DERIVATIVES, OSLO BØRS - SEPTEMBER 2013 The OBX index increased 0.6% to 459.57 points in September. So far this year the index is up 12%. The average number of contracts traded in September was 58 446 contracts/day. The average for the year is 43 905 contracts/day. The stock option premium decreased by 10% to 73 MNOK in September. Despite the fall, the premium is still above the average for the year: 66 MNOK. The forward exposure rose by 75% to 1.1 BNOK (2013 avg: 761 MNOK). A good month for the stock derivatives, and the open interest is also steadily rising from the more quiet Summer months. As for the index products, the OBX option premium increased by 100% to 22 MNOK (2013 avg: 33 MNOK), whereas the index future turnover increased by 12% to 15.2 BNOK (2013 avg: 13.3 BNOK), the highest so far this year! The most traded stock option in September was Statoil with 14 MNOK or 20% of the total stock option premium turnover. Seadrill and Subsea 7 followed. The top three stock derivatives accounted for 46% of the total stock option turnover for the month. Norsk Hydro, Statoil and Yara were the most traded stock forwards. Norsk Hydro had a turnover of 222 MNOK, 20% of the total. 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 70 000 65 000 60 000 55 000 50 000 45 000 40 000 35 000 Index Futures 30 000 Single Stock Fwd/Fut Contracts/ Contracts/ day 25 000 OBX Index Options 20 000 Stock Options 15 000 10 000 5 000 0 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month INDEX FUTURES 15 595 STOCK FWD/FUT 23 203 STOCK OPTIONS 17 759 OBX - OPTIONS 1 888 Contracts/day YTD 2013 INDEX FUTURES 14 403 STOCK FWD/FUT 12 708 STOCK OPTIONS OBX - OPTIONS 13 494 3 300 LIQUIDITY - OPTION PREMIUM DISTRIBUTION OBX Options Option Premium last month Statoil 6.5 % 5.8 % 7.2 % 5.0 % Seadrill Subsea 7 3.6 % Marine Harvest Group 2.6 % 10.0 % Storebrand 2.5 % 2.3 % Yara International Norwegian Air Shuttle Renewable Energy Corp 2.1 % 10.5 % Telenor 1.0 % Petroleum Geo-Services 1.0 % DNB 0.8 % Norsk Hydro Gjensidige Forsikring 0.6 % Royal Caribbean Cruises 0.4 % TGS Nopec Geophysical Co. 15.1 % 0.1 % DNO International 0.1 % 22.9 % Aker Solutions Orkla Norske Skog OBX Options Option Premium YTD 2013 Statoil 6.0 % Yara International 7.6 % 4.9 % Subsea 7 4.6 % DNB 8.2 % 3.7 % 2.7 % Seadrill 2.5 % Storebrand 2.2 % Telenor 13.8 % 2.3 % Norsk Hydro 1.9 % Royal Caribbean Cruises Petroleum Geo-Services 1.7 % TGS Nopec Geophysical Co. 1.4 % Aker Solutions 1.2 % Marine Harvest Group 0.9 % Renewable Energy Corp 0.7 % Norwegian Air Shuttle 0.1 % Gjensidige Forsikring 0.1 % Orkla 0.0 % DNO International 33.4 % Norske Skog Tomra 4 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION Norsk Hydro Stock Fwd/Fut Premium last month Statoil 5.5 % 6.8 % 5.1 % Yara International 4.6 % Renewable Energy Corp 7.7 % 3.9 % Petroleum Geo-Services 3.2 % Seadrill 8.1 % Telenor 3.2 % Norwegian Air Shuttle Royal Caribbean Cruises Subsea 7 2.2 % Marine Harvest Group Gjensidige Forsikring 2.0 % DNB 9.5 % 1.6 % Orkla Aker Solutions 1.1 % DNO International 0.8 % TGS Nopec Geophysical Co. 0.1 % 19.9 % 0.0 % Storebrand Norske Skog 14.7 % Stock Fwd/Fut Premium YTD 2013 Norsk Hydro Statoil Yara International 6.2 % 6.2 % 5.1 % 4.2 % Seadrill 10.1 % 3.8 % Telenor 3.4 % Royal Caribbean Cruises 2.9 % Petroleum Geo-Services Renewable Energy Corp 11.8 % 2.8 % Subsea 7 Aker Solutions 1.7 % DNB 1.3 % Gjensidige Forsikring 0.7 % Norwegian Air Shuttle 0.6 % Marine Harvest Group 0.6 % Orkla 0.3 % 17.6 % Storebrand 0.0 % TGS Nopec Geophysical Co. 20.7 % DNO International Norske Skog 5 PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options 90 700 000 80 83 81 600 000 70 73 500 000 66 60 68 59 61 57 60 59 55 Contracts 50 53 400 000 - 40 300 000 36 30 200 000 Turnover Turnover Premium MNOK 20 100 000 Open Interest (avg) 10 0 0 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures 1 200 700 000 1 131 1 1 115 1 1 017 1 600 000 1 000 988 500 000 800 806 Contracts 773 400 000 - 647 600 636 300 000 502 533 527 453 400 436 200 000 Turnover Turnover Premium MNOK 200 100 000 Open Interest (avg) 0 0 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Turnover