Archive for 'CME Group'

CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of NYMEX Brent 25-Day (Platts) futures and options contracts to begin trading December 12 with February 2012 being the first listed month. These contracts are listed with, and subject to, the rules and regulations of NYMEX.

“Our new NYMEX Brent 25-Day contracts will offer customers a critical hedging solution to manage their price risk, at a time when the Brent market is undergoing a significant transformation,” said Gary Morsches, Managing Director, Energy Products, CME Group. “Customers have expressed strong interest in a transparently settled Brent futures contract that more closely reflects the hedging needs of the underlying physical Brent market. We’re confident our new contracts are well aligned with the Platts 25-day basis and will provide market participants with transparency and superior convergence against the physical Brent market to enable them to begin managing their price risk today.”

Final settlement of NYMEX Brent 25-Day (Platts) futures and options contracts will be based on the Platts 25-day Brent (BFOE) cash assessment and use the Platts Market on Close (MOC) methodology, which is the industry standard for Brent pricing. Options to be listed will include an average price option and underlying calendar swap, as well as American-style and European-style options. These contracts will be listed for electronic trading on CME Globex, open-outcry and over-the-counter clearing on CME ClearPort.

CME Group will work with Platts on an ongoing basis to maintain contract specifications in close alignment with the Brent (BFOE) cash market, including adopting a revised expiry schedule beginning in March 2015.

The CME Group Energy complex offers the most benchmarks in its asset class, with market participants trading an average daily volume of 1.8 million contracts on CME Globex, CME ClearPort and the trading floor.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.  CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.  CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago.  CME Group also operates CME

Clearing, one of the world’s leading central counterparty clearing providers, which offers clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort®. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.

CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.  CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc.  All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.

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CONTACT: Media, Damon Leavell, +1-212-299-2547, or Allan Schoenberg, +44.203.379.3830, news@cmegroup.com, www.cmegroup.mediaroom.com, or Investors, John Peschier, +1-312-930-8491

Web Site: http://www.cmegroup.com

Fast Growing Index Business Creates Opportunities

Fast Growing Index Business Creates Opportunities-Image by milletre via Flickr

McGraw-Hill (NYSE: MHP), one of the world’s foremost financial information companies and owner of S&P Indices, and CME Group (NASDAQ: CME), the world’s leading and most diverse derivatives marketplace and 90-percent owner of the CME Group/Dow Jones joint venture, announced today an agreement to establish a new joint venture in the rapidly growing index business.  Under the terms of the agreement, which has been approved by the Boards of both companies, McGraw-Hill will contribute its S&P Indices business and the CME Group/Dow Jones joint venture will contribute the Dow Jones Indexes business to create S&P/Dow Jones Indices, a global leader in index services with annual revenue of more than $400 million.  Approximately $6 trillion in assets are benchmarked against these leading indices.

McGraw-Hill will own 73 percent of S&P/Dow Jones Indices, CME Group will own 24.4 percent through its affiliates, and Dow Jones will own 2.6 percent.  S&P/Dow Jones Indices is expected to be operational in the first half of 2012, subject to regulatory approval and customary closing conditions.  The new company will become part of the new McGraw-Hill Markets company following the separation of McGraw-Hill into two public companies, as announced on September 12, 2011.

As part of the new joint venture, S&P/Dow Jones Indices will enter into a new license agreement whereby CME Group will pay S&P Indices a share of the profits of CME Group’s equity product complex, which is their trading and clearing business for futures, swaps and options on futures.  In addition, the new license agreement expands the products covered under the license to include swaps and extends CME Group’s existing exclusive rights (currently in place through December 31, 2017) to the E-mini and other S&P indexed futures.

Harold McGraw III, chairman, president and chief executive officer of McGraw-Hill, said, “This joint venture expands our dynamic index business and accelerates the growth of the new McGraw-Hill Markets company.  By combining our unique and complementary strengths, we are creating a leading global index provider with the breadth and depth to provide both retail and institutional investors with the cutting-edge products and services they need to make sound investment decisions in today’s complex markets.  In addition, McGraw-Hill Markets will benefit from the new license agreement that changes S&P’s Indices’ relationship with CME Group from a transactional fee-per-trade model to a partnership in which S&P Indices participates in the profits of CME Group’s overall equity product complex.”

