DataWatch January 2014

January 2014
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MISO South, the LargestEver Power Grid Integration, Launched
CAISO Releases Blueprint to Integrate EVs into California Grid
CFTC and Monetary Authority of Singapore Sign MOU
Thomson Reuters Reveals TRust Index Fourth-Quarter Results
Middle Eastern and Asian Commodity Exchanges Turn Up the Volume
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Introduction of new products and data sources Delisting of products and datasources Potential impact on data Changes to data attributes, replacement of products
Summary
Editors Letter Power Markets MISO South, the Largest-Ever Power Grid Integration, Launched CAISO to Integrate EVs into California Grid Platts to Adjust UK Annual Power Assessments ERCOTs Load Forecasting Methodology Reviewed NYMEX Amends Western Electricity Futures Contracts Fossil Fuel Markets Dalian Commodity Exchange Lists Coal and Polyethylene Contracts Platts to Launch Mediterranean Premium Gasoline Swap Assessments Platts to Publish Daily West African Gasoline Marker Platts Adds Weekend European Gas Assessments Platts Adds New Mexico OSPs for US West Coast and Europe US Coal Industry to Use Argus Standard-Heat Coal Index Argus to Add New Series to Coal Daily International Argus to Introduce New Assessments to Freight Report and Data Feed Argus Adds New Toluene Code Argus Adds New Monthly Index Series to Argus Coal Daily Report CME Announces Contract Specifications for New Henry Hub Combo Futures NYMEX Permits Block Trading in Natural Gas Fixed Price Futures NYMEX Permits Block Trading in New Henry Hub Combo Futures and Gasoline Products Platts Discontinues US Midwest Finished Gasoline Assessments Platts Discontinues Oso Condensate OSP 4 5 5 5 5 6 7 8 NYMEX Delists Gulf Coast Heating Oil Futures Platts Changes Delivery Range for NWE Aromatics to 5-30 Days Forward Platts Renames European Fuel Oil Swaps Platts Amends USGC Naphtha Barge Assessments Platts Updates Intraday UK NBP Gas Prices Argus Removes Second Calendar Year for US Ethanol Series CME Updates Natural Gas Futures Contracts CME Lists Group Delivery Rates for January 2014 Natural Gas Contracts NYMEX Amends Product Titles and Floating Price Rules for Gasoline Futures NOS Clearing Updates Tanker Block Trades 8 9 9 9 10 10 10 10 10 11 11 11 11 11 Agriculture, Forestry and Metal Markets Euronext Announces Launch of Rapeseed Derivatives Complex Argus to Introduce FMB Weekly Sulphur Report and Data Feed Dalian Commodity Exchange Lists Agricultural, Forestry, and Metals Contracts NCDEX Launches New Gold Futures NCDEX Announces Additional Gold Futures CME Adds Calendar Spread Options for KC HRW Wheat Futures Platts Discontinues Base Metals Formula Prices Platts Removes Metals Daily Report Platts Proposes Delivery Port Change for Australian Alumina Platts Corrects Unit of Measurement for US Metals Symbol Platts Updates Japan Bulk Alloys Price Assessments Platts Revises Singapore MSFO Methodology Argus to Change Timing and Description of Renewable Volume Obligation CME Expands Listing of Contract Months for Corn-Wheat Products 13 13 13 14 14 14 15 15 16 17 18 18 18 18 18 19 19 19 20 20 20 20 20 21 21
NGX Launches Real-Time Price Indices for Mobile Phones 8 8
Platts Ceases Japanese and Korean Fuel Oil Assessments 12 Platts to Cease Assessing Middle East M2 LPG Differentials 12 Platts to Cease Assessment for NWE Avg Styrene CP Argus Suspends Several NYMEX Gasoline and Gasoil Products Argus Discontinues Russian NGL Index Grades Assessments
January 2014
12 12
CME Lists Group Delivery Dates for January 2014 Lumber, Soybean, and Metals Contracts 21 CBOT Expands Listing of Trading Months for Wheat-Corn Intercommodity Spread Options NCDEX Modifies Contract Specifications for Maize-Feed/Industrial Grade Futures
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Argus Discontinues Argus Marine Fuels Codes 12 12
22 22
2
NCDEX Modifies Contract Specifications for Wheat Futures 22

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Summary
Environmental Markets and Weather Services CME Lists Delivery Dates for January 2014 Emissions Contracts CME Delists EUA Futures as a Result of Union Registry Closure EU Emissions Trading Scheme to Remove 300mn Allowances in 2014 Platts Extends RIN Year 1 Expiry Dates Argus Updates European Emissions Markets Report and Data Feed European HDD and CAT Weather Contract Months Expanded FX, Interest Rates, Credit and Equity Indexes CME Permits Block Trading on Yen-Denominated Nikkei Stock Average Futures NASDAQ OMX Clears First Buy-Side Client Interest Rate Swap Euronext and Invesco PowerShares Launch NYSE Century ETF Eurex Offers New Index Derivatives Eurex Lists New Futures and Options on ATX, ATX five, CECE EUR, and RDX EUR Indexes New UBS ETF Launched on Xetra CME Lists Delivery Dates for January 2014 Currency Contracts Eurex and TASE Sign Derivatives Trading Cooperation Agreement Thomson Reuters Reveals TRust Index Fourth-Quarter Results Other Matters CFTC and Monetary Authority of Singapore Sign MOU Genscape Introduces Customizable QAP Plans and Readiness Assessments The Wall Street Journal Launches WSJD Website FERC and CFTC Sign MOUs on Jurisdiction and Information Sharing Platts Corporate Name Changed to McGraw Hill Financial, Inc. CME Expands Use of FIXML Regulatory Trade Block ID TOCOM Announces Revisions for EFP and EFS Application Procedures
January 2014
23
AccuWeather Announces Public Support for New Channel 23 23 23 24 24 24 24 27 27 27 27 27 28 28
MCE Ltd. Advises Platts of Intent to Join Asia Mogas Paper MOC
31
MCE Ltd. Advises Platts of Intent to Join European Jet Fuel Paper, EMEA Mogas Paper, and Naphtha Paper MOC 31 EEX Acquires Majority Stake in Cleartrade Exchange EEX and Cleartrade Exchange Create Combined Global Offering Eurex Acquires Stake in TAIFEX Monthly Market Analysis Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX) Crude Oil Brent vs. WTI: Forward Curve (NYMEX) North American Natural Gas Spot Prices (ICE) Henry Hub Natural Gas Forward Curve (ICE) Actual Weather (AccuWeather) Electricity: Day-Ahead Prices (ICE) News from Data Vendors New Data Reports from ZEMA PEGAS Volumes for December 2013 PEGAS: Powernext to Launch PEG TIGF/PEG Sud Spot Spread Contracts on February 4, 2014 Argus Launches Spot CFR East Coast India Coal Assessments IIR Energy Launches New NGLs Live Service Record Volume Recorded on EPEX SPOT: 31.6 TWh Swiss Stakeholders and EPEX SPOT Discuss Market Coupling on Swiss Borders EPEX SPOT Prepares for Internal Energy Market French Minister for European Affairs Thierry Repentin Visits European Power Exchange Middle Eastern and Asian Commodity Exchanges Turn Up the Volume 31 31 31 32 32 32 33 33 34 34 35 35 36 37 38 39 41 42 42 44
New Physical Replication CSI300 ETF Launched on Xetra 28 29 29 29 30 30 30 30 30 30 30 31
InDepth 45 45
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Editors Letter
way that is suitable for their interests, enabling them to focus not only on renewables, but also on nuclear, carbon capture, and storage and energy efficiency technologies.
Environmental Reforms: The U.S. Takes a Backseat to Europe

While the U.S. and Canada are finding any excuse to escape prime membership in the tight global circle of cleaner and greener governments, the European Union continues to aggressively fight climate change by tightening its environmental goals and targets. The EU negotiated and established its 2020 goals a while ago; since then, the world has been waiting for results from the EUs negotiations at the next stage. The next stage was finally revealed at the 2030 Framework for Climate and Energy EU2030 conference, which took place in Brussels on January 22, 2014. Here, the European Commission revealed a new and very ambitious proposal. After extended fighting amongst member states, the Commissions results were announced and another landmark decision added to the annals of the worlds history. Now Europe intends to cut its GHG emissions by 40% by 2030 compared to 1990 levels, and Europe hopes to produce 27% of its energy from renewable sources by 2030. The Commissions discussion of renewable sources share in the generation portfolio induced the most debates at the conference, with the U.K. being most opposed to tightening environmental targets. However, the U.K. was finally outnumbered and overruled by the EUs largest members, including Germany, France, and Italy. In the end, the discussion of renewables seemed to be a battle that took place largely between Germany and the U.K., with Germany winning. It is interesting that Germany won this debate, given that Germany is the worlds largest producer of renewable power and is on the path to replacing all German nuclear generators with wind turbines. Needless to say, Greenpeace, Wind Energy Alliance, Alliance to Save Energy, and environmental organizations still remained unhappy and disappointed with the results of the conference, as the EUs targets were still softer targets than what these organizations had hoped for. These organizations dissatisfaction was deepened by the fact that the new renewable energy goals set for the EU as a whole give each member country the ability to develop its own energy mix to meet environmental targets. This is a large deviation from the 2020 renewables targets, which were binding for each member state. Some states, like the U.K., see the EUs flexibility about member states energy mixes as a great achievementa facet of the proposal that will allow individual states to concentrate more on GHG reduction in a
The European Commissions GHG emission reduction goals were agreed on without much ado. Actually, the new climate initiative gives member states more flexibility in achieving GHG goals; the new, more flexible GHG goals have added a major reform of EU ETS, Europes emissions trading system, and have allowed surplus carbon permits to be curbed. Despite all that, this is the toughest climate change target of any region in the world. The EUs targets also set a baseline for the rest of the worlds countries, who are expected to establish national emissions targets before the global United Nations meeting in Paris in 2015. While Europeans went on with their analysis about whether the glass is half-full or half-empty and speculated about the impact their decisions would have on other nations, U.S. president Barack Obama delivered the State of the Union speech on January 28. His speech was very closely listened to by the energy industry and environmentalists, which is no surprise: several months ago, the U.S. president promised to take a tough stance towards fighting climate change, even threatening to exclude the deeply divided U.S. Congress from his decision-making process about climate change by taking on administrative actions. Well, things do change. Environmental issues actually came up in the Presidents speech as part of his discussion of an all of the above energy strategy which supports the development of all domestic energy sources, including natural gas and crude oil. The President called natural gas the bridge fuel that can power our economy and quoted $100 billion being invested in new factories that use natural gas. At the same time, the Presidents address posed the U.S. as a global leader in solar power generation, and promises were made to revise a tax policy that presently allocates $4 billion a year to fossil fuel industries. Other than that, not much was added to the plateno mention was made of promised administrative actions or the upcoming global meeting in Paris. One interesting remark was made, though, that the shift to a cleaner energy economy wont happen overnight, and it will require tough choices along the way. Whatever that means, it does not give the U.S. a clear vision of the governments action plan for climate change; the address also kept renewable generation as one of the last items on the agenda. n
Olga Gorstenko
Editor Olga Gorstenko Phone: 778-296-4183 Email: olga@ze.com
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MISO South, the Largest-Ever Power Grid Integration, Launched

On December 19, 2013, the Midwest Independent Transmission System Operator, Inc. (MISO) completed the integration of a four-state region of the electric grid across the South into MISOs existing footprint in the Midwest. Now, MISOs operational and market footprint extends from the Gulf of Mexico to Manitoba, Canada. MISOs integration added ten new transmission owning companies, six local balancing authorities, and thirty-three new market participants from Mississippi, Louisiana, Arkansas, Texas, and Missouri. This new region, referred to as MISO South, includes the following transmission owners and local balancing authorities: Entergy (Arkansas, Mississippi, Louisiana, Texas, Gulf States, and New Orleans) Cleco Corporation Lafayette Utilities System Louisiana Energy and Power Authority Louisiana Generating South Mississippi Electric Power Association East Texas Electric Cooperative The launch of MISO South will enable MISOs new southern members to receive cost savings, improved reliability, and enhanced service. In total, MISO now manages a combined footprint of over 65,280 miles of transmission with a total electric generation capacity of approximately 196,000 MW.
See the original announcement.
print, entitled the Vehicle-Grid Integration Roadmap: Enabling Vehicle-based Grid Services (VGI Roadmap) outlines three inter-dependent tracks to assess how consumer use of EVs could benefit electric reliability in California. The blueprint also includes tracks to help determine the policies and technologies that will promote a more reliable, sustainable electric grid. The VGI Roadmap will help coordinate EV charging with grid conditions; it will also help provide a mechanism for EVs to respond to the ISOs signals. In addition, the VGI Roadmap explores the potential for VGI services to be included in clean technology developments such as demand response, energy storage, and energy efficiency. CAISO collaborated on this project with the California Energy Commission, California Public Utilities Commission, the California Air Resources Board, the California Governors office, and industry stakeholders. The blueprint is a response to California Governor Jerry Browns executive order in 2012 to have 1.5 million zero-emission vehicles (ZEVs) on California roads by 2025.
Platts to Adjust UK Annual Power Assessments

Effective March 31, 2014, Platts proposes to refocus its U.K. power assessments by launching daily baseload and peakload assessments of year-ahead calendar power for delivery from January 1-December 31. These new assessments will be assessed as a midpoint only and will reflect changing trading patterns in the electricity market as forward delivery periods transfer to the Gregorian calendar. Platts is also proposing to cease its April annual baseload and peakload assessments when the April 2014 annual contract expires on March 28, 2014. Questions and comments can be sent by February 21 to power@platts.com, cc to pricegroup@platts.com.
CAISO to Integrate EVs into California Grid

On December 27, 2013, the California Independent System Operator Corporation (CAISO) released a blueprint for integrating electric vehicles (EVs) into the grid. This blueJanuary 2014
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ERCOTs Load Forecasting Methodology Reviewed

On December 17, 2013, the Electric Reliability Council of Texas (ERCOT) announced that it will review its forecasting methodology prior to releasing its next long-term outlook for resource adequacy. One aspect of the methodology that will be reviewed is the formulas ERCOT uses to estimate future peak demand. These formulas will be amended in order to address a widening gap between economic indicators and actual growth in energy use during summer days when demand peaks. Another proposed change incudes a move to a growth forecast that is based on the number of accounts in competitive regions as opposed to economic indicators. In addition, another methodology change proposes to shift how weather patterns are incorporated into the forecasting model in order to better reflect the diversity of weather conditions in different regions during peak demand periods. Another methodology aspect under review includes the target reserve margin, which a previous stakeholder has proposed to increase from its present rate of 13.75 percent. ERCOTs board has already approved changes to certain frequency regulation service requirements to reflect an increasing need for support reliability services as more wind generation is added to the system. An independent consultant, Itron, will provide an assessment of ERCOTs updated forecasting methodology in late January 2014. Once ERCOT receives Itrons input, ERCOT will set a release date for the next Capacity, Demand, and Reserves (CDR) report.
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NYMEX Amends Western Electricity Futures Contracts
On trade date January 21, 2014, NYMEX amended the floating price and final settlement price rules for eight existing electricity contracts with Mid-Columbia and Palo Verde trading points. These eight contracts are listed for trading on CME Globex and the floor, as well as for submission for clearing through CME ClearPort. The floating prices for each of the contracts listed below shall be equal to the final settlement price for the futures contracts reported by the Intercontinental Exchange (ICE Futures U.S.) that are listed in the table. Final settlement price revisions to the contracts listed below will be considered within ten business days following the termination of trading if ICE Futures U.S. revises the final settlement price for the futures contracts listed in the table. Contract Title Mid-Columbia Day-Ahead Peak CalendarMonth 5 MW Futures Mid-Columbia Day-Ahead Peak CalendarDay 5 MW Futures Mid-Columbia Day-Ahead Off-Peak Calendar-Month 5 MW Futures Mid-Columbia Day-Ahead Off-Peak CalendarDay 5 MW Futures Palo Verde Day-Ahead Peak CalendarMonth 5 MW Futures Palo Verde Day-Ahead Peak CalendarDay 5 MW Futures Palo Verde Day-Ahead Off-Peak CalendarMonth 5 MW Futures Palo Verde Day-Ahead Off-Peak CalendarDay 5 MW Futures Chapter 935 936 937 938 939 940 941 942 Clearing Code MDC MDA OMC MXO PVD VDP OVD QVD ICE Futures U.S. Futures Contract Mid-Columbia Day-Ahead Peak Fixed Price Future Mid-Columbia Day-Ahead Peak Daily Fixed Price Future Mid-Columbia Day-Ahead Off-Peak Fixed Price Future Mid-Columbia Day-Ahead Off-Peak Daily Fixed Price Future Palo Verde Day-Ahead Peak Fixed Price Future Palo Verde Day-Ahead Peak Daily Fixed Price Future Palo Verde Day-Ahead Off-Peak Fixed Price Future Palo Verde Day-Ahead Off-Peak Daily Fixed Price Future
The graph below was created in ZEMA using NYMEX Futures Settlement data. The graph shows the PJM average Peak/Off-Peak Electricity futures against average real time prices in the past twelve months.
*Graph created with ZEMA See the original announcement.
January 2014
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Sour (PSO) 1A and 1B Hardisty-Gibson Light (HLT) 1A and 1B US Sweet Clearbrook (UHC) 1A and 1B
Dalian Commodity Exchange Lists Coal and Polyethylene Contracts

