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Derivatives, Oslo Børs - May 2015

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Derivatives, Oslo Børs - May 2015 DERIVATIVES, OSLO BØRS - MAY 2015 The OBX index increased slightly by 0.7% to 581.86 points in May. So far this year the index is up 11.1%. The average number of contracts traded in May was 32 860 contracts/day. The average year-to-date is 40 942, whereas the average for 2014 was 47 289. The OBX option premium decreased by 28% to 21 MNOK (2015 avg: 26 MNOK), and the index future turnover fell by 15% to 12.2 BNOK (2015 avg: 12.8 BNOK). The stock option premium decreased slightly by 3% to 75 MNOK (2015 avg: 102 MNOK), whereas the forward exposure fell by 55% to 911 MNOK (2015 avg: 1 133 MNOK). The most traded single stock option in May was Statoil with 33 MNOK, 44% of the total stock option premium turnover. Yara and Marine Harvest followed with a turnover of 7.9 and 7 MNOK respectively. The top three stock derivatives accounted for 63% of the total stock option turnover for the month. Norsk Hydro, Norwegian and Yara were the most traded stock forwards, accounting for 61% of the total exposure. Norsk Hydro had a turnover of 150 MNOK, 36% of the total. From July 1st, the fees will be reduced as follows: A per transaction fee-cap is introduced - maximum fee per transaction per end-customer will be NOK 15 000 Fees for stock forwards and futures are reduced to 0.04% (from 0.05%) Please note that the dividend adjustment rule will be changed from July 1st. Currently the derivative contracts are adjusted for the part of dividends exceeding 5% of the underlying stock’s value. With the new dividend rule, only derivative contracts for dividends deemed extraordinary by Oslo Børs will be adjusted for. The 100% dividend adjusted group will remain (currently consisting of SDRL and MHG). The OBX index currently has 26 members as a result of Schibsted’s introduction of a new share class. The listing of B-shares has been treated as a demerger where both the A- and B-shares are included. The OBX index will contain 26 constituents until the next rebalance effective June 19th. Oslo Børs offers standardised options and forward/futures on 20 stocks and the OBX index. In addition, there are futures listed on the OBOSX index. There are 8 market makers in Norwegian derivatives. This summary continues with a presentation of general statistics, followed by a product- and volatility overview towards the end. We hope to see you back in the derivatives market next month. 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 80 000 75 000 70 000 65 000 60 000 55 000 50 000 45 000 40 000 Index Futures 35 000 Single Stock 30 000 Fwd/Fut Contracts/ Contracts/ day OBX Index Options 25 000 Stock Options 20 000 15 000 10 000 5 000 0 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month INDEX - FUTURES 11 582 STOCK FWD/FUT 9 014 OBX - OPTIONS STOCK OPTIONS 1 921 10 342 Contracts/day YTD 2015 INDEX - FUTURES 11 456 STOCK FWD/FUT 13 479 OBX - OPTIONS 2 171 STOCK OPTIONS 13 836 LIQUIDITY - OPTION PREMIUM DISTRIBUTION Statoil Option Premium last month OBX Options 7.2 % 6.8 % Yara International 3.8 % Marine Harvest Group 8.2 % Norwegian Air Shuttle 3.7 % Petroleum Geo-Services 3.5 % Norsk Hydro 2.1 % Opera Software 1.9 % 1.6 % DNB 22.0 % 1.5 % Seadrill 0.9 % Subsea 7 0.8 % Telenor 0.6 % Storebrand 0.6 % TGS Nopec Geophysical Co. 0.4 % Royal Caribbean Cruises DNO International 0.3 % Orkla 0.2 % 0.0 % REC Silicon 0.0 % Gjensidige Forsikring 34.0 % Norske Skog Aker Solutions Statoil Option Premium YTD 2015 OBX Options 5.1 % Yara International 8.4 % 4.7 % Norsk Hydro 4.6 % Storebrand 12.8 % 3.0 % 3.0 % Norwegian Air Shuttle 2.8 % DNB Telenor 2.5 % Marine Harvest Group 2.2 % Seadrill 2.2 % Subsea 7 TGS Nopec Geophysical Co. 1.7 % Petroleum Geo-Services 1.5 % Opera Software 