Terry Duffy, CME Group executive chairman, said, “This new joint venture reflects CME Group’s continued commitment to creating trading opportunities for our global customer base.  Through the new JV company, we look forward to developing leading risk-management solutions in equity indexes and across other asset classes, as well as diversifying our revenue streams, thereby creating value for our shareholders and customers in both institutional and retail client segments.”

Craig Donohue, CME Group chief executive officer, said, “As part of our global growth strategy, CME Group has continued to expand our index services business, both through our own index futures and options products as well as through new product development at our Dow Jones Indexes subsidiary.  The expanded partnership announced today not only creates a leading index services provider that will benefit our customers and shareholders, but also will deliver new opportunities for innovation, including a long-term, ownership-based exclusive global license for CME Group to use the S&P 500® for futures and options on futures products going forward.”

The transaction is expected to be immediately accretive to McGraw-Hill’s earnings and S&P/Dow Jones Indices is expected to drive profit growth by:

  • Increasing revenue through international and asset-class expansion, new product development, enhanced market data offerings and increased cross-selling opportunities
  • Achieving cost savings and accelerating time to market by leveraging technology, data procurement, other back office functions and McGraw-Hill Markets’ infrastructure
  • Reducing capital requirements and generating free cash flow for parent companies.

 

Alexander Matturri, executive managing director of S&P Indices, will be chief executive officer of S&P/Dow Jones Indices and Lou Eccleston, president of McGraw-Hill Financial, will chair the company’s seven-member Board that will include five directors designated by McGraw-Hill and two by CME Group.

Matturri said, “Those who rely on indices worldwide – from product issuers to exchanges to investors – will benefit from a deeper lineup of indices as well as a business model focused on innovation, performance and impact.  Combining S&P Indices’ institutional strength with CME Group’s global exchange partnerships and Dow Jones Indexes’ retail focus will optimize our ability to respond to the changing global environment with increased speed and efficiency.  Just as important, the structure of the joint venture is flexible enough to allow us to maintain our existing exchange relationships and work with other potential partners that could bring additional capabilities to the new company.”

All current indices will retain their brand names (S&P or Dow Jones).  The S&P 500 and the Dow Jones Industrial Average® will continue to be separately maintained and licensed as the basis for a wide variety of funds and financial instruments.  This transaction does not affect existing licensing agreements with other exchanges, nor does it preclude entering into future agreements with additional providers.

Other provisions of the agreement include:

  • McGraw-Hill will acquire London-based Credit Market Analysis Ltd. (CMA), a leading source of independent data in the over-the-counter markets, from CME Group.  This acquisition significantly expands McGraw-Hill’s asset-class coverage for data and pricing and adds the technology to move into intraday quotes on derivative and other OTC securities.
  • A separate license agreement between Platts, a unit of McGraw-Hill, and CME Group/NYMEX will be extended.

 

McGraw-Hill was advised by BofA Merrill Lynch, Goldman Sachs and Deutsche Bank.  Barclays Capital acted as exclusive financial advisor to CME Group.

Conference Call/Webcast Scheduled for 8:00 am Eastern Time on November 4, 2011:  Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies, and Craig Donohue, CEO of the CME Group will host a joint conference call this morning, November 4, at 8:00 AM Eastern Time.  This call is open to all interested parties.  Discussions may include forward-looking information.  Additional information presented on the conference call may be made available on the corporations’ respective Investor Relations Web sites at www.mcgraw-hill.com/investor_relations and www.cmegroup.com.

Webcast Instructions:  Live and Replay

The webcast will be available live and in replay through the corporations’ respective Investor Relations Web sites via the following link: http://investor.mcgraw-hill.com/phoenix.zhtml?p=irol-eventDetails&c=96562&eventID=4225043. (Please copy and paste URL into Web browser.)  The archived replay will be available beginning two hours after the conclusion of the live call and will remain available for one year.

Telephone Access:  Live and Replay

Telephone participants are requested to dial in by 7:50 AM.  The passcode is “McGraw-Hill” and the conference leader is Harold McGraw III.

  • For callers in the U.S.: (888) 391-6568
  • For callers outside the U.S.: +1 (415) 228-4733 (long distance charges will apply)

The recorded telephone replay will be available beginning two hours after the conclusion of the call and will remain available until December 5, 2011.

  • For callers in the U.S.: (800) 348-3514
  • For callers outside the U.S.: +1 (402) 220-9676 (long distance charges will apply)

Presenters’ Slides & Remarks

The presenters’ slides will be made available for downloading at the conclusion of the conference call/webcast on the corporations’ respective Investor Relations Web sites at www.mcgraw-hill.com/investor_relations and www.cmegroup.com.  The final prepared remarks will be available for downloading by the end of the business day.