On January 16, 2014, the Dalian Commodity Exchange (DCE) listed trading on its coke 1501 contract, coking coal 1501 contract, LLDPE 1501 contract, and PVC 1411 contract. Benchmark listing prices for these contracts are included below: Contract Name A1507 Contract B1501 Contract C1501 Contract J1501 Contract JM1501 Contract L1501 Contract M1501 Contract P1501 Contract V1501 Contract Y1501 Contract I1501 Contract JD1501 Contract FB1501 Contract BB1501 Contract
NGX Launches Real-Time Price Indices for Mobile Phones

On December 18, 2013, the Natural Gas Exchange Inc. (NGX) announced the launch of a new mobile-friendly webpage that displays NGX natural gas and crude oil price indices. These indices update in real time, based on trading done on the WebICE and Shorcan trading platforms. NGXs website is accessible via https://secure.ngx.com/mobile. All NGX contracting parties and subscribers to NGXs premium viewing service receive complimentary access to the new service. To subscribe to NGXs viewing services, visit their viewing services web page. The following Canadian natural gas and crude oil price indices are available on the mobile service: AB-NIT Same Day Index (2A) AB-NIT Weekend Index AB-NIT Month Ahead Index (7A) AB-NIT Bid-Week Index Union Dawn Day-Ahead Index Union Dawn Weekend Index Spectra Station #2 Day-Ahead Index Spectra Station #2 Weekend Index TCPL-Emerson 2 Day-Ahead Index TCPL-Emerson Weekend Index Sweet (SW) 1A and 1B Synthetic (SYN) 1A and 1B Western Canadian Select (WCS) 1A and 1B Condensate (C5) 1A and 1B Cold Lake (CLK) 1A and 1B Central Alberta (CAL) 1A and 1B Midale (M) 1A and 1B Light Sweet Blend (LSB) 1A and 1B
January 2014
Benchmark Listing Price RMB 4,183/ton RMB 4,004/ton RMB 2,372/ton RMB 1,446/ton RMB 1,029/ton RMB 10,525/ton RMB 3,159/ton RMB 5,906/ton RMB 6,495/ton RMB 6,714/ton RMB 857/ton RMB 4,192/500 kg RMB 68.20/piece RMB 124.90/piece
Platts to Launch Mediterranean Premium Gasoline Swap Assessments

Effective March 3, 2014, Platts is proposing to launch FOB Mediterranean premium unleaded 10ppm gasoline swap assessments reflecting balance-month, front-month, and second-month swap values in dollars per metric ton. The proposal comes after a period of increased liquidity in 2013. Assessments, which will be published in PFC Europe, will appear as outright values and as a differential to the Eurobob Gasoline FOB ARA Barge swap assessments for the same months. Comments can be sent to Europe_products@platts.com, cc pricegroup@platts.com by February 3.
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Platts to Publish Daily West African Gasoline Marker
Effective from May 1, 2014, Platts proposes to begin publishing a daily marker for gasoline delivered into West Africa, calculated as a freight net-forward from Platts Premium gasoline 10 ppm gasoline FOB Rotterdam barge assessment (PGABM00). The new daily marker will be titled West African gasoline marker. Plattss West African gasoline marker will be based on four Worldscale flat rates: Amsterdam-Lome, Rotterdam-Lome, Amsterdam-Lagos, and Rotterdam-Lagos. The West African gasoline marker will be calculated by multiplying the Worldscale flat rate by Plattss daily tanker rate assessment for UKC-West Africa 37,000 mt cargoes (PFAMH00), then by adding the resulting figure to Plattss PGABM00 assessment. The 2014 Worldscale flat rate that will be used to calculate the new forward formula is $18.74/mt.
Platts Adds Weekend European Gas Assessments

Platts proposes to launch weekend-ahead gas price assessments on February 28, 2014 for Germanys GASPOOL and NCG markets, Frances PEG Nord and Sud, Italys PSV, and the Austrian CEGH VTP hub. Weekend prices for these markets will be assessed and published on Fridays, or on the last working day of the week in the event of a U.K. bank holiday on Friday. Prices will be published in European Gas Daily or European Power Alert; they will also be available as market data.
Platts Adds New Mexico OSPs for US West Coast and Europe
On January 21, 2014, Platts began publishing two new monthly official selling prices (OSPs). These OSPs are for Pemexs Isthmus crude loading from Mexico to the U.S. West Coast and for Pemexs Olmeca crude loading from Mexico to Europe. These OSPs will appear on pages 1063 and 1064 of Platts Global Alert and in Platts Latin America Wire. New OSPs include the following: MDC Symbol OS AAXKJ00 OS AAXJW00 OS AAXLY00 OS AAXLZ00 OS AAXLZ03 OS AAXNC00 OS AAXJX00 OS AAXJX00 OS AAXND00 OS AAXNE00 OS AAXNE03 Bates u u u u u u u u u u u Dec 2 2 2 2 2 2 2 2 2 2 2 Frequency DW MA MA DW MA DW MA MA MA DW MA Currency USD USD USD USD USD USD USD USD USD USD USD UOM Description BBL Isthmus Posting (USWC) BBL Isthmus OSP (Mexico to USWC) BBL Isthmus Constant (USWC) BBL Isthmus Formula (USWC) BBL Isthmus Formula (USWC) MAvg BBL Olmeca Posting (Europe) BBL Olmeca OSP (Mexico to Europe) BBL Olmeca OSP (Mexico to Europe) BBL Olmeca Constant (Europe) BBL Olmeca Formula (Europe) BBL Olmeca Formula (Europe) MAvg Location PGA 1063 PGA 1064 PGA 1063/1064 PGA 1063 PGA 1063 PGA 1063 PGA 1064 PGA 1064 PGA 1063/1064 PGA 1063 PGA 1063
January 2014
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US Coal Industry to Use Argus Standard-Heat Coal Index
As of January 2014, the US coal industry will begin using Argus standard-heat rail coal index. Trading will use Argus coal price assessments to settle the new coal product which is a standardized 12,000 Btu CSX-originated coal forward contract.
Argus Adds New Monthly Index Series to Argus Coal Daily Report
On January 24, 2014, Argus introduced several new monthly index series to the Argus Coal Daily publication and data module. The series listed below will appear in the USCoal module in the DATA/DCDR folder of server ftp.argusmedia.com. PA-Code PA0013283 Time Stamp 21 Price Continuous Type Forward 4 1 Description Central Appalachia Nymex Spec OTC index month Central Appalachia Nymex Spec OTC index quarter CSX <1% SO2 12000 OTC index month CSX <1% SO2 12000 OTC index quarter CSX <1% SO2 12500 OTC index month CSX <1% SO2 12500 OTC index quarter Powder River Basin 0.8 8800 OTC index month Powder River Basin 0.8 8800 CTC index quarter Powder River Basin 0.8 8400 OTC index month Powder River Basin 0.8 8400 OTC index quarter
Argus to Add New Series to Coal Daily International

On January 3, 2014, Argus will add a new series to the Argus Coal Daily International publication and data module. New codes are price type 8 and have a time stamp of 6. New code details will appear in the DCI module in the DATA/DCOAL folder of server ftp.argusmedia.com. PA-Code PA0013229 PA0013230 PA0013231 Description Coal India 4200 GAR cfr within 90 days Coal India 5000 GAR cfr within 90 days Coal India 5500 NAR cfr within 90 days
PA0013284
21
PA0013285
21
PA0013286
21
PA0013287
21
Argus to Introduce New Assessments to Freight Report and Data Feed

Effective January 3, 2014, Argus will introduce new assessments to their Freight report and data feed. New data codes are price types 1, 2, and 8 and have a time stamp of 0. PA-Code PA0013248 PA0013249 Description Dry sulphur Black Sea - Brazil 30-35k Dry sulphur Baltic - North Africa 30-35k
PA0013288
21
PA0013289
21
PA0013290
21
Argus Adds New Toluene Code

On January 10, 2014, Argus added the following code to the Argus Dewitt Toluene, Xylenes, and Isomers report. This code is located in the dtxweekly data file in the DATA/DTXWeekly folder of server ftp.argusmedia.com. PA-Code PA0012019 Time Stamp 0 Price Type 8 Continuous Forward 0 Description Toluene blend value USGC
PA0013291
21
PA0013292
21
January 2014
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CME Announces Contract Specifications for New Henry Hub Combo Futures
On January 13, 2014, CME announced the following contract specifications for new Henry Hub Combo futures: Name Henry Hub Combo Futures Clearing/ Floor Code HBI Product Size 2,500 MMBtu Series Listing Convention Globex: 36 Months CPC & NXPIT: 36 Months Block Eligible/ Minimum Block Quantity Yes/25 Florida Gas Zone 2 Natural Gas (Platts IFERC) NGPL TexOk Natural Gas (Platts IFERC) OneOk, Oklahoma Natural Gas (Platts IFERC) Southern Natural Louisiana Natural Gas (Platts IFERC) Trunkline Louisiana Natural Gas (Platts IFERC)
NYMEX Permits Block Trading in New Henry Hub Combo Futures and Gasoline Products
On trade date January 13, 2014, NYMEX began to permit block trading in the following new products: Product Title Gasoline Euro-bob Oxy NEW Barges (Argus) Crack Spread Average Price options RBOB Gasoline Brent Crack Spread Average Price options PJM Western Hub Real-Time Off-Peak Calendar-Month 50 MW Option on Calendar Futures Strip Henry Hub Combo futures
The graph below was created in ZEMA using CME Futures Settlement data. The graph shows average daily Henry Hub Swap futures (CME Code: NN) from March 2013 to January 30, 2014.
Block Trade Minimum Threshold 10 contracts 10 contracts 1 contracts
25 contracts
Platts Discontinues US Midwest Finished Gasoline Assessments

Effective from January 1, 2014, Platts discontinued its assessments for conventional 87 octane finished gasoline (N grade) in the Midwest/Group 3 market. These assessments were published under the symbol PGA S00 and appeared on page 330 of Platts Global Alert.
*Graph created with ZEMA For further details, see the original announcement.
NYMEX Permits Block Trading in Natural Gas Fixed Price Futures

On trade date January 6, 2014, the New York Mercantile Exchange (NYMEX) began to permit block trading in the financially settled natural gas fixed price futures contracts from the locations listed below. These products have a block trade minimum threshold of 25 contracts. Chicago Natural Gas (Platts IFERC) PG&E Citygate Natural Gas (Platts IFERC) CIG Rockies Natural Gas (Platts IFERC) Algonquin Natural Gas (Platts IFERC) Florida Gas Zone 3 Natural Gas (Platts IFERC)
January 2014
Platts Discontinues Oso Condensate OSP

Effective from January 2014, Platts will discontinue the code for the official selling price (OSP) of the Nigerian grade Oso Condensate, which is issued by the Nigerian National Petroleum Corporation (NNPC) on a monthly basis. Platts has done so because the NNPC ceased publishing OSPs for Oso Condensate in February 2012 as a response to falling production levels. OSPs for Oso Condensate were published under code AAIQM00 on page 1065 of Platts Global Alert.
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Petrochemical Alert on page 376 and in the Europe and Americas Petrochemical report. Comments can be sent to petchems@platts.com, cc pricegroup@platts.com.
Argus Suspends Several NYMEX Gasoline and Gasoil Products

On January 3, 2014, Argus suspended several codes until further notice. These codes will stop being distributed in the DHP data modules in folder DUSPR of server ftp.argusmedia.com. PA-Code Description Gasoline 876 conv N Group 3 Gasoline 87 conv N Group 3 any month Diesel 61 10ppm (ULS) Colonial pipeline cycle Differential Basis Nymex Gasoline RBOB Nymex Gasoline RBOB Nymex Heating Oil
Platts Ceases Japanese and Korean Fuel Oil Assessments

Effective from April 1, 2014, Platts will discontinue its FOB Korea and FOB Okinawa 1.5% 180 CST fuel oil assessments, as well as its FOB Okinawa 3.5% 180 CST fuel oil assessments. Platts will do so in order to reflect the fact that these grades are no longer typically sold from these locations. Discontinued assessments are currently published in Platts Global Alert and Platts Asia Pacific Arab Gulf Marketscan, as well as in the Platts price assessment database.
PA0003914 PA0003917 PA0004089 PA0004434
Diesel 61 10ppm (ULS) Nymex Heating Oil Colonial pipeline wtd avg cycle
Platts to Cease Assessing Middle East M2 LPG Differentials

Effective June 1, 2014, Platts is proposing to cease its assessments of physical market premiums for refrigerated propane and butane cargoes loading in the Middle East LPG market in the second month-ahead; Platts will do so in response to changing market conditions in the Persian Gulf. Platts currently publishes these assessments under symbols AALAM00 (refrigerated propane M2 cash differential) and AALAN00 (refrigerated butane M2 cash differential) on Platts Global Alert, LP Gaswire, and in the Platts price assessment database. Comments can be sent to asia_products@platts.com by March 30, 2014.
Argus Discontinues Argus Marine Fuels Codes

On January 2, 2014, Argus discontinued several codes in Argus Marine Fuels. Affected data is located in the DATA/DAMarineF folder of server ftp.argusmedia.com. Discontinued codes include the following: PA-Code Time Price Continuous Stamp Type Forward 1 2 0 0 Description Fuel oil bunker LS 380 cst Halifax Fuel oil bunker LS 380 cst Halifax
PA0011566 2 PA0011566 2
Platts to Cease Assessment for NWE Avg Styrene CP

Effective June 2, 2014, Platts is proposes to cease assessing the average contract price for Northwest European (NWE) styrene. Since January 1, 2014, Platts no longer assesses the FD Northwest Europe and FOB Rotterdam styrene contract price, however, FOB ARA styrene barge contract prices will continue to be published by Platts and can be found in
January 2014
Argus Discontinues Russian NGL Index Grades Assessments

On January 17, 2014, Argus discontinued several Russian NGL index grades assessments. Affected date is located in the DRLPG files in the DRLPG folder of server ftp.argusmedia.com.
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Affected assessments have price types of 1 and 2 and are listed below: PA0006603: Argus Russian NGL index grade A PA0006604: Argus Russian NGL index grade B
Platts Changes Delivery Range for NWE Aromatics to 5-30 Days Forward
On January 2, 2013, Platts changed the delivery range for European benzene, toluene, mixed xylenes, paraxylene, orthoxylene, styrene, and methanol to 5-30 days. Affected assessments appear in Europe and Americas Petrochemical Scan, Platts Petrochemical Alert, and in the Platts market price database. Postings that will be affected include the following: Symbol AAOAX00 PHAAJ00 AASFD00 PHAFW00 AAOQP00 AAILD00 PHABD00 PHAAW00 PHABK00 HPACQ10
NYMEX Delists Gulf Coast Heating Oil Futures

