Document:

Exhibit 10.02

 

AMENDED AND RESTATED ADVISORY AGREEMENT

 

among

 

COLBY GLOBAL HORIZONS, LLC,

 

BLACKROCK INVESTMENT MANAGEMENT, LLC,

 

and

 

CRABEL CAPITAL MANAGEMENT, LLC

 

Dated as of March 31, 2013

 

 

	
1.
    	
Undertakings in Connection with Offering of Global Horizons   Units
    	
3
    
	
2.
    	
Duties of the Trading Advisor
    	
5
    
	
3.
    	
Trading Advisor Independent
    	
6
    
	
4.
    	
Commodity Broker; Floor Brokers
    	
6
    
	
5.
    	
Allocation of Company Assets to Trading Advisor
    	
7
    
	
6.
    	
Incentive Fee
    	
7
    
	
7.
    	
Term and Termination
    	
9
    
	
8.
    	
Right to Advise Others; Uniformity of Acts and Practices
    	
9
    
	
9.
    	
Speculative Position Limits
    	
10
    
	
10.
    	
Additional Undertakings by the Trading Advisor
    	
10
    
	
11.
    	
Representations and Warranties
    	
10
    
	
12.
    	
Entire Agreement
    	
13
    
	
13.
    	
Indemnification
    	
14
    
	
14.
    	
Assignment
    	
15
    
	
15.
    	
Amendment; Waiver
    	
15
    
	
16.
    	
Severability
    	
15
    
	
17.
    	
Notices
    	
15
    
	
18.
    	
Governing Law
    	
16
    
	
19.
    	
Consent to Jurisdiction
    	
16
    
	
20.
    	
Remedies
    	
16
    
	
21.
    	
Promotional Material
    	
17
    
	
22.
    	
Confidentiality
    	
17
    
	
23.
    	
Survival
    	
17
    
	
24.
    	
Counterparts
    	
17
    
	
25.
    	
Headings
    	
17
    
	
 
    	
 
    	
 
    
	
Appendix   A - List of Authorized Traders
    	
A-1
    
	
 
    	
 
    
	
Appendix   B — List of Commodity Interests Traded by Trading Advisor
    	
B-1
    
	
 
    	
 
    
	
Appendix   C - Commodity Trading Authority
    	
C-1
    
	
 
    	
 
    
	
Appendix   D - Acknowledgment of Receipt of
    	
 
    
	
Crabel Memorandum
    	
D-1
    
	
 
    	
 
    
	
Appendix   E — Description of the Crabel Diversified Futures Program
    	
E-1
    
	
 
    	
 
    
	
Appendix   F — Consent to Electronic Delivery
    	
F-1
    

 

 

AMENDED AND RESTATED ADVISORY AGREEMENT

 

THIS AMENDED AND RESTATED ADVISORY AGREEMENT (the “Agreement”), made as of this        day of March 2013, among COLBY GLOBAL HORIZONS, LLC, a Delaware limited liability company (the “Company”), BLACKROCK INVESTMENT MANAGEMENT LLC, a Delaware limited liability company and the manager of the Company (the “Manager”), and CRABEL CAPITAL MANAGEMENT, LLC (the “Trading Advisor”);

 

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W I T N E S S E T H:

 

WHEREAS, the Company trades, buys, sells or otherwise acquires, holds or disposes of forward contracts, futures contracts for commodities, financial instruments and currencies on United States and foreign exchanges, any rights pertaining thereto and any options thereon or on physical commodities and engages in all activities incident thereto (the foregoing forms of investment being collectively referred to herein as “commodity interests”);

 

WHEREAS, a holder of interests in the Company, BlackRock Global Horizons I, LP (the “Global Horizons Fund”), currently offers units of limited partnership interest in the Global Horizons Fund (the “Global Horizons Units”) for sale to investors in an offering exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”), pursuant to Section 4(2) thereof and Rule 506 under Regulation D promulgated thereunder, as described in the Global Horizons Fund’s confidential private placement memorandum (the “Global Horizons Memorandum”) that has been filed with the Commodity Futures Trading Commission (the “CFTC”) and the National Futures Association (the “NFA”) pursuant to the Commodity Exchange Act, as amended (the “CEA”), the commodity pool operator and commodity trading advisor regulations promulgated under the CEA by the CFTC (the “Commodity Regulations”), and NFA rules promulgated under the CEA (the “NFA Rules”);