Forward-looking Statements

The forward-looking statements in this news release involve risks and uncertainties and are subject to change based on various important factors, including worldwide economic, financial, liquidity, political and regulatory conditions; the health of debt and equity markets, including possible future interest rate changes; the successful marketing of competitive products; the effect of competitive products and pricing; the risk that the transactions described herein are not consummated on their terms; and other matters described in McGraw-Hill’s filings with the SEC.

About The McGraw-Hill Companies:  McGraw-Hill, which announced on September 12, 2011, its intention to separate into two public companies – McGraw-Hill Markets (working name), primarily focused on global capital and commodities markets and McGraw-Hill Education focused on digital learning and education services worldwide – is a leading global financial information and education company that helps professionals and students succeed in the Knowledge Economy.  Leading brands include Standard & Poor’s, S&P Capital IQ, S&P Indices, Platts energy information services, J.D. Power and Associates and McGraw-Hill Education.  With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries.  Additional information is available at http://www.mcgraw-hill.com/.

About S&P Indices:  S&P Indices, a leading brand of The McGraw-Hill Companies, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.25 trillion is directly indexed to Standard & Poor’s family of indices, which includes the S&P 500, the world’s most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry’s most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds. For more information, please visit: www.standardandpoors.com/indices.

About CME Group:  As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.  CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.  CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago.  CME Group also operates CME Clearing, one of the world’s leading central counterparty clearing providers, which offers clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort®.  These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.

About Dow Jones Indexes:   Dow Jones Indexes is a leading full-service index provider that develops, maintains and licenses indexes for use as benchmarks and as the basis of investment products. Best-known for the Dow Jones Industrial Average, Dow Jones Indexes offers more than 130,000 equity indexes as well as fixed-income and alternative indexes, including measures of hedge funds, commodities and real estate. Dow Jones Indexes employs clear, unbiased and systematic methodologies that are fully integrated within index families. Dow Jones Indexes is part of a joint venture company owned 90 percent by CME Group and 10 percent by Dow Jones & Company, Inc., a News Corporation company (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).

Investors Relations Contacts:

McGraw-Hill
Donald S. Rubin
Senior Vice President, Investor Relations
(212) 512-4321 (office)
donald_rubin@mcgraw-hill.com

CME Group
John Peschier
Managing Director, Investor Relations
(312) 930-8491
john.peschier@cmegroup.com

News Media Contacts:

McGraw-Hill
Patti Rockenwagner
Senior Vice President, Corporate Communications
(212) 512-3533
patti_rockenwagner@mcgraw-hill.com

S&P Indices
David Guarino
Director, Communications
(212) 438-1471
dave_guarino@standardandpoors.com

CME Group
Laurie Bischel
Director, Corporate Marketing & Communications
(312) 907-0003
laurie.bischel@cmegroup.com

Web Site: http://www.mcgraw-hill.com

Commodities Keep Rolling Along

Commodities posted gains in April despite mixed macroeconomic conditions. Prices were supported by increased inflation expectations and ongoing tensions in the Middle East.

Nelson Louie, Global Head of Commodities at Credit Suisse Asset Management, said, “Prices of risky assets generally increased for the month of April, while the US dollar continued to weaken. Precious metals once again took the spotlight in April, posting strong gains amidst currency uncertainty. Investor focus shifted towards the US debt burden, after Standard & Poor’s put the US on negative watch for the first time. Meanwhile, other countries, such as the UK, France and Germany, have also taken steps to address deficit reduction issues. Concerns over accelerated inflation in various parts of the world, and the future plans of troubled European nations, added to the risk premium for precious metals, while the ongoing situation in the Middle East coupled with strong export demand pushed Crude prices higher.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy, added, “With economies around the world improving, and continued extraordinarily loose monetary policy in the United States, odds of inflation overshooting historical levels and expectations remain elevated.  We believe investors will continue to benefit from the diversification benefits that commodities provide.”