On January 20, 2014, the New York Mercantile Exchange (NYMEX) delisted the products listed below from CME ClearPort and the NYMEX trading floor as a result of a lack of customer interest in these products. There was no open interest in these contracts. Product rule chapters, terms, and conditions contained in the position limit, position accountability, and reportable level table located in the Interpretations and Special Notices section of chapter 5 of the NYMEX Rulebook have been removed. Product Name Gulf Coast Heating Oil (OPIS) Futures Gulf Coast Heating Oil (OPIS) vs. NY Harbor ULSD Futures
Posted Price Benzene CIF ARA Benzene FOB ARA TDI toluene FOB ARA T2 nitration toluene FOB ARA Styrene FOB ARA Paraxylene FOB ARA Virgin xylene FOB ARA Solvent xylene FOB ARA Orthoxylene FOB ARA Methanol FOB Rotterdam
Product NYMEX Rulebook Code Chapter Number 7O 7W 255 256
Platts Renames European Fuel Oil Swaps

On January 8, 2014, Platts renamed several assessments for FOB ARA fuel oil 3.5% barge swaps, FOB ARA fuel oil 1% barge swaps, and related derivatives assessments. These assessments have been renamed to reflect Rotterdam as the basis location for the Platts physical high sulfur fuel oil barge assessments that underpin derivatives used to create assessments. Related swap assessments are published on Platts Forward Curve Europe, an add-on information service to Platts Global Alert. A table of pages containing FOB ARA fuel oil swaps assessments is included below: Page 1684 1687 1680 Content Platts Fuel Oil 1% FOB ARA Barge and Brent Crack Swaps Platts Fuel Oil 3.5% ARA/Med Diff Swaps Platts Fuel Oil 3.5% FOB ARA Barge and Brent Crack Swaps
January 2014
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Fossil Fuel Markets

Platts Amends USGC Naphtha Barge Assessments
Following a review of its U.S. Gulf Coast naphtha barge assessments, Platts confirmed on January 10, 2014 that it is committed to using the waterborne U.S. Gulf Coast conventional gasoline (M grade) assessment as the basis to determine its U.S. Gulf Coast naphtha barge assessments.
Argus Removes Second Calendar Year for US Ethanol Series

On January 3, 2014, Argus added a second year for biodiesel, ethanol, and cellulosic RIN calendar year series. After industry feedback, Argus announced on January 10, 2014 that they will reverse these changes to the following RIN series. The codes listed below will revert to their original names: PA-Code 2 to 9 January Description Ethanol RIN calendar year Biodiesel RIN calendar year Cellulosic RIN calendar year Advanced Biofuels RIN calendar year Old Description Ethanol RIN current year Biodiesel RIN current year Cellulosic RIN current year Advanced Biofuels RIN current year
Platts Updates Intraday UK NBP Gas Prices

On January 28, 2014, Platts moved the timestamp of its intraday U.K. NBP gas assessments to 11:00 a.m. London time. This changereflective of market coupling arrangements in North West European power marketsapplies to within-day and day-ahead intraday assessments currently published at 09:30 GMT The codes listed below will have an updated timestamp; they are published on page 670 of European Power Alert and in Platts Market Data in dispatch category EG. GNWDV00 GNDAV00 On May 1, 2014, Platts also proposes to discontinue its 12:00 p.m. London midday assessment of U.K. NBP day-ahead gas, replacing it with the intraday assessment for day-ahead that has a timestamp of 11:00 a.m. London time. The code listed below will have an updated timestamp; it is published on page 611 of European Power Alert and in Platts Market Data in dispatch category EG. GNCMV00
PA0010069 PA0010070 PA0010071 PA0010072
These changes apply to the DHP and DHPS data files in the DUSPR folders and DUSB files in the DUSEthanol folder of server ftp.argusmedia.com. Argus will also remove the second continuous forward value previously added to these series. As a result, the series listed below will be terminated.
PA-Code
ConTime Price tinuous Stamp Type Forward 1 2 1 2 1 2 1 2 1 1 1 1 1 1 1 1
Description Ethanol RIN calendar year Ethanol RIN calendar year Biodiesel RIN calendar year Biodiesel RIN calendar year Cellulosic RIN calendar year Cellulosic RIN calendar year Advanced Biofuels RIN calendar year Advanced Biofuels RIN calendar year
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PA0010069 2 PA0010069 2 PA0010070 2 PA0010070 2 PA0010071 2 PA0010071 2 PA0010072 2 PA0010072 2
Data. Analytics. Integration.

ZEMA is a complete end-to-end enterprise data management system. Designed for energy and commodities markets, ZEMA replaces fragmented data collection and analysis processes with a sophisticated, unified, and automated data management system that integrates with both internal and external systems.
January 2014
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Fossil Fuel Markets

CIG Rockies
CME Updates Natural Gas Futures Contracts

Effective on January 6, 2014, CME Group updated the contract names, rule chapters, commodity codes, spot month aggregation locations, and accountability levels for several natural gas futures and options contracts, including natural gas basis futures, fixed price futures, index futures, pipe options, and basis options. Affected futures and options contracts have the following locations: Algonquin City-Gates Chicago
Florida Gas Zone 2 Florida Gas Zone 3 NGPL TexOk OneOk, Oklahoma PG&E Citygate Southern Natural Louisiana Trunkline Louisiana To view a full list of affected contracts,
see the original announcement.
CME Lists Group Delivery Rates for January 2014 Natural Gas Contracts
On December 30, 2013, CME listed the following relevant delivery dates for January 2014 CBOT, NYMEX, and DME natural gas contracts: CBOT Products Ethanol (EH) First Position (Optional) Dec 30 (Dec 26) First Intent Dec 30 First Delivery Jan 2 Last Trade Jan 6 Last Intent Jan 7 Last Delivery Jan 8
NYMEX: January Energy Contracts Products REBCO (RE) Light Sweet Crude Oil (CL)/Gulf Coast Sour Crude Oil (MB) Western Canadian Select (WCS) Crude Oil (WCE) Coal (QL) Natural Gas (NG)/Henry Hub Natural Gas Last Day Physically-Delivered (MNG) Heating Oil (HO)/RBOB Gasoline (RB) Polypropylene (P1)/Polyethylene (P6) Conway Physical Propane In-Well (OPIS) (CPP) Mont Belvieu: Iso-Butane (3L)/Normal Butane (3M)/LDH Propane (3N)/Non-LDH Propane (3P)/Ethane (3Q)/Natural Gasoline (3R)/Spot Ethylene In-Well (MBE) Last Trade Dec 12 Dec 19 Dec 20 Dec 26 Dec 27 Dec 31 Dec 31 Jan 30 Jan 30 Allocation of Notice Deliveries Day Dec 13 Dec 20 Dec 20 Dec 27 Dec 30 Jan 2 Jan 2 Jan 30 Jan 30 First Delivery Last Delivery Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 30 Jan 21 Jan 31 Jan 31
Dec 16 Jan 1 Dec 23 Jan 1 Dec 20 Jan 1 Dec 27 Jan 1 Dec 10 Jan 1 Jan 3 Jan 3 Jan 31 Jan 30 Jan 9 Jan 7 Jan 31 Jan 31
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NYMEX: February Energy Contracts that Allocate in January Products REBCO (RE) Light Sweet Crude Oil (CL)/Gulf Coast Sour Crude Oil (MB) Western Canadian Select (WCS) Crude Oil (WCE) Coal (QL) Natural Gas (NG)/Henry Hub Natural Gas Last Day Physically-Delivered (MNG) DME Products Oman Crude Oil (OQ) January Oman Crude Oil (OQ) (Feb)
Last Trade Jan 14 Jan 21 Jan 17 Jan 28 Jan 20
Allocation of Notice Day First Delivery Last Delivery Deliveries Jan 15 Jan 22 Jan 17 Jan 29 Jan 30 Jan 16 Jan 23 Jan 17 Jan 29 Jan 30 Feb 1 Feb 1 Feb 1 Feb 1 Feb 1 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28
Last Trade Nov 29 Dec 31
Allocation of Notice Day First Delivery Last Delivery Deliveries Dec 2 Jan 2 Dec 3 Jan 3 Jan 1 Feb 1 Jan 31 Feb 28
NYMEX Amends Product Titles and Floating Price Rules for Gasoline Futures
Effective on January 31, 2014 and beginning with the January 2014 contract month, NYMEX will amend product titles and floating price rules for Group Three Unleaded Gasoline (Platts) futures (commodity code A9) and Group Three Unleaded Gasoline (Platts) vs. RBOB futures (commodity code A8). CME is implementing these amendments as a result of a phase-out of the existing grade of unleaded gasoline, which is being replaced by a sub-octane gasoline grade that specifies the addition of a 10% blend of ethanol. The following product titles will be updated: Chapter 322 323
January 2014
Old Product Title Group Three Unleaded Gasoline (Platts) Futures Group Three Unleaded Gasoline (Platts) vs. RBOB Gasoline Futures
New Product Title Group Three Sub-octane Gasoline (Platts) Futures Group Three Sub-octane Gasoline (Platts) vs. RBOB Gasoline Futures
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The calculation for the floating prices of these products will be updated as follows: Chapter 322.02 New Product Title Group Three Sub-octane Gasoline (Platts) Futures Old Floating Price Equal to the arithmetic average of the Platts Group Three Unleaded gasoline mean for each business day that the floating price is determined during the contract month. Equal to the arithmetic average of Platts Group Three Unleaded Gasoline mean minus the NYMEX RBOB Gasoline Futures first nearby contract month settlement price for each business day that both prices are determined during the contract month. For purposes of determining the floating price, the Platts Group Three Unleaded Gasoline mean will be rounded each day to the nearest thousandth of a cent. New Floating Price Equal to the arithmetic average of the Platts Group Three Sub-octane gasoline mean for each business day that the floating price is determined during the contract month. Equal to the arithmetic average of Platts Group Three Sub-octane Gasoline mean minus the NYMEX RBOB Gasoline Futures first nearby contract month settlement price for each business day that both prices are determined during the contract month. For purposes of determining the floating price, the Platts Group Three Sub-octane Gasoline mean will be rounded each day to the nearest thousandth of a cent.
323.02
Group Three Sub-octane Gasoline (Platts) vs. RBOB Gasoline Futures
NOS Clearing Updates Tanker Block Trades

From February 3, 2014 onwards, all tanker block trades will be reported hourly on NOS Clearings website in order to enhance post-trade transparency. A list of tanker block trades will be available under the Freight Daily Volume and Open Interest section of the website. In addition, trade affirmation will no longer apply for NOS block trades, as block transactions are reported to the exchange by pre-appointed block broker members.
January 2014
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Agriculture, Forestry and Metal Markets

Dalian Commodity Exchange Lists Agricultural, Forestry, and Metals Contracts
On January 16, 2014, the Dalian Commodity Exchange (DCE) listed trading on its No. 1 soybeans 1507 contract, No. 2 soybeans 1501 contract, corn 1501 contract, soybean meal 1501 contract, RBD palm olein 1501 contract, soybean oil 1501 contract, and egg 1501 contract. It also listed trading on its iron ore 1501 contract, fiberboard 1501 contract, and blockboard 1501 contract. Benchmark listing prices for these contracts are included below: Contract Name A1507 Contract B1501 Contract Benchmark Listing Price RMB 4,183/ton RMB 4,004/ton RMB 2,372/ton RMB 1,446/ton RMB 1,029/ton RMB 10,525/ton RMB 3,159/ton RMB 5,906/ton RMB 6,495/ton RMB 6,714/ton RMB 857/ton RMB 4,192/500 kg RMB 68.20/piece RMB 124.90/piece
Euronext Announces Launch of Rapeseed Derivatives Complex

On January 22, 2014, Euronext announced the launch of a combined rapeseed derivatives complex that will become active by the end of 2014. The derivatives complex will offer industry participants both rapeseed meal and rapeseed oil futures and options in individual contracts. The launch will also expand Euronexts commodities offerings to cover the bio-diesel sector. The launch of the new rapeseed derivatives complex will complement Euronexts existing rapeseed futures and options contracts. In the past five years, Euronexts rapeseed futures contract has grown by 67 percent. In 2013, the contract traded 93 million tonnes of rapeseed. The contract is used as a risk mitigation tool by many industry participants.
C1501 Contract J1501 Contract JM1501 Contract L1501 Contract M1501 Contract P1501 Contract V1501 Contract Y1501 Contract I1501 Contract JD1501 Contract FB1501 Contract BB1501 Contract
Argus to Introduce FMB Weekly Sulphur Report and Data Feed

Effective January 2, 2014, Argus will introduce new assessments to their FMB Weekly Sulphur report and data feed. New data codes are price types 1, 2, and 8 and have a time stamp of 0. PA-Code PA0013248 PA0013249 Description Dry sulphur Black Sea - Brazil 30-35k Dry sulphur Baltic - North Africa 30-35k
NCDEX Launches New Gold Futures

On January 20, 2014, the National Commodity & Derivatives Exchange Limited (NCDEX) announced the launch of new futures contracts in gold. These contracts have a ticker symbol of GOLDH100; they are available for trading from January 21, 2014 and expire in the months of March, May, and July 2014. New gold contracts are available for settlement exclusively through COMTRACK. For detailed contract specifications, including the basis, quotation/base value, tick size, quality specification, delivery center, trading hours, due date/expiry date, delivery specification, closing of contracts, final settlement price calculation methodology, additional margin, and delivery logic.
January 2014
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The graph below shows the high, low, and settle prices of CME COMEX 100 Gold futures as of January 24, 2014. This graph was created in ZEMA using CME Comex Futures Settlement data. For consecutive combinations, when the first combination expires, a new combination will be listed on the following business day. For each non-consecutive combination, when the combination for the current cycle expires, the same combination for the next cycle will be listed on the following business day. New KC HRW Wheat CSOs will have the same contract specifications as existing CBOT SRW Wheat CSOs. These include the following: European-style exercise Strike price ranges Strike price increments Minimum premium increments
Price limits Position limits Trading hours Venues Last trade date Daily and final settlement
NCDEX Announces Additional Gold Futures

On trade date January 15, 2014, the NCDEX announced the launch of new futures contracts in gold. These contracts have a ticker symbol of GOLDHEDGE; they expire in March, May, and July 2014. For detailed contract specifications, including trading hours, due date/expiry date, price limit, final settlement price, and minimum initial margin,
Platts Discontinues Base Metals Formula Prices

On January 2, 2014, Platts discontinued several U.S. formula prices for base metals, since market feedback indicated that these formula prices were no longer relevant to current business. These published price indicators involved calculations on exchange prices or calculations on producer list prices that failed to update very frequently. Discontinued prices are as follows: Copper: Daily MW Atlantic Seaboard, Daily MW CIF Europe, Daily MW Composite, Daily MW Producer Cathode, Daily MW Producer Refined, and Weekly Producer Cathodes. Platts will continue to publish daily COMEX and London Metal Exchange (LME) copper futures prices and weekly U.S. and European premiums to COMEX and LME prices. Lead: Daily MW NA Producer and Daily Secondary Producer. Platts will continue to publish its daily North American Market price, which reflects the LME lead cash price plus the Platts weekly premium for 99.7% lead, as well as Plattss weekly used lead-acid battery assessment. Nickel: Daily MW LME Mean. Tin: Daily Composite and Daily MW NY low-lead. Platts will continue to publish its twice-weekly NY Dealer assessment, which reflects LME cash plus the assessed premium.
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CME Adds Calendar Spread Options for KC HRW Wheat Futures

