cpt European Urals mills within 30 days prompt spot

PA0016052Ferrous scrap A3 cpt European Urals mills within 30 days RUB/t

prompt spot

PA0016233 Steel CRC cpt Moscow 2 - 5 weeks prompt spot

PA0016234 Steel CRC cpt Moscow RUB/t 2 - 5 weeks prompt spot

PA0016907 Steel rebar fob Turkey 2 - 6 weeks prompt spot

PA0016908 Steel rebar ex-works Turkey 2 - 5 weeks prompt spot


Finance

August 2015 42

Finance

CME Lists Additional Expiration Months in Serial Options and Serial Mid-Curve Options on Eurodollar FuturesEffective August 30, 2015, the Chicago Mercantile Exchange Inc. (CME) listed additional expiration months in Serial options and Serial Mid-Curve options on CME Three-Month Eurodollar (ED) futures (CME Rulebook Chapter 452A), within the currently established listing cycle.

CME enabled trading in such Serial options and all such Serial Mid-Curve options for expiry in each of the nearest four months not in the March Quarterly cycle, as described in the table below.

March Quarterly Current Serial Serial as of 30 August 2015 Weekly

Standard 16 2 4

1-Year Mid-Curve (MC) 4 2 4 2

2-Year MC 4 2 4 2

3-Year MC 4 2 4 2

4-Year MC 4 2 4

5-Year MC 4 2 4

A Serial option on ED futures is specified so as to expire in a given month that is not in the March Quarterly cycle, (i.e., January, February, April, May, July, August, October, or November), for exercise into ED futures for delivery in the next following month in the March Quarterly cycle (i.e., March, June, September, or December).

Similarly, a Serial Mid-Curve option on ED futures is specified to expire in a given month not in the March Quarterly cycle, for exercise into ED futures for delivery in the month occurring a

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August 2015

prescribed number of years after the next following month in the March quarterly cycle. Serial Mid-Curve options comprise One-Year Mid-Curve Options, Two-Year Mid-Curve Options, Three-Year Mid-Curve Options, Four-Year Mid-Curve Options, and Five-Year Mid-Curve Options.


ZEMAs sophisticated market data management tools collect hundreds of financial data reports, including reports from CME. To learn how you can begin building your own library of financial data, book a complimentary ZEMA demonstration at www.ze.com/book-a-demo.

CBOE to List Weeklys Options on VIXBeginning October 8, 2015, the Chicago Board Options Exchange (CBOE) plans to list options with weekly expirations on the CBOE Volatility Index (VIX Index).

The listing of VIX Weeklys options adds another tool to an array of long- and short-term trading strategies that can be executed on the VIX Index, the worlds premier benchmark of equity market volatility. The launch of VIX Weeklys options follows that of VIX Weeklys futures, which were introduced at the CBOE Futures Exchange (CFE) on July 23.

The VIX Index is based on real-time prices of options on the S&P 500 Index (SPX) and is designed to reflect investors consensus expectations for 30-day stock market volatility. Standard VIX futures and options expire monthly. Weekly VIX options expirations will offer convergence to the VIX cash index four to five times per month, instead of once a month.

CBOE may list up to six consecutive weekly expirations for VIX options and futures. New weekly expirations for VIX futures and options are listed on Thursdays (excluding holidays) and expire on Wednesdays. Like VIX Weeklys futures, the VIX Weeklys options will be available during regular and extended trading hours.


CBOE Launches Hedge Fund Benchmarks with EurekahedgeOn August 18, 2015, CBOE announced it has launched four new benchmark indexes in collaboration with Eurekahedge, a Singapore-based hedge fund research and data collection company, that measure the performance of hedge funds that employ volatility-based investment strategies.

The four new indexes, the first of their kind, were created to meet the demands of institutional hedge fund investors seeking benchmarks that measure the performance of distinct volatility-based strategies. CBOE Eurekahedge Volatility Indexes group specific funds into one of the four indexes that best correspond with a particular strategy.

The CBOE Eurekahedge Volatility Indexes, which will be updated monthly, comprise a broad array of US- and international-based funds in the volatility space.