 

WHEREAS, previously the sole holder of interests in the Company was the Global Horizons Fund, but interests in the Company may now be held by additional entities sponsored or managed by the Manager or an affiliate (each such entity, including the Global Horizons Fund, a “BlackRock Vehicle”);

 

WHEREAS, the Global Horizons Fund had previously sold Global Horizons Units publicly pursuant to an effective registration under the 1933 Act.  Such public offering was discontinued in 1998, and the Global Horizons Units now being offered are the same class of equity securities as the outstanding Global Horizons Units;

 

WHEREAS, the Trading Advisor is engaged in the business of, among other things, making trading decisions on behalf of investors in the purchase and sale of certain commodity interests;

 

WHEREAS, pursuant to the original advisory agreement entered into between the parties on March 30, 2010 and amended from time to time (collectively, the “Original Agreement”), the Company desired the Trading Advisor, upon the terms and conditions set forth therein, to act as a trading advisor for the Company and to make commodity interests investment decisions for the Company with respect to the Company’s assets from time to time, and the Trading Advisor desired to so act; and

 

WHEREAS, the parties wish to amend and restate the Original Agreement and enter into this Agreement to set forth and memorialize the terms pursuant to which each of them will perform its responsibilities in the roles described above

 

NOW, THEREFORE, the parties hereto do hereby agree as follows:

 

2

 

1.                                      Undertakings in Connection with Offering of Global Horizons Units.

 

(a)                                 Undertakings by the Trading Advisor.  The Trading Advisor agrees to use its best efforts to cooperate with the Global Horizons Fund and the Manager in amending the Global Horizons Memorandum or any other written materials, including without limitation by providing, as promptly as may be reasonably practicable, all information (if any) regarding the Trading Advisor and its principals which the Manager reasonably believes to be necessary or advisable to include in the Global Horizons Memorandum, as the same may be amended from time to time; provided, that nothing herein shall require the Trading Advisor to disclose any proprietary or confidential information related to its trading programs, systems or strategies or any information relating to its clients; provided further that the Manager, the Company and the Global Horizons Fund agree that they will not disclose in writing or revise or amend any written disclosure related to (i) the Trading Advisor’s principals, (ii) the Trading Advisor’s track record, (iii) the Trading Advisor’s fees or (iv) the Trading Advisor’s trading program without the prior written consent (which may be by electronic mail) of the Trading Advisor.  Notwithstanding the foregoing, (x) the Trading Advisor agrees that the Company, the Manager and the Global Horizons Fund may disclose any of the foregoing information without the Trading Advisor’s prior written consent to the extent such disclosure is required under applicable law or regulation (including, without limitation, in the Global Horizons Fund’s regulatory filings) or by legal or regulatory authority and (y) the Company, the Manager and the Global Horizons Fund may disclose without the Trading Advisor’s prior written consent the name of the Trading Advisor, performance and portfolio statistics of the Trading Advisor’s trading program so long as such performance and portfolio statistics are aggregated with other portfolios and such information is not uniquely identifiable with the Trading Advisor’s trading program.

 

(b)                                 Certain Defined Terms.  As used in this Agreement, the term “principal” shall have the same meaning given to such term in Section 4.10(e) of the Commodity Regulations, and the term “affiliate” shall mean an individual or entity (including a stockholder, director, officer, employee, agent, or principal) that directly or indirectly controls, is controlled by, or is under common control with any other individual or entity.

 

(c)                                  Use of Global Horizons Memorandum and Other Solicitation Material.  Neither the Trading Advisor, its principals nor any of its employees, affiliates or agents, the employees, affiliates or agents of such affiliates, or their respective successors or assigns shall use, publish, circulate or distribute the Global Horizons Memorandum (including any amendment or supplement thereto) or any related solicitation material nor shall any of the foregoing engage in any marketing, sales or promotional activities in connection with the offering of Global Horizons Units, except as may be requested by the Manager and agreed to by the Trading Advisor.