On January 27, 2014, the Chicago Mercantile Exchange (CME) will add calendar spread options (CSOs) to their current lineup of options on KC HRW Wheat futures. CSOs are options on the price differentials between two contract months, rather than on the underlying asset itself. CSOs can provide a more precise hedge against adverse movements in price spreads in the KC HRW Wheat market, particularly spreads between old and new crop months. New KC HRW Wheat CSOs will be listed on the following spreads: Nearby five consecutive futures calendar spreads Nearest March-July futures spread Nearest July-December futures spread Nearest December-July futures spread Nearest July-July (1 year) futures spread Nearest December-December (1 year) futures spread
January 2014
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Zinc: Daily MW Four Corners. Platts will continue to publish its weekly premiums for SHG zinc and alloy No. 3, as well as its daily and weekly SHG, galvanizer, and No. 3 prices that reflect LME plus the premium.
Platts Removes Metals Daily Report

As of January 27, 2014, readers of Plattss Metals Daily publication will only be able to access this publication through Plattss Market Center, as the Metals Daily report has been removed from Platts.com. In addition, Market Data Metals customers can no longer access LME data on Platts.com, including the MM, LM, MX, and ML categories. This data is now only available on Plattss Market Center through the Market Data Snapshot tool.
into Japan, with 75-79% silicon, normalized to 75% Si, maximum 2% aluminum, 0.02% sulfur, 0.2% carbon, 0.05% phosphorous, lumps 10-100 mm, packed in 1 mt big bags in seagoing 20-foot (18-24-mt) containers, CIF main port Japan. Assessed in dollars per metric ton, reflecting the narrow range where the majority of business is occurring. Payment cash against documents or LC at site, loading less than 60 days after the date of transaction. Minimum volume 100 mt per transaction. Assessment made Thursdays or closest business day from survey of producers, traders and end-users in the steel and other metal sectors. Silicomanganese 65% CIF Japan (MMAJG00): Weekly assessment of the repeatable, tradable, spot price for 65-70% Mn, normalized to 65% Mn; silicon 14-20%, carbon maximum 2-2.5%, phosphorous maximum 0.3%, sulfur maximum 0.02%, boron maximum 0.02%, lump size 10-55 mm, in bulk or super sacks, all origins. Price is assessed in $/mt Mn contained, reflecting the narrow price range where the majority of business is occurring, basis CIF main Japanese ports of Yokohama, Nagoya and Osaka, loading within 60 days from the date of transaction, net 30-days payment terms from date of delivery. The assessment will reflect minimum quantities of 100 mt or greater. Assessment made Thursdays or closest business day from survey of producers, traders and end-users in the steel sector.
Platts Proposes Delivery Port Change for Australian Alumina

Effective April 1, 2014, Platts is proposing to change the delivery port for the daily Australia to China alumina freight assessment from Qingdao to Lianyungang. In terms of annualized tons, Lianyungang is the largest alumina receiving port in China. All other contract specifications will remain the same.
Platts Corrects Unit of Measurement for US Metals Symbol

On January 7, 2014, Platts corrected the unit of measurement (UOM) for the symbol below from kilogram (KG) to pound (LB). FA MMAFQ03 c4 MA USD LB Ferromolybdenum US Mo Avg
Platts Updates Japan Bulk Alloys Price Assessments

On February 20, 2014, Platts will update its specifications and methodologies for two CIF Japan bulk alloys price assessments. Platts will update these assessments as a result of changes in market trading patterns in recent years. The assessments have specified Chinese-origin material, but will be updated to reflect the emergence of new producers outside of China. These assessments have also been updated because Chinese imports of silicomanganese have ceased. Assessment modifications include the following: Ferrosilicon 75% CIF Japan (MMAJP00): Weekly assessment of the repeatable, tradable spot price ferrosilicon imported
January 2014
Platts Revises Singapore MSFO Methodology

Effective January 2, 2014, Platts revised its methodology for assessing FOB Singapore 180 CST 2% sulfur cargoes by applying a standard quality premium to its benchmark FOB Singapore HSFO 180 CST 3.5% sulfur assessment. Very low levels of liquidity in the medium sulfur market prompted Platts to make the change. The premium, which is calculated as 2.25% of the base value of FOB Singapore HSFO 180 CST 3.5%, is a reflection of relative premiums for medium sulfur fuel over the past two years. Comments and feedback can be sent to asia_products@platts.com.
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Argus to Change Timing and Description of Renewable Volume Obligation
On January 2, 2014, Argus will change the timing and the description of its renewable volume obligation. To accommodate both first and second year volume obligations, the timing will change from prompt to year. The description will also change from Argus Renewable Volume Obligation to Argus Renewable Volume Obligation year. Existing PA0012358 data will be updated to carry forward periods (year value). Altered data is located in the DUSB data module in the DUSEthanol folder of server ftp.argusmedia.com. Affected data has a price type of 8, a time stamp of 2, and a continuous forward range of 1. PA-Code PA0012358 Description Argus Renewable Volume Obligation year
CME Expands Listing of Contract Months for Corn-Wheat Products

On trade date January 27, 2014, the Chicago Mercantile Exchange (CME) will expand its listing of contract months for the products listed below. These products are available on CME Globex and on the trading floor. Code Clearing/ Globex XCW/ ZCW Title Current Listing Schedule 4 months of Jul, Dec New Listing Schedule (as of 1/26/2014) 10 months of March, May, July, Sep, and Dec
QCW
CORNWHEATH INTER CALNDR SPRD OPTION CORN4 months 10 months of March, WHEAT of Jul, Dec May, July, Sep, and SNYTHETIC Dec COMBO
See the original announcement. See the original announcement.
CME Lists Group Delivery Dates for January 2014 Lumber, Soybean, and Metals Contracts
On December 30, 2013, CME listed the following relevant delivery dates for January 2014 CME, CBOT, and NYMEX/COMEX lumber, soybean, and metals contracts: CME Products Lumber (LB) CBOT Products First Position (Optional) First Intent First Delivery Jan 2 Jan 2 Last Trade Last Intent Jan 14 Jan 14 Jan 15 Jan 23 Last Delivery Jan 16 Jan 24 First Holding Jan 2 First First Last Last Last Intent Delivery Trade Intent Delivery Jan 16 Jan 16 Jan 15 Jan 31 Feb 25
Soybean (S)/Mini-Soybean (YK)/Soybean Dec 30 (Dec 26) Dec 30 Meal (06)/Distillers Dried Grain (DDG) Soybean Oil (07)/Rough Rice (14) Dec 30 (Dec 26) Dec 30 NYMEX/COMEX: Metals Products Gold (GC)/Silver (SI)/1000-oz Silver (SIL)/ Copper (HG)/Palladium (PA)/Platinum (PL)
Last Trade Jan 29
First Notice Day Dec 31
First Delivery Jan 2
Last Notice Day Last Delivery Jan 30 Jan 31
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CBOT Expands Listing of Trading Months for Wheat-Corn Intercommodity Spread Options
On trade date January 27, 2014, the Chicago Board of Trade (CBOT) will list March, May, and September expirations in CBOT Wheat-Corn Intercommodity spread options. The CBOT Wheat-Corn Intercommodity spread options are option contracts on the spread between CBOT SRW Wheat futures and CBOT Corn futures. The exchange currently lists only July and December expirations. The Commodity Futures Trading Commission (CFTC) will be notified of the listing of additional trading months during the week of February 2, 2014.
NCDEX Modifies Contract Specifications for Maize-Feed/Industrial Grade Futures

On January 18, 2014, the NCDEX modified contract specifications for its Maize-Feed/Industrial Grade futures expiring from May 2014 and thereafter. These futures contracts have a ticker symbol of MAIZEKHRF and MAIZERABI. Contract modifications include the following: Moisture is increased from a 12% basis to a 14% maximum. In relation to the premium discount on futures, maize with a count of more than 400 grains per 100 grams will now be rejected. To view contract specifications for Kharif Maize-Feed/Industrial Grade futures expiring in January, February, and March 2014 and Rabi Maize-Feed/ Industrial grade futures contracts expiring in April 2014,
NCDEX Modifies Contract Specifications for Wheat Futures

On January 18, 2014, the NCDEX modified contract specifications for its wheat futures expiring from May 2014 and thereafter. These futures contracts have a ticker symbol of WHEAT. Contract modifications include the following: Contract Specification Additional delivery center Existing Contract Specification Bareilly, Indore, Itarsi, Kanpur, Karnal, Khanna, Kota, Rajkot, and Bangalore (within 50 km radius from municipal limits). The location-wise premium/discount for all centers will be announced by the exchange prior to the launch of the contract. Modified Contract Specification Kanpur, Kota (within 50 km radius from municipal limits). The location-wise premium/discount for all centers will be announced by the exchange prior to the launch of the contract.
To view contract specifications for wheat futures expiring in January, February, March, and April 2014,
MAY 27-28, 2014
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Environmental Markets and Weather Services
AccuWeather Announces Public Support for New Channel

On January 17, 2014, AccuWeather provided an update regarding their new channel. Public support for the new AccuWeather channel, which was announced in the third quarter of 2014, has been very high. The AccuWeather channel will be a multi-platform solution streamed on AccuWeather.com, other internet sites, and media partner mobile and internet sites. It will also likely be available through cable and satellite carriers.
CME Delists EUA Futures as a Result of Union Registry Closure

Effective on January 29, 2014, CME Clearing will delist daily European Union allowance (EUA) futures for contract days January 27, 2014 and January 28, 2014 as a result of the Union Registrys closure on January 29, 2014. The January in delivery month EUA monthly contract (commodity code 6T) and certified emission reduction plus monthly contract (commodity code CPL) will be delivered on January 28, 2014 as a result of the Union Registrys closure.
CME Lists Delivery Dates for January 2014 Emissions Contracts

On December 30, 2013, CME listed the following relevant delivery dates for January 2014 NYMEX energy contracts: Products In Delivery Month European Union Allowance (EUA) (6T)/Certified Emission Reduction Plus (CPL)/Emission Reduction Unit (ERU) (REU) Daily European Union Allowance (EUA) (EUL) RGGI (RJ) (December) RGGI (RJ) (January)
Last Trade Jan 27
Allocation of Deliveries Jan 27
Notice Day Jan 27
First Delivery Jan 28
Last Delivery Jan 29
Date of Contract Dec 31 Jan 31
Date of Contract Jan 2 Feb 3
Date of Date of Contract Contract +1 Business Day Jan 2 Jan 6 Feb 3 Feb 5
Date of Contract +2 Business Days Jan 6 Feb 5
January 2014
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EU Emissions Trading Scheme to Remove 300mn Allowances in 2014
On December 19, 2013, the EU Emissions Trading Scheme (ETS) decided to remove a maximum of 300mn allowances from the scheme in 2014, rather than the 400mn originally predicted. The Climate Change Committee and the European Commission made the final decision on how allowances will be removed on January 8, 2014. The graph below shows a snapshot of how EU ETS allowance prices continued to drop near the end of Phase II of the EU ETS, even while the volume of allowances increased in comparison to the beginning of 2011. This graph was created in ZEMA using EEX Emission Spot Prices data. The following new ROC assessment will be introduced with price types of 1, 2, and 8, a time stamp of 6, and a continuous forward of 0: PA0013277: Green power UK Rocs auction price The following ROC assessments will be stopped. These assessments have price types of 1, 2, and 8, time stamps of 6, and continuous forwards of 1: PA0003147: Green power UK Rocs co-fired year PA003148: Green power UK Rocs non-co-fired year
Platts Extends RIN Year 1 Expiry Dates

On January 15, 2014, Platts extended the expiry date for its Year 1 (2012) renewable identification number (RIN) assessments to April 30, 2014. Previously, the expiry date for these RIN assessments was January 31, 2014. Plattss RIN assessments reflect delivery one month ahead of the publication date. Platts has extended the expiry date of these assessments as a result of the Environmental Protection Agencys 2013 renewable fuel standard compliance, which has an extended deadline of June 1, 2014.
European HDD and CAT Weather Contract Months Expanded

Effective on trade date December 30, 2013, the Chicago Mercantile Exchange (CME) expanded its listing contract months for the products listed below. Products in the table below previously had a listing schedule of 7 months (October-April); they will now have a listing schedule of 21 months (October-April): Code Clearing/Globex D0/D0 D1/D1 D2/D2 D3/D3 D4/D4 D5/D5 D9/D9 DQ/DQ D8/D8 D6/D6 D7/D7 Title London Monthly HDD Futures Paris Monthly HDD Futures Amsterdam Monthly HDD Futures Berlin Monthly HDD Futures Essen Monthly HDD Futures Stockholm Monthly HDD Futures Rome Monthly HDD Futures Madrid Monthly HDD Futures Barcelona Monthly HDD Futures Oslo-Blindern Monthly HDD Futures Prague Monthly HDD Futures
24
Argus Updates European Emissions Markets Report and Data Feed

Effective from January 20, 2014, Argus will replace and amalgamate several data series in its European Emissions Markets report as a result of a change in the format through which ROC auction results are reported. Data in Arguss report will now reflect the latest ROC auction price, rather than any one specific compliance period or specification. Historical data effective from April 7, 2009 will be made available under a new code. Data prior to April 7, 2009 will retain its history under the inactive codes section in MyArgus.
January 2014
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Products in the following table previously had the following listing schedule: HDD: Minimum of two, and maximum of seven, consecutive calendar months (Oct-Apr) in a strip, for 1 season. These products will now have this listing schedule: HDD: Minimum of two, and maximum of seven, consecutive calendar months (Oct-Apr) in a strip, for the next 3 seasons. Code Clearing/Globex D0V, D0X, D0Z, D0F, D0G, D0H D1V, D1X, D1Z, D1F, D1G, D1H D2V, D2X, D2Z, D2F, D2G, D2H D3V, D3X, D3Z, D3F, D3G, D3H D4V, D4X, D4Z, D4F, D4G, D4H D5V, D5X, D5Z, D5F, D5G, D5H D9V, D9X, D9Z, D9F, D9G, D9H DQV, DQX, DQZ, DQF, DQG, DQH D8V, D8X, D8Z, D8F, D8G, D8H D6V, D6X, D6Z, D6F, D6G, D6H D7V, D7X, D7Z, D7F, D7G, D7H Title London Heating Seasonal Strip Future Paris Heating Seasonal Strip Future Amsterdam Heating Seasonal Strip Future Berlin Heating Seasonal Strip Future Essen Heating Seasonal Strip Future Stockholm Heating Seasonal Strip Future Rome Heating Seasonal Strip Future Madrid Heating Seasonal Strip Future Barcelona Heating Seasonal Strip Future Oslo-Blindern Heating Seasonal Strip Future Prague Heating Seasonal Strip Future
Contracts listed in the table below had a previous listing schedule of 7 months (April-October); they now have a listing schedule of 21 months (April-October). Code Clearing/Globex G0/G0 G1/G1 G2/G2 G3/G3 G4/G4 G5/G5 G9/G9 GQ/GQ G8/G8 HL/HL B7/B7
January 2014
Title London CDD Monthly Futures Paris Monthly CDD Futures Amsterdam Monthly CDD Futures Berlin Monthly CDD Futures Essen Monthly CDD Futures Stockholm Monthly CDD Futures Rome CDD Monthly Futures Madrid CDD Monthly Futures Barcelona CDD Monthly Futures Oslo Blindern, CAT Monthly Futures Prague CDD Monthly Futures
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Contracts listed in the table below had the following previous listing schedule: CAT: Minimum of two, and maximum of seven, consecutive calendar months (April-October) in a strip, for 1 season. These products will now have this listing schedule: CAT: Minimum of two, and maximum of seven, consecutive calendar months (April-October) in a strip, for the next 3 seasons. Code Clearing/Globex G0J, G0K, G0M, G0N, G0Q, G0U G1J, G1K, G1M, G1N, G1Q, G1U G2J, G2K, G2M, G2N, G2Q, G2U G3J, G3K, G3M, G3N, G3Q, G3U G4J, G4K, G4M, G4N, G4Q, G4U G5J, G5K, G5M, G5N, G5Q, G5U G9J, G9K, G9M, G9N, G9Q, G9U G8J, G8K, G8M, G8N, G8Q, G8U G8/G8 HLJ, HLK, HLM, HLN, HLQ, HLU B7J, B7K, B7M, B7N, B7Q, B7U Title London Cooling Seasonal Strip Futures Paris Cooling Seasonal Strip Futures Amsterdam Cooling Seasonal Strip Futures Berlin Cooling Seasonal Strip Futures Essen Cooling Seasonal Strip Futures Stockholm Cooling Seasonal Strip Futures Madrid Cooling Seasonal Strip Futures Barcelona Cooling Seasonal Strip Futures Barcelona CDD Monthly Futures Oslo Cooling Seasonal Strip Futures Prague Cooling Seasonal Strip Futures
The graph below shows historical prices of monthly HDD futures for Paris, London, Rome, and Stockholm in the last four years. This graph was created in ZEMA using CME Futures Settlements data.
January 2014
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FX, Interest Rates, Credit and Equity Indexes
CME Permits Block Trading on Yen-Denominated Nikkei Stock Average Futures

