3/29/2016 TEXPERS 2016 Annual Conference Currency Myths and Realities April 4, 2016 I MPORTANT D ISCLOSURES This presentation document is intended for educational purposes only and is not intended to replace independent professional judgment. This document is for personal, illustrative use by the presenter only and is not intended for distribution. Millennium Global and the presenter of this document do not intend it to be distributed or delivered to anyone. Any opinions expressed herein are the author’s current opinions as of 4th of March 2016 only and are subject to change without notice or issuance of an update or follow-up. The opinions and views contained herein do not necessarily represent the opinions of Millennium Global Investments Limited or the funds and accounts it manages or any of its products or services. 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This presentation is directed exclusively at persons who are professional clients as defined by the rules of the Financial Conduct Authority (“FCA”) or are otherwise eligible under these rules. Millennium Global Investments Limited, an English company, is the investment manager of the Millennium Global Currency Products and is authorised and regulated by the Financial Conduct Authority (“FCA”) and registered as an investment adviser with the Securities and Exchange Commission (“SEC”). Millennium Global for and on behalf of its clients invests in and actively engages in transactions in instruments with significant risk characteristics. Registration with the SEC does not imply a certain level of skill or training. URN: 101094 2 Millennium Global Investments Ltd 1
3/29/2016 C URRENCIES : LARGE AND LIQUID MARKET Currency Market Average Daily Volume (2005 – 2015) 4000 • Global OTC market 3500 – Large banks are main market-makers New York Fed Avg Daily Volume BOE UK FX Avg Daily Volume – London and NY are dominant markets 3000 2500 In $ billions • Easily accessible 2000 1500 • Low transaction costs 1000 • Liquid financial market 500 0 Oct-05 Oct-07 Oct-09 Oct-11 Oct-13 Oct-15 Source: Millennium Global, Bloomberg, October 2015. This information is provided for illustration, information & educational purposes only. This information is intended for investment professional use only and is not for public distribution. Information is subject to change at any time without notice. This information does not constitute an offer to buy or a solicitation of an offer to sell and does not constitute an offer or solicitation in any jurisdiction in which Millennium Global Investments Ltd 3 such a solicitation is unlawful or to any person to whom it is unlawful. We kindly draw your attention to the Important Disclosures on page 2 C URRENCIES : DOLLAR - CENTRIC L ONDON : A VERAGE D AILY T RADING V OLUME BY C URRENCY (O CT . 2015) USD/EURO 29.8% USD/JAPANESE YEN 13.5% USD/POUND STERLING 11.2% USD/AUSTRALIAN DOLLAR 6.6% USD/SWISS FRANC 4.8% USD/OTHER 4.7% USD/CANADIAN DOLLAR 3.6% EUR/POUND STERLING 2.6% USD/CHINESE RENMINBI 2.1% OTHER CROSSES 1.8% USD/POLISH ZLOTY 1.7% USD/RUBLE 1.6% USD/NEW ZEALAND DOLLAR 1.5% EUR/JAPANESE YEN 1.5% USD/SWEDISH KRONA 1.3% USD/SOUTH AFRICAN RAND 1.2% USD/MEXICAN PESO 1.2% EUR/SWISS FRANC 1.1% USD/NORWEGIAN KRONE 1.0% EUR/OTHER 1.0% USD/KOREAN WON 0.8% GBP/JAPANESE YEN 0.7% USD/SINGAPORE DOLLAR 0.6% EUR/SWEDISH KRONA 0.5% EUR/NORWEGIAN KRONE 0.5% USD/BRAZILIAN REAL 0.5% USD/POLISH ZLOTY 0.5% USD/INDIAN RUPEE 0.5% EUR/AUSTRALIAN DOLLAR 0.4% EUR/POLISH ZLOTY 0.3% EUR/CANADIAN DOLLAR 0.3% GBP/OTHER 0.3% GBP/SWISS FRANC 0.1% GBP/AUSTRALIAN DOLLAR 0.1% GBP/CANADIAN DOLLAR 0.1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Source: Millennium Global and Bloomberg, March 2016. This information is provided for illustration, information & educational purposes only. This Source: Bank of England, Semi-Annual FX Turnover Survey, October 2015. This information is provided for illustration, information & educational purposes only. information is intended for investment professional use only and is not for public distribution. Information is subject to change at any time without notice. This information is intended for investment professional use only and is not for public distribution. Information is subject to change at any time without notice. Certain accounting assumptions have been made and some unreconciled and/or estimated values used in compiling this report, reasonable people may Certain accounting assumptions have been made and some unreconciled and/or estimated values used in compiling this report, reasonable people may disagree Millennium Global Investments Ltd 4 disagree with the assumptions used and expectations developed there from. We kindly draw your attention to the Important Disclosures on page 2. with the assumptions used and expectations developed there from. We kindly draw your attention to the Important Disclosures on page 2. 2
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