Market Notice 2011/070

Oslo, 28 July 2011

EXCHANGE NOTICE DERIVATIVES 45-11

POSSIBLE ADJUSTMENT FOR DIVIDEND IN ROYAL CARIBBEAN CRUISES (RCL)

The board of directors of Royal Caribbean Cruises (RCL) have declared a dividend of $0.10 per share payable on August 30, 2011 to shareholders of record at the close of business on August 12, 2011. Stock option strike and forward prices will be adjusted according to the Derivatives Rules A.2.2.8 if the dividend amount exceeds 5% of the RCL price (vwap). Currently the dividend is around 0.54 NOK, which represents 0.30% of the share price. The forward/future and option series will be assigned new ISIN and marked with the letter X for deviating contract specifications.

Please note that the holder of a Norwegian call option must exercise the option 2 trading days prior to the ex-dividend (ex.date:10.August 2011) date for right to dividend.

Adjustment factors are rounded to six decimals, and adjusted exercise and forward/futures prices are rounded to two decimals. Adjusted contract sizes are rounded to the nearest whole integer, Derivatives Rules A.2.2.1 (6).

Stock derivative adjustment:

Adjustment factor, A:

  = The stock's volume-weighted average price before the ex-date

          = Dividend (5% of )

              = Excess dividend (dividend that exceeds 5% of )

New exercise and forward/future price, Xex:

X_cum      = Exercise price or forward/future price before adjustment

New contract size, Nex:

N_cum      = Contract size before adjustment = 100

OBX adjustment:

The OBX is adjusted for the full dividend amount:

   = Adjusted opening price of the stock =   - Dividend (NOK)

Members are encouraged to ensure that clients are aware of this adjustment.

Further Information

If you have any questions concerning this notice please contact Market Operations

Best Regards

Market Operations Team

Turquoise
10 Paternoster Square

London

EC4M 7LS

Telephone: +44 (0)20 7797 3617

@tradeturquoise.com

www.tradeturquoise.com

London,

Friday 15^th July 2011

MARKET NOTICE 2011 66

Consultation on changes to rules for Norwegian derivatives

Oslo Børs is consulting with interested parties on proposals to change its rules for derivatives listed on Oslo Børs. Please find attached the details of the proposed changes regarding the existing practice for the exercise of options and the existing practice for expiration of stock derivatives. Please note rule references in the attached are made to Oslo Bors rulebook. 

If no objections are raised by Oslo Børs Members or Turquoise members, Turquoise will amend its own Rules in order to implement these changes. Therefore we would welcome any feedback you may have on the proposed changes. You can address your comments to clearing@tradeturquoise.com until Monday 15 August.

Turquoise will keep its members updated as to the outcome of this consultation in due course. If adopted, a new version of the Derivative Rules will be prepared and distributed ahead of the target implementation date, set to be early October 2011.

Further Information

If you have any questions concerning this notice please contact Market Operations on +44 (0)20 7797 3617.

Best Regards

Market Operations Team

Turquoise
10 Paternoster Square

London

EC4M 7LS

Telephone: +44 (0) 20 7797 3617

Clearing@tradeturquoise.com

www.tradeturquoise.com

London,

Friday 15^th July 2011

Market Notice 2011/065

Information in regards to OBX futures Spreads

Turquoise advises it's members that trading will recommence in the July/August 2011 OBX futures spread at 11:30 UK time. 

The August/September 2011 OBX futures spread will remain suspended.

The outright futures instruments remain active. 

We will keep members informed of further developments

Further Information

If you have any questions concerning this notice please contact MPS desk on +44 (0)20 7797 4600

Jaina Davdra

Senior Market Operation Analyst

London,

Friday 15^th July 2011

Market Notice 2011/064

Information in regards to OBX futures Spreads

Turquoise advises it's members that Oslo Bors have suspended all trading in OBX futures spreads until further notice due to technical problems. The outright futures instruments remain active. 

We will keep members informed of further developments.

 Further Information

If you have any questions concerning this notice please contact MPS desk on +44 (0)20 7797 4600

Jaina Davdra

Senior Market Operation Analyst

MARKET NOTICE 2011 063

Please see below notice published by Oslo Bors

Oslo, 07 July 2011

EXCHANGE NOTICE DERIVATIVES 43-11

Related exchange notice: 38-11

KVAERNER TO ENTER THE OBX TOMORROW

Kvaerner (KVAER) will be spun off from Aker Solutions and listed on the OBX from July 8. Current shareholders in Aker Solutions will receive 1 share in Kvaerner for every share owned in Aker Solutions.

Aker Solutions share price will not be subject for adjustment. Kvaerner will be listed with an entry price of 0.00 and will be included in the OBX until the next revision.

Additional information regarding Kvaerner (KVAER) and OBX:

Free float factor KVAER: 0.60 (60%)

KVAER Number of shares in the OBX: 162 726 393 (corrected)

AKSO Number of shares in the OBX: 162 726 393 (corrected)  

OSLO BØRS ASA

Lars Henrik Knutsen

Derivatives

Phone no: (+47) 22 34 17 53
E-mail: larshenrik.knutsen@oslobors.no

Best Regards

Market Operations Team

Turquoise
10 Paternoster Square

London

EC4M 7LS

Telephone: +44 (0) 20 7797 3617

Clearing@tradeturquoise.com

www.tradeturquoise.com

London,

Thursday 1 July 2011

Market Notice 2011/061

IOB Product Notice

Merger of KazakhGold Group Limited and OJSC Polyus Gold

KazakhGold Group Limited and OJSC Polyus Gold have announced a proposed a merger whereby Polyus Gold ADR holders shall receive 8.57 KazakhGold GDRs for each Polyus Gold ADR held.