Pending relevant regulatory review periods, CME will begin to permit block trading in options on yen-denominated Nikkei Stock Average futures at a block trade minimum threshold of 50 contracts. A complete listing of CME and CBOT products in which block trading is permitted is available in Section 12 of the original announcement, including times affecting interest rate products.
Euronext and Invesco PowerShares Launch NYSE Century ETF

On January 15, 2014, NYSE Euronext and Invesco PowerShares Capital Management LLCa global provider of exchange-traded funds (ETFs)announced the launch of the PowerShares NYSE Century Portfolio (NYCC) on NYSE Arca. NYCC is based on the NYSE Century Index, an index which includes 372 U.S. companies that have been incorporated for at least 100 years, are listed on a U.S. exchange, and have a market capitalization of at least $1 billion. NYCC is the first fund based on the NYSE Century Index.
NASDAQ OMX Clears First Buy-Side Client Interest Rate Swap

On December 23, 2013, NASDAQ OMX Clearing (NASDAQ OMX) announced its first buy-side client cleared interest rate swap. This interest rate swap, part of NASDAQ OMXs move to offer buy-side firms access to NASDAQ OMXs OTC clearing service, was cleared between SEB Clearing Services and Nektar Fund. OTC instruments available for clearing are Swedish krona-denominated interest rate swaps, overnight index swaps, and forward rate agreements. NASDAQ OMX will expand its service in 2014 to also include Danish krona, Norwegian krona, and euro-denominated instruments. Buy-side firms can access the OTC clearing service through NASDAQ OMXs approved OTC clearing members. To view a list of approved interest rate swap clearing members,
Eurex Offers New Index Derivatives

On February 10, 2014, Eurex Exchange (Eurex) will offer four new index derivatives. The introduction of these index derivatives is based on Eurexs license agreement with Warner Brse AG. New indices listed on Eurex include: ATX: Contains the 20 most heavily traded Austrian stocks. ATX five: Consists of the 5 largest securities in the ATX index. CECE EUR: Comprises the 25 largest listed stock corporations on the Polish, Czech, and Hungarian stock exchanges. RDX EUR: Consists of 15 Russian securities listed as ADRs/GDRs outside of Russia. All new index futures and options will be settled in cash. Futures will be available for trade between 8 a.m. and 10 p.m. CET; options will be available in accordance with the trading hours of underlying cash markets. The contract value for each index point is ten euros.
January 2014
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Eurex Lists New Futures and Options on ATX, ATX five, CECE EUR, and RDX EUR Indexes
On February 10, 2014, Eurex will introduce new futures and options on the ATX, ATX five, CECE EUR, and RDX EUR indexes. Product codes for new futures are listed below: Index ATX Index ATX five Index CECE EUR Index RDX EUR Index
Product codes for new options are listed below: Index ATX Index ATX five Index CECE EUR Index RDX EUR Index Product Code OATX OATF OCEE ORDE ISIN DE000A1YD5P8 DE000A1YD5Q8 DE000A1YD5R4 DE000A1YD5S2
Product Code FATX FATF FCEE FRDE
ISIN DE000A1YD5K9 DE000A1YD5L7 DE000A1YD5M5 DE000A1YD5N3
For further contract specifications,

New UBS ETF Launched on Xetra

On January 15, 2014, Deutsche Brse introduced a new exchange-listed equity index fund issued by UBS in their Xetra segment. This new ETF enables investors to participate for the first time in the performance of the MSCI USA index; it also enables investors to benefit from hedging against exchange rate fluctuations between the euro and dollar. Information about the new UBS ETF is included below: ETF Name Asset Class ISIN Total Expense Ratio Distribution Policy Benchmark
UBS (Irl) ETF pic-MSCI USA 100% Equity index ETF hedged to EUR UCITS ETF (EUR) A-acc
DE000A1YD5P8 0.30 percent
Non-distributing MSCI USA 100% hedged to EUR
New Physical Replication CSI300 ETF Launched on Xetra

On January 16, 2014, Deutsche Brse introduced a new ETF on its Xetra segment. This ETF, the db X-trackers Harvest CSI300 Index UCITS ETF (DR), physically replicates the Chinese CSI300 Index, thus enabling European investors to participate for the first time in the performance of the CSI300 Index. Deutsche Brses new ETF was issued by Deutsche Asset and Wealth Management and Harvest Global Investments. Harvest Global Investments, a Renminbi-qualified institutional investor (RQFII), has the authorization required for the new ETF to directly invest in A-class Chinese equities. Information about the new ETF is included below: Total Expense Ratio 1.10 percent Distribution Policy Distributing
ETF Name Db X-trackers harvest CSI300 Index UCITS ETF (DR)

ISIN LU0875160326
Fund Currency USD
Trading Currency EUR
January 2014
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CME Lists Delivery Dates for January 2014 Currency Contracts
On December 30, 2013, CME listed the following relevant delivery dates for January 2014 CME currency contracts: CME Products Mexican Peso (MP)/South African Rand (RA)/ USD/ZAR (ZAR)/Offshore Chinese Renminbi (CNH)/E-Micro Offshore Chinese Renminbi (MNH)
First Holding N/A
First Intent First Delivery Last Trade Jan 13 Jan 15 Jan 13
Last Intent Last Delivery Jan 13 Jan 15
Thomson Reuters Reveals TRust Index Fourth-Quarter Results

On January 16, 2014, Thomson Reuters announced the results of its TRust Index, revealing that trust sentiment in the top 50 global financial institutions has decreased since the third quarter. TRust Index metrics also revealed several new trends in 2013, including a regional convergence of news and social media sentiment, continued confidence in analyst expectations, and a proliferation of regulatory activity. Fourth-quarter TRust Index metrics revealed that the top 50 global financial institutions ended the year with a trust score of -1.75 percent, down from -1.5 percent in the third quarter. Top institutions in different regions had diverse levels of trust sentiment, as listed below: Europe/U.K.: -1.25 percent, down from -1.0 percent in the third quarter Americas: -1.85 percent, down from -1.6 percent in the third quarter Asia: -1.5 percent, down from -1.0 percent in the third quarter
Eurex and TASE Sign Derivatives Trading Cooperation Agreement

On December 19, 2013, Eurex Exchange announced that they signed a cooperation agreement with the Tel Aviv Stock Exchange (TASE). Under the agreement, Eurex will list and clear index futures based on the TA-25 index, which is both Israels blue chip index and one of the most heavily traded regional equity indexes. Eurexs TA-25 index futures will be denominated in U.S. dollars. The launch is planned for H1 2014. By the end of Q3 2013, TA-25 index options were the tenth most traded index derivatives contract worldwide. The year-todate 2013 average daily volume (ADV) in TA-25 index options traded at TASE is around 190,000 contracts.
Decreased fourth-quarter trust sentiment is attributable to a range of issues, including the record mortgage and LIBOR-related bank fines, penalties, and settlements exacted by U.S. and European regulators, the U.S. government shutdown, cuts to Asian GDP growth forecasts by the World Bank, IMF and ECB activities around capital buffers, debt, leverage, and risk, and the release of the approved Volker Rule in December 2013. For further information on the results of the fourth-quarter TRust Index,
January 2014
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Other Matters Other Matters

FERC and CFTC Sign MOUs on Jurisdiction and Information Sharing
On January 2, 2014, the U.S. Federal Energy Regulatory Commission (FERC) announced that it signed two memoranda of understanding (MOU) with the Commodity Futures Trading Commission (CFTC). These MOUs address circumstances of overlapping jurisdiction and help the two commissions share information about market surveillance and investigations into potential market manipulation, fraud, or abuse. Overall, the MOUs will enhance regulations that protect energy market competitors and consumers. The jurisdiction MOU outlines a process by which FERC and the CFTC will notify one another of activities that may involve overlapping jurisdiction; it will also help the agencies to further address regulatory concerns. The information sharing MOU establishes procedures through which FERC and the CFTC will share information of mutual interest related to their respective market surveillance and investigative responsibilities. The agencies will also share appropriate data relating to financial markets for gas and electricity on an ongoing basis. These MOUs were formed as a result of Congresss Dodd-Frank Wall Street Reform and Consumer Protection Act.
CFTC and Monetary Authority of Singapore Sign MOU

On December 27, 2013, the U.S. Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) signed a memorandum of understanding (MOU) to enable information sharing. Information exchanged between the two organizations will be regarding supervision and oversight of regulated entities that operate on a crossborder basis in the United States and Singapore. Other issues addressed in the MOU included markets and organized trading platforms, central counterparties, trade repositories, intermediaries, dealers, and other market participants.
Genscape Introduces Customizable QAP Plans and Readiness Assessments

On January 15, 2014, Genscape announced that at the 2014 National Biodiesel Conference and Expoheld in San Diego this JanuaryGenscape experts will offer customizable quality assurance procedure (QAP) plans and readiness assessments to qualified attendees. Genscape will offer customizable QAP plans and readiness assessments because an increasing number of Genscape clients require QAP as part of their risk management procedures.
Platts Corporate Name Changed to McGraw Hill Financial, Inc.

Effective from January 6, 2014, Platts will change its copyright notice in all market data files from The McGraw-Hill Companies, Inc. to McGraw Hill Financial, Inc.
CME Expands Use of FIXML Regulatory Trade Block ID

For trades dated on or after February 10, 2014, all CME U.S. Clearing real-time trade confirmation and allocation messages will carry a regulatory trade ID block containing a unique trade identifier (UTI). These UTIs supply European Union (EU) clients with a key data element when meeting European Market Infrastructure Regulation (EMIR) regulatory reporting requirements. These UTIs have the same block and attribute currently used for unique swap identifiers (USIs) displayed on some CME Clearing FIXML confirmation messages.
The Wall Street Journal Launches WSJD Website

On January 1, 2014, The Wall Street Journal launched WSJD, a website which features technology news, analysis, commentary, and consumer product reviews. WSJD will also host live events around the globe throughout the year; these events will be attended by top technology newsmakers, innovators, and entrepreneurs. One upcoming event is a tech conference from October 27-29, 2014. WSJD can be found on twitter @wsjd or contacted via email at wsjd@wsj.com.
January 2014
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Other Matters
TOCOM Announces Revisions for EFP and EFS Application Procedures
On December 30, 2013, the Tokyo Commodity Exchange, Inc. (TOCOM) announced rule revisions for exchanges of futures for physicals (EFPs) and exchanges of futures for swaps (EFSs). These revisions, implemented on December 26, 2013, were undertaken to streamline exchange application procedures. In EFP transactions, counterparties submit to exchanges to buy and sell orders that mirror off-exchange physical trades. EFP transactions are executed when the exchange accepts a counterpartys application. In EFS transactions, parties executing swap agreements enter a buy order and sell order at an exchange at the same price, contract month, and volume as the swap trade. TOCOMs revisions to EFP and EFS application procedures are as follows: Revision to: Pre-Revision Application Exchange-provided appliDocument cation form accompanied by a copy of the written agreement for the subject trade Application From 8:30 JST until 15:45 Period JST (15 minutes after the close of the day session). Subject to change when deemed necessary by the Exchange
Paper, and Naphtha Paper MOC. Expressions of interest to trade will be published as MCE Ltd. Comments and feedback can be sent to europe_products@platts.com.
EEX Acquires Majority Stake in Cleartrade Exchange

On January 13, 2014, the European Energy Exchange (EEX) and Cleartrade Exchange (CLTX), a Singaporean futures exchange founded in 2010, announced that EEX has become the new majority shareholder in CLTX. EEX has a 52% holding CLTX; the transaction was financed with EEX book cash. By acquiring a majority share in CLTX, EEX hopes to further promote Deutsche Brse Groups Asia strategy. EEX and CLTX will hold a joint press conference in London later in January to give further details about the deal.
Post-Revision Exchange-provided application form only
EEX and Cleartrade Exchange Create Combined Global Offering

On January 23, 2014, the European Energy Exchange (EEX) and Cleartrade Exchange (CLTX) announced that they have collaborated to create a unique global offering in the commodities sector. The collaboration took place in December 2013 and has resulted in a combined group with over 300 members and 10 major asset classes. EEXs current product offering comprises energy and related products for power, natural gas, emission allowances, and coal; CLTX offers products such as freight, iron ore, fuel oil, and fertilizer.
From 17:00 JST until 15:45 JST of the following business day (Not including from 4:15 JST to 8:30)
MCE Ltd. Advises Platts of Intent to Join Asia Mogas Paper MOC
Effective December 20, 2013, MCE Ltd. has announced its intention to take part in Asia Mogas Paper MOC. Expressions of interest to trade will be published as MCE Ltd. Comments and feedback can be sent to asia_products@platts.com.
Eurex Acquires Stake in TAIFEX

On January 3, 2014, Eurex Zrich AG (Eurex), a subsidiary of Deutsche Brse AG, announced that it will become a minority shareholder of the Taiwanese futures exchange TAIFEX. Pending regulatory approval, Eurex will acquire a five percent stake in TAIFEX from Yuanta Financial Holdings. The price for this stake is 47 million U.S. dollars. The Yuanta Group will remain a shareholder in TAIFEX after the sale of the five percent stake. From May 2014 onwards, Eurex and TAIFEX plan to list daily futures based on futures and options on the Taiwanese blue-chip index TAIEX after Taiwanese trade hours at Eurex Exchange.
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MCE Ltd. Advises Platts of Intent to Join European Jet Fuel Paper, EMEA Mogas Paper, and Naphtha Paper MOC
Effective December 20, 2013, MCE Ltd. has announced its intention to take part in European Jet Fuel Paper, EMEA Mogas
January 2014
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Monthly Market Analysis Monthly Market Analysis

Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX) Crude Oil Brent vs. WTI: Forward Curve (NYMEX)
*Graph created with ZEMA
On the New York Mercantile Exchange (NYMEX), crude oil prices for NYMEX prompt-month contracts dropped by more than 3% for Brent and Western Texas Intermediate (WTI) by the end of the fourth week of January 2014 when compared to December 2013. By the end of the fourth week, the NYMEX Brent prompt-month contract dropped to $106 USD/bbl from $109 USD/bbl, almost equaling the past twelve month average. Meanwhile, WTI declined by $3 USD/bbl to $94 USD/bbl, the lowest level since March 2013. The Brent-WTI spread closed around $12 USD/bbl, $4 USD/bbl above the twelve month average. WTI was under pressure as U.S. service industries expanded at a slower pace than what was forecasted in the previous month and U.S. fuel supplies rose. In early January 2014, a government report showed bigger-than-expected gains in gasoline and distillate supplies along with tepid demandfindings that supported the decline in WTI prices.1 EIA reported that domestic crude production rose to 8.15 Mbpd, the highest level since September 1988.1 Also, inventories at Cushing, Okla. rose to 40.7 million.1 It is clear that inventories are high, but momentum is low. Although the market is supported by cold temperatures, temperature alone was not enough to push prices high in this well-supplied market. After months of disruptions in production, Libyan oil production rose to 600,000-650,000 bpd.2 In the third week of January, OPEC reported that global demand for its oil fell by 0.5 Mbpd to 29.9 Mbpd. OPEC expects demand to decline further this year, which will extend Brents slide.3
On the New York Mercantile Exchange (NYMEX), crude oil futures slid as strong U.S. domestic production and weak economic data coincided with weaker-than-expected Chinese data, a coincidence which raises concerns about the worlds economic state. Brent for March delivery fell by $2 USD/bbl and was traded at $107 USD/bbl, whereas Western Texas Intermediate (WTI) futures dropped to $94 USD/bbl for same-month delivery. From December 2013 to January 2014, crude forward contracts until September 2019 dropped by $2 USD/bbl and $3 USD/bbl for Brent and WTI respectively, widening the Brent-WTI spread to $13 USD/bbl. The U.S. Labour Department reported that the U.S. economy added only 74,000 jobs in December 2013, well below expected levels by 122,000 jobs. The labor participation rate fell to an almost 35-year low of 62.8%.1 The Labour Departments monthly job reports are closely watched by oil traders, as these reports show the economic health of the worlds biggest crude oil consumer. The Federal Reserve is scheduled to meet in the final week of January to review the economy and, perhaps, assess its tapering policy. On the other hand, the opening of the southern leg of the Keystone XL pipeline is expected to reduce a bottleneck at a key storage hub (the projected delivery rate for the southern leg prior to the end of 2014 is 520,000 bpd).2 This development helps alleviate a supply glut in Cushing, Okla. As a shale gas revolution has boosted U.S. oil output to record highs, a large amount of crude remains trapped in storage tanks due to a lack of infrastructure that can connect crude storage to existing refineries. Brent futures also declined after the preliminary HSBC China Manufacturing Purchasing Managers Index for January fell to a six-month low of 49, signaling economic contraction.2 This weaker-than-expected data concerns traders, as China has the worlds second-largest economy and has high energy demands.2
January 2014
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Monthly Market Analysis

