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2 1 5 : ICE 8 Ashish Bhatia [email protected] Natalie Dempster [email protected] Gold as a source of collateral
3 27 9 OTC 2 G2 CCP CCP CCP CCP CCP ICE Intercontinental Exchange 21 CCP 1
4 ICE CDS ICE 2 5, 3% 12% ICE 1 1 LCH211 CME CME 2 CME15% CEM S&P 5 3% JP ICE LCH , ICE 1 1 Libor+ 1 1: ICE % CAD 221 OATs 22 Bunds 22 UST 221 Gold OATs 222 Bunds 224 Note: CAD Canadian government bonds. OATs French government bonds. Bunds German government bonds. UST US bonds. Source: ICE Clear Europe
5 2: CME % Foreign sovereign cash Mexican peso Turkish lira Gold Foreign debt (5-1 years) Foreign debt (>3 years) Foreign debt (1-3 years) Selected S&P5 stocks Note: Foreign sovereign cash Australian dollar, British pound, Canadian dollar, Euro, Japanese yen, New Zealand dollar, Norwegian krone, Swedish krone, Swiss franc. Foreign debt Canada, France, Germany, Sweden and United Kingdom. Source: CME Group Inc 3: Tonnes 2, 1,5 1, Note: World Gold Council presentation. Source: GFMS Physical bar demand Official coin Medals/imitation coin ETFs and similar products OTC investment and stock flows 2_3
6 1 12 1,2 1, = 1 Gh *R Gh R? CCP CCP CCP CCP CCP 4: % month 6-month 1-year 2-year 3-year 5-year 7-year 1-year 3-year Source: Bloomberg as at 6 April 211
7 CCP AM fix PM fix London PM fix 5: 211 % Gold* Bunds Gilts *Based on LBMA clearing volumes, multipied by a factor of three, to reflect trader s minumum estimates of actual daily trading volumes and GFMS estimates of total gold held in private investment and in the official sector. Source: LBMA, GFMS, World Gold Council, Bund fact sheet, Federal Republic of Germany finance agency, UK DMO 4_5
8 GFMS ,6 21 1, / 6 5, 2 4, OTC ,2 1 IMF LCH LME 5 58%3% 12% CCP CCP CCP27 9 MMF / 1,45 / CCP 1 LBMA 3 1
9 6: US$ bn 2,5 2, 1,5 1, 5 New Zealand Norway Hong Kong Switzerland Finland Singapore Denmark Ireland Australia Sweden Portugal Austria Netherlands Belgium Greece Canada Spain United Kingdom France Germany Italy Gold Note: Bond data are based on mid-year outstanding issuance figures as reported in the BIS quarterly review. Gold is combined private investment and official sector gold holdings converted at the 21 average gold price. Source: BIS, GFMS, World Gold Council 7: / London PM fix US$/oz 1,6 1,4 1,2 1, Source: Bloomberg 6_7
10 CCP? CCP? ICE CDS 21 ICE 4 3,5 OTC 6 2,2 CDS 36 6, 3 5, 4,75 ICE FSA CFTC DCO ICE ICE 3 ICE 1 27G2 ICE ICE ICE ICE ICE VaR ICE 12 ICE 3 2 ICE ICE? ICE????? ICE ICE COO ICE ICE VaR ICE 1 ICE CCP CCP ICE ICE ICE ICE ICE 1 G2 OTC ICE
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12 World Gold Council 1 Old Bailey, London EC4M 7NG United Kingdom T F W : : 212 4
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