Situation:

Conditional private exchange offer (one of a series of transactions to effect the proposed combination of KazakhGold Group Limited and OJSC Polyus Gold, the offer is to acquire 16% of the issued and outstanding share capital).

The private exchange offer is subject to a number conditions, including a 16% acceptance condition. If acceptances are received in respect of more than 16% of the issued securities, acceptances will be scaled back pro rata.

Relative detail and dates:

Date description

18/07/2011deadline for acceptances (5.00pm New York time).
19/07/2011announcement of level of acceptances.
25/07/2011settlement of the private exchange offer.
25/07/2011dealings expected to commence in resulting KazakhGold GDRs on the London Stock Exchange.

Recalculation of options, futures and dividend futures contracts

ISIN                                          US6781291074

Ex-day                                      TBA, (Under Rule 4.1.20.4.7A; the adjustment will be carried out when the acquirer company announces holding at least 90% of the DRs of the merged or acquired company)

Adjustment                               Ratio Method

For contracts with open interest, Turquoise will adjust these contracts using the ratio method and replace the contract base of Polyus Gold contracts with KazakhGold GDRs. Contracts without open interest will be delisted.

Adjustment factor                      0.116686

New exercise and future             Old exercise and future price * A

price

New number of contracts         Old number of contracts held / A

Turquoise Derivatives

Rules and Regulations               4.1.20.3 and 4.1.20.4.7A

for Derivatives

1 The number of shares per contract will not be affected by the adjustment

Following the adjustment the number of contracts will increase, whereas exercise and future prices will decrease. Additional information will be published in connection with the actual adjustment.

Members are encouraged to ensure that clients are aware of the above-mentioned adjustment.

Further Information

If you have any questions concerning this notice please contact MPS desk on +44 (0)20 7797 4600

London

30 June 2011

Ben Gatward                                                                         Jaina Davdra                 

Snr. Surveillance Manager                                                     Senior Market Operations Analyst

London,

Thursday 1 July 2011

Market Notice 2011/060

FTSE Russia IOB Index Product Notice

Index Change

Due to the Inclusion of Sberbank to trading on the London Stock Exchange International order book, this stock will be added to the FTSE Russia IOB Index as of Monday 4^th July. This will result in the index comprising of 16 stocks temporarily until the September 2011 review, resulting in an adjustment to the index weightings. Please see approximate expected weightings below.

The exact weights will be available from FTSE after close of business on Friday, 1^st July 2011.

Members are encouraged to ensure that clients are made aware of these changes.

London,

Thursday 1 July 2011

Market Notice 2011/059

Turquoise Derivatives welcomes trade reporting in Sberbank ADR

Turquoise would like to advise members and clients that we are accepting derivative trade reports in Sberbank ADR for our popular cleared only service with immediate effect.  As with all other Depositary Receipt derivative trades on Turquoise, transactions benefit from anonymity and Central Counterparty clearing.

This new underlying will expand the breadth of DR options that Turquoise clears to 27 Russian underlyings.

    Name              Underlying Code                 ISIN

SBERBANK            SBER LI                   US80585Y3080 

Further Information

For further information on this, or any other IOB derivative queries, please contact the MPS desk on +44 (0) 207 797 4600 or at mpsdesk@tradeturquoise.com

MARKET NOTICE 2011 58 ADJUSTMENT in SFR (old and new strikes with ISINs)

Please see below:

Oslo, 28.juni 2011

EXCHANGE NOTICE DERIVATIVES 42-11

Related exchange notice(s):26-11, 40-11, and 41-11  

CONFIRMED ADJUSTMENT FOR DIVIDEND IN STATOIL FUEL & RETAIL (SFR)

STATOIL FUEL & RETAIL distributes a dividend of NOK 3.00 per share with ex-date 29 June 2011. 

SFR belongs to dividend class A) where the dividend amount exceeding 5% shall be adjusted for.

Stock option strike and forward prices will be adjusted according to the Derivatives Rules A.2.2.8. The forward/future and option series will be assigned new ISIN and marked with the letter X for deviating contract specification.

Please note that the holder of a Norwegian call option must exercise the option 2 trading days prior to the ex-dividend date for right to dividend.

Adjustment factors are rounded to six decimals, and adjusted exercise and forward/futures prices are rounded to two decimals. Adjusted contract sizes are rounded to the nearest whole integer, Derivatives Rules A.2.2.1 (6).

Stock derivative adjustment:

D (NOK) = 3.00

Adjustment factor, A:

= 0.994514

  = The stock’s volume-weighted average price before the ex-date = 54.34

       = Dividend (NOK)

              = Excess dividend (dividend that exceeds 5% of )

New exercise and forward/future price, Xex:

X_cum      = Exercise price or forward/future price before adjustment

New contract size, Nex:

 = 101(X)

N_cum      = Contract size before adjustment

OBX adjustment:

The OBX is adjusted for the full dividend amount:

  = Adjusted opening price SFR =   – Dividend (NOK)

Members are encouraged to ensure that clients are aware of this adjustment.

Another exchange notice with updated ISIN and strikes will follow.

Derivatives Rules

OSLO BØRS ASA

Lars Henrik Knutsen

Derivatives

Direct: (+47) 22 34 17 53

E-mail: Larshenrik.knutsen@oslobors.no