TRADING SUMMARY FOR THE WEEK ENDING MONDAY 08/09/2008

Weekly Highlights*

• Last week electricity futures and options had their third largest trading week primarily driven by options volume. 6,622^ contracts traded on the week, 4,640^ of which were options. This is a new weekly record for options trading, surpassing the previous record of 3,468^ (from 7/07/08).
• Calendar 2009 base load prices were mildly lower last week. QLD fell by a moderate $1.16 from $52.29 to $51.13. NSW lost $0.30 moving from $45.82 to $45.52 and VIC decreased $0.11 from $49.61 to $49.50. SA remains steady on the week at $61.23.
• Options highlight trades last week included:
• QLD Calendar 2010 $75 call traded at $1.25
• QLD Calendar 2010 $65 call traded at $2.60
• VIC Calendar 2010 $75 call traded at $1.70
• Overall open interest rose by a significant 1,601 contracts last week to set a new record of 48,489 contracts (surpassing the previous 47,496 from 30/06/2008). Futures increased by 811 contracts and again options had a extremely strong week with a 17% increase or 790 calendar contracts (3,160 quarterly equivalent contracts). Options open interest has increased by over 64% since the begining of this financial year (from COB 1/07/2008).

Weekly Volume*

• Futures contracts traded this week (including Cap Futures) = 1,982
• Base Futures = 1,822
• Peak Futures = 55
• Caps = 105
• Calendar Options traded this week = 1,160 (or 4,640 quarterly equivalent contracts)
• Quarterly Options traded this week = 0
• Volume of EFP this week = 33
• Volume of Block Trades this week = 1,650
• Total MWh traded this week = 14,426,364
• Open Interest (including caps and options) as at COB Monday 08/09/08 = 48,489 contracts (138.5 million MWh)

Monthly Volume* ^

• FY 08/09 average daily volume = 713
• FY 07/08 average daily volume = 445
• FY 06/07 average daily volume = 461
• FY 05/06 average daily volume = 132
• Sep 2008 volume to date = 7,987 / average daily volume = 1,331
• Aug 2008 total volume = 8,855 / average daily volume = 422
• July 2008 total volume = 18,807 / average daily volume = 818
• June 2008 total volume = 8,987 / average daily volume = 449
• May 2008 total volume = 13,284 / average daily volume = 604
• Apr 2008 total volume = 8,879 / average daily volume = 404
• Mar 2008 total volume = 6,973 / average daily volume = 332
• Feb 2008 total volume = 14,210 / average daily volume = 677
• Jan 2008 total volume = 7,262 / average daily volume = 363
• Dec 2007 total volume = 3,184 / average daily volume = 168
• Nov 2007 total volume = 13,331 / average daily volume = 606
• Oct 2007 total volume = 9,410 / average daily volume = 409
• Sep 2007 total volume = 9,683 / average daily volume = 570
• Aug 2007 total volume = 9,022 / average daily volume = 410
• July 2007 total volume = 6,669 / average daily volume = 303
• June 2007 total volume = 11,356 / average daily volume = 568

*volume includes futures trades which result from option exercise

^all contracts are 1 MW calendar quarter equivalent

Electricity Futures & Options Workshops

• Level 1: d-cyphaTrade runs introductory workshops designed to increase understanding of the d-cypha SFE Australian Electricity Futures and Options Products.
• Level 2: Options Trading Workshops provide an introduction to option hedging strategies for energy companies and option volatility trading techniques for financial trading specialists. The Options Trading Workshops will provide practical electricity option trading insights rather than drawing heavily on theoretical options-related mathematics.

For more information or to organise an in-house workshop for 8 or more people please call a member of the d-cyphaTrade Team on 1800 330 101.

For further information please see the Training section on our website.