 

(d)                                 Updated Performance Information.  At any time while Global Horizons Units continue to be offered and sold, at the written request of the Global Horizons Fund or the Manager, the Trading Advisor, at its own expense, shall promptly provide the Global Horizons Fund and the Manager with complete and accurate performance information (in form and substance consistent with Section 4.35 of the Commodity Regulations and the NFA Rules) reflecting the actual performance of the accounts directed by the Trading Advisor pursuant to the Program (as defined below) up to the latest practicable date (consistent with Section 4.35 of the Commodity Regulations) prior to the date of the Global Horizons Memorandum as amended or

 

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supplemented, together with any reports or letters relating to such performance data received from accountants and in the possession of the Trading Advisor.  Notwithstanding anything to the contrary herein, the Trading Advisor shall not be required to provide such information more frequently than monthly.

 

(e)                                  Access to Books and Records.  Upon reasonable notice to the Trading Advisor, the Company or the Manager shall have the right to have access to the Trading Advisor’s offices in order to inspect and copy such books and records during normal business hours as may enable them to verify the accuracy and completeness of or to supplement as necessary the data furnished by the Trading Advisor pursuant to Section l(d) of this Agreement or to verify compliance with the terms of this Agreement (subject to such restrictions as the Trading Advisor may reasonably deem necessary or advisable so as to preserve the confidentiality of proprietary information concerning such trading systems, methods, models, strategies and formulas and of the identity of the Trading Advisor’s clients).

 

(f)                                   Trading Level.  The Company or the Manager shall select a trading level for the Company (the “Trading Level”) provided that it shall not fall below the $15 million USD minimum, unless otherwise agreed by the parties.  The Trading Advisor will use its best efforts to cause the portfolio of the Company to statistically replicate the full portfolio.  Nevertheless, the Manager acknowledges that, although correlated, the results of the reduced portfolio may differ, perhaps significantly, from the full portfolio as a result of the Company’s lower Trading Level.  Such Trading Level can be the initial actual cash and cash equivalents contributed to the Company or it can include a “notional” amount in excess of the actual assets.  The Company or the Manager agrees to notify the Trading Advisor of any intent to increase or decrease the Trading Level of the Company and the Manager agrees that it will obtain prior approval from the Trading Advisor to increase the Trading Level of the Company.  The Trading Advisor may withhold such approval in its sole discretion.  Any profit or loss in the Company shall be reinvested in the Company for Trading Level purposes.

 

(g)                                  Error Policy.  When an error is discovered, the Trading Advisor will take action to correct the error to the extent possible and as soon as possible.  If a broker makes an error, the Trading Advisor will request the broker to make the Company’s account whole.  Trading errors not resolved by the broker, including errors made by the Trading Advisor, either to the benefit or detriment of the Company are borne by the Company.  In accordance with the indemnification provisions in Section 14 of this Agreement, the Trading Advisor will be obligated to reimburse the Company for any trade error resulting from Trading Advisor’s gross negligence, material breach of this Agreement or material breach of any fiduciary obligation to the Company.

 

(h)                                 Electronic Order Entry Risks.  The Trading Advisor may place trades via electronic order platforms for the Company or the Manager.  In such instances, trading through an electronic trading or order routing system may expose the Company to risks associated with system or component failure.  The risk exists that a trade may not be placed, a trade may be placed at a later time than originally desired, or a trade may not be able to be cancelled.  These occurrences, which are beyond the Trading Advisor’s control, could result in losses to the Company.

 

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2.                                      Duties of the Trading Advisor.

 

(a)                                 Speculative Trading.  As of the date of this Agreement, the Trading Advisor shall act as a trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Global Horizons Fund.  The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Crabel Diversified Futures Program (the “Program”) as described as Class G Interests in the Trading Advisor’s Crabel Fund, L.P. Private Placement Memorandum dated November 30, 2012 (the “Crabel Memorandum”).  The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager.  Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Programs pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Crabel Memorandum, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein.  Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company.  Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary to comply with applicable law, including speculative position limits.