North American Natural Gas Spot Prices (ICE) Henry Hub Natural Gas Forward Curve (ICE)
Although heavy winter storms and frigid weather conditions have been experienced in most parts of the U.S., California enjoyed mild winter temperatures. These mild temperatures caused a moderate demand for natural gas products in the West Coast; however, demand was very different on the East Coast. On the Intercontinental Exchange (ICE), North American natural gas spot prices experienced unprecedented fluctuations in January when compared to the last month in three out of four major hubs: PG&E Citygate in California, Chicago Citygates, Henry Hub, and New York Transco Zone 6. From December 2013 to January 2014 (week ending January 21, 2014), monthly average prices surged in Henry Hub by 5% to $4.37 USD/MMBtu, in Chicago Citygates by 82% to $8.3 USD/MMBtu, and, most remarkably, by 191% in Trans Z6 to $19.4 USD/ MMBtu. On the other hand, spot prices for PG&E Citygate in California dropped by 3% to $4.54 USD/MMBtu. For the week ending January 22, 2014, EIAs Natural Gas Weekly Update reported that natural gas spot prices rose in most of the country, particularly in the Northeast, where record high prices were traded due to extremely cold weather conditions in densely populated areas.1 As a result, gas consumption increased significantly as temperatures fell drastically. From the third week of January to the fourth, total natural gas consumption rose by 18.9%, whereas the residential/commercial sectors in the Southeast and Midwest were driving the surge. In Trans Z6, spot prices jumped to an all-time high of $90 USD/MMBtu.2 The price surge along the East Coast highlights how a cold shock can cause demand for natural gas to skyrocket. The fact is, despite the pipeline networks high inventory levels, the network cannot meet demands in certain markets.2
On the Intercontinental Exchange (ICE), natural gas futures at the U.S. benchmark Henry Hub in Erath, LA, rose by 2% in the weeks of January 2014 compared to last month. Henry Hub futures increased from $4.18 USD/MMbtu in December 2013 to $4.25 USD/MMbtu by the end of the fourth Friday of January 2014 for the following twelve months. For the week ending January 22, 2014, EIAs Natural Gas Weekly Update reported that February natural gas futures reached their highest level since June 2011 due to weather forecasts for persistent cold weather and resulting strong storage withdrawals.1 According to the Wall Street Journal, as the blast of Arctic air increased residential heating demands and caused gas futures to be traded at $4.463/MMBtu on Dec. 23, 2013the highest level in two-and-a-half yearsmany power companies started switching to coal instead of gas to meet peak demands.2 This switch to coal may have reduced commercial demand for natural gas although gas inventories were at a five-year low at the beginning of the month due to high demands.2 Lingering extreme cold temperatures kept gas prices high for the next eight weeks, but the MDAs prediction that warmer weather is on its way affected market speculations about peak demand.3
January 2014
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Monthly Market Analysis

Actual Weather (AccuWeather) Electricity: Day-Ahead Prices (ICE)
From December 2013 to the fourth Friday of January 2014, winters arrival heralded frigid temperatures across almost the entire U.S., except for the West Coast. The monthly average temperature in Sacramento increased by three degrees Celsius to 10C, whereas the monthly average temperature in Chicago dived by seven degrees to -15C, in Raleigh by five degrees to 3C, and in New York by six degrees to -4C. At the beginning of the New Year, the city of Chicago reached a record low temperature of -40C, but emerged from this deep freeze in the following days. In all observed cities except for Sacramento, this years January turned out to be below the two-year average. Comparing the past two-year average of January temperatures to January 2014, this year felt colder than the two-year average in Chicago by 9 degrees, in Raleigh by 4 degrees, and in New York by 3 degrees. By contrast, Sacramento City experienced a milder winter, as the past two-year temperature average for January was 2 degrees lower than that of January 2014.
On the Intercontinental Exchange, electricity day-ahead prices spiked in all the observed North American markets except the West Coast for the week ending January 24, 2014. From the previous month to January 2014 (week ending January 24), the day-ahead monthly average prices surged. Prices surged in PJM North by 207% to $115 USD/MWh, in ISO-NE by 60% to $181 USD/MWh, and in NYISO by 113% to an unprecedented $194 USD/MWh. By contrast, electricity day-ahead prices dropped in CAISO-SP15 by 7% to $49 USD/MWh as the West Coast experienced mild weather temperatures. In one of the coldest winters in decades, ISOs in the Midwest and East Coast issued notices about the impact of cold weather on generation and distribution. To fully grasp the seriousness of supply constraints, PJM sought to temporarily lift the $1,000/MWh price cap for generators. Following in PJMs footsteps, NYISO also sought a similar FERC approval to lift its $1,000/MWh price cap and compensate plants.1 Extreme weather conditions and unprecedented price volatility in Northeastern power markets made generators push for new mandates. The Northeast region reacted to these extreme weather conditions with upward spikes in wholesale power prices, the result of commercial and residential consumers struggle to procure natural gas supplies. The record-high winter peak demand along with unexpected outages of power plants and natural gas equipment drove peak electricity prices. Although many major natural gas pipeline projects came in service ahead of the 2013-14 winter, natural gas supplies to New York City remained constrained during extreme weather conditions.2
January 2014
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News from Data Vendors News from Data Vendors
New Data Reports from ZEMA

ZE is continuously working to expand our data coverage, as we provide our clients with data essential to their operations. Our highly flexible data parsers can collect information in any electronic format, from any source, and at a frequency clients need. ZE has added several new data reports to ZEMA following the publication of our December issue of DataWatch: Data Source Amprion Amprion Amprion Amprion Amprion Deutsche Brse ETSOVista Fifty Hertz ICAP ICAP IESO NEISO NEISO NEISO NEISO NEISO NEISO NEISO NEISO PJM PMUM Poten & Partners Regelleistung Regelleistung Regelleistung Regelleistung Regelleistung Report Solar Power Actual Solar Power Forecast Vertical Load Wind Power Actual Wind Power Forecast Available Transfer Capacity Total Demand (Actual and Forecast) Vertical Load Straddle Prices Volatility Prices Variable Generation 5 Minute Energy Forecast Seven-Day Wind Power Forecast Three-Day Reliability Region Demand Forecast Winter Reliability-Demand Response Energy Charges Allocation Report Winter Reliability-Demand Response Energy Charges Calculation Report Winter Reliability-Demand Response Monthly Charges Allocation Report Winter Reliability-Demand Response Monthly Charges Calculation Report Winter Reliability-Generation Monthly Charges Allocation Report Winter Reliability-Generation Monthly Charges Calculation Report Current Wind Generation and Forecast Daily Report Asphalt Market Price Imbalance (SALDO) Settlement Price (IGCC) Tender Results (Minute Reserve) Tender Results (Secondary Reserve) Transfer (IGCC) Commodity Electricity Electricity Electricity Electricity Electricity Electricity Electricity Electricity Others Others Electricity Wind Electricity Electricity Electricity Electricity Electricity Electricity Electricity Wind Electricity Others Electricity Electricity Electricity Electricity Electricity
January 2014
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News from Data Vendors
PEGAS Volumes for December 2013

Paris, January 7, 2014: PEGAS, the natural gas platform established by the European Energy Exchange (EEX) and Powernext, announced that a total volume of 23.0 TWh was traded on the platform and cleared by European Commodity Clearing (ECC) in December 2013. Spot Markets Overall, trading volumes on spot markets amounted to 16.5 TWh in December 2013. German spot markets (market areas GASPOOL and NCG) recorded a volume of 8.0 TWh, which included 0.9 TWh traded in German quality-specific gas products in December. In French spot markets (market areas PEG Nord, PEG Sud, PEG TIGF), traded volumes amounted to 7.0 TWh. The Dutch spot market recorded a volume of 1.5 TWh. In December 2013, the spot market volume included 2.0 TWh traded in spread products. Derivatives Markets In December 2013, trading volumes on PEGAS derivatives markets amounted to 6.5 TWh. German futures markets (GASPOOL and NCG market areas) recorded a volume of 1.9 TWh. In French market areas, a total of 2.6 TWh was traded on PEG Nord and PEG Sud futures. The TTF futures market recorded a volume of 2.0 TWh in December. The derivatives market volume included 1.3 TWh traded in spread products. Details on natural gas volumes and prices are available in the enclosed monthly report. About the Pan-European Gas Cooperation (PEGAS) PEGAS is a cooperation between the European Energy Exchange (EEX) and Powernext. In the framework of this cooperation, both companies combine their natural gas market activities to create a pan-European gas offering. Members benefit from one common Trayport gas trading platform with access to all spot and derivatives market products offered by the two exchanges for the German, French, and Dutch market areas. Furthermore, spread products between these market areas are tradable on the same trading platform. For more information, visit www.pegas-trading.com. About the European Energy Exchange (EEX) The European Energy Exchange (EEX) is the leading European energy exchange. It develops, operates, and connects secure, liquid, and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances, coal, and guarantees of origin are traded. Clearing and settlement of all trading transactions is provided by the clearing house European Commodity Clearing AG (ECC). EEX is a member of Eurex Group. For more information, visit www.eex.com. About Powernext Powernext SA manages complementary, transparent, and anonymous energy markets. Powernext gas spot and Powernext gas futures were launched on November 26, 2008 in order to hedge volume and price risks for natural gas in France and in the Netherlands. Powernext has managed the National Registry for electricity guarantees of origin in France since May 1, 2013. Powernext owns 50% in EPEX SPOT and 20% in EEX Power Derivatives. For more information, visit www.powernext.com.
PEGAS Monthly Figures Report for December 2013

Volumes Spot Market Index Name Dec 2013 in MWh 3,296,499 4,685,980 4,243,520 2,731,170 29,980 1,483,667 Dec 2013 Index Value (min. / max. in EUR/MWh) Dec 2013 in MWh 1,126,510 763,310 2,381,150 231,260 n/a 2,016,080
GASPOOL NCG PEG Nord PEG Sud PEG TIGF TTF
January 2014
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Indices EE GASPOOL NCG PEG Nord PEG Sud TTF Derivatives Market Germany GASPOOL NCG PEG Nord PEG Sud TTF Index Name EEX Daily Reference Price EEX Daily Reference Price Powernext Gas Spot DAPPowernext Gas Spot EOD Powernext Gas Spot DAPPowernext Gas Spot EOD EEX Daily Reference Price Index Name EGIX (European Gas Index) Monthly Average EGIX Monthly Average EGIX Monthly Average Powernext Gas Futures Monthly Index Powernext Gas Futures Monthly Index Powernext Gas Futures Monthly Index Dec 2013 Index Value (min. / max. in EUR/MWh) 26.480/29.532 26.646/29.129 26.62/29.10 25.89/29.32 33.47/42.96 33.67/42.96 26.849/29.009 Jan 2014 Index Value (in EUR/MWh) 28.019 27.924 28.114 28.52 37.61 28.04
PEGAS: Powernext to Launch PEG TIGF/PEG Sud Spot Spread Contracts on February 4, 2014
Paris, January 21, 2014: Powernext announces the launch of a spot spread contract between TIGF and GRTgaz Sud delivery zones on February 4, 2014. This new product will be listed for all spot maturities on PEGAS, the common natural gas platform launched by Powernext and the EEX. PEG TIGF and PEG Sud spot contracts have been traded on Powernext Gas Spot since November 26, 2008. By launching the spread between GRTgaz PEG Sud and PEG Nord in May 2011, Powernext Gas Spot was the first organized market in Europe to offer location spread products corresponding to the actors trading practices on an anonymous and cleared platform. These geographical spread products have progressively been offered between all hubs listed on PEGAS ever since, contributing to the development of the liquidity of the European gas markets and the transparency of their price references. There is now a clear market need for spread products between PEG TIGF and PEG Sud. The supply of the south of France strongly depends on LNG imports, and with the connection
January 2014
from PEG Nord being regularly congested, volatility on these two hubs is comparatively much stronger than on PEG Nord. This new contract will help the 22 members of Powernext Gas Spot that are active on both PEG TIGF and PEG Sud to balance their portfolios in this region, comments Jean-Franois Conil-Lacoste, Powernexts CEO. GRTgaz supports the launch of this product as an efficient way to handle positions in highly correlated delivery zones, and also in the perspective of the creation of a common PEG in 2015, noted Guy Fasanino, Commercial Director of gas transmission operator GRTgaz. This new product is expected to foster liquidity, and improve the quality of the balancing interventions on TIGF delivery area, added Monique Delamare, CEO of gas transmission and storage operator TIGF. About the Pan-European Gas Cooperation (PEGAS) PEGAS is a cooperation between the European Energy Exchange (EEX) and Powernext. In the framework of this
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cooperation, both companies combine their natural gas market activities to create a pan-European gas offering. Members benefit from one common Trayport gas trading platform with access to all spot and derivatives market products offered by the two exchanges for the German, French, and Dutch market areas. Furthermore, spread products between these market areas are tradable on the same trading platform. For more information, visit www.pegas-trading.com. About the European Energy Exchange (EEX) The European Energy Exchange (EEX) is the leading European energy exchange. It develops, operates, and connects secure, liquid, and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances, coal, and guarantees of origin are traded. Clearing and settlement of all trading transactions are provided by the clearing house European Commodity Clearing AG (ECC). EEX is a member of Eurex Group. For more information, visit www.eex.com. About Powernext Powernext SA manages complementary, transparent, and anonymous energy markets. Powernext gas spot and Powernext gas futures were launched on November 26, 2008 in order to hedge volume and price risks for natural gas in France and in the Netherlands. Powernext has managed the National Registry for electricity guarantees of origin in France since May 1, 2013. Powernext owns 50% in EPEX SPOT and 20% in EEX Power Derivatives. For more information, visit www.powernext.com.
Argus Launches Spot CFR East Coast India Coal Assessments

Singapore, January 6, 2014: Global energy and commodity news and price reporting agency Argus has launched CFR coal assessments for the east coast of India. Argus will assess spot prices on a weekly basis for three main grades of coal delivered to the key port of Krishnapatnam. The grades are NAR 5,500 kcal/kg, GAR 5,000 kcal/kg and GAR 4,200 kcal/kg. The new assessments further expand Argus coverage of key coal markets in the Asia-Pacific region and reflect growing interest in such price references in India amid rapid growth in imports in recent years. Indian thermal coal imports have grown to more than 120mn t in 2013 from around 90mn t in 2012, as demand continues to outpace supply. Coal is used to produce around 80pc of the countrys electricity, and demand for the fuel growing by more than 10pc/yr. With these new price assessments, Argus provides a pricing tool for spot and term cargoes from an increasingly diverse number of sources. By providing greater visibility of price trends, these assessments are expected to help utilities and cement manufacturers in their import strategies and in managing price risk. We are pleased to offer customers greater insight into the price of coal delivered to one of Asias fastest growing import markets, Argus chairman and chief executive Adrian Binks said. The assessments illustrate the changing dynamics of the coal market and the importance of reliable price information in managing risk and taking advantage of these changes. The new assessments are published weekly in Argus Coal Daily International, a global report covering coal prices in key markets, as well as through Argus Direct, an advanced online platform. Media Contacts London: Seana Lanigan +44 20 7780 4272 seana.lanigan@argusmedia.com
January 2014
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IIR Energy Launches New NGLs Live Service