The Dow Jones-UBS Commodity Index Total Return was up by 3.46% in April.  Overall, 11 out of 19 index constituents increased in value, with Precious Metals serving as the strongest sector as both Gold and Silver increased. Energy continued to fare well in April, gaining 5.90%, with Gasoline and Crude Oil leading the way, up 8.92% and 6.08% respectively.  Agriculture was neutral with mixed performance from its components. Gains on Corn (+7.70%) and Coffee helped to offset losses from Cotton and Sugar.  The Industrials Metals sector was down slightly, declining 0.50% for the month.  Concerns remain that Chinese economic growth may slow, curbing base metals demand.  Livestock was the worst performing sector, down 7.12%, erasing its gains from the first quarter when it was the Index’s top performing sector.  Lean Hogs fell 8.32% while Live Cattle declined 6.30% due to signs that consumers were curbing demand amid higher retail prices.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of their white paper, “How Commodities Can Help Investors Face the Uncertainty of the Inflation/Deflation Debate“, please email ir.betastrategies@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for fourteen years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using a quantitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of April 30, 2011 the team managed approximately USD 10.7 billion in assets globally.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,100 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Copyright © 2011, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

CONTACT: Katherine Herring, Corporate Communications, Credit Suisse, +1-212-325-7545, katherine.herring@credit-suisse.com

Web Site: http://www.credit-suisse.com

– Double-digit year-over-year growth across all product lines in March

– Second highest total quarterly average daily volume ever

– Record quarterly average daily volume for Energy, Commodities and Metals product lines

CME Group, the world’s leading and most diverse derivatives marketplace, today announced March volume averaged 14.4 million contracts per day, up 31 percent from March 2010.  Total volume for March was 331 million contracts, of which a record 85 percent was traded electronically.  First-quarter 2011 volume averaged 13.8 million contracts per day, up 19 percent from first-quarter 2010, representing the second highest quarterly volume ever.

In March 2011, CME Group interest rate volume averaged 6.6 million contracts per day, up 33 percent compared with the prior March.  Treasury futures volume averaged 2.7 million contracts per day, up 48 percent compared with the same period in 2010, and Treasury options volume averaged 329,000 contracts per day, up 34 percent.  Contributing to the Treasury options growth, the newly launched weekly Treasury options grew to 14,000 contracts per day on average in March, up 28 percent from February 2011.  Eurodollar futures volume averaged 2.7 million contracts per day, up 32 percent versus March 2010, and Eurodollar options volume averaged 767,000 contracts per day, up 8 percent.

CME Group equity index volume averaged 3.5 million contracts per day, up 32 percent from March 2010.  CME Group foreign exchange (FX) volume averaged 1.0 million contracts per day, up 11 percent compared with the same period a year ago, reflecting average daily notional value of $134 billion.

CME Group energy volume averaged 1.8 million contracts per day, up 20 percent compared with March 2010.  CME Group agricultural commodities volume averaged a record 1.1 million contracts per day, up 60 percent compared with the prior March.  CME Group metals volume averaged 366,000 contracts per day, up 24 percent compared with the same period last year.

Electronic volume averaged 12.2 million contracts per day, up 34 percent from the prior March, while privately negotiated volume increased 33 percent, to 234,000 contracts per day. Average daily volume cleared through CME ClearPort was 493,000 contracts for March 2011, up 11 percent compared with March 2010.  Highlighting that commercial grain market participants are increasingly using CME Group cleared OTC products as part of their risk management toolkit, Corn Calendar Swaps volume reached a daily record of 11,710 contracts on the last day of the month, surpassing the previous record of 3,331 contracts set on Jan. 12, 2011. Open outcry volume averaged 1.4 million contracts per day in March 2011, up 12 percent versus the prior March.

During the first quarter, CME Group interest rate volume averaged 6.4 million contracts per day, up 25 percent compared with first-quarter 2010.  Treasury futures volume averaged 2.7 million contracts per day, up 32 percent compared with the same period a year ago, and Treasury options volume averaged 324,000 contracts per day, up 19 percent.  Eurodollar futures volume averaged 2.5 million contracts per day, up 26 percent versus first-quarter 2010, while Eurodollar options volume averaged 769,000 contracts per day, up 14 percent compared with the prior first quarter.

First-quarter 2010 CME Group equity index volume averaged 2.9 million contracts per day, up 3 percent.  CME Group FX volume averaged 961,000 contracts per day, up 8 percent compared with the same period a year ago, reflecting average daily notional value of $129 billion.

First-quarter CME Group energy volume averaged a record 2.0 million contracts per day, up 23 percent compared with the same period last year.  The energy complex posted record quarterly average daily volume in multiple contracts, including the global benchmark WTI futures and options, with respective volumes of 829,000 and 170,000 contracts per day; the benchmark Henry Hub Natural Gas Futures, with volume of 321,000 contracts per day, and Heating Oil, with volume of 128,000 contracts per day.

