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Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
Presentation global offering_of_msci_indexes_at_eurex_exchange_en
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Presentation global offering_of_msci_indexes_at_eurex_exchange_en

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Find out all about Eurex Exchange's global offering of MSCI indexes.

Find out all about Eurex Exchange's global offering of MSCI indexes.

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  • 1. Global offering of MSCI indexes at Eurex Exchange Extending the equity index derivatives suite July 2013
  • 2. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 2 Growing success of MSCI indexes With more providers of MSCI related ETFs, swaps and additional structures and a growing competition on pricing these, an increased need for cheap and efficient hedging tools (futures & options) arises. Historically, MSCI has been the index provider of choice for the buy-side (fund managers, insurances, pension plans, endowments) seeking broad and reliable benchmarks to compare with their own performance and looking for tools to analyse risk and returns. The growing success of indexation via ETFs and index swaps has brought MSCI further to the forefront of asset allocation, not only on the investment side, but also in trading. Globally, 40% of the ETF assets in equity ETFs are based on MSCI indexes. 2. 3. 1. MSCI estimates that about 7tn USD are benchmarked against their indexes (page 3) Around 330 bn USD are invested in equity ETFs based on MSCI indexes (page 4) 2. In 2011 for the first time more than 25mn MSCI Futures traded (page 5) 2.1.
  • 3. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 3 Funds benchmarked against MSCI 1. MSCI estimates that about 7tn USD are benchmarked against their indexes • As a U.S.-based company, most of the assets are in investment products offered in the U.S., followed by European funds. Asia still ranks third, but is gaining ground. This is also reflected in MSCI revenues: Americas 54%, EMEA 32% and Asia/Pacific 13% • Looking at an index level, it becomes clear that in the USA only a handful of indexes are broadly used: – MSCI World (for global, developed markets) – MSCI EM (for global, emerging markets) – MSCI EAFE (for everything developed outside North America) – For the U.S. itself, S&P500 and Russell are the main benchmark providers • Outside the U.S., the usage of MSCI benchmarks is much more heterogeneous: – Regional indexes like MSCI Asia, MSCI Latin America etc. are even in absolute figures tracked more in Europe than in the U.S. – Some country indexes like MSCI India or Russia have a multiple of assets in Europe compared to the U.S.
  • 4. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 4 ETFs based on MSCI (in Europe) 2. Around 330 bn USD are invested in equity ETFs based on MSCI indexes • Assets of MSCI ETFs in Europe (Xetra® listed) have grown to 60 bn EUR,whereby MSCI Emerging Markets is the biggest ETF with 13 bn EUR followed by MSCI World and Europe. • The graph shows how money shifted from Europe into Global / Emerging Markets / U.S. investments during the Euro crisis. • Given the strong presence of MSCI in those regions, the percentage share of equity ETF money linked to MSCI increased from ~32% beginning of 2010 to 45% in spring 2013. Relative shift of ETF assets between regions with highest AuM