0.6 % Royal Caribbean Cruises 0.5 % DNO International 20.2 % 0.3 % Orkla 0.3 % Aker Solutions 0.1 % REC Silicon 0.1 % 23.5 % Gjensidige Forsikring Norske Skog 0.0 % AKAKS Basket SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION Norsk Hydro Stock Fwd/Fut Premium last month Norwegian Air Shuttle 6.4 % 5.8 % Yara International 4.0 % Gjensidige Forsikring 6.9 % 3.7 % DNO International 3.6 % REC Silicon 3.5 % Seadrill 18.0 % Petroleum Geo-Services 3.0 % Opera Software 2.8 % Royal Caribbean Cruises Marine Harvest Group 2.6 % DNB 1.2 % 1.2 % Telenor 0.4 % Statoil 0.2 % Storebrand 0.2 % Orkla 0.1 % Norske Skog 0.0 % 0.0 % Subsea 7 36.3 % Aker Solutions TGS Nopec Geophysical Co. Stock Fwd/Fut Premium YTD 2015 Norsk Hydro Norwegian Air Shuttle 5.2 % Seadrill 5.7 % 3.9 % 5.9 % 3.7 % Statoil 3.6 % Marine Harvest Group 6.6 % 3.1 % TGS Nopec Geophysical Co. 3.1 % Petroleum Geo-Services Telenor 9.1 % Subsea 7 3.1 % Gjensidige Forsikring DNO International 1.6 % DNB 1.5 % Opera Software 9.4 % 0.9 % REC Silicon 0.9 % Yara International 0.7 % Royal Caribbean Cruises 0.2 % Orkla 0.1 % Storebrand 31.7 % Norske Skog Aker Solutions PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options 250 800 000 700 000 200 600 000 200 500 000 150 159 Contracts - 131 400 000 122 100 113 115 300 000 87 77 78 75 200 000 Turnover Turnover Premium MNOK 63 50 66 40 100 000 Open Interest (avg) 0 0 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures 3 000 400 000 350 000 2 500 573 2 300 000 2 000 250 000 Contracts - 1 500 435 1 200 000 1 501 1 150 000 1 014 1 1 000 006 1 911 873 786 100 000 Turnover Turnover Premium MNOK 753 500 665 Open Interest Open Interest (avg) 518 50 000 413 355 0 0 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Turnover Premium Open Interest (Avg) PREMIUM - INDEX DERIVATIVES OBX - Index Options 140 120 000 132 120 100 000 120 100 80 000 80 Contracts Contracts - 60 000 60 61 52 40 000 40 46 Turnover Turnover Premium MNOK 40 36 20 000 29 Open Interest (avg) 20 26 23 20 20 21 0 0 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Turnover premium / month Open interest (avg) Index Futures 30 000 120 000 25 000 100 000 20 000 80 000 19 871 19 Contracts 15 761 15 15 000 60 000 - 16 029 16 17 912 17 13 796 13 14 354 14 15 656 15 14 177 14 12 191 12 12 663 12 15 095 15 10 000 546 10 40 000 13 480 13 Turnover Turnover exposure MNOK 5 000 20 000 Open Interest (avg) 0 0 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Turnover exposure MNOK Open Interest (avg) BROKER STATISTICS - MAY 2015 LSE Derivatives Equity Options 13.8 % DNB BANK ASA 5.6 % Danske Bank A/S 23.7 % 4.5 % Sparebank 1 Markets 1.7 % 1.0 % Nordea Markets 0.7 % 0.6 % Arctic Securities ASA 0.4 % 0.4 % NetFonds AS 0.3 % Enskilda Securities Handelsbanken Capital Markets Carnegie ASA ABG Sundal Collier Norge ASA 47.1 % Pareto Securities AS Index Options DNB BANK ASA 14.0 % LSE Derivatives 11.0 % Danske Bank A/S 2.9 % 1.3 % Enskilda Securities 0.6 % 0.5 % Nordea Markets 0.2 % Sparebank 1 Markets Handelsbanken Capital Markets 33.1 % NetFonds AS 36.4 % Pareto Securities AS Stock Forwards & Futures 88.0 % DNB BANK ASA Sparebank 1 Markets Carnegie ASA 5.9 % 5.3 % Danske Bank A/S 0.8 % 0.1 % Handelsbanken Capital Markets Index Futures 37.0 % DNB BANK ASA 6.4 % LSE Derivatives 3.8 % 2.4 % 2.1 % Handelsbanken Capital Markets 1.8 % 1.7 % Sparebank 1 Markets 0.4 % Enskilda Securities 0.1 % Carnegie ASA Danske Bank A/S NetFonds AS Nordea Markets Arctic Securities ASA 44.3 % "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 (currently 26 due to demerger in Schibsted), 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. In the period between the composition review dates, the number of shares for each constituent is fixed with exception of cappings and continuous adjustments for corporate actions.
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