What Is NGLs Live?
NGLs Live will utilize IIR Energys unique research methodologies to provide continuous updates on the P.E.C. status for new construction, capacity additions and expansions, and grassroots projects so that customers will always be one step ahead of the market. NGLs Live will provide a focused product for wet gas plants, fractionation units, condensate splitters, isom units, ethylene, and many other gas processing plants and units.
What Do You Get with NGLs Live? Comprehensive coverage of all existing and newly built natural gas liquids processing, transmission, storage, and exporting facilities in North America has been added to NatGas Live as an add-on feature to enhance consumers understanding of all things within the natural gas and products infrastructure markets. Intelligent and Comprehensive Content: Detailed plant and unit profiles Capital and maintenance projects Outages and shutdown activity Customizable outage, news, and project alerts delivered via e-mail, FTP, or mobile device
January 2014
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Custom summary reports, outlooks, and forecasts EBB flow analysis delivered every morning Integrated Google Maps
GasHotline: Your On-Demand Research Team Providing up-to-the minute information on the operational status of all major & minor natural gas infrastructure assets.
For a live demo, contact Paul Copello at 800-762-3361 x3430 or iirteam@iirenergy.com.
January 2014
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Record Volume Recorded on EPEX SPOT: 31.6 TWh

Paris, January 3, 2014: In December 2013, a total volume of 31.6 TWh was traded on EPEX SPOTs day-ahead and intraday markets (December 2012: 29.2 TWh). This is the best monthly result since the creation of the European Power Exchange and beats the last record from December 2011 (30.9 TWh) by 2.2%. Over the entire month, more than 1 TWh was traded on a daily average on EPEX SPOTs markets, making it one of the most liquid places for spot power trading in Europe and the world. Day-Ahead Markets In December 2013, power trading on the day-ahead auctions on EPEX SPOT accounted for a total of 29,141,566 MWh (December 2012: 27,575,997 MWh) and can be broken down as follows: Monthly volume MWh 22,159,244 5,439,227 1,543,095 Monthly volume Previous Year MWh DE/ AT FR CH 20,638,868 5,459,899 1,477,230 PriceMonthly Average (Base/Peak*) Euro/MWh 35.75 / 50.38 49.71 / 61.54 52.55 / 62.16 43.54 / 57.86 Intraday Markets On the EPEX SPOT intraday markets, a total volume of 2,410,275 MWh was traded in December 2013 (December 2012: 1,630,877 MWh). Areas DE/AT FR CH Monthly volume MWh 2,055,071 283,148 72,056 Monthly VolumePrevious Year MWh 1,401,993 228,884 0*
* Swiss market launched in June 2013
Areas
The German/Austrian market reached its second best result of all time and also hit the 2 TWh mark for the second time. In December, cross-border trades represented 15.1% of the total intraday volume. Volume in 15-minute contracts amounted to 207,041 MWh. In December, they represented 9.9% of the volume traded on the German and Swiss intraday markets. About the European Power Exchange (EPEX SPOT) EPEX SPOT SE operates the power spot markets for France, Germany, Austria, and Switzerland (day-ahead and intraday). Together, these countries account for more than one third of all European power consumption. EPEX SPOT is a European company (Societas Europaea) based in Paris with a branch in Leipzig.
ELIX European Electricity Index

* Peak excl. weekend
The volume on the German/Austrian market reached a new all-time high, beating the previous record from October 2013 (21 670 182 MWh) by 2.3%. Prices within the French and the German market, both coupled with the Benelux markets within Central Western Europe (CWE), converged 48% of the time.
January 2014
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Swiss Stakeholders and EPEX SPOT Discuss Market Coupling on Swiss Borders
Bern, January 9, 2014: The European Power Exchange (EPEX SPOT), together with Swiss stakeholders, has held a press conference today in Bern. In the media briefing, the following individuals participated: Dr. Walter Steinmann: Managing Director of the Federal Office of Energy (Bundesamt fr EnergieBFE) Carlo Schmid-Sutter: President of the National Regulatory Authority Federal Electricity Commission (Eidgenssische ElektrizittskommissionElCom) Pierre-Alain Graf: CEO of transmission system operator Swissgrid Jean-Franois Conil-Lacoste: Chairman of the Management Board of EPEX SPOT Topics discussed included the creation of the Swiss power exchange, a function which is vital for the implementation of market coupling on Swiss borders. Market coupling is a tool for integrating physical power markets. It will allow Switzerland to better integrate into the EU internal energy market, a move which will lead to enhanced social welfare in all coupled countries. EPEX SPOT will establish a subsidiary in Bern, Switzerland to further facilitate communication with Swiss members and stakeholders. About the European Power Exchange (EPEX SPOT) EPEX SPOT SE operates power spot markets for France, Germany, Austria, and Switzerland (day-ahead and intraday). Together these countries account for more than one third of all European power consumption. EPEX SPOT is a European company (Societas Europaea) based in Paris with a branch in Leipzig.
EPEX SPOT Prepares for Internal Energy Market

Paris, Leipzig, and Vienna, January 15, 2014: In the fifth year following its creation, trading volumes on the markets of the European Power Exchange (EPEX SPOT) continue to grow. In 2013, 346 TWh were traded on its day-ahead and intraday power markets in Germany, France, Austria, and Switzerland. That is the best result in EPEX SPOTs existence and corresponds to an overall increase of 2% compared to 2012 (339 TWh), following 314 TWh in 2011 and 279 TWh in 2010. The creation of EPEX SPOTone common harmonized structure to accommodate and operate several national power marketshas led to a significant attraction of liquidity, says Jean-Franois Conil-Lacoste, Chairman of the Management Board of EPEX SPOT. The European Power Exchange has quickly become a key protagonist in the integration process of the European power market. Over the past year, six key developments are noteworthy: An increase in 10 exchange members, to a total of now 212 companies active on the markets of EPEX SPOT. New members come mainly from Germany, Italy, and Poland. On the day-ahead, strong results on the German/Austrian market with two monthly records in October and December 2013. A less active price convergence between the German and French market, both coupled within Central Western Europe (CWE) market coupling, due to diverging market fundamentals. On the intraday, strong overall results and a year-on-year boost of 28.6% in trading volumes. The launch of the Swiss intraday market on 26 June 2013, followed by a strong take-off in terms of volumes and cross-border interaction, with intraday markets in Germany, France, and Austria. 91% of the volumes were traded cross-border, foreshadowing the benefits of Swiss market integration. An increase of trading volumes in 15-minute contracts by 104%, hitting 2.6 TWh in 2013. This outstanding result highlights the need for flexible tools in power trading.
January 2014
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Day-Ahead Markets Day-ahead trading volumes in 2013 totaled 322,788,544 MWh (2012: 321,228,968 MWh) and can be broken down as follows: Volume 2013 in MWh 245,566,864 58,478,684 1,543,095 Average Base Price Volume 2012 2013 / 2012 in MWh Euro/MWh 245,268,525 37.78 / 42.60 59,282,499 43.24 / 46.94 16,677,944 44.73 / 49.52 existence. The launch is a significant step towards an integrated European power market and towards the implementation of the European target model for day-ahead markets. NWE will also be the first implementation of the price coupling of regions (PCR) solution. PCR is an initiative by seven European Power Exchangesamongst them EPEX SPOTand provides systems and procedures for a pan-European coupling of power markets. It will be the engine for several regional market coupling initiatives that come into effect during 2014 and beyond. Intraday Markets In 2013, total trading volumes on intraday markets amounted to 23,054,242 MWh (2012: 17,924,234 MWh), including: Volumes on the intraday markets of EPEX SPOT, Areas DE/AT FR CH Volume 2013 in MWh 19,699,240 2,881,145 473,857 Volume 2012 in MWh 15,757,403 2,166,831 0
Areas DE/AT FR CH
The German/Austrian day-ahead market contributed its stable share of volumes, supported by the biggest and most active community of trading participants over all European markets. Renewables have become a generic part of spot trading in Germany. The German/Austrian Day-Ahead market stands as the European reference in terms of trading volumes, liquidity, and price signals. The French day-ahead market displays stable results in a difficult regulatory framework. The results are proof of confidence amongst market participants in the force of the free market. On the Swiss day-ahead market, a healthy increase in trading volumes continues. Reasons for this can be found in the new members on the Swiss market: After Germany and before Italy, Switzerland is now the second biggest EPEX SPOT market in terms of membership. Increased cross-border arbitration possibilities and ongoing liberalization over the past few years have also had a positive impact on trading volumes. Market coupling, a tool to manage capacity congestion on the borders between national power spot markets, is a core service EPEX SPOT delivers together with European partners. Under marketing coupling, power exchanges orders and available cross-border capacities received from TSOs are auctioned simultaneously. As well, the trade of power and capacity occurs at the same time, which helps ensure that the best economic solution is automatically chosen. Prices are determined no longer on a national levelthey are determined on a European level. Market coupling optimizes the use of existing infrastructure and increases the social welfare of all involved market participants. Since November 9, 2010, the power markets of CWE, including Germany, France, and the Benelux countries, have been successfully coupled. As a result, price convergence between the German market and French market was observed in 48% of the hours in 2013. The next step of European market integration, the launch of North-Western European (NWE) price coupling, will take place on 4 February 2014. NWE adds Denmark, Finland, Great Britain, Norway, Sweden, and the Baltic countries to the CWE region, thus covering 75% of European consumption. 17 partners from 12 countries have cooperated for two years to bring NWE into
January 2014
covering Germany/Austria, France and Switzerland, continue to climb. Overall intraday volumes increased sensibly by 28.6% year-on-year, underlining the relevance of intraday trading. In light of a European-wide transition towards renewable and therefore often intermittent power sources, trading participants more and more ask for flexible short-term trading platforms. ComXerv, the intraday trading system used by EPEX SPOT, allows for seamless cross-border trading. The launch of intraday cross-border trading took place between France and Germany on December 14, 2010. The Austrian intraday market debuted in October 2012 and was instantly connected to Germany and France. The same applies for the Swiss market, which launched on June 26, 2013. In so doing, the Swiss Intraday market benefits from tight integration with the French, German, and Austrian market. Over the year 2013, cross-border trades between all four markets accounted for 16.5% of traded volume on ComXerv; the year before, traded volume was 13.5%. EPEX SPOT helps facilitate German energy transition. Since December 14, 2011, flexible 15-minute contracts can be traded on the German market. These contracts allow members to balance their portfolios every 15 minutes. With the launch of the Swiss intraday market, 15-minute contracts were extended to Switzerland, with the possibility of cross-border trade with Germany.
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In 2013, the traded volume from both German and Swiss 15-minute contracts amounted to 2,625,136 MWh, which is equivalent to a 104% increase compared to the 2012 volume (1,288,883 MWh). This increase in traded volume reveals the need for flexible tools in power tradingtools that EPEX SPOT can provide. About the European Power Exchange (EPEX SPOT) EPEX SPOT SE operates the power spot markets for France, Germany, Austria, and Switzerland (day-ahead and intraday). Together, these countries account for more than one third of all European power consumption. EPEX SPOT is a European company (Societas Europaea) based in Paris with a branch in Leipzig.
French Minister for European Affairs Thierry Repentin Visits European Power Exchange
Paris, January 23, 2014: The French Minister for European Affairs, Thierry Repentin, recently visited the European Power Exchange (EPEX SPOT). The visit took place on January 22, on the occasion of the Franco-German day marking the 51st anniversary of the lyse Treaty. The visit also followed an announcement by French President Franois Hollande to strengthen Franco-German cooperation in the energy sector. Jean-Franois Conil-Lacoste, Chairman of the Management Board of EPEX SPOT, explained the functioning of the power exchange and the relevance of price formation in Europes wholesale power markets. After his tour at the European Power Exchange, Thierry Repentin praised EPEX SPOT as a key actor facilitating cooperation between Germany and France in the energy sector: EPEX SPOT and the French-German Office for Renewable Energy illustrate the innovative potential of our two countries regarding cooperation in the energy sector. Both can build European initiatives to strengthen the energy market. Jean-Franois Conil-Lacoste said: The European Power Exchange relies on a strong basis which was built by a trusting partnership between French and German entrepreneurs five years ago. Since then, our Franco-German DNA has evolved into a truly European one. This is the basis for integrating European power markets. Sven Rsner, Deputy Director of the French-German Office for Renewable Energy, added: Renewables have become a natural part of the power system. EPEX SPOT has proven its fundamental role in market integration of renewables. Enhanced Franco-German cooperation in terms of renewables will facilitate the energy transition in both countries. About the European Power Exchange (EPEX SPOT) EPEX SPOT SE was created by the merging of the power spot activities (day-ahead and intraday) of French and the German energy exchanges. Both power wholesale markets, together with Swiss and Austrian wholesale markets, have been operated under one common roof ever since. Jointly, these countries account for more than one third of all European power consumption. EPEX SPOT is a European company (Societas Europaea) based in Paris with branches in Leipzig and Vienna. In 2013, 346 TWh was traded on EPEX SPOTs markets. About the French-German Office for Renewable Energies The French-German Office for Renewable Energies is a French-German association in charge of promoting renewable energies, building connections between French and German actors in the sector, and exchanging information and best practices between France and Germany. The office is supported by professional associations and companies from both countries and is based within the ministries in charge of energy in France and Germany.
January 2014
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Middle Eastern and Asian Commodity Exchanges Turn Up the Volume

By Peadar Walsh
Emerging markets in the Middle East and Asia are growing faster than markets in the western world, partly due to their large infrastructure projects and subsequent need for imported commodities. Commodity market participants in the Middle East and China, like their Western counterparts, trade on both physical and financial exchanges in order to improve market liquidity. Despite their somewhat recent emergence, commodity exchanges in the Middle East and Asia are set to make a significant global impact, due in part to their expanded product offerings.
History of Commodity Exchanges