  • 5. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 5 Futures & options based on MSCI 3. In 2011 for the first time more than 25mn MSCI Index futures traded Futures on MSCI indexes show a different picture as funds & ETFs: • The center of activity has been in Asia, where SGX offers two contracts for Singapore and Taiwan: in Singapore the MSCI futures is the prime national contract, whereas for Taiwan, SGX had already successfully developed MSCI Taiwan, before the national derivatives exchange (TAIFEX) started to catch up with TAIEX. • In Europe, NYSE Euronext Liffe tried to promote MSCI products in response to the growing popularity of the STOXX® contracts available at Eurex Exchange. Whereas this has not been successful, cleared-only products on Bclear developed well over the past few years. • In the U.S., only two contracts are growingly successful: MSCI EM and EAFE, which both were initially traded at the CME, but have been switched over to NYSE Liffe US. • Eurex Exchange started with MSCI Russia and Japan in 2008 & 2009 and rolls out a broad family of regional & country-based indexes in 2013. Annual volumes in futures on MSCI indexes
  • 6. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 6 MSCI Global index family – country coverage Based on the countries covered, MSCI is successfully offering a number of regional / markets indexes, like MSCI World, MSCI EM, MSCI Asia Pacific. Americas Europe, Africa, Middle East Asia / Pacific Developed markets Canada U.S. Austria, Belgium, Danmark, Finland, France, Germany, Greece, Ireland, Israel, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, U.K. Australia, Hong Kong, Japan, New Zealand, Singapore Emerging markets Brazil, Chile, Colombia, Mexico, Peru Czech Republic, Egypt, Hungary, Morocco, Poland, Russia, South Africa, Turkey China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand Frontier markets Argentina Bulgaria, Croatia, Estonia, Lithuania, Kazakhstan, Romania, Serbia, Slovenia, Ukraine, Kenya, Mauritius, Nigeria, Tunesia, Bahrain, Jordan, Kuwait, Lebanon, Qatar, Oman, U.A.E. Bangladesh, Pakistan, Sri Lanka, Vietnam
  • 7. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 7 A global approach… with a focus on emerging markets The world divided by development status: • MSCI World = all Developed Markets • MSCI EM = all Emerging Markets • MSCI FM = all Frontier Markets Emerging markets divided by size & region: • MSCI EM Latin America • MSCI EM EMEA • MSCI EM Asia • MSCI EM single countries* Developed markets by region: • MSCI Europe • MSCI Asia Pacific ex Japan • MSCI Japan Regional indexes to be listed at Eurex Exchange * details see following slides
  • 8. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 8 Launch schedule MSCI Futures to be listed at Eurex Exchange (options only if indicated) • Two indexes were already listed at Eurex with MSCI Japan (F) and MSCI Russia (F&O) • The first launch in 2013 had a focus on 4 regional indexes (developed & frontier). • The second launch in July 2013 has added the emerging markets incl. sub-regions and countries. 1. Launch (March 2013) 2. Launch (July 2013) Developed markets • MSCI World (F&O) • MSCI Europe (F&O) • MSCI AC Asia Pacific ex-Japan (F&O) Emerging regions • MSCI EM EMEA (F&O) • MSCI EM Latin America (F&O) • MSCI EM Asia (F&O) Frontier markets • MSCI Frontier Markets (F) Emerging markets • MSCI Emerging Markets (F&O) Emerging markets • All Country Indexes (F)
