Eurex Volatility Products - Московская Биржа

Eurex Volatility Products - Московская Биржа

Eurex Exchanges VSTOXX products: Trading and applications June 04, 2011 June, 2011 Volatility products at Eurex Exchange Agenda Eurex Exchanges volatility products Trading opportunities Further information and contacts www.eurexchange.com 2 De c Fe -0 5 b Ap -06 r Ju - 06 n Au -0 6 gO 06 ct De -06 c Fe -0 6 b Ap -07 r Ju - 07 n Au -0 7 g O - 07 ct De - 07 c Fe -0 7

b Ap -08 r Ju -08 n Au -0 8 g O - 08 ct De - 08 c Fe -0 8 b Ap - 09 r Ju -09 nAu 0 9 g O - 09 ct De -09 c Fe -0 9 b Ap -10 r Ju - 10 nAu 1 0 g O - 10 c De t- 10 c Fe -1 0 b Ap -11 r-1 1 Volatility products at Eurex Exchange 5,000

1,500 June, 2011 Underlying & volatility Strong negative correlation EURO STOXX50 / VSTOXX EURO STOXX 50 100 4,500 90 4,000 80 3,500 70 3,000 60 2,500 50 2,000 40 VSTOXX 30 1,000 20 500 10 0 www.eurexchange.com 3

June, 2011 Volatility products at Eurex Exchange EURO STOXX 50 volatility (1/2) Index concept of the VSTOXX Calculation for the VSTOXX Index is based on Eurex Exchanges EURO STOXX 50 Index Options. The VSTOXX Index does not measure implied volatilities of ATM options, but the implied variance across all options of given time to expiry. The main index VSTOXX is designed as a rolling index at a fixed 30 days to expiry through linear interpolation of the 2 nearest of the 8 available sub-indexes. The sub-indexes represent the eight expiry months with a maximum of 2 years and are calculated every 5 seconds. The model aims at making pure volatility tradable, i.e. the index should be trackable by a portfolio which does not react to price fluctuations, but only to changes in volatility. This is not achieved through volatility, but through variance (volatility squared) www.eurexchange.com 4 June, 2011 Volatility products at Eurex Exchange EURO STOXX 50 volatility (2/2) Index concept of the VSTOXX Price screens and filters All option prices that are one-sided or either a bid or an ask or options without a bid or ask at all, are screened out; Only options that are quoted within the established maximum spread are eligible; cutting the wings exclusion of option prices: this filter ensures that prices used do not fall short of minimum value of 0.5 index points. Options that are too far OTM and therefore do not have much influence on the result of the calculation are filtered out as well. www.eurexchange.com 5 June, 2011

Volatility products at Eurex Exchange Product specifications Symbol Product name Underlying Contract value Price quotation and Minimum Price Change Contract months Exercise price intervals Exercise Settlement Daily Settlement Price Last Trading Day and Final Settlement Day Final Settlement Price Block Trade size Vendor codes OVS FVS VSTOXX Options VSTOXX Mini Futures The VSTOXX Index, a market estimate of expected volatility that is calculated every five seconds by using realtime EURO STOXX 50 Index option bid/ask quotes. EUR 100 per index point of the underlying In points with two decimal places. The Minimum Price Change is 0.05 points (equivalent to a value of EUR 5). The three nearest calendar months and the following The eight nearest successive calendar months quarterly month of the February, May, August and November cycle Staggered by volatility index level: ---= < 20 - 1 index point > 20 and =< 50 - 2.5 index points > 50 - 5 index points European-style; an option can only be exercised on the

---Final Settlement Day of the respective option series until 21:00 CET Cash settlement, payable on the first exchange day following the Final Settlement Day. Established by Eurex, determined through the Black/Scholes Determined during the closing auction of the 76 model. respective futures contract. 30 calendar days before the third Friday of the expiration month of the underlying options. This is usually the Wednesday before the second last Friday of the respective expiration / maturity month. Average of the VSTOXX values on the Last Trading Day between 11:30 and 12:00 CET. 500 contracts 1,000 contracts Bloomberg: V2X Index OMON Bloomberg: FVSA Index Reuters: 0#FVS+ Reuters: 0#FVS: www.eurexchange.com 6 June, 2011 Volatility products at Eurex Exchange Volatility index futures (1/2) 140,000 70,000 120,000 60,000 100,000 50,000 80,000 40,000 60,000

