SFE SPI 200® Futures

What are SFE SPI 200® Futures?

SFE SPI 200®1 Futures are the benchmark derivative product for investors trading and hedging in the Australian
equity index market. SFE SPI 200® Futures enable you to trade movements in the S&P/ASX 200 Index2 in a single
transaction, thereby allowing exposure to Australia’s top 200 companies without having to buy or sell shares in every
company in the index.

SFE SPI 200® Futures are approved for trading by the US Commodities Futures Trading Commission (CFTC) and the
UK Financial Services Authority (FSA).

The Australian Equities Market

The Australian equity market is the seventh largest in the world and the largest in the Asia Pacific region (ex Japan)3.
The total turnover of equities traded in 2006-07 was $1.3 trillion, 35% higher than the previous year. The domestic
market capitalisation in 2006-07 was $1.6 trillion, 32% higher year on year.

The S&P/ASX 200 Index

SFE SPI 200® Futures are based on the S&P/ASX 200 Index which comprises the S&P/ASX 100 plus an additional
100 stocks listed on the Australian market. It is recognised as the investable benchmark for the Australian equities
market and covers approximately 78% of the market capitalisation of listed securities in Australia.

SFE SPI 200® Futures

Features

• Day and night trading sessions for access almost 24 hours a day4 

• Available through international hubs including; London, Chicago, Singapore and Hong Kong

• Average daily turnover for SFE SPI 200® Futures in 2006-07 was $4 billion, 51% higher than in 2005-06

• SFE SPI 200® Futures volume in 2006-07 was 7,347,837, 24% higher than the previous year

• SFE SPI 200® Futures are available on the next six quarterly expiry months

1 SFE SPI 200® is a trademark of the Sydney Futures Exchange.

2 S&P/ASX 200 Index is a trademark of Standard and Poor’s and is used under licence by SFE Corporation Limited.
3 Data sourced from MSCI October 2007 release
4 Trading times: 5:10pm – 7:00am and 9:50am – 4:30pm (US daylight saving time) and 5:10pm – 8:00am and 9:50am – 4:30pm
(US non daylight saving time)
SFE SPI 200® Futures

SFE SPI 200® Futures Volume and Open Interest

Jan 2004 – October 2007
1,400,000
500,000

1,200,000 450,000

400,000
1,000,000
350,000

800,000 300,000

250,000
600,000
200,000

400,000 150,000

100,000
200,000
50,000
0
0
Jan 04
Feb 04
Mar 04
Apr 04
May 04
Jun 04
Jul 04
Aug 04
Sep 04
Oct 04
Nov 04
Dec 04
Jan 05
Feb 05
Mar 05
Apr 05
May 05
Jun 05
Jul 05
Aug 05
Sep 05
Oct 05
Nov 05
Dec 05
Jan 06
Feb 06
Mar 06
Apr 06
May 06
Jun 06
Jul 06
Aug 06
Sep 06
Oct 06
Nov 06
Dec 06
Jan 07
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Aug 07
Sep 07
Oct 07
Volume Open Interest Linear (Volume)

Trading SFE SPI 200® Futures

• Trading in SFE SPI 200® Futures is conducted ’On-market’ via the electronic platform SYCOM®.

• SFE SPI 200® Futures can be traded ‘Off-market’ through the Block Trade Facility and the
Exchange for Physical Facility.

• Calendar spread trading functionality is also offered with attractive spread concessions available.

Benefits of Exchange Traded Markets

Trading at ASX offers the following specific benefits of exchange traded markets, such as:

• Price transparency and liquidity

• Lower brokerage fees than typically found when trading in the underlying securities

• Immediate execution and confirmation

• Reduction of counter-party risk

• Centralised clearing supported by a clearing guarantee.

Recent Research
The Australian Securities Exchange has appointed Professor Alex Frino from the University of Sydney to write a series
of Market Insight research papers. This series of papers examines strategies and identifies trading opportunities for
users of SFE products.

Topics covered include:

• The cost of Executing Large Orders on the SFE: Update II

• Opportunities for high frequency traders: Intraday Patterns in Price Volatility and liquidity of SFE contracts

• Managing exposure to the Australian equities market: The relative cost of taking positions in SFE SPI 200® Futures
and cash market instruments

For a complete list of the Market Insight research papers by Professor Alex Frino and team, or a copy of a research
paper, please visit www.asx.com.au
Contract Specification for SFE SPI 200® Futures
CONTRACT SFE SPI 200® FUTURES

Commodity Code AP

Contract Unit Valued at A$25 per index point (e.g. A$162,500 at 6,500 index points).