  • 9. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 9 Index types MSCI offers three different types of indexes MSCI calculates most of its indexes in three different versions, depending on the way dividends are reinvested. 1. Price return indexes are not re-investing dividends 2. Net total return (NTR) indexes are reinvesting dividends, but subtracting national withholding taxes 3. Gross total return (GTR) indexes are reinvesting gross dividends, so ignoring tax reductions The community of MSCI index users is divided into two main groups: • Buy-side clients use NTR indexes as their benchmarks and therefore prefer this index type for swap or futures transactions. This is clearly the bigger part of the market. • The options community is using price indexes, which is generally the common index version in derivatives markets. Price indexes include the dividend risk, which makes them more interesting from a trading perspective. Listing either futures on NTR and options on price indexes (or in parallel even a second future on the price index as a hedging tool) will potentially split liquidity, confuse clients and create mistrades.  Therefore, in the first step Eurex Exchange will focus on NTR indexes, for both, futures and options
  • 10. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 10 Contract specifications – Overview MSCI index derivatives * For MSCI Europe the currency will be Euro, but all other parameter remains unchanged ** Details per index see next slide *** if this is an exchange day both at Eurex Exchange and the home market. As Egypt is closed on Fridays, the last trading day for MSCI Egypt is the Thursday before the third Friday MSCI Index Futures* MSCI Index Options* Contract value 10 USD, 50 USD or 100 USD** per index point Contract terms Up to 12 months (4 quarterly maturities) Up to 24 months (8 expirations) Minimum price change between 0.05 and 1 index points 0.01 (MSCI Europe) or 0.1 index points Tick value 5, 10 or 25 USD 1 or 10 USD Settlement Cash settlement Final Settlement Price Based on the closing index level on the last trading day of the maturity/expiration month Final Settlement Day First exchange day following the Last Trading Day (to cover all index close levels) Last Trading Day Third Friday of the maturity/expiration month*** Continuous trading 08:00 – 22:00 CET 09:00 – 17:30 CET EurexOTC Trade Entry 08:00 – 22:00 CET 09:00 – 19:00 CET EurexOTC Flexible Contracts Available EurexOTC Minimum block trade size Differs per contract Trading calendar MSCI products will be tradable on each Eurex trading day
  • 11. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 11 Contract specifications – Details 1st launch MSCI Index Futures & Options * Maturity date for MSCI Japan Index Futures will move from second to third Friday with Sep13 maturity ** December 2012 contract value in December 2012 Index Index type Currency Index code (Bloomberg, end-of-day) Index code (Bloomberg, real-time) Index Level Eurex Code Futures Eurex Code Options Multiplier Contract Value (Dec 12)** Tick Size (Futures, in points) Tick Value (Futures, in curr.) Tick Value (Options, in curr.) MSCI World NTR USD NDDUWI Index M1WO 3,600 FMWO OMWO 10 36,000 1 10 1 MSCI Europe NTR EUR MSDEE15N Index M7EU 142 FMEU OMEU 100 14,200 0.05 5 1 MSCI AC Asia Pacific ex-Japan NTR USD NDUECAPF Index M1APJ 375 FMAS OMAS 100 37,500 0.1 10 10 MSCI Frontier Markets NTR USD MSEUFMSN Index MX1FM 635 FMFM - 10 6,350 0.5 5 - Index Index type Currency Index code (Bloomberg, end-of-day) Index code (Bloomberg, real-time) Index Level Eurex Code Futures Eurex Code Options Multiplier Contract Value (Dec 12)** Tick Size (Futures, in points) Tick Value (Futures, in curr.) Tick Value (Options, in curr.) MSCI Japan* NTR USD NDDUJN Index M1JP 4,045 FMJP - 10 40,450 1 10 - MSCI Russia Price USD MSEUSRUS Index MXRU 835 FMRU OMRU 10 8,350 0.5 5 1 MSCI derivatives already listed