30,000 40,000 20,000 20,000 10,000 0 Open Interest Traded Contracts Volume and open interest* 0 May-10 Jun-10 * As of May 23, 2011 Jul-10 Aug-10 Sep-10 Oct-10 Order Book Volume Nov-10 Dec-10 OTC Volume Jan-11

Feb-11 Mar-11 Apr-11 May-11 Open Interest In June 2009, Eurex Exchange re-launched its volatility product offering with the launch of VSTOXX Mini Futures. A new contract with a reduced tick size of EUR 100 per index point (formerly EUR 1,000) was introduced in response to market demand. In May 2011, open interest in VSTOXX Mini Futures stands at 60,000. Daily trading volume in VSTOXX Mini Futures lies at 5,000 contracts in 2011. More than 50 exchange members are now trading VSTOXX Mini Futures. In Q1 2011, ten new members started trading, mainly client flow. www.eurexchange.com 7 June, 2011 Volatility products at Eurex Exchange Volatility index futures (2/2) Volume and open interest* Key Drivers: Issuance of European ETNs linked to the index VSTOXX and also directly to VSTOXX Mini Futures by market participants create trading and hedging demand from these issuers. A number of proprietary trading firms have entered VSTOXX Mini Futures, trading against clients flows, with arbitrage strategies against EURO STOXX 50 Index Options and in light of designated sponsoring activities in ETNs. Six Banks are successfully offering execution of futures block trades to clients in larger trade sizes, also as an exchange listed trading alternative to OTC variance swaps. www.eurexchange.com 8 June, 2011

Volatility products at Eurex Exchange Volatility index options Volume and open interest* 200.000 140.000 180.000 160.000 120.000 100.000 120.000 80.000 100.000 80.000 60.000 60.000 Open Interest Traded Contracts 140.000 40.000 40.000 20.000 20.000 0 0 Mai 10 Jun 10

Jul 10 * As of May 23, 2011 Aug 10 Sep 10 Okt 10 Order Book Volume Nov 10 Dez 10 OTC Volume Jan 11 Feb 11 Mrz 11 Apr 11 Mai 11 Open Interest On March 22, 2010 Eurex Exchange expanded its volatility offering with the launch of VSTOXX Options. Screen pricing is provided by J.P. Morgan, five further banks facilitate client trading interest. In the first year of trading, 760,000 VSTOXX Options were traded. In 2011, daily average options volume lies at 2,500 contracts. www.eurexchange.com 9 June, 2011 Volatility products at Eurex Exchange

Agenda Eurex Exchanges volatility products Trading opportunities Further information and contacts www.eurexchange.com 10 10 June, 2011 Volatility products at Eurex Exchange Volatility an effective portfolio diversification? In an academic study from July 2009, VIX Futures and Options A Case Study of Portfolio Diversification During the 2008 Financial Crisis, Edward Szado / CISDM found that: Inclusion of VIX Futures to portfolios of equity/bonds/alternative investments* under analysis during the 2008 Financial Crisis both increased returns and reduced standard deviation by almost 1/3. Inclusion of ATM VIX Calls to the portfolio also increased portfolio returns but the effect on standard deviation was mixed with a slight increase. The results showed greater return benefits in market drops but a corresponding increase in standard deviation. Even with only a 1 per cent allocation of ATM VIX Calls efficient frontier moves higher with a lower risk and higher return, therefore such a combination may provide a significant protection in downturns and investable volatility products could have been used to provide some much needed diversification during the crisis. * The portfolio is 60.5 per cent equity; 30.5 per cent bonds and 9 per cent alternative assets like RE, High Yield, HF, MF and PE. www.eurexchange.com 11 11 June, 2011 Volatility products at Eurex Exchange Portfolio diversification with volatility index futures

Futures on VSTOXX (FVSX & FVS) and Futures on EURO STOXX 50 Index (FESX) Combined Portfolio (cPF) vs. Pure Portfolio (pPF) 500% Rebased cPF 400% Rebased pPF 300% 200% 100% 0% pPF consists of long 3-month futures on EURO STOXX 50 (FESX). cPF consists of 30 per cent long one-month futures on VSTOXX (FVSX) and of 70 per cent long threemonth futures on EURO STOXX 50 Index (FESX). Rebalancing once a week. www.eurexchange.com 12 12 June, 2011 Volatility products at Eurex Exchange Volatility derivatives (1/2) Trading opportunities Hedge your portfolio exposure, especially as a disaster hedge equity portfolios credit portfolios options portfolios Diversify your portfolio by adding a new asset class. Investments based on active benchmark strategies require a frequent rebalancing, driving costs up negative correlation of the VSTOXX to the EURO STOXX 50 offsets rebalancing costs. www.eurexchange.com

