DERIVATIVES, OSLO BØRS - FEBRUARY 2015 The OBX index increased by 2.8% to 557.66 points during February. So far this year the index is up 6.5%. The average number of contracts traded in February was 37 508 contracts/day. The average for the two first months of 2015 is 39 525, whereas 2014 was 47 289. The stock option premium decreased by 23% to 122 MNOK, but the number is still well above the 2014 average of 96 MNOK. The forward exposure increased by 35% to 1 014 MNOK (2014 avg: 1021 MNOK). The OBX option premium decreased by 36% to 23 MNOK (2014 avg: 56 MNOK), and the index future turnover fell by 22% to 10.5 BNOK (2014 avg: 15 BNOK). The most traded single stock option in February was Storebrand with 29 MNOK, 24% of the total stock option premium turnover. Statoil and Yara followed with a turnover of 26 and 22 MNOK respectively. The top three stock derivatives accounted for 63% of the total stock option turnover for the month. Norsk Hydro, Statoil and Marine Harvest Group were the most traded stock forwards, accounting for 45% of the total exposure. Norsk Hydro had a turnover of 243 MNOK, 24% of the total. Oslo Børs offers standardised options and forward/futures on 20 stocks, the OBX index, and the AKAKS Basket. 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 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month STOCK FWD/FUT INDEX - FUTURES 10 274 9 473 OBX - OPTIONS 2 255 STOCK OPTIONS 15 506 Contracts/day YTD 2015 INDEX - FUTURES STOCK FWD/FUT 10 854 8 709 OBX - OPTIONS 2 656 STOCK OPTIONS 17 306 LIQUIDITY - OPTION PREMIUM DISTRIBUTION Storebrand Option Premium last month Statoil 6.3 % OBX Options 15.4 % 6.1 % Yara International Norsk Hydro 3.6 % DNB 3.6 % Petroleum Geo-Services 2.61.5 % % Seadrill 1.6 % Norwegian Air Shuttle Telenor 1.4 % 15.9 % Subsea 7 1.0 % 0.9 % Opera Software 0.8 % Marine Harvest Group Royal Caribbean Cruises 0.6 % Orkla 0.4 % TGS Nopec Geophysical Co. 0.4 % REC Silicon DNO International 17.8 % 0.1 % 0.1 % Gjensidige Forsikring 19.9 % 0.1 % Aker Solutions 0.0 % Norske Skog AKAKS Basket Statoil Option Premium YTD 2015 OBX Options 9.0 % Yara International 8.6 % Norsk Hydro 17.2 % Storebrand 5.0 % DNB Seadrill 3.2 % Telenor 2.4 % 2.2 % Petroleum Geo-Services Norwegian Air Shuttle 2.0 % Subsea 7 1.4 % 17.3 % 1.5 % TGS Nopec Geophysical Co. 1.0 % 0.9 % Marine Harvest Group 0.8 % Royal Caribbean Cruises 0.4 % Opera Software 0.3 % Orkla 0.3 % REC Silicon 0.1 % DNO International 0.1 % Aker Solutions 0.1 % 26.2 % Gjensidige Forsikring 0.0 Norske Skog % AKAKS Basket SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION Norsk Hydro Stock Fwd/Fut Premium last month Statoil 6.3 % 6.6 % Marine Harvest Group 5.1 % Norwegian Air Shuttle 7.0 % 4.6 % Subsea 7 4.4 % Telenor 7.9 % DNB 3.9 % Petroleum Geo-Services Opera Software Gjensidige Forsikring 2.6 % Seadrill 1.7 % Orkla 1.5 % Storebrand 8.3 % 1.4 % DNO International 1.4 % REC Silicon 0.2 % Yara International 0.1 % Aker Solutions 13.1 % 0.1 % Norske Skog 0.0 % Royal Caribbean Cruises 0.0 % AKAKS Basket 23.9 % TGS Nopec Geophysical Co. Stock Fwd/Fut Premium YTD 2015 Norsk Hydro Statoil 4.9 % Marine Harvest Group 5.4 % 4.8 % Norwegian Air Shuttle 8.1 % 4.8 % DNB 4.6 % Telenor 8.1 % 4.0 % Opera Software Seadrill 2.6 % Gjensidige Forsikring Subsea 7 2.0 % Petroleum