CME Group commodities and alternative investments volume averaged a record 1.2 million contracts per day, up 47 percent from first-quarter 2010.  CME Group metals volume averaged a record 376,000 contracts per day in first-quarter 2011, up 15 percent compared with the prior first quarter.

Electronic volume averaged 11.6 million contracts per day, up 21 percent from the prior first quarter, while privately negotiated volume increased 18 percent to 224,000 contracts per day.  Average daily volume cleared through CME ClearPort was 498,000 contracts for first-quarter 2010, up 5 percent compared with first-quarter 2010.  First-quarter open outcry volume averaged 1.5 million contracts per day, up 11 percent versus first-quarter 2010.

MONTHLY AVERAGE DAILY VOLUME (ADV)
Total Exchange ADV

( in thousands)

Mar 2011 Mar 2010
Trading Days 23 23
PRODUCT LINE Mar 2011 Mar 2010 Percent Change
Interest Rates 6,611 4,961 33%
Equity Index 3,504 2,663 32%
FX 1,003 907 11%
Energy (including CME ClearPort) 1,794 1,497 20%
Commodities 1,108 692 60%
Metals (including CME ClearPort) 366 296 24%
Total 14,385 11,016 31%
VEN UE Mar 2011 Mar 2010 Percent Change
Open outcry 1,445 1,288 12%
CME Globex 12,212 9,105 34%
Privately negotiated 234 177 33%
CME ClearPort (OTC) 493 446 11%
QUARTERLY AVERAGE DAILY VOLUME (ADV)
Total Exchange ADV

( in thousands)

Q1 2011 Q1 2010
Trading Days 62 61
PRODUCT LINE Q1 2011 Q1 2010 Percent Change
Interest Rates 6,424 5,120 25%
Equity Index 2,906 2,816 3%
FX 961 887 8%
Energy (including CME ClearPort) 1,973 1,609 23%
Commodities 1,154 785 47%
Metals (including CME ClearPort) 376 327 15%
Total 13,794 11,544 19%
VEN UE Q1 2011 Q1 2010 Percent Change
Open outcry 1,467 1,318 11%
CME Globex 11,605 9,562 21%
Privately negotiated 224 190 18%
CME ClearPort (OTC) 498 474 5%
ROLLING THREE-MONTH AVERAGES
Average Daily Volume (In thousands)
3-Month Period Ending
PRODUCT LINE Mar-11 Feb-11 Jan-11 Dec-10
Interest Rates 6,424 5,851 5,767 5,566
Equity Index 2,906 2,407 2,510 2,545
FX 961 891 903 887
Energy 1,973 1,846 1,674 1,581
Commodities 1,154 1,057 1,048 1,067
Metals 376 342 391 372
Total 13,794 12,394 12,293 12,018
VEN UE Mar-11 Feb-11 Jan-11 Dec-10
Open outcry 1,467 1,380 1,393 1,418
Electronic 11,605 10,356 10,283 9,978
Privately negotiated 224 210 214 222
CME ClearPort (OTC) 498 447 402 400
Average Rate Per Contract (In dollars)
3-Month Period Ending
PRODUCT LINE Feb-11 Jan-11 Dec-10 Nov-10
Interest Rates 0.485 0.491 0.496 0.498
Equity Index 0.711 0.707 0.702 0.695
FX 0.820 0.811 0.804 0.795
Energy 1.608 1.637 1.631 1.606
Commodities 1.257 1.223 1.219 1.220
Metals 1.706 1.716 1.708 1.733
Total 0.820 0.816 0.813 0.815
VEN UE Feb-11 Jan-11 Dec-10 Nov-10
Exchange-Traded 0.748 0.748 0.748 0.751
CME ClearPort (OTC) 2.735 2.826 2.704 2.579

Average daily volume and rate per contract figures from 2008 have been revised due to standardizing NYMEX reporting conventions to follow CME’s treatment of post-trade transactions such as exercises, assignments and deliveries.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.  CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.   CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its trading facilities in New York and Chicago.  CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.  These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.

CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.  CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc.  All other trademarks are the property of their respective owners.