Below are descriptions of the CBOE Eurekahedge Volatility Indexes. Note: the number of funds within the indexes can vary throughout the month as funds disseminate returns.

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August 2015

CBOE Eurekahedge Short Volatility Index (Bloomberg Ticker: EHFI450) The short volatility index is an equally weighted index of 15 constituent funds designed to provide a broad measure of the performance of underlying hedge fund managers who take a net short view on implied volatility with a goal of positive absolute return. The strategy often involves the selling of options to take advantage of the discrepancies in current implied volatility versus expectations of subsequent implied or realized volatility.

CBOE Eurekahedge Long Volatility Index (Bloomberg Ticker: EHFI451) The long volatility index is an equally weighted index of 10 constituent funds designed to provide a broad measure of the performance of underlying hedge fund managers who take a net long view on implied volatility with a goal of positive absolute return.

CBOE Eurekahedge Relative Value Volatility Index (Bloomberg Ticker: EHFI452) The relative value volatility index is an equally weighted index of 39 constituent funds designed to provide a broad measure of the performance of underlying hedge fund managers that trade relative value or opportunistic volatility strategies. Managers utilizing the strategy can pursue long, short, or neutral views on volatility with a goal of positive absolute return.

CBOE Eurekahedge Tail Risk Index (Bloomberg Ticker: EHFI453) The tail risk index is an equally weighted index of eight constituent funds designed to provide a broad measure of the performance of underlying hedge fund managers who specifically seek to achieve capital appreciation during periods of extreme market stress.


ZEMA collects many records from the Chicago Mercantile Exchange regarding Chicago Board of Trade financial information, including the CBOT Futures daily price record. To learn more about how to transform this collected data into useful market intelligence, visit www.ze.com/the-zema-suite/market-analyzer.

CBOE Introduces 10 Options-Based Strategy Performance Benchmark IndexesEffective July 29, 2015, CBOE announced that it has created 10 new options-based strategy performance benchmark indexes that are designed to highlight the long-term utility of options as risk management and yield enhancing investment tools. CBOE began disseminating intra-day values for the new benchmarks beginning August 3, 2015.

The new benchmark indexes will use popular S&P 500 Index (SPX) Weeklys options to create new versions of two of CBOEs flagship strategy benchmark indexes the CBOE S&P 500 BuyWrite Index (BXM) and the CBOE S&P 500 PutWrite (PUT) Index as well as completely new risk-managed option selling strategies featuring S&P 500 Index (SPX) and CBOE Volatility Index (VIX Index) options.

The values for each of the indexes are published every 15 seconds throughout the trading day and can be accessed on the CBOE website and through all quote vendors.


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August 2015

CBOT Launches User-Defined Spreads for CBOT Treasury Bond and Note Futures Calendar SpreadsEffective August 17, 2015, the Board of Trade of the City of Chicago, Inc. (CBOT) will enable a new User-Defined Spreads (UDS) type for CBOT Treasury Futures Calendar Spreads with Tails on the CME Globex electronic trading platform, which will be available for the September 2015 to December 2015 rollover.

UDS enable market participants to customize and create the precise calendar spreads with tail percentages they wish to trade in real time. UDS for futures will be supported alongside exchange-defined futures spreads utilizing the following CME Globex codes:

ZT Short-Term US Treasury Note Futures (2-Year) Z3N 3-Year US Treasury Note Futures ZF Medium-Term US Treasury Note Futures (5-Year) ZN Long-Term US Treasury Note Futures (6 to 10-Year) ZB U.S. Treasury Bond Futures UB Long-Term US Treasury Bond Futures


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

Deka Equity Index ETF Launched on Xetra Tracks Sustainable Euro-Zone CompaniesSince August 18, 2015, a new equity index ETF issued by Deka Investment GmbH has been tradable on Xetra and Brse Frankfurt.

ETF name Deka Oekom Euro Nachhaltigkeit UCITS ETF

Asset class equity index ETF

ISIN DE000ETFL474

Total expense ratio 0.40%

Distribution policy

Documents

DataWatch August 2015