  • 12. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 12 Contract specifications – Details 2nd launch MSCI Index Futures & Options Index Index type Currency Index code (Bloomberg, end-of-day) Index code (Bloomberg, real-time) Index Level Eurex Code Futures Eurex Code Options Multiplier Contract Value (Mar 13)’ Tick Size (Fut, in points) Tick Value (Fut, in curr.) Tick Value (Opt, in curr.) MSCI EM NTR USD NDUEEGF Index M1EF 415 FMEM OMEM 100 41,500 0.1 10 10 MSCI EM Asia NTR USD NDUEEGFA Index M1MS 400 FMEA OMEA 100 40,000 0.1 10 10 MSCI EM EMEA NTR USD NDDUEMEA Index M1EE 345 FMEE OMEE 100 34,500 0.1 10 10 MSCI EM LatAm NTR USD NDUEEGFL Index M1LA 592 FMEL OMEL 100 59,200 0.1 10 10 MSCI Chile NTR USD NDEUSCH Index M1CL 509 FMCL - 50 25,450 0.5 25 MSCI China Free NTR USD NDEUCHF Index M1CNX 547 FMCN - 50 27,350 0.5 25 MSCI Colombia NTR USD NDEUSCO Index M1CO 4363 FMCO - 10 43,630 1 10 MSCI Czech Rep NTR USD NDEUSCZ Index M1CZ 742 FMCZ - 50 37,100 0.5 25 MSCI Egypt NTR USD NDEUSEG Index M1EG 653 FMEY - 50 32,650 0.5 25 MSCI Hungary NTR USD NDEUSHG Index M1HU 272 FMHU - 100 27,200 0.1 10 MSCI India NTR USD NDEUSIA Index M1IN 457 FMIN - 100 45,700 0.1 10 MSCI Malaysia NTR USD NDDUMAF Index M1MY 451 FMMY - 100 45,100 0.1 10 MSCI Mexico NTR USD NDEUMXF Index M1MX 639 FMMX - 50 31,950 0.5 25 MSCI Morocco NTR USD NDEUSMO Index M1MA 292 FMMA - 100 29,200 0.1 10 MSCI Peru NTR USD NDEUSPR Index M1PE 1711 FMPE - 10 17,110 0.5 5 MSCI Philippines NTR USD NDEUPHF Index M1PH 512 FMPH - 50 25,600 0.5 25 MSCI Poland NTR USD NDEUSPO Index M1PL 218 FMPL - 100 21,800 0.1 10 MSCI Russia NTR USD NDEUSRU Index M1RU 598 FMRS - 50 29,900 0.5 25 MSCI South Africa NTR USD NDEUSSA Index M1ZA 497 FMZA - 100 49,700 0.1 10 MSCI Thailand NTR USD NDEUTHF Index M1TH 1197 FMTH - 10 11,970 0.5 5 * March 2012 contract value in March 2013
  • 13. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 13 Advantages of Eurex Exchange’s offering General and MSCI specific advantages • Combination of order book and OTC trading • Flexible minimum block trade sizes in response to Market Making support • EurexOTC Flexible Contracts Trade facility complements standard EurexOTC Block Trade facility • Migration of counterparty risk into CCPs • Collateral optimization (based on portfolio margining with introduction of Eurex Clearing Prisma) • Trade at index close possible via late trade entry or early next morning • CFTC approval possible for broad-based indexes • Eurex Exchange covers parts of Asian trading hours, as well as all of European and U.S. hours • All contracts can be transparently monitored via Bloomberg, Reuters and other data vendors • Non-disclosure possible for very large trades, which then will be reflected in next days figures • No paperwork as with Total Return Swaps • Trading in and out with different market participants • Harmonized & low trading & clearing fees for all MSCI derivatives: 0.50 USD for order book contract
  • 14. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 MSCI derivatives – Designated Market Maker List of Designated Market Makers in MSCI Index Futures at Eurex Exchange Member Contact Tel Europe World AsiaPacificexJapan Frontier Japan Russia BNP Paribas BNP Trading +44 (0) 207 595 1844 ● ● Credit Suisse Andre Lamazouade +44 (0) 20 7888 3029 ● ● ● ● ● ● DRW Investments (UK) Ltd. Steven Hamilton +44 (0) 20 7282 1005 ● Flow Traders Sjoerd Rietberg +31 (0) 20 799 6771 ● ● ● ● Optiver Maarten Botman +31 (0) 20 708 7367 ● ● ● Societe Generale Alain Atlani +33 (0) 142 13 53 70 ● ● 14
