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Markets

If required the Mercari technology also offers multiple market structures configurable at the product and tenor levels.

Mercari can offer both request for quote (RFQ) and central limit order book (CLOB) structures delivered via intermediated (brokered) and disintermediated (direct) market models.

The flexibility of the Mercari technology is such that the price discovery model and distribution model can be set at the product level.

Distribution:

  • Inter-dealer (dis-intermediated)
  • Brokered (intermediated)
  • Hybrid inter-dealer/brokered

Price Discovery:

  • Order driven markets – Request for Quote (RFQ)
  • Price driven markets – Central Limit Order Book (CLOB)
Mercari currently operates efficient and orderly electronic markets in the following classes:

AUD Interest Rate Swaps (IRS) – BBSW1

AUD Basis Swaps – BBSW

AUD Overnight Index Swaps (OIS) – RBA Overnight Rate2

AUD Forward Rate Agreements (FRAs) – BBSW

Products covering other interest rate derivatives will be introduced as and when customer interest dictates.

1. BBSW: Bank Bill Swap Reference Rate. Various Index tenors are available, including 1 to 6 months. Found on
Reuters page BBSW.

2. RBA Overnight Rate: Commonly referred to as RBA30. Found on Reuters page RBA30.

The foreign exchange rate products offered on the Mercari Markets and the Index that they are set
against are:

AUD-USD FX Swaps

AUD-USD Cross Currency Basis Swaps – BBSW and LIBOR3 4

Products covering other foreign exchange derivatives will be introduced as and when customer interest dictates.

3. LIBOR: London Interbank Offered Rate. Various index tenors are available from 1 to 12 months. Found on
Reuters page LIBOR01.

4. The Australian versus US Dollar exchange rate is also used in setting the value of this derivative.

Mercari currently operates electronic markets in commodity and energy derivatives, including in broad hard and soft commodities categories.

Commodity and energy products quoted on Mercari markets are generally determined by market participants. Current Mercari market quoted products include Riemann agricultural products.

Mercari’s commodity product development plans accommodate other products (both cash and physically settled) as and when customer interest necessitates.

Mercari does not offer clearing and settlement services, but Mercari can send trade information to various clearing houses and post trade processing services if requested by the parties to a trade.

Mercari currently operates electronic markets in commodity and energy derivatives, including in broad hard and soft commodities categories.

Commodity and energy products quoted on Mercari markets are generally determined by market participants. Current
Mercari market quoted products include Riemann agricultural products. Mercari’s commodity product development plans accommodate other products (both cash and physically settled) as and when customer interest necessitates.

Mercari does not offer clearing and settlement services, but Mercari can send trade information to various clearing houses and post trade processing services if requested by the parties to a trade.

Mercari currently operates electronic markets for environmental certificates. Current products offered
on Mercari Markets include the following. These products are physically settled:

Small Scale Technology Certificates (STCs)

Australian Large-Scale Generation Certificates (LGCs)

Products covering other environmental derivatives and certificates will be introduced as and when customer
interest dictates.