13 13 June, 2011 Volatility products at Eurex Exchange Volatility derivatives (2/2) Trading opportunities Equity funds are short volatility equity falls, volatility rises. equity put positions can be substituted by a position in a volatility call, offsetting a decline in the equity by a rise in the volatility position. Position taking on future volatility levels with volatility options limits downside risk to paid premiums for outrights or option spread positions directional trading/speculation on the level of a single volatility index. speculation on spreads between volatility indexes. mean reverting nature of volatility index can generate additional alpha. dispersion trading. www.eurexchange.com 14 14 June, 2011 Volatility products at Eurex Exchange Observed VSTOXX Options trading strategies and characteristics VSTOXX Options strategy Key features / Anticipation Advantages Limitations OTM VSTOXX Calls Directional rise in volatility

Only premium at risk Upside calls typically priced at higher Vol of Vol Call/Put Spreads Directional move in volatility Rise in Vol of Vol Rich out of the money calls reduce premium outlay Capped upside not suitable to hedge tail risk VSTOXX Conversion Directional, synthetic exposure to VSTOXX Long Call captures spikes, while the Short Put sees smoother declines in volatility VSTOXX Straddle Move in volatility to be lower than generated premium Capture difference between realized and implied Vol of Vol by shorting Straddle Vol of Vol can spike much more than volatility High premium VSTOXX Ratio Put Spread Directional, but limited move in VSTOXX to upper/lower strikes

shorted Utilize skew of VSTOXX Options Exposure to volatility surges VSTOXX Call / Put Butterfly Move in Vol of Vol Pinpoint VSTOXX level at expiry Reduced premium outlay Reduced risk upon significant volatility move More legs to trade OTM VSTOXX Puts Directional rise in volatility Long volatility and generates premium Underperformance after volatility shock www.eurexchange.com 15 15 June, 2011 Volatility products at Eurex Exchange OTM VSTOXX Calls Motivation: On April 27, 2010 the May 2010 VSTOXX Mini Futures are trading at 27.60 Investor looks to profit from anticipated increase in volatility until expiry and buys VSTOXX Calls VSTOXX Futures May 2010 Contract 45

The trade: Buy 1,000 contracts of May 32.50 VSTOXX Options @ 0.90 index points Total premium outlay amounts to 0.90 * EUR 100 * 1,000 contracts = EUR 90,000 40 35 30 25 VSTOXX Futures May 2010 Contract Performance: VSTOXX Calls performed well as the VSTOXX and respective VSTOXX Mini Futures contract month increased Position was closed prior to expiry on May 7 for 10.2 index points Total profit was 9.3 * EUR 100 * 1,000 contracts = + EUR 930,000 www.eurexchange.com 16 16 June, 2011 Volatility products at Eurex Exchange VSTOXX Call Spread Motivation: Investor sees volatility breakout of May 2010 as over and wishes to profit from receding volatility from its current level of 34.20 for June VSTOXX Mini Futures with downside VSTOXX Put. To reduce premium outlay, two OTM Puts are sold at a lower exercise price VSTOXX Futures May 2010 Contract 45 The trade: Buy 3,000 May 30.00 VSTOXX Calls @ 4.55 index points Sell 3,000 May 32.50 VSTOXX Calls @ 3.40 index points Total premium outlay amounts to

1.15 * EUR 100 * 3,000 contracts = EUR 345,000 40 35 30 25 VSTOXX Futures May 2010 Contract Performance: May VSTOXX final settlement was 43.18 Difference in exercise prices of 2.5 stands against initial net premium of 1.15 index points Total profit was 1.35 * EUR 100 * 3,000 contracts = + EUR 405,000 www.eurexchange.com 17 17 June, 2011 Volatility products at Eurex Exchange Agenda Eurex Exchanges volatility products Trading opportunities Further information and contacts www.eurexchange.com 18 18 June, 2011 Volatility products at Eurex Exchange Market-Making Volatility derivatives VSTOXX Mini Futures