Premium Open Interest (Avg) 6 PREMIUM - INDEX DERIVATIVES OBX - Index Options 60 90 000 80 000 50 52 70 000 47 44 40 60 000 39 37 50 000 Contracts - 30 32 32 31 31 40 000 28 20 22 30 000 21 Turnover Turnover Premium MNOK 20 000 10 11 Open Interest (avg) 10 000 0 0 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Turnover premium / month Open interest (avg) Index Futures 30 000 120 000 25 000 100 000 20 000 80 000 18 719 18 Contracts - 15 000 209 15 60 000 14 544 14 13 498 13 13 623 13 12 712 12 13 893 13 15 511 15 12 798 12 12 277 12 10 000 40 000 12 060 12 13 335 13 12 294 12 Turnover Turnover exposure MNOK 5 000 20 000 Open Interest (avg) 0 0 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Turnover exposure MNOK Open Interest (avg) 7 BROKER STATISTICS - SEPTEMBER 2013 DNB Bank ASA 7.9 % Equity Options 6.7 % Turquoise 8.6 % 5.8 % Enskilda Securities Danske Bank AS 12.5 % 3.6 % Nordnet Bank AB 1.4 % Sparebank 1 Markets 1.3 % 0.4 % Carnegie ASA 0.3 % Handelsbanken Capital Markets NetFonds AS 20.1 % 0.1 % Nordea Markets ABG Sundal Collier Norge ASA First Securities ASA 31.2 % Pareto Securities AS Index Options Enskilda Securities 7.7 % 14.2 % DNB Bank ASA 6.8 % 3.9 % Turquoise 3.5 % 3.0 % Danske Bank AS 1.3 % First Securities ASA 1.2 % Handelsbanken Capital 1.2 % Markets Nordnet Bank AB 22.4 % NetFonds AS Sparebank 1 Markets Nordea Markets 34.7 % Pareto Securities AS 8 Stock Forwards & Futures 85.6 % DNB Bank ASA Sparebank 1 Markets 5.0 % 4.2 % Turquoise 2.9 % Carnegie ASA 2.3 % Handelsbanken Capital Markets Index Futures 8.7 % 6.9 % DNB Bank ASA 15.1 % 5.4 % Turquoise 3.2 % ABG Sundal Collier Norge ASA 1.6 % Sparebank 1 Markets 1.4 % Enskilda Securities 0.2 % Handelsbanken Capital Markets Nordea Markets 0.1 % Danske Bank AS 19.0 % Carnegie ASA Nordnet Bank AB RS Platou Markets 38.3 % AS "Turquoise" is a composite entry and includes all derivatives members at Turquoise 9 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. 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. The OBX Index is a tradable index with exchange traded futures and options available. 30.09.13: 459.57 All time high (14.08.13 close): 464.38 10 The current OBX and OBOSX Index composition can be found below. The Derivatives department at Oslo Børs distributes a daily report with information on the indices and their components. If you would like to receive this daily update, please contact [email protected]. Date: 1. okt. 2013 OBX OBOSX Close - prev. day: 459.57 115.54 OBOSX weight of OBX: 20.62 % Divisor: 1 577 008 754 1 293 406 648 USDNOK: 6.00 Weight % Weight % Close Last Day Dividend Dividend Last Update Free Float Free Float Multiplier Multiplier Value Ticker Company Name in OBX in OBOSX Prev. day Note Incl. Div. Stock in NOK Div. Info Stocks - OBX Value - OBX OBOSX OBOSX Industry 1 AKSO Aker Solutions 1.89 % 9.72 % 84.45 10.04.14 26.09.13 162 305 468 13 706 696 773 172 007 021 14 525 992 923 Oil & Gas Equipment & Services 2 ALGETA Algeta ASA 1.23 % 232.00 26.09.13 38 313 855 8 888 814 360 Biotechnology 3 DETNOR Det Norske Oljeselskap 0.87 % 81.40 26.09.13 77 389 049 6 299 468 589 Oil & Gas Exploration & Production 4 DNB DNB 12.31 % 91.30 26.09.13 977 279 316 89 225 601 551 Diversified Banks 5 DNO DNO International 1.12 % 13.36 26.09.13 606 137 553 8 097 997 708 Oil & Gas Exploration & Production 6 EMGS Electromagnetic Geoservices 0.21 % 1.06 % 7.540 26.09.13 198 880 055 1 499 555 615 210 767 796 1 589 189 182 Oil & Gas Equipment & Services 7 FOE Fred Olsen Energy 1.22 % 6.27 % 267.00 26.09.13 33 132 064 8 846 261 088 35 112 481 9 375 032 427 Oil & Gas Drilling 8 GJF Gjensidige Forsikring 2.51 % 90.80 26.09.13 199 968 999 18 157 185 109 Multi-line Insurance 9 MHG Marine Harvest 2.49 % 6.420 26.09.13 2 810 948 924 18 046 292 092 Packaged Foods & Meats 10 NAS Norwegian 0.79 % 217.30 26.09.13 26 371 604 5 730 549 549 Airlines 11 NHY Norsk Hydro 3.15 % 24.93 26.09.13 916 905 672 22 858 458 403 Aluminum 12 ORK Orkla 4.89 % 43.80 10.04.14 26.09.13 808 947 789 35 431 913 158 Packaged Foods & Meats 13 PGS Petroleum Geo-Services 2.22 % 11.39 % 74.30 26.09.13 216 109 975 16 056 971 143 229 027 607 17 016 751 200 Oil