NO.

1 EQUITY DERIVATIVE BROKER

EQUITY
MARKETS

RISK MAGAZINE INTER-DEALER SURVEY 2006

INTELLIGENCE

GFI MARKET DATA

REFLECTS THE MARKET - NOT OPINIONS

INDEX IMPLIED VOLATILITY

GFI has a strong and independent presence in global equity markets and is a top equity derivatives interdealer broker. GFI has a wealth of experience in single stock options and equity index option trading
throughout North America, Europe and Asia. Our position in offering efficient execution and reliability
in these markets gives our data product complete content neutrality in this specialised area.
ASIAN EQUITY INDEX VOLATILITY
With equity brokerage desks based in
Singapore, Hong Kong, Japan and
Australia, GFI makes available Asian equity
index volatilities data for all major Asian
indices.
Our position as a hub for inter-bank
trading coupled with access to multiple
pools of liquidity in the OTC markets
allows for the construction of
comprehensive and reliable data. With
increased
demands
for
market
transparency and strict accounting
standards, GFI data reflects actual equity
market conditions, which differentiates it
from currently available data sources.

Sample Implied Volatility Skew Surface for Hang Seng Index

70%
65%
60%
55%
50%
45%

VOL

40%
35%
30%
70%

25%
20%

95%

STRIKE

30-Dec-13

120%

30-Dec-10
30-Mar-09

TERM

29-Apr-08

OVERVIEW OF THE SERVICE

Coverage: a broad set of data which
includes the following equity indices: KOSPI
200, ASX 200, NIKKEI 225, HSI and HSCEI.
Data quality is ensured using a real time
calibration process to actual market
prices and trades; achieved using
sophisticated analytics, and multi-source
data feeds from both OTC and exchange
traded markets. GFI provides a true
reflection of the market through its rich
set of definitive real market prices from
the major market makers, OTC equity
derivative participants, and the respective
listed option markets.

Data composition represents the

complete implied volatility surface for a
wide range of At and Out of The Money
strike points for both Puts and Calls for
multiple maturity term pillars out to 5
years or more, dependent on the specific
index and the ruling market practices.
The value of the data is therefore both in
the wings and the volatility term
structure. Moreover, the volatilities are
abstracted from any dividends, forwards,
interest rates, exchange rates and
borrow costs.

Compliance
with
Regulatory
requirements: GFIs data gives
confidence to institutions that must
ensure accurate valuation of their
derivative positions in order to fulfil audit
requirements.
Historical coverage: GFIs implied
volatility database provides a complete
view of historical market data, dating back
to October 2006.
Delivery is provided through a
generated. CSV file at the end of each
trading day, retrievable via GFIs FTP site.

EQUITY
ABOUT GFI
GFI Group Inc. (www.GFIgroup.com) is a
leading inter-dealer broker specializing in overthe-counter derivatives products and related
securities. GFI Group Inc. provides brokerage
services, market data and analytics software
products to institutional clients in markets for
a range of credit, financial, equity and
commodity instruments.

Headquartered in New York, GFI was

founded in 1987 and has additional offices in
London, Paris, Hong Kong, Tokyo, Singapore,
Sydney, Seoul, Shanghai, Dubai, Tel Aviv, Cape
Town, Englewood (NJ), Sugar Land (TX) and
Calgary. GFI provides services and products to
over 2,400 institutional clients, including
leading investment and commercial banks,

corporations, insurance companies and hedge

funds. Its brands include GFI, GFInet, GFI
Starsupply, Amerex, Trayport, FENICS, GFI
ForexMatch,TM EnergyMatch and CreditMatch.

GFI MARKET DATA

About GFI Market Data

Data Sets:

Providing Data to:

Demands for market transparency

and new accounting standards are
challenging participants in the
derivatives markets. An independent
intermediary in typically highly
specialized markets GFI can assist
the buy and sell-sides by providing
them with hard to find, independent
and comprehensive real time and
historical data.

GFI is continuously making new

data sets available to its
customers. Current data sets
include:

Traders
Money/Fund Managers
Analysts
Sales
Risk Managers
Risk Controllers
Credit Officers
Regulators
Industry associations
Treasury
Economists
Structurers
Front, middle and back office

The presence of brokerage

operations in such specialized
markets means that GFI is an
important information hub of
complex derivative products, and
therefore ideally positioned to
provide the capital markets with
data which reflects actual market
conditions and sentiments.

> CREDIT
Credit derivatives

> ENERGY & COMMODITIES

Dry and wet freight, emissions, coal,
weather, power, gas

> EQUITIES
Asia equity index volatilities

> FX
FX options, FX options revaluation
service

CONTACTS
KEITH NICOLLE, PhD
Asia
Keith.Nicolle@GFIgroup.co.uk

ELLIOTT HANN
Asia
+65 6435 0450
Elliott.Hann@GFIgroup.co.uk

NATASHA HUNG
Asia
+65 6435 0409
Natasha.Hung@GFIgroup.co.uk

MATHIEU ALAZARD
Europe
+44 20 7877 8169
mathieu.alazard@GFIgroup.co.uk

GERALD O'DONNELL
North America
+212 968 6675
Gerald.ODonnell@GFIgroup.co.uk

CONTACTS
NICK CHARGE
Europe
+44 20 7877 8058
Nick.Charge@GFIgroup.co.uk

N EW YORK +1 212 968 2935

L ONDON +44 20 7877 8099
PARIS +33 1 76 70 35 00
S INGAPORE +65 6435 0442
TOKYO +813 3552 5111

PHILIP WINSTONE
Global
+44 20 7877 8112
Philip.Winstone@GFIgroup.co.uk

H ONG KONG +852 2537 8781

S YDNEY +61 2 9240 5517
info@GFIgroup.com
www.GFIgroup.com

GFI Group Inc. 2008. All rights reserved.This advertisement has been approved by GFI Brokers Limited, which is regulated by the FSA in the UK.GFI Securities LLC, a FINRA and NFA regulated firm.