Contract Months March/June/September/December up to six quarter months ahead

Minimum Price Movement One index point (A$25)

Exercise Prices Set at intervals of 25 index points

Last Trading Day4 All trading in expiring contracts ceases at 12.00pm on the third Thursday of the settlement month.
Non-expiring contracts underlying futures contract will continue to trade as per the trading hours.

Cash Settlement Price4 The Special Opening Quotation of the underlying S&P/ASX 200 Index on the Last Trading Day. The Special
Opening Quotation is calculated using the first traded price of each component stock in the S&P/ASX 200
Index on the Last Trading Day, irrespective of when those stocks first trade in the ASX trading day. This
means that the first traded price of each component stock may occur at any time between ASX market
open and ASX market close (including the Closing Single Price Auction) on the Last Trading Day. Should any
component stock not have traded by ASX market close on the Last Trading Day, the last traded price of that
stock will be used to calculate the Special Opening Quotation.

Trading Hours4 5.10pm to 7.00am and 9.50am to 4.30pm (during US daylight saving time)
5.10pm to 8.00am and 9.50am to 4.30pm (during US non daylight saving time)

Settlement Day The first business day after expiry, SFE Clearing publishes the final settlement price of the contract.
On the second business day after expiry, SFE Clearing settles cash flows as a result of the settlement price.

4 Unless otherwise indicated, all times are Sydney times. US daylight saving begins first Sunday in April and ends last Sunday in October.

SFE SPI 200® Data Vendor Access Codes*

FUTURES

SFE CODE AP
Bloomberg XPA <INDEX>
Bourse Data AP
CQG AP
Derivatives.com.au APMMYY
Interactive Data APmy
Interactive Data/Comstock 17mAPmy
FutureSource/esignal Day: API Full: ASI
Infodirect FASF2M
IRESS Market Technology APmy
MarketCast APym
MarketSource Day: SP200D1/.Q Night SP200N1/.Q
Moneyline Telerate Codes Day: au@AP.1 Full: au@APC.1
Moneyline Telerate Pages Day: 19627 Night: 19628 Full: 19648
Orange S&P SPI 200
Reuters Full: 0#YAP: Night: 0#1YAP: Day: 0#2YAP:
Telekurs APym,359
Thomson Financial AP/YYM

* Data vendor codes correct as at November 2007. A current list of codes is available at www.asx.com.au
About ASX
As one of the world’s top-10 listed exchange groups, measured by its market capitalisation, the ASX Group was
created through the merger of the Australian Stock Exchange and the Sydney Futures Exchange. The ASX Group
operates under the brand Australian Securities Exchange.

The Australian Securities Exchange spans the markets for corporate control, capital formation and price discovery
and functions as an operator, supervisor, central counterparty clearer and payments system facilitator.

The diverse domestic and international customer base of the Australian Securities Exchange includes issuers of a
variety of listed securities, corporates, investment banks, trading banks, fund managers, hedge funds, commodity
trading advisers and proprietary and retail traders.

More information on ASX can be found on our website www.asx.com.au

Contact
David Stocken Manager Trading and Market Access
Australia: +61 2 9227 0934 david.stocken@asx.com.au

Peter Ho Product Manager, Equity Products

Australia: +6 2 9227 0668 peter.ho@asx.com.au

Effie Tsiaousis Product Development Executive

Australia: +61 2 9227 0164 effie.tsiaousis@asx.com.au

Disclaimer: Information provided is for educational purposes and does not constitute financial product advice. You
should obtain independent advice from an Australian financial services licensee before making any financial decisions.
Although ASX Limited ABN 98 008 624 691 and its related bodies corporate (‘ASX’) has made every effort to ensure
the accuracy of the information as at the date of publication, ASX does not give any warranty or representation as to
the accuracy, reliability or completeness of the information. To the extent permitted by law, ASX and its employees,
officers and contractors shall not be liable for any loss or damage arising in any way (including by way of negligence)
from or in connection with any information provided or omitted or from any one acting or refraining to act in reliance
on this information.

© Copyright 2007 ASX Limited ABN 98 008 624 691. All rights reserved 2007.

Domestic information line: 131 279 International information line: +61 2 9338 0000 www.asx.com.au
For this contract the market is operated by Sydney Futures Exchange Limited ACN 000 943 377