VSTOXX Options 500 contracts 25 contracts 5 per cent of bid price, i.e. future bid = 25 per cent, thus spread 125 bps Bid up to 2 max spread 0.40 points Bids from 2 to 20 20 per cent of bid price i.e. option bid = 4.00, thus a spread 80 bps Bid > 20 max spread 4 points Required coverage 80 per cent of the total trading period on a monthly average. 70 per cent of the total trading period on a monthly average for calls and puts in five out of nine exercise prices around the current index level. Asymmetric quotation is allowed. Maturity/expiry range All eight maturities have to be covered All four expirations have to be covered 100 per cent free rebate for trades on M-account from March 1, 2010 until December 31, 2011, for fulfilling monthly obligations 100 per cent free rebate for trades on M-account from March 22, 2010 until December 31, 2011, for fulfilling monthly obligations. Eurex Exchange will also grant a revenue sharing and distribute 50 per cent of the net trading fee among the top three performing Market Makers on a

monthly basis. The kickback is determined as a ration of the trading volume of the three Market Makers. Minimum contract size Maximum spread* Incentive * Currently the quoted spread in VSTOXX Mini Futures is less than one per cent of the bid price. www.eurexchange.com 19 19 June, 2011 Volatility products at Eurex Exchange Market-Makers Company Contact Phone J.P. Morgan (VSTOXX Options Screen and Phone Market Maker) Index Desk +44-20-73 25-63 95 Barclays Capital (VSTOXX Mini Futures & Phone Market Making for VSTOXX Options) Joshua Spitz +44-20-77 73-92 64 Dominic & Co Asset Management

(VSTOXX Mini Futures) Pierre de Saab +41-22-319-21 74 www.eurexchange.com 20 20 June, 2011 Volatility products at Eurex Exchange Further information Factsheets: www.eurexchange.com > Documents > Publications > Eurex OTC Volatility Strategy with Cash Equity Leg www.stoxx.com/indices/factsheets/eurozone.html Flyer: www.eurexchange.com > Documents > Publications > Flyer_Volatility_Index_ Derivatives.pdf Webinfos: http://www.eurexchange.com/trading/products/VOL_en.html www.eurexchange.com 21 21 June, 2011 Volatility products at Eurex Exchange Contact us Sales Continental Europe France Schuster Paul Beck

Markus-Alexander Flesch Eurex Frankfurt AG Mergenthalerallee 61 65760 Eschborn Germany Deutsche Brse AG Representative Office France 17, rue de Surne 75008 Paris France Eurex Zrich AG Selnaustrasse 30 8021 Zrich Switzerland P: +49 (0)69 2 11-1 52 38 F: +49 (0)69 2 11-61 52 38 P: +33 (0)155 2 76-7 72 F: +33 (0)155 276-7 50 P: +41 (0)58 8 54-29 48 F: +41 (0)58 8 54-24 66 [email protected] [email protected] [email protected] Sales UK Sales US Sales Asia & Middle East Stuart Heath Vassilis Vergotis

Roland Schwinn Deutsche Brse AG UK Representative Office One Canada Square, Canary Wharf London, E145DR United Kingdom Eurex 233 Sourch Wacker Drive - Suite 2450 Chicago, IL 60606 USA Eurex Frankfurt AG 50 Raffles Place No 21-05 Singapore Land Tower Singapore 048623 P: +44 (0)207 8 62-72 53 F: +44 (0)207 8 62-92 53 P: +1 312 5 44-10 58 F: +1 312 5 44-15 58 [email protected] [email protected] www.eurexchange.com P: +65 6304-52 52 F: +65 6304-52 80 [email protected] 22 22 June, 2011 Volatility products at Eurex Exchange Thank you for your attention!