 

The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss.

 

The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 30 days’ prior written notice of such change.  The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a different trading program in managing the Company only with the consent of the Manager.

 

(b)                                 List of Commodity Interests Traded by the Trading Advisor.  The Trading Advisor shall provide the Company and the Manager with a complete list of commodity interests which it intends to trade on the Company’s behalf.  All commodity interests traded shall be listed on Appendix B to this Agreement.  The addition of commodity interests (other than forward contracts on foreign currencies) to the Company’s portfolio managed by the Trading Advisor as set forth in Appendix B to this Agreement shall require prior written notice to the Company or the Manager and an amendment to Appendix B.

 

(c)                                  Investment of Assets Held in Securities and Cash.  Notwithstanding any provision of this Agreement to the contrary, the Company and the Manager, and not the Trading Advisor, shall have the sole and exclusive authority and responsibility with regard to the investment, maintenance and management of the Company’s assets other than in respect of the Trading Advisor’s trading of the Company’s assets in instruments listed in Appendix B.

 

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(d)                                 Trading Authorization.  Prior to the Company’s acceptance of trading advice from the Trading Advisor in accordance with this Agreement, the Company shall deliver to the Trading Advisor a trading authorization in the form of Appendix C hereto appointing the Trading Advisor as an agent of the Company and attorney-in-fact for such purpose.

 

(e)                                  Delivery of Crabel Memorandum Updates.  The Trading Advisor shall, during the term of this Agreement, deliver to the Company copies of all updates to the Crabel Memorandum no later than the time at which the Trading Advisor makes such updates available to its clients, and the Manager on behalf of the Company shall, if requested, sign the Acknowledgment of Receipt of Crabel Memorandum in the form of Appendix D hereto, for the initial Crabel Memorandum so delivered.

 

(f)                                   Trade Reconciliations.  The Trading Advisor acknowledges its obligation to review its commodity interest positions each business day and to notify the Company and the Manager promptly of any material errors committed by the Trading Advisor or any trade which the Trading Advisor believes was not executed in accordance with its instructions and which cannot be promptly resolved. The Trading Advisor will use its own systems to evaluate trade and portfolio information.

 

(g)                                  Trade Information.  The Trading Advisor shall use reasonable efforts to provide trade information to OMR Systems by electronic file by 6:00 p.m. US East Coast time on the date of any trade made on behalf of the Company.

 

3.                                      Trading Advisor Independent.  For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor.  Nothing contained herein shall create or constitute the Trading Advisor, the Global Horizons Fund or the Manager as a member of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, nor shall this Agreement be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other.  The parties acknowledge that the Trading Advisor has not been an organizer or promoter of the Global Horizons Fund.

 

4.                                      Commodity Broker; Floor Brokers.

 

(a)                                 Clearing of All Trades.  The Trading Advisor shall clear orders for all commodity interest transactions for the Company through such commodity broker or brokers as the Company shall designate from time to time in its sole discretion (the “Clearing Broker”).  The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Company directly from the Clearing Broker .

 

The parties acknowledge that the Trading Advisor has no authority or responsibility for selecting a commodity broker or dealers or for the negotiation of brokerage commission rates.  If necessary for the Trading Advisor to trade pursuant to the Program, the Company shall provide adequate dealing lines of credit for the Trading Advisor to place orders for spot and forward currency contracts on behalf of the Company.

 

6

 

5.                                      Allocation of Company Assets to Trading Advisor; Allocation of Receipts and Charges.

 

(a)                                 The Manager has allocated a portion of the assets of the BlackRock Vehicles to the Company to be managed in accordance with the terms of this Agreement.  The Manager may, in its sole discretion, reallocate BlackRock Vehicles’ assets by contributing to or withdrawing amounts from the Company as of any month-end with 3 days notice. The Company may withdraw amounts from the Clearing Broker Accounts as of any month-end, including to fund any distributions or redemptions of interests to be made by the Company and/or to pay the Company’s expenses; provided that the Company and the Manager shall provide the Trading Advisor three days notice so that the Trading Adviser may liquidate positions as may be necessary to satisfy such withdrawals.