  • 15. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 15 Snapshot order book MSCI Europe & World Index Futures • 6 Market Makers are active • Spread in MSCI Europe Front contract typically 2-4 ticks wide (7 - 14 bps) • 4 Market Makers are active • Spread in MSCI World Front contract typically 4-8 ticks wide (11 - 22 bps) FMEU FMWO
  • 16. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 16 MSCI derivatives – EurexOTC Trade Entry Services • Given that the standard trade in MSCI indexes has been the total return sSwap for many years, it is clear that a first step of bringing that business to an exchange is via Clearing. • Eurex supports a wide range of Trade Entry Services to clear MSCI derivatives: OTC Block Trades / Vola Trades / Flexible Futures & Options / EFPI Trades. • Given the hybrid model of orderbook and wholesale trading at Eurex, we have certain minimum block trade (MBT) sizes per contract, depending on the Market Maker support we see. In products without Market Makers, one can enter block trades of any size. Index Currency Index Type MM Size (lots) MBT Size (F&O) Non Disclosure MSCI Europe EUR NTR 50 100 > 5,000 MSCI AC Asia P ex Jp USD NTR 20 50 > 2,000 MSCI EM USD NTR 20 50 > 2,000 MSCI EM Asia USD NTR 20 50 > 2,000 MSCI EM EMEA USD NTR 20 50 > 2,000 MSCI EM LatAm USD NTR 10 20 > 1,000 MSCI Frontier USD NTR 50 1 > 5,000 MSCI World USD NTR 20 50 > 2,000
  • 17. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 17 MSCI derivatives – EurexOTC Trade Entry Services Member Member ID Contact person Telephone MSCIEurope(Fut) MSCIEurope(Opt) MSCIWorld(Fut) MSCIWorld(Opt) MSCIACAsiaPac.exJp(Fut) MSCIACAsiaPac.exJp(Opt) MSCIJapan(Fut) MSCIEM(Fut)* MSCIEM(Opt) MSCIEMEMEA(Fut)* MSCIEMEMEA(Opt) MSCIEMLatAm(Fut)* MSCIEMLatAm(Opt) MSCIEMAsia(Fut)* MSCIEMAsia(Opt) MSCIFrontierM.(Fut) Bank of America Merrill Lynch MLILO Paul Berner +44 207 996 1885 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Barclays BACLO Alex Lee +85 2 2903 3013 ● ● ● Barclays BACLO Quentin Maurice +44 203 134 8680 ● ● Barclays BACLO Sarju Gudka +44 207 773 3001 ● ● ● Barclays BACLO Matias Bercun +1 212 526 1955 ● BNP Paribas BNAPA Adil El Batji +44 207 595 8477 ● ● BNP Paribas BNAPA Aurelien Cristini +44 207 595 8998 ● ● BNP Paribas BNAPA BNP Trading +44 207 595 1844 ● ● ● ● ● ● ● ● ● BNP Paribas BNAPA Listed Derivatives +44 207 595 1324 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Credit Suisse CSBLO Andre Lamazouade +44 207 888 3027 ● ● ● ● ● ● ● ● ● Deutsche Bank DBKFR Thomas Strenge +49 69 910 38414 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Deutsche Bank DBKFR Tomas Laube +49 69 910 38503 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Deutsche Bank DBKFR Wolfgang Stefan +44 207 545 4285 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Goldman Sachs GSIEB Anna Whitlow +44 207 774 9077 ● ● ● ● ● ● ● ● ● Goldman Sachs GSIEB Ben Reuter +44 207 774 5731 ● ● ● ● ● ● ● ● ● Goldman Sachs GSIEB Jeremy Goldstein +44 207 051 1583 ● ● ● ● ● ● ● ICAP GAELO Janie McCathie +44 207 532 4440 ● ● ● ● ● ICAP GAELO Simon Forster +44 207 532 4440 ● ● ● ● ● JP Morgan JPMFR Adel Benharrats +44 207 779 2641 ● ● JP Morgan JPMFR Amandine Singer +44 207 134 0747 ● ● JP Morgan JPMFR Camille Fabre +85 2 2800 8889 ● ● ● JP Morgan JPMFR Christian van Zijl +44 207 779 2386 ● ● JP Morgan JPMFR Fernando Santiago +55 11 4950 3806 ● Kepler Capital Markets KCMLA Carl Kenigsberg +41 22 994 1518 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Morgan Stanley MGILO Kerstin Williams +44 207 425 6440 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Optiver OPXAM Maarten Botman +31 20 708 7820 ● ● ● Societe