Geo-Services 10.5 % 1.3 % Orkla DNO International 1.2 % Storebrand 1.0 % REC Silicon 0.8 % Yara International 0.3 % Royal Caribbean Cruises 14.1 % 0.3 % Norske Skog 21.2 % 0.0 % Aker Solutions 0.0 % AKAKS Basket TGS Nopec Geophysical Co. PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options 250 800 000 700 000 200 200 600 000 500 000 150 159 Contracts - 131 400 000 122 115 100 113 300 000 88 87 200 000 Turnover Turnover Premium MNOK 74 67 66 50 63 40 100 000 Open Interest (avg) 0 0 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures 2 500 900 000 800 000 2 000 1 959 1 700 000 600 000 1 500 1 501 1 500 000 Contracts - 1 435 1 400 000 1 072 1 1 006 1 1 000 014 1 300 000 873 786 753 698 Turnover Turnover Premium MNOK 665 200 000 500 518 Open Interest Open Interest (avg) 100 000 355 0 0 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Turnover Premium Open Interest (Avg) PREMIUM - INDEX DERIVATIVES OBX - Index Options 140 120 000 132 120 120 100 000 100 80 000 80 Contracts Contracts - 60 000 60 61 52 40 000 40 46 Turnover Turnover Premium MNOK 39 40 36 37 36 20 000 Open Interest Open Interest (avg) 20 26 23 20 0 0 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Turnover premium / month Open interest (avg) Index Futures 30 000 120 000 25 000 100 000 20 000 80 000 17 912 17 Contracts 16 029 16 19 871 19 - 15 000 656 15 60 000 15 095 15 15 761 15 14 177 14 13 480 13 13 536 13 10 546 10 10 000 059 12 40 000 12 663 12 12 519 12 Turnover Turnover exposure MNOK 5 000 20 000 Open Interest (avg) 0 0 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Turnover exposure MNOK Open Interest (avg) BROKER STATISTICS - FEBRUARY 2015 DNB BANK ASA Equity Options 10.5 % LSE Derivatives 10.0 % Sparebank 1 Markets 3.3 % Danske Bank A/S 1.7 % 1.3 % Nordea Markets 1.1 % Enskilda Securities 1.1 % Nordnet Bank AB 0.7 % 0.5 % NetFonds AS 0.4 % Arctic Securities ASA 0.2 % Swedbank Norge 23.6 % 0.3 % 0.2 % Handelsbanken Capital Markets ABG Sundal Collier Norge ASA Carnegie ASA Pareto Securities AS 45.0 % Fondsfinans ASA Index Options LSE Derivatives 17.9 % DNB BANK ASA 5.1 % 3.4 % Danske Bank A/S 2.4 % Sparebank 1 Markets 1.8 % 1.1 % 0.7 % Enskilda Securities 0.5 % Nordnet Bank AB Nordea Markets 27.7 % Handelsbanken Capital Markets NetFonds AS 39.5 % Pareto Securities AS Stock Forwards & Futures 79.5 % DNB BANK ASA Sparebank 1 Markets 13.1 % Carnegie ASA 4.9 % LSE Derivatives 1.2 % Danske Bank A/S 0.9 % 0.2 % Fondsfinans ASA Index Futures 8.2 % DNB BANK ASA 30.2 % 7.8 % LSE Derivatives 2.9 % 2.6 % Enskilda Securities 1.9 % Handelsbanken 1.7 % Capital Markets 0.6 % Carnegie ASA Sparebank 1 Markets 0.1 % NetFonds AS 0.1 % Danske Bank A/S Nordea Markets Nordnet Bank AB Arctic Securities ASA 43.8 % "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. 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. 27.02.15: 557.66 All time high (19.06.14 close): 580.17 The current OBX and OBOSX Index compositions 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: 2. mar. 2015 OBX OBOSX Close - prev. day: 557.66 67.52 OBOSX weight of OBX: 9.14 % Divisor: 1 514 038 774 1 142 347 084 USDNOK: 7.68 Weight % Weight % Close Last Day Dividend Dividend Last Update Multiplier Multiplier Value Multiplier Multiplier Value Ticker Company Name in OBX in OBOSX Prev.