 

(b)                                 A separate memorandum account (each such account, an “Account”) shall be maintained on the books of the Company with respect to each BlackRock Vehicle’s interest in the Company (or in respect of different portions of a BlackRock Vehicle’s interest in the Company) managed by the Trading Advisor and shall be increased or decreased for allocations, reallocations, and the allocation of gains and receipts, losses and charges (including the Incentive Fee and the Management Fee) with respect to such Account.

 

(c)                                  Gains and receipts (e.g., trading profits and, in some instances, interest income), losses and charges (e.g., trading losses, incentive fees and brokerage commissions) specific to the Company shall be allocated to the BlackRock Vehicles’ Accounts on a pro rata basis based on the value of each BlackRock Vehicle Account at the beginning of the applicable fiscal period, before reduction for any Incentive Fee (as defined herein).

 

(d)                                 With respect to the Global Horizons Fund, gains and receipts, losses and charges not specific to (i) the Company or (ii) any other company or account held by the Global Horizons Fund and managed by a specific trading advisor (e.g., certain interest income) (“Non-Specific Items”), shall be allocated among all of the companies and accounts held by the Global Horizons Fund that are managed by the different trading advisors, including the Global Horizon Fund’s Account with the Company, pro rata based on the beginning of the month value of each such company and account after reduction for account specific charges.

 

(e)                                  The value of each BlackRock Vehicle’s Account after taking into account all realized and unrealized gains and losses, and with respect to Global Horizons Fund’s Account, the Non-Specific Items referenced in clause (d) above and after taking into account the Global Horizons Fund’s administrator fees and brokerage commissions except for fees provided for in Section 6, is the “Mark-to-Market Value” of each BlackRock Vehicle’s Account. Any other fees or charges (excluding the Global Horizons Fund’s administrator fees and brokerage commissions) specific or non-specific to the Company, will be treated as withdrawals for purpose of calculating the Mark-to-Market Value of each BlackRock Vehicle’s Account. For avoidance of doubt, the Global Horizon Fund’s administrator fees for these purposes shall not exceed [ ]* of the Trading Level.

 

6.                                      Incentive Fee.

 

(a)                                 The Company will pay an incentive fee (the “Incentive Fee”) to the Trading Advisor, in respect of each BlackRock Vehicle’s Account, on an annual basis, which shall be December 31 of each calendar year (“Incentive Fee Calculation Date”), within 30 days

 

7

 

of the Incentive Fee Calculation Date, equal to [ ]* of the New Trading Profit (as defined herein) of such BlackRock Vehicle’s Account as of such Incentive Fee Calculation Date.

 

(b)                                 Subject to the adjustments contemplated below, “New Trading Profit” shall mean any increase in the Mark-to-Market Value of a BlackRock Vehicle’s Account as of the current Incentive Fee Calculation Date over the High Water Mark (as defined herein) attributable to such BlackRock Vehicle’s Account.  New Trading Profit will be calculated prior to reduction [ ]*.

 

(c)                                  The High Water Mark attributable to a BlackRock Vehicle’s Account shall be equal to the highest value of such BlackRock Vehicle’s Account (for the avoidance of doubt, after reduction for the Incentive Fee then paid), as of any preceding Incentive Fee Calculation Date.  The High Water Mark attributable to a BlackRock Vehicle’s Account shall be increased dollar-for-dollar by any capital allocated to the Company by such BlackRock Vehicle and decreased proportionately when capital is reallocated away from the Company (other than to pay expenses) by such BlackRock Vehicle.  The amount of the High Water Mark after giving effect to the proportionate reduction made as a result of a reallocation shall be calculated by multiplying the High Water Mark of such BlackRock Vehicle’s Account in effect immediately prior to such reallocation by a fraction the numerator of which is the value of such BlackRock Vehicle’s Account immediately following such reallocation and the denominator of which is the value of such BlackRock Vehicle’s Account immediately before such reallocation.  Notwithstanding the foregoing, if a BlackRock Vehicle reinvests assets from another vehicle or account (the “Other Account”) managed by the Trading Advisor or its affiliates in the Company, then the initial High Water Mark attributable to such BlackRock Vehicle’s Account shall be the high water mark applicable to such BlackRock Vehicle’s assets in the Other Account determined as of the date of reinvestment in the Company.

 

(d)                                 If an Incentive Fee is paid as of an Incentive Fee Calculation Date in respect of a BlackRock Vehicle’s Account, the High Water Mark of such BlackRock Vehicle’s Account is reset to the value of the BlackRock Vehicle’s Account immediately following such payment.

 

(e)                                  When there is an accrued Incentive Fee in respect of a BlackRock Vehicle’s Account at any time any reallocation from the Company by a BlackRock Vehicle is made, the Incentive Fee attributable to such reallocation will be paid within 30 days of the reallocation.  Such Incentive Fee shall be determined by multiplying the Incentive Fee that would have been paid in respect of such BlackRock Vehicle’s Account had the date of the reallocation been an Incentive Fee Calculation Date by a fraction the numerator of which is the amount of the reallocation by such BlackRock Vehicle and the denominator of which is the value of the BlackRock Vehicle’s Account immediately prior to the reallocation, in each case prior to reduction for the accrued Incentive Fee.  Such Incentive Fee will be paid from and reduce the amount of the reallocation by such BlackRock Vehicle.

 

(f)                                   Interest shall not be included in any of the foregoing calculations.  For the avoidance of doubt, no Incentive Fee shall be payable on any interest income earned by a BlackRock Vehicle.

 

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(g)                                  Termination of this Agreement shall be treated as an Incentive Fee Calculation Date.

 

7.                                      Term and Termination.

 

(a)                                 Term and Renewal.  This Agreement shall continue in effect until December 31, 2013.  Thereafter, this Agreement shall be automatically renewed for successive one-year periods, on the same terms, unless terminated by either the Trading Advisor or the Company upon 90 days’ notice to the other party.

 

(b)                                 Termination.  Notwithstanding Section 7(a) hereof, this Agreement shall terminate:

 

(i)                                             immediately if the Company shall terminate and be dissolved in accordance with the Limited Liability Company Agreement or otherwise;

 

(ii)                                          at the discretion of the Manager as of the end of any month;

 

(iii)                                       at the discretion of the Trading Advisor, as of the following month-end, should any of the following occur:  (1) the assets managed by the Trading Advisor decrease to less than [ ]* at the close of business on any day; or (2) the Trading Advisor has determined to cease managing any customer accounts pursuant to the Program; or

 

(iv)                                      at the discretion of the Trading Advisor as of the end of any month upon 90 days’ prior written notice to the Manager.

 

8.                                      Right to Advise Others; Uniformity of Acts and Practices.

 

(a)                                 During the term of this Agreement, the Trading Advisor shall be free to advise other investors as to the purchase and sale of commodity interests, to manage and trade other investors’ commodity interests accounts and to trade for and on behalf of their own proprietary commodity interests accounts.  However, under no circumstances shall the Trading Advisor favor any commodity interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Company’s account, giving due consideration to the trading program which the Manager has requested the Trading Advisor to trade on behalf of the Company.  For purposes of this Agreement, the Trading Advisor shall not be deemed to be favoring another commodity interests account over the Company’s account if the Trading Advisor, in accordance with specific instructions of the owner of such account, trades such account at a degree of leverage or in accordance with trading policies which shall be different from that which shall normally be applied to substantially all of the Trading Advisor’s other accounts or if the Trading Advisor, in accordance with the Trading Advisor’s money management principles, shall not trade certain commodity interests contracts for an account based on the amount of equity in such account or for some other reason in accordance with its money management principles.

 

(b)                                 The Trading Advisor understands and agrees that it shall have a fiduciary responsibility to the Company under this Agreement.

 

9

 

(c)                                  At the request of the Company, the Trading Advisor shall promptly make available to the Company (if available to it without undue cost or expense) copies of the normal daily, monthly, quarterly and annual, as the case may be, written reports reflecting the performance of all commodity pool accounts pursuant to the Program advised, managed, owned or controlled by the Trading Advisor required to be delivered to pool participants pursuant to the CEA and similar written information, including monthly account statements, reflecting the performance of all other commodity interest accounts pursuant to the Program advised, managed, owned or controlled by the Trading Advisor, with respect to which account reports shall not be required to be delivered to the owners thereof pursuant to the CEA (subject to the need to preserve the confidentiality of proprietary information concerning the Trading Advisor’s trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor’s clients).  At the request of the Company, the Trading Advisor shall promptly deliver to the Company a written explanation of the differences, if any, in the performance between the Company’s account and such other commodity interest accounts traded utilizing the same program or portfolio (subject to the need to preserve the confidentiality of proprietary information concerning the Trading Advisor’s trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor’s clients) pursuant to the Program.

 

9.                                      Speculative Position Limits.  If the Trading Advisor (either alone or aggregated with the positions of any other person if such aggregation shall be required by the CEA, the CFTC or any other regulatory authority having jurisdiction) shall exceed applicable limits in any commodity interest traded for the Company, the Trading Advisor shall immediately take such action as the Trading Advisor may deem fair and equitable to comply with the limits.  If such limits are exceeded by the Company, the Manager may require the Trading Advisor to liquidate positions as required.

 

10.                               Additional Undertakings by the Trading Advisor.  Neither the Trading Advisor nor its employees, affiliates or agents, the stockholders, directors, officers, employees, principals, affiliates or agents of such affiliates, or their respective successors or assigns shall use or distribute for any purpose whatsoever any list containing the names and/or residential addresses of and/or other information about the investors of the BlackRock Vehicles.

 

11.                               Representations and Warranties.

 

(a)                                 The Trading Advisor hereby represents and warrants to the other parties as follows:

 

(i)                                             The Trading Advisor is an entity duly organized and validly existing and in good standing under the laws of the jurisdiction of its organization and in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to be duly qualified would materially affect the Trading Advisor’s ability to perform its obligations under this Agreement. The Trading Advisor has full corporate, partnership or limited liability company (as the case may be) power and authority to perform its obligations under this Agreement.

 

(ii)                                          This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and constitutes a valid, binding and enforceable agreement of the Trading Advisor in accordance with its terms, subject to insolvency laws.

 

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(iii)                                       Assuming the accuracy of the Company’s and Manager’s representation in subsection 11(c)(vii) below, the Trading Advisor has all governmental, regulatory and commodity exchange licenses and approvals and has effected all filings and registrations with governmental and regulatory agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including without limitation, and if applicable, registration of the Trading Advisor as a commodity trading advisor under the CEA, and membership of the Trading Advisor as a commodity trading advisor in NFA), and the performance of such obligation will not violate or result in a breach of any provision of the Trading Advisor’s certificate of incorporation, by-laws or any agreement, instrument, order, law or regulation binding on the Trading Advisor.  The principals of the Trading Advisor are duly listed as such on its commodity trading advisor Form 7-R registration.

 

(iv)                                      Assuming the accuracy of the Manager’s representation in subsection 11(b)(vii) below, management by the Trading Advisor of an account for the Company in accordance with the terms hereof will not require any registration under, or violate any of the provisions of, the Investment Advisers Act of 1940 (assuming that the Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Company Act”)).

 

(v)                                         To the best of its knowledge, the Trading Advisor’s implementation of its trading program on behalf of the Company does not infringe any other person’s copyrights, trademark or other intellectual property rights.

 

(vi)                                      The execution and delivery of this Agreement, the incurrence of the obligations herein set forth and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Trading Advisor is bound or any order, rule or regulation application to the Trading Advisor of any court or any governmental body or administrative agency having jurisdiction over the Trading Advisor.

 

(vii)                                   Other than as may have been disclosed in writing to the Manager by the Trading Advisor, there is not pending, or to the best of the Trading Advisor’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor is a party, or to which any of the assets of the Trading Advisor is subject, which might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor.  The Trading Advisor has not received any notice of an investigation or warning letter from NFA or CFTC regarding non-compliance by the Trading Advisor with the CEA or the regulations thereunder.

 

(b)                                 The Manager hereby represents and warrants to the other parties as follows:

 

(i)                                             The Manager is duly organized and validly existing and in good standing under the laws of its jurisdiction of formation and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Manager’s ability to perform its obligations hereunder.

 

11

 

(ii)                                          The Manager has the power and authority under applicable law to perform its obligations hereunder.

 

(iii)                                       This Agreement has been duly and validly authorized, executed and delivered by the Manager and constitutes a legal, valid and binding agreement of the Manager enforceable in accordance with its terms.

 

(iv)                                      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Manager is bound or any order, rule or regulation applicable to the Manager of any court or any governmental body or administrative agency having jurisdiction over the Manager.

 

(v)                                         There is not pending, or, to the best of the Manager’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to which the Manager is a party, or to which any of the assets of the Manager is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Manager or is required to be disclosed pursuant to applicable CFTC regulations.

 

(vi)                                      The Manager has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including, without limitation, registration as a commodity pool operator under the CEA and membership in NFA as a commodity pool operator), and the performance of such obligations will not contravene or result in a breach of any provision of its certificate of incorporation, by-laws or any agreement, order, law or regulation binding upon it.  The principals of the Manager are duly registered as such on the Manager’s commodity pool operator Form 7-R registration.

 

(vii)                                   The Company is not an “investment company” within the meaning of the Company Act.

 

(c)                                  The Company represents and warrants to the other parties as follows:

 

(i)                                             The Company is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Company’s ability to perform its obligations hereunder.

 

(ii)                                          The Company has the limited liability company power and authority under applicable law to perform its obligations hereunder.

 

(iii)                                       This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company enforceable in accordance with its terms.

 

12

 

(iv)                                      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Company is bound or any order, rule or regulation applicable to the Company of any court or any governmental body or administrative agency having jurisdiction over the Company.

 

(v)                                         There is not pending, or, to the best of the Company’s knowledge, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Company is a party, or to which any of the assets of the Company is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Company or which is required to be disclosed pursuant to applicable CFTC regulations.

 

(vi)                                      The Company has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder and the performance of such obligations will not contravene or result in a breach of any provision of its certificate of formation, limited liability company agreement or any other agreement, order, law or regulation binding upon it.

 

(vii)                                   The Company is, and shall at all times during the term of this Agreement be, a Qualified Eligible Person (“QEP”) as defined in CFTC Rule 4.7 because it meets one or more of the QEP criteria.

 

(viii)                                The Company is not subject to (x) Title 1 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), including by reason of Section 3(42) of ERISA and any regulations promulgated thereunder or (y) any similar provisions that may be set forth under applicable state law.

 

(d)                                 The foregoing representations and warranties shall be continuing during the entire term of this Agreement and, if at any time, any event shall occur which would make any of the foregoing representations and warranties of any party no longer true and accurate, such party shall promptly notify the other parties.

 

12.                               Accounting from the Company or the Manager.  The Company or the Manager shall provide the Trading Advisor with a balance sheet, income statement and details of accrued incentive fee calculations related to the Company on a monthly basis by the 10th business day of each month.

 

13.                               Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless it shall be in writing and signed by the party against whom enforcement is sought.

 

13

 

14.                               Indemnification.

 

(a)                                 The Company shall indemnify, defend and hold harmless the Trading Advisor and its directors, members, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement; provided that the Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any of its or their actions or capacities relating to the business or activities of the Company pursuant to this Agreement; provided that the conduct of such person which was the subject of the demand, claim, lawsuit, action or proceeding did not constitute gross negligence or a material breach of this Agreement or of any fiduciary obligation to the Company.  The termination of any