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CONTACT: Media, William Parke, 312.930.3467, or Michael Shore, 312.930.2363, both of CME Group, news@cmegroup.com; or Investor Contact, John Peschier, 312.930.8491, for CME Group

Web Site: http://www.cmegroup.com

– Record energy average daily volume of 2.2 million contracts, up 26 percent

– Record Light Sweet Crude Oil (WTI) average daily volume of 935,000 contracts, up 39 percent

– Record agricultural commodities average daily volume of 1.3 million contracts, up 44 percent

CME Group, the world’s leading and most diverse derivatives marketplace, today announced February volume averaged 14.7 million contracts per day, up 17 percent from February 2010, and up 19 percent from January 2011.  Total volume for February was 279 million contracts, of which 83 percent was traded electronically.

In February 2011, CME Group interest rate volume averaged 7.4 million contracts per day, up 30 percent compared with the prior February, and was the highest monthly average daily volume since May 2010.  Treasury futures volume averaged 3.3 million contracts per day, up 24 percent compared with the same period in 2010, and Treasury options volume averaged 372,000 contracts per day, up 36 percent.  Eurodollar futures volume averaged 2.7 million contracts per day, up 35 percent versus February 2010, and Eurodollar options volume averaged 890,000 contracts per day, up 45 percent.

CME Group equity index volume averaged 2.6 million contracts per day, down 14 percent from February 2010.  CME Group foreign exchange (FX) volume averaged 933,000 contracts per day, in line with the same period a year ago, reflecting average daily notional value of $126 billion.

CME Group energy volume averaged 2.2 million contracts per day, up 26 percent compared with February 2010.  Driving this strong growth in energy, WTI futures and options were up 39 percent and 35 percent for the month, respectively.  The options contract set its third daily volume record of the year, with 325,000 contracts on February 23, surpassing the previous record of 294,000 contracts set at the end of January 2011.

CME Group agricultural commodities volume averaged a record 1.3 million contracts per day, up 44 percent compared with the prior February.  CME Group metals volume averaged 352,000 contracts per day, up 4 percent compared with the same period last year.

Electronic volume averaged 12.2 million contracts per day, up 16 percent from the prior February, while privately negotiated volume increased 16 percent, to 254,000 contracts per day. Average daily volume cleared through CME ClearPort was 548,000 contracts for February 2011, up 17 percent compared with February 2010.  Open outcry volume averaged 1.7 million contracts per day in February 2011, up 26 percent versus the prior February.

MONTHLY AVERAGE DAILY VOLUME (ADV)
Total Exchange ADV

( in thousands)

Feb 2011 Feb 2010
Trading Days 19 19
PRODUCT LINE Feb 2011 Feb 2010 Percent Change
Interest Rates 7,368 5,671 30%
Equity Index 2,554 2,956 -14%
FX 933 931 0%
Energy (including CME ClearPort) 2,150* 1,706 26%
Commodities 1,315 913 44%
Metals (including CME ClearPort) 352 338 4%
Total 14,672 12,515 17%
VEN UE Feb 2011 Feb 2010 Percent Change
Open outcry 1,709 1,354 26%
CME Globex 12,160 10,476 16%
Privately negotiated 254 218 16%
CME ClearPort (OTC) 548 467 17%
ROLLING THREE-MONTH AVERAGES
Average Daily Volume (In thousands)
3-Month Period Ending
PRODUCT LINE Feb-11 Jan-11 Dec-10 Nov-10
Interest Rates 5,851 5,767 5,566 5,608
Equity Index 2,407 2,510 2,545 2,837
FX 891 903 887 935
Energy 1,846 1,674 1,581 1,693
Commodities 1,057 1,048 1,067 1,125
Metals 342 391 372 365
Total 12,394 12,293 12,018 12,563
VEN UE Feb-11 Jan-11 Dec-10 Nov-10
Open outcry 1,380 1,393 1,418 1,484
Electronic 10,356 10,283 9,978 10,422
Privately negotiated 210 214 222 222
CME ClearPort (OTC) 447 402 400 434
Average Rate Per Contract (In dollars)
3-Month Period Ending
PRODUCT LINE Jan-11 Dec-10 Nov-10 Oct-10
Interest Rates 0.491 0.496 0.498 0.497
Equity Index 0.707 0.702 0.695 0.696
FX 0.811 0.804 0.795 0.793
Energy 1.637 1.631 1.606 1.558
Commodities 1.223 1.219 1.220 1.242
Metals 1.716 1.708 1.733 1.750
Total 0.816 0.813 0.815 0.816
VEN UE Jan-11 Dec-10 Nov-10 Oct-10
Exchange-Traded 0.748 0.748 0.751 0.749
CME ClearPort (OTC) 2.826 2.704 2.579 2.439

Average daily volume and rate per contract figures from 2008 have been revised due to standardizing NYMEX reporting conventions to follow CME’s treatment of post-trade transactions such as exercises, assignments and deliveries.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.  CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.   CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its trading facilities in New York and Chicago.  CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.  These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.