Many buyers and sellers trade commodity-linked contracts on the basis of rules and procedures which are set out by a commodity exchange. Derivatives instruments for trade differ depending on whether markets are spot or futures markets. Derivative instruments such as spot contracts are contracts for the purchase or sale of a commodity for immediate delivery. Futures contracts, by contrast, oblige market participants to buy or sell stocks or commodities with a predetermined future delivery date and price. In the U.S., exchanges historically acted as a platform for trade in futures contracts, and still do to this day. U.S commodities futures exchanges began to take shape in 1846 when two cities in New York State, Buffalo and New York City, became connected by telegraph. By 1847, a variety of commodities were being traded between the cities, including flour, corn,
January 2014
wheat, and eggs. Futures exchanges then spread to the U.K. as a result of the steamship, which was used to transport cotton across the Atlantic. Steamships reduced the amount of time required for cotton delivery from two months to two weeks. The steamship allowed for a much more rapid transfer of cotton samples and information, such that before cotton even arrived in the U.K., supply and demand conditions were already being evaluated by merchants based on incoming shipmentsa precursor to modern futures trading. By the end of 1880, five cotton exchanges (New York, New Orleans, Liverpool, Havre, and Alexandria) were connected by a transatlantic cable. Technological developments such as the steamship and transatlantic cable enabled traders in the U.S. and U.K. to evaluate future supply and demand conditions prior to the arrival of incoming commodity shipments and make trading decisions accordingly. As part of this trend, the Chicago Board of Trade (CBOT)
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was established in the U.S in 1848. The CBOT was a central marketplace for trade where buyers and sellers could meet to negotiate and formalize forward contracts, or contracts for future commodity shipments. The performance of early twentieth century futures markets remains relatively unexplored because of the limited availability of appropriate trade information. However, in the mid-twentieth century, futures exchanges in the U.S. and Europe entered a period of decline. Between 1940 and 1970 in the U.S., government interventions brought about a decline in global agricultural commodity markets through the introduction of farm bills. Farm bills were first created during theGreat Depressionto give financial assistance to farmers, who were struggling due to an excess crop supply that created low prices for agricultural products. Farm bills were also introduced to control the food supply in the U.S. Although well-intentioned, these farm bills made futures contracts redundant. Similar to farm bills in the U.S., the Common Agricultural Policy (CAP) had a similar effect on European markets. In the Middle East and Asia, a variety of factors delayed the creation of futures markets in this period, including Soviet political influence, Eastern European control, and strong state control. The resurrection of futures exchanges came about in the 1970s in the U.S. During the 1960s, the U.S. Federal Reserve began pursuing expansionary monetary policies for domestic reasons, paying little attention to growing balance-of-payments deficits. Consequently, there was a growth of global liquidity and an upsurge in commodity prices. This growth caused the Bretton Woods, an arrangement in Western countries and Japan which provided a system of fixed exchange rates, to collapse. Following this collapse, numerous exchange rate and interest rate markets were created. For example, a crude oil market emerged following the 1970s oil crisis in the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand; a gold market developed following the delinking of gold prices from the dollar; and global exchange rates fluctuated, creating the need for an exchange and interest rate market. As many diverse markets emerged globally, the need for enhanced price discovery and risk management processes increased. The U.S. Commodity Futures Trading Commission (CFTC) was formed in 1975 to regulate the rapid expansion of futures trading and the financial instruments employed in futures markets. Prior to this, commodity exchanges were self-regulated. As markets burgeoned, an array of financial instruments was introduced, including foreign currencies, U.S. and foreign government securities, and U.S. and foreign stock indices. In the 1980s and 90s, not long after the inauguration of the CFTC, the U.S. government decided to withdraw from regulating agricultural trade. As a result, new commodity exchanges were required to manage the price discovery and financial trading processes that had been previously regulated by the CFTC. Today, online commodity trading happens in over twenty major commodity exchanges worldwide, and many emerging markets are located in the Middle East and Asia.
Middle Eastern Oil Markets Growing: The Creation of the Dubai Mercantile Exchange
Emerging markets in the Middle East continue to grow as a result of the Middle Eastern need for commodities and the simultaneous expansion of products available to traders in this region. One market that is particularly expanding is the oil market, given the regions high volumes of crude oil production. Oil trading in the Middle East is growing rapidly; however, creating a centralized and efficient market there will pose a challenge, given many domestic energy producers high reliance on government subsidies and the dominance of the Middle Eastern oil market by national energy companies such as Saudi Aramco, Natural Iranian Oil, and Abu Dhabi National Oil. Nonetheless, several key global commodity exchanges have been created in the Middle Eastern market specifically, the Dubai Mercantile Exchange (DME), which will be discussed in greater detail below. Several key exchanges have developed in the region many of which have been important precursors to the DME. One precursor was the Dubai Gold & Commodities Exchange (DGCX), which was the first commodity exchange to emerge from the region. DGCX commenced trading in November 2005; today, the exchange is the leading derivatives exchange in the Middle East. As well, in 2006, the Iran Mercantile Exchange (IME) was launched; this exchange trades agricultural, industrial, and petrochemical products inspotandfuturesmarkets. In 2008, the Iranian Oil Bourse (IOB) was launched; the IOB features petroleum, petrochemicals, and gas products traded in a range of diverse currencies. The Dubai Mercantile Exchange (DME) was launched in 2007; it was the first exchange in the Middle East to add energy products to its standard set of commodity offerings. Now, the DME focuses on developing and trading monthly crude oil futures and financial contracts for energy producers, refiners, traders, and financial institutions in the East of Suez region. Presently, one of DMEs major goals is to have one of its productsits DME Oman Crude Oil Futures contract (OQD) become the crude oil pricing benchmark for the Asian oil market, given the lack of an Asian benchmark and the huge quantities of crude oil imported to the Asia-Pacific region annually from the Middle East. As the DME has grown, its importance to the global commodity market has been acknowledged by other
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noteworthy exchanges. For example, in 2009 the Chicago Mercantile Exchange (CME) partnered with DME. Since 2009, CME Globex has listed DMEs products alongside three of the worlds largest crude oil benchmark products (WTI, Brent, and DME Oman) on its electronic trade platform. CME Globexs listing of DMEs Oman crude oil futures and financial contracts has increased risk management opportunities for Asian refiners interested in DMEs products, as the listing provides Asian refiners with refined hedging strategies. DMEs listing on CME Globex also helps establish arbitrage opportunities from traders worldwide (DME). In 2012 and 2013, DME delivered its best-ever trading performance. By 2012, DME had traded 3.5 billion barrels of oil since its inception, reaching a daily high of 12,648 contracts on April 25, 2012 (Global Finance). DME then set a new record for average daily volume (ADV), reporting almost 7.5 million barrels of crude oil per day in 2013, and posting a year-on-year ADV trading growth of 36 per cent (DME). New records in total monthly volume were also set in July 2013, with 162.4 million barrels of crude oil traded through the exchange (Gulf News). However, over the last two years, DMEs trade volumes have been fluctuating considerably, ranging from 1,000 contracts to 20,000 contracts between December 2012 and July 2013. This is illustrated in Figure 1 below.
Figure 1: Number of contracts traded on the DME (December 2012 January 2014) (Source: DME)
Despite these fluctuations, the DME is the most active exchange in the oil market. DMEs Oman Crude Oil Futures contract (DME Oman) is the largest physically-delivered crude oil futures contract in the world and is the sole benchmark for Oman and Dubais exports of crude oil. The majority of this oil ends up in East Asia: A staggering 40% of the oil DME trades goes to China, where demand for crude is increasing by 400,000 barrels a day (Global Finance). The graph below illustrates expectations that the DME Oman and Brent benchmarks will be on the same level in the near future. Historically, Brent has been the strongest benchmark price for purchases of oil worldwide.
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Figure 2: Oman vs. Brent futures (Source: NYMEX)
Middle Eastern Metals Markets Growing: The DGCX

Not only has there been a boom in oil futures in Dubai, there has also been a surge in gold, silver, and copper futuresproducts which the DGCX provides. With trading volumes of over 12 million contracts in a 10 month period, the Dubai Gold and Commodities Exchange (DGCX) is emerging as one of the fastest growing exchanges in the world. According to Money Show, DGCX volumes have dramatically increased year over year as a result of sturdy growth in metal contract trades in the Middle East. In January 2013 alone, the DGCX registered monthly trading volumes of 1.1 million, which is the highest monthly total to date. This represents a 133% increase from the previous year (FOW Intelligence). On November 10, 2013, the DGCX reported trade volumes of 12.17 million contracts between January and October 2013, up from 7.78 million in November 2012. The DGCX is to launch a gold spot contract in 2014 which will further strengthen its gold offering. There is exceptional market strength for spot gold contracts in Dubai, as almost a quarter of all physical gold traded worldwide passes through the city. Spot gold contracts will enhance liquidity in the Middle Eastern gold market by removing the need for offshore credit and collateral for gold trading. Silver contracts are also experiencing significant growth. In fact, in 2013, Dubai silver futures were the standout performer in DGCXs metal segment, increasing 59% from 2012 to reach 18,491 contracts (Gulf News).
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The DGCX launched the regions first copper contract in April 20, 2012. The introduction of this new contract is the result of a high demand from market participants as a result of ongoing infrastructure projects. Regional demands for copper are expected to continue to grow, with current figures estimating that over 600,000 tons of copper are consumed annually in the Middle East (UEA Interact).
New Exchanges in Asia

While the Middle East is growing, its relationship with the Asia-Pacific region is growing too. On September 13, 2012, the Dalian Commodity Exchange (DCE) signed a memorandum of understanding (MOU) with the DGCX. The MOU enables Middle Eastern investors and producers of energy, petrochemicals, and plastics to benefit from Chinas huge consumer market (DataWatch, 16). While the Middle East attempts to keep up with Chinese demands for commodities, Chinese exchanges are growing, too. Although Asia has a relatively short history of commodity trading, the continent has made giant strides in this field. As the leader in emerging markets, China in particular is thirsty for oil and other resources to keep up with its current economic expansion. To compete in a global commodity market, emerging markets like Chinas must establish political and economic stability and well-defined regulatory systems. Historically, Asian countries have faced stringent regulatory constraints from their own governments; as a result, foreign
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market participants have not been able to trade with many Asian countries, including China. However, all of this is changing quickly. Many Asian countries are breaking free from regulatory restraints in their push towards economic development. As they do so, they are quickly moving to the forefront of the worlds commodity exchange boom. New commodity exchanges are being introduced across the Asia-Pacific region as a result of surging prices of agricultural products, base and precious metals, and oil and gas. Numerous Asia-Pacific commodity exchanges have been created in the past five years. Launched in August 2010, the Singapore Mercantile Exchange (SME) was the first pan-Asian multi-product commodity and currency derivatives exchange. Since its launch, it has become the worlds largest commodity exchange as measured by number of contracts traded. Soon after, the Hong Kong Mercantile Exchange (HKMEx) was introduced in May 2011. The HKMEx trades commodity futures, options, and other financial derivatives. This same year also saw the inception of theChinaBeijing Environment Exchange (CBEEX), which hosts trading in the Beijing market. Figure 3 displays a full demonstration ofthe steady growth in trading volumes at the Shanghai Futures Exchange, Zhengzhou Commodity Exchange (ZCE), and DCE, formed in 1999, 1990, and 1993 respectively. Over the past decade, growth in trading volumes has been slow but steady as a result of trading growth being driven solely by domestic firms. Figure 4 above illustrates the exponential growth in ZCEs trading volumes, which quadrupled when compared to the same period in the previous year: the Shanghai Futures Exchange and Hong Kong Exchange (now owning LME since December 2012) both experienced respective progresses in trading volumes of 95% and 38% (FOW Intelligence).
Figure 3: The growth in trading volumes at Chinas three major commodity exchanges (20022011) (Source: Futures Magazine)
As many Asian exchanges are developing, the region looks far more promising for external investors. Liquidity is building quickly, and the regions exchanges demonstrate enormous long-term potential. For example, the HKMEx has recently begun trading in renminbi, a move which has allowed regional commodity traders across China to manage price risks better, since commodities are priced in a local currency as opposed to U.S. dollars or euros. The rest of China plans to make the renminbi freely tradable by 2015. This liberalization of Chinas commodity trading market will help the country capitalize on its own currency, which will be music to the ears of foreign investors who are desperate to enter the lucrative Chinese market.
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Figure 4: Chinese exchangemonthly volume (January 2005January 2013) (Source: FOW Intelligence)
Conclusion
There is no doubt that global commodity exchanges will continue to become more interconnected and complex as new markets like those in the Middle East and Asia emerge and evolve. ZEMAhelps energy and commodity market participants keep up-to-date on trends in emerging markets. With a robust library of historical and current commodity market data, ZEMA can help market participants track changes in demand and capacity across emerging markets. For more information on how ZEMA helps businesses in energy and commodity markets manage their complex data needs,book a complimentary live demonstration.u
About ZE PowerGroup Inc.: ZE is an experienced software and strategic consulting firm that combines energy industry expertise with advanced software development capabilities. The company possesses deep industry knowledge and comprehensive operational experience. ZE is the developer of ZEMA Suite, a sophisticated Enterprise Data Management and Analysis solution built to meet the specific challenges of energy and commodity market participants. About ZEMA: ZEMA is an enterprise data management suite designed for collecting data and performing complex analysis. ZEMA replaces fragmented data collection and analysis processes with a sophisticated, unified, and automated data management system. Each ZEMA component can perform as an independent product; this means greater flexibility when integrating ZEMA into your organization. ZEMA is consistently ranked #1 for preferred system, #1 for ease of system integration, and #1 for customer service. ZEMA is easy to use and backed by our support team around the clock. Disclaimer: ZE DataWatch is a report comprised of data updates and expectations for energy and commodity markets, powered by ZEMA. The information contained in ZE DataWatch is for information purposes only. Although ZE PowerGroup believes the information in this report is correct and attempts to keep the information current, ZE PowerGroup does not warrant the accuracy or completeness of any information. Information in this report is not intended to provide financial, legal, accounting, or tax advice and should not be relied upon in that regard. ZE PowerGroup is not responsible in any manner whatsoever for direct, indirect, special, or consequential damages, howsoever caused, arising out of the use of this report.
January 2014
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DataWatch January 2014

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January 2014

MISO South, the LargestEver Power Grid Integration, Launched

CAISO Releases Blueprint to Integrate EVs into California Grid

CFTC and Monetary Authority of Singapore Sign MOU

Thomson Reuters Reveals TRust Index Fourth-Quarter Results

Middle Eastern and Asian Commodity Exchanges Turn Up the Volume

NGX Launches Real-Time Price Indices for Mobile Phones 8 8

Argus Discontinues Argus Marine Fuels Codes 12 12

NCDEX Modifies Contract Specifications for Wheat Futures 22

AccuWeather Announces Public Support for New Channel 23 23 23 24 24 24 24 27 27 27 27 27 28 28

New Physical Replication CSI300 ETF Launched on Xetra 28 29 29 29 30 30 30 30 30 30 30 31

Environmental Reforms: The U.S. Takes a Backseat to Europe

Power Markets Power Markets

MISO South, the Largest-Ever Power Grid Integration, Launched

Platts to Adjust UK Annual Power Assessments

CAISO to Integrate EVs into California Grid

ZEMA User Forum

ERCOTs Load Forecasting Methodology Reviewed

Image Copyright Tourism Vancouver

*Graph created with ZEMA See the original announcement.

Fossil Fuel Markets Fossil Fuel Markets

Dalian Commodity Exchange Lists Coal and Polyethylene Contracts

NGX Launches Real-Time Price Indices for Mobile Phones

Platts to Launch Mediterranean Premium Gasoline Swap Assessments

Fossil Fuel Markets

Platts Adds Weekend European Gas Assessments

See the original announcement.

Fossil Fuel Markets

Argus to Add New Series to Coal Daily International

See the original announcement.

Argus to Introduce New Assessments to Freight Report and Data Feed

See the original announcement.

Argus Adds New Toluene Code

See the original announcement.

See the original announcement.

Fossil Fuel Markets

Block Trade Minimum Threshold 10 contracts 10 contracts 1 contracts

Platts Discontinues US Midwest Finished Gasoline Assessments

NYMEX Permits Block Trading in Natural Gas Fixed Price Futures

Platts Discontinues Oso Condensate OSP

Fossil Fuel Markets

Argus Suspends Several NYMEX Gasoline and Gasoil Products

Platts Ceases Japanese and Korean Fuel Oil Assessments

PA0003914 PA0003917 PA0004089 PA0004434

See the original announcement.

Platts to Cease Assessing Middle East M2 LPG Differentials

Argus Discontinues Argus Marine Fuels Codes

See the original announcement.

Platts to Cease Assessment for NWE Avg Styrene CP

Argus Discontinues Russian NGL Index Grades Assessments

Fossil Fuel Markets

NYMEX Delists Gulf Coast Heating Oil Futures

Product NYMEX Rulebook Code Chapter Number 7O 7W 255 256

Platts Renames European Fuel Oil Swaps

See the original announcement.

Fossil Fuel Markets

Argus Removes Second Calendar Year for US Ethanol Series

Platts Updates Intraday UK NBP Gas Prices

PA0010069 PA0010070 PA0010071 PA0010072

ConTime Price tinuous Stamp Type Forward 1 2 1 2 1 2 1 2 1 1 1 1 1 1 1 1

PA0010069 2 PA0010069 2 PA0010070 2 PA0010070 2 PA0010071 2 PA0010071 2 PA0010072 2 PA0010072 2

Data. Analytics. Integration.

Fossil Fuel Markets

CME Updates Natural Gas Futures Contracts