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Derivatives, Oslo Børs - 2013

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Derivatives, Oslo Børs - 2013 DERIVATIVES, OSLO BØRS - 2013 Some of the highlights in the derivatives market in 2013: March 18 – Listing of futures on the OBOSX index (Oslo Børs OBX Oil Service Index) June 13 – Year-high OBX options premium turnover of 9.9 MNOK (daily average: 1.7 MNOK) June 17 – Listing of Norwegian Air Shuttle (NAS) derivatives June 17 – Year-high stock options premium turnover of 17 MNOK (daily average: 3.3 MNOK) June 20 – Last listing day for Tomra (TOM) derivatives August 13 – Year-high Index Futures turnover of 7.5 BNOK (daily average: 0.6 BNOK) December 18 – Year-high stock forward/future turnover of 519 MNOK (daily average: 43 MNOK) December 19 – Year-high contract turnover of 403 966 contracts During 2013 there were 23 days with a turnover above 100 000 contracts, 2 of which were above 300 000 contracts. The most traded single stock option in 2013 was Statoil with 164 MNOK, 19% of the total premium turnover. Subsea 7 and Yara International followed. The most traded stock forward during the year was Norsk Hydro with a turnover of 2 335 MNOK, 22% of the total turnover exposure. Statoil and Seadrill followed. DECEMBER 2013: The OBX index increased 1% to 503.58 points in December, and the index reached yet another all- time high on December 27th with 504.83 points. The index is up 22.7% in 2013. The semi-annual OBX revision was performed in December - Polarcus and Electromagnetic Geoservices exited the index whereas Golden Ocean and Opera Software entered. The average number of contracts traded in December was 81 709 contracts/day, the highest since March 2008. The average for 2013 is 46 964 contracts/day. The forward exposure increased by 48% to 1 711 MNOK, the highest turnover since February 2011 (2013 average: 888 MNOK). The stock option premium decreased slightly by 3% to 67 MNOK (2013 avg: 69 MNOK). As for the index products, the OBX option premium fell by 46% to 24 MNOK (2013 avg: 36 MNOK), whereas the index future turnover remained unchanged from last month at 12.2 BNOK (2013 avg: 13.3 BNOK). The most traded stock option in December was Statoil with 16 MNOK or 24% of the total stock option premium turnover. Subsea 7 and Seadrill followed. The top three stock derivatives accounted for 47% of the total stock option turnover for the month. Norsk Hydro, Subsea 7 and Petroleum Geo-Services were the most traded stock forwards. Norsk Hydro had a turnover of 546 MNOK, 32% of the total. Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs. Contract Distribution 90 000 85 000 80 000 75 000 70 000 65 000 60 000 55 000 50 000 45 000 Index Futures 40 000 Single Stock 35 000 Fwd/Fut Contracts/ Contracts/ day OBX Index Options 30 000 25 000 Stock Options 20 000 15 000 10 000 5 000 0 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month INDEX FUTURES STOCK FWD/FUT 13 889 45 731 STOCK OPTIONS 19 017 OBX - OPTIONS 3 073 Contracts/day YTD 2013 INDEX FUTURES 14 079 STOCK FWD/FUT 14 801 STOCK OPTIONS OBX - OPTIONS 14 614 3 470 LIQUIDITY - OPTION PREMIUM DISTRIBUTION OBX Options Option Premium last month Statoil 4.8 % 4.8 % 4.7 % 5.0 % 4.0 % Subsea 7 Seadrill 6.2 % 3.7 % Storebrand 10.0 % 3.0 % Telenor 2.1 % Norwegian Air Shuttle 2.0 % Norsk Hydro Yara International 1.9 % Petroleum Geo-Services DNO International 1.6 % Marine Harvest Group 0.9 % Royal Caribbean Cruises DNB 17.9 % 0.4 % Aker Solutions 0.2 % TGS Nopec Geophysical Co. 0.1 % REC Silicon 0.0 % Orkla 26.8 % Gjensidige Forsikring Norske Skog OBX Options Option Premium YTD 2013 Statoil 5.4 % 4.7 % Subsea 7 7.0 % 4.4 % Yara International 3.5 % DNB 8.5 % 3.1 % Seadrill 2.9 % Storebrand 2.2 % Telenor 13.0 % 2.7 % Royal Caribbean Cruises 1.9 % Norsk Hydro 1.9 % Petroleum Geo-Services Aker Solutions 1.5 % Marine Harvest Group 1.0 % TGS Nopec Geophysical Co. 0.7 % Norwegian Air Shuttle 0.6 % REC Silicon 0.4 % Gjensidige Forsikring 0.1 % Orkla 0.0 % DNO International 