Generale SOGFR Alain Atlani +33 1 42 13 5370 ● Societe Generale SOGFR Amaury Lacourte +85 2 2166 4778 ● ● ● Societe Generale SOGFR Damien Beurel +85 2 2166 4781 ● ● ● Societe Generale SOGFR David Attar +33 1 42 13 8384 ● ● ● ● Societe Generale SOGFR Ilana Sabbagh +33 1 42 13 7393 ● Societe Generale SOGFR Mathieu Besnard +33 1 42 13 4679 ● Societe Generale SOGFR Nicolas Flam +33 1 42 13 6828 ● ● ● ● Societe Generale SOGFR Pierre Kervella +33 1 42 13 5840 ● Sunrise Brokers SBLLO Henry Leboyer +44 207 612 8305 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Sunrise Brokers SBLLO Steven Raucher +44 207 612 8305 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● List of Designated Brokers in MSCI derivatives at Eurex Exchange
  • 18. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 18 Further information Contact us Product Development Sales UK Sales Zurich Ralf Huesmann Eurex Frankfurt AG Mergenthalerallee 61 65760 Eschborn Germany T: +49 (0)69 2 11-1 54 43 F: +49 (0)69 2 11-61 54 43 ralf.huesmann@eurexchange.com Murat Baygeldi Deutsche Börse AG / Eurex, UK Representative Office One Canada Square, Canary Wharf London, E14 5DR United Kingdom T: +44 (0)207 8 62-72 30 F: +44 (0)207 8 62-92 30 murat.baygeldi@eurexchange.com Markus-Alexander Flesch Eurex Zürich AG Löwenstrasse 3 8021 Zürich Switzerland T: +41 (0)43 43 0-71 21 F: +41 (0)43 43 0-72 90 markus-alexander.flesch@eurexchange.com Sales Frankfurt Sales Americas Sales Paris France Schuster Eurex Frankfurt AG Mergenthalerallee 61 65760 Eschborn Germany T: +49 (0)69 2 11-1 39 40 F: +49 (0)69 2 11-61 52 38 france.schuster@eurexchange.com Vassilis Vergotis Eurex 233 South Wacker Drive - Suite 2450 Chicago, IL 60606 USA T: +1 312 5 44-10 58 F: +1 312 5 44-15 58 vassilis.vergotis@eurexchange.com Paul Beck Deutsche Börse AG, Representative Office France 17, rue de Surène 75008 Paris France T: +33 (0)155 2 76-7 72 F: +33 (0)155 2 76-7 50 paul.beck@eurexchange.com Sales Asia & Middle East Eurex Frankfurt AG 50 Raffles Place No. 21-05 Singapore Land Tower Singapore 048623 T: +65 630 4-52 52 F: +65 630 4-52 80 roland.schwinn@eurexchange.com
  • 19. www.eurexchange.com Global MSCI offering at Eurex Exchange July 2013 19 © Eurex 2013 Deutsche Börse 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 Zürich 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 Zürich 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 party’s 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 are currently not available for offer, sale or trading in the United States or by United States persons (other than EURO STOXX 50® Index Futures, EURO STOXX 50® ex Financials Index Futures, EURO STOXX® Select Dividend 30 Index Futures, EURO STOXX® Index Futures, EURO STOXX® Large/Mid/Small Index Futures, STOXX® Europe 50 Index Futures, STOXX® Europe 600 Index Futures, STOXX® Europe 600 Banks/Industrial Goods & Services/Insurance/Media/Travel & Leisure/Utilities Futures, STOXX® Europe Large/Mid/Small 200 Index Futures, Dow Jones Global Titans 50 IndexSM Futures (EUR & USD), DAX®/MDAX®/TecDAX® Futures, SMIM® Futures, SLI Swiss Leader Index® Futures, MSCI World/Europe/Japan/AC Asia Pacific ex Japan Index Futures and VSTOXX® Futures as well as Eurex inflation/commodity/weather/property and interest rate derivatives). 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). All MSCI indexes are service marks and the exclusive property of MSCI Barra. RDX® is a registered trademark of Vienna Stock Exchange AG. 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. 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