www.eurexchange.com 23 June, 2011 Volatility products at Eurex Exchange Eurex 2011 Deutsche Brse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Frankfurt AG, Eurex Clearing AG (Eurex Clearing) as well as Eurex Bonds GmbH (Eurex Bonds) and Eurex Repo GmbH (Eurex Repo) are corporate entities and are registered under German law. Eurex Zrich AG is a corporate entity and is registered under Swiss law. Clearstream Banking S.A. is a corporate entity and is registered under Luxembourg law. U.S. Exchange Holdings, Inc. and International Securities Exchange Holdings, Inc. (ISE) are corporate entities and are registered under U.S. American law. Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland and Eurex Zrich AG are in the following referred to as the Eurex Exchanges. All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof (other than certain trademarks and service marks listed below) are owned by DBAG and its affiliates and subsidiaries including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication DBAG, Clearstream, Eurex, Eurex Clearing, Eurex Bonds, Eurex Repo as well as the Eurex Exchanges and their respective servants and agents (a) do not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third partys use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication. This publication is published for information purposes only and shall not constitute investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. Eurex and Eurex Clearing offer services directly to members of the Eurex exchanges respectively to clearing members of Eurex Clearing. Those who desire to trade any products available on the Eurex market or who desire to offer and sell any such products to others or who desire to possess a clearing license of Eurex Clearing in order to participate in the clearing process provided by Eurex Clearing, should consider legal and regulatory requirements of those jurisdictions relevant to them, as well as the risks associated with such products, before doing so. Eurex derivatives (other than EURO STOXX 50 Index Futures contracts, EURO STOXX Select Dividend 30 Index Futures contracts, STOXX Europe 50 Index Futures contracts, STOXX Europe 600 Index Futures contracts, STOXX Europe Large/Mid/Small 200 Index Futures contracts, EURO STOXX Banks Futures contracts, STOXX Europe 600 Banks/Industrial Goods & Services/Insurance/Media/Personal & Household Goods/Travel & Leisure/Utilities Futures contracts, Dow Jones Global Titans 50 IndexSM Futures contracts, DAX Futures contracts, MDAX Futures contracts, TecDAX Futures contracts, SMIM Futures contracts, SLI Swiss Leader Index Futures contracts, Eurex inflation/commodity/weather/property and interest rate derivatives) are currently not available for offer, sale or trading in the United States or by United States persons. Trademarks and Service Marks Buxl, DAX, DivDAX, eb.rexx, Eurex, Eurex Bonds, Eurex Repo, Eurex Strategy WizardSM, Euro GC Pooling, FDAX, FWB, GC Pooling,,GCPI, MDAX, ODAX, SDAX, TecDAX, USD GC Pooling, VDAX, VDAX-NEW and Xetra are registered trademarks of DBAG. Phelix Base and Phelix Peak are registered trademarks of European Energy Exchange AG (EEX). The service marks MSCI Russia and MSCI Japan are the exclusive property of MSCI Barra. iTraxx is a registered trademark of International Index Company Limited (IIC) and has been licensed for the use by Eurex. IIC does not approve, endorse or recommend Eurex or iTraxx Europe 5-year Index Futures, iTraxx Europe HiVol 5-year Index Futures and iTraxx Europe Crossover 5-year Index Futures. Eurex is solely responsible for the creation of the Eurex iTraxx Credit Futures contracts, their trading and market surveillance. ISDA neither sponsors nor endorses the products use. ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc.

IPD UK Annual All Property Index is a registered trademark of Investment Property Databank Ltd. IPD and has been licensed for the use by Eurex for derivatives. SLI, SMI and SMIM are registered trademarks of SIX Swiss Exchange AG. The STOXX indexes, the data included therein and the trademarks used in the index names are the intellectual property of STOXX Limited and/or its licensors Eurex derivatives based on the STOXX indexes are in no way sponsored, endorsed, sold or promoted by STOXX and its licensors and neither STOXX nor its licensors shall have any liability with respect thereto. Dow Jones, Dow Jones Global Titans 50 IndexSM and Dow Jones Sector Titans IndexesSM are service marks of Dow Jones & Company, Inc. Dow Jones-UBS Commodity IndexSM and any related sub-indexes are service marks of Dow Jones & Company, Inc. and UBS AG. All derivatives based on these indexes are not sponsored, endorsed, sold or promoted by Dow Jones & Company, Inc. or UBS AG, and neither party makes any representation regarding the advisability of trading or of investing in such products. All references to London Gold and Silver Fixing prices are used with the permission of The London Gold Market Fixing Limited as well as The London Silver Market Fixing Limited, which for the avoidance of doubt has no involvement with and accepts no responsibility whatsoever for the underlying product to which the Fixing prices may be referenced. PCS and Property Claim Services are registered trademarks of ISO Services, Inc. Korea Exchange, KRX, KOSPI and KOSPI 200 are registered trademarks of Korea Exchange Inc. BSE and SENSEX are trademarks/service marks of Bombay Stock Exchange (BSE) and all rights accruing from the same, statutory or otherwise, wholly vest with BSE. Any violation of the above would constitute an offence under the laws of India and international treaties governing the same. The names of other companies and third party products may be trademarks or service marks of their respective owners. www.eurexchange.com 24 24

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