34.3 % Norske Skog Tomra SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION Norsk Hydro Stock Fwd/Fut Premium last month Subsea 7 6.9 % 6.4 % Petroleum Geo-Services 10.0 % 5.2 % Norwegian Air Shuttle Telenor 4.7 % Seadrill 4.3 % REC Silicon Statoil 10.1 % 3.9 % Marine Harvest Group DNO International 2.7 % Yara International 0.9 % Royal Caribbean Cruises 0.7 % Aker Solutions 0.5 % 10.5 % DNB 0.5 % TGS Nopec Geophysical Co. 0.3 % Gjensidige Forsikring 0.1 % Storebrand 0.1 % 0.1 % Norske Skog 31.9 % Orkla Stock Fwd/Fut Premium YTD 2013 Norsk Hydro Statoil 5.2 % 5.6 % Seadrill 7.0 % 5.1 % Yara International 4.4 % Telenor 4.0 % 9.0 % Petroleum Geo-Services 2.6 % Royal Caribbean Cruises 2.3 % Subsea 7 Norwegian Air Shuttle 11.4 % 2.3 % REC Silicon Aker Solutions 2.1 % DNB 0.9 % Gjensidige Forsikring 0.6 % Marine Harvest Group 0.6 % DNO International 0.6 % 14.4 % TGS Nopec Geophysical Co. 0.0 % Orkla 21.9 % Storebrand Norske Skog PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options 120 800 000 700 000 100 105 600 000 80 83 81 500 000 73 Contracts 69 - 67 60 66 400 000 59 59 55 61 57 300 000 40 200 000 Turnover Turnover Premium MNOK 36 20 100 000 Open Interest (avg) 0 0 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures 1 800 1 200 000 1 600 1 711 1 1 000 000 1 400 1 200 800 000 1 131 1 1 155 1 1 115 1 Contracts 1 000 017 1 - 988 600 000 800 933 773 600 647 400 000 636 533 502 Turnover Turnover Premium MNOK 400 527 200 000 Open Interest Open Interest (avg) 200 0 0 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Turnover Premium Open Interest (Avg) PREMIUM - INDEX DERIVATIVES OBX - Index Options 80 120 000 70 69 100 000 60 80 000 50 52 47 Contracts - 40 44 60 000 39 37 30 31 31 40 000 28 20 24 Turnover Turnover Premium MNOK 21 22 20 000 Open Interest Open Interest (avg) 10 11 0 0 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Turnover premium / month Open interest (avg) Index Futures 30 000 100 000 90 000 25 000 80 000 70 000 20 000 60 000 Contracts - 15 000 995 14 50 000 15 209 15 12 208 12 12 060 12 40 000 14 544 14 13 335 13 12 181 12 12 712 12 12 294 12 10 000 277 12 13 498 13 13 623 13 30 000 12 798 12 Turnover Turnover exposure MNOK 20 000 5 000 Open Interest (avg) 10 000 0 0 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Turnover exposure MNOK Open Interest (avg) BROKER STATISTICS - DECEMBER 2013 DNB Bank ASA Equity Options 6.3 % 5.7 % LSE Derivatives 4.6 % 3.3 % 3.2 % Enskilda Securities 2.9 % Danske Bank AS 25.3 % 2.3 % Nordnet Bank AB 2.2 % Handelsbanken Capital Markets 1.3 % NetFonds AS 0.5 % First Securities ASA 0.2 % Sparebank 1 Markets Carnegie ASA Nordea Markets Pareto Securities AS 42.2 % Fondsfinans ASA Index Options LSE Derivatives 16.3 % Danske Bank AS 3.9 % Enskilda Securities 20.8 % 3.5 % 3.4 % DNB Bank ASA 3.3 % Nordnet Bank AB 0.8 % 0.3 % NetFonds AS Handelsbanken Capital 0.1 % Markets Sparebank 1 Markets Nordea Markets 22.5 % 25.0 % Pareto Securities AS First Securities ASA Stock Forwards & Futures 84.0 % DNB Bank ASA Sparebank 1 Markets 7.7 % Carnegie ASA Handelsbanken 4.8 % Capital Markets 3.0 % Danske Bank AS 0.5 % 0.1 % First Securities ASA Index Futures 13.2 % DNB Bank ASA 5.3 % 4.8 % LSE Derivatives 3.8 % 16.8 % 3.4 % Handelsbanken Capital Markets Nordea Markets 2.2 % Sparebank 1 0.4 % Markets Enskilda Securities 0.2 % 0.2 % Danske Bank AS Carnegie ASA 0.1 % ABG Sundal Collier Norge ASA Nordnet Bank AB Arctic Securities ASA RS Platou Markets AS 49.7 % "LSE Derivatives" is a composite entry and includes all derivatives members at London Stock Exchange Derivatives Market. OBX INDEX - CONSTITUENTS AND OTHER INFORMATION The OBX Index consists of the 25 most traded equities, and the constituents are selected on the basis of six months turnover rating. It is a semi-annually revised free float adjusted total return index (dividend adjusted) with composition changes and cappings implemented on the first Friday after the third Thursday in June and December.
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