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Cleared OTC FX trading NOS Clearing Imarex Financial Services 10 April 2012

Cleared OTC FX trading NOS Clearing Imarex Financial Services 10 April 2012. Imarex’s FX service . Imarex - through its subsidiaries NOS Clearing (NOS) and Imarex Financial Services (IFS) - offer clearing of OTC FX contracts Spot, FX swaps, outrights and FX options

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Cleared OTC FX trading NOS Clearing Imarex Financial Services 10 April 2012

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  1. Cleared OTC FX tradingNOS ClearingImarex Financial Services 10 April 2012

  2. Imarex’s FX service • Imarex - through its subsidiaries NOS Clearing (NOS) and Imarex Financial Services (IFS) - offer clearing of OTC FX contracts • Spot, FX swaps, outrights and FX options • physical or financial settlement • Electronic execution through Autobahn FX by way of a a joint venture with Deutsche Bank, a major global FX bank • The client and Deutsche Bank’s counterpart is NOS, a Norwegian FSA licensed clearing house with a 20 + year track record • Service successfully launched at the end of Q3 2011, but still early days

  3. Set-up IFS Clearing member Deutsche Bank Autobahn FX Order Order Automatic clearing NOS Contract Contract Collateral and settlements Settlement bank

  4. Infrastrucutre • Direct and 24/7 access to Autobahn and NOS’ clearing application • State-of-the art infrastructure • Full and easy overview of positions and exposures, real-time P/L, daily monitoring of collateral • 100 % anonymous – matching engine does not recognize client • From 2012, access to global payment services (FX4Cash) • Positions collateralized with margin funds, not credit lines • Collateral posted before trade is done • Size of collateral determines market access, not a credit line • No counterparty risk for Deutsche Bank, giving stable and sharp prices, and deep liquidity • No separate clearing fee

  5. Clients • All FX trades are cleared, so the client must be a member with NOS • NOS’ membership criteria • Professional client after MiFID • NOS responsible for settlements, confirmations and other data, accounts and collateral • IFS is front-end/broker • Employees with long experience from FX, fixed income and commodities • Brokerage service/help-desk/analytical service • Website terms and conditions governing access to Autobahn

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