The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago.  NYMEX and New York Mercantile Exchange are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc.  All other trademarks are the property of their respective owners.  Further information about CME Group (Nasdaq: CME) and its products can be found at www.cmegroup.com.

CME-G

CONTACT: Media, William Parke, +1-312-930-3467, or Michael Shore, +1-312-930-2363, news@cmegroup.com, www.cmegroup.mediaroom.com, or Investors, John Peschier, +1-312-930-8491, all of CME Group

Web Site: http://www.cmegroup.com

Credit Suisse Hedge Fund Index Up 8.02% YTD

Credit Suisse Hedge Fund Index Up 8.02% YTD

Credit Suisse Hedge Fund Index Up 8.02% YTD

The Dow Jones Credit Suisse Hedge Fund Index (“the Index”) Gained 1.92% in October and is up 8.02% YTD.

A new monthly commentary offers insight into October hedge fund performance. Some key findings from the report include:

  • Nine-out-of-ten strategies in the Index posted positive performance in October as rising global equity, commodity and credit markets provided tailwinds for managers across different strategies.
  • Managed Futures was the best performing strategy for the month, up 4.29%, and is among the top performers in the Index for the year at 11.00%. Performance was led by trend followers which generally profited from long exposures to precious metals, equities, agriculture, and currencies.
  • Long/Short Equity gained 2.00% in October, as managers benefited from a decrease in intra-index stock correlations and higher dispersion in stock prices. As a result of these developments, Long/Short Equity managers generally increased both gross and net exposures during the month.
  • Global Macro managers were up 1.62% in October and led the Index in year-to-date performance with 11.10% gains. Managers profited most from fixed income trades, such as US Treasuries yield curve steepeners and long positions in the belly of the curve in response to QE2 expectations.
  • Event Driven managers also had a positive month, generating 1.80% returns for October and 8.22% returns for the year. Managers in the space have generally been shifting focus towards small and mid-cap opportunities as larger companies needing to refinance debt have had easier access to the active capital markets.

Industry commentaries and publications are available on the Research section of our website, www.hedgeindex.com. Click here to view the full report which includes an overview of October hedge fund performance, in-depth commentary on individual hedge fund sectors and hedge fund return dispersion statistics for each strategy.

About Dow Jones Indexes

Dow Jones Indexes (www.djindexes.com) is a leading full-service index provider that develops, maintains and licenses indexes for use as benchmarks and as the basis of investment products. Best-known for the Dow Jones Industrial Average, Dow Jones Indexes offers more than 130,000 equity indexes as well as fixed-income and alternative indexes, including measures of hedge funds, commodities and real estate. Dow Jones Indexes employs clear, unbiased and systematic methodologies that are fully integrated within index families. Dow Jones Indexes is part of a joint venture company owned 90 percent by CME Group Inc. (www.cmegroup.com) and 10 percent by Dow Jones & Company, Inc. (www.dowjones.com), a News Corporation company (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV; www.newscorp.com).

About Credit Suisse AG

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,500 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Copyright © 2010, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide or indicator to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

“Dow Jones®“, “The Dow Jones Credit Suisse Hedge Fund Indexes” and “Dow Jones Indexes” are service marks of Dow Jones Trademark Holdings LLC (“Dow Jones”), and Credit Suisse Group AG, as the case may be, and have been licensed for use by Credit Suisse Index Co., Inc. and CME Group Index Services LLC (“CME Indexes”). Investment products based on the Dow Jones Credit Suisse Hedge Fund Indexes are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes or their respective affiliates and none of Dow Jones, CME Indexes and their respective affiliates make any representation regarding the advisability of investing in such products.  Inclusion of a hedge fund in any of the Dow Jones Credit Suisse Hedge Fund Indexes does not in any way reflect an opinion of Dow Jones, CME Indexes or any of their respective affiliates on the investment merits of such fund. None of Dow Jones, CME Indexes or any of their respective affiliates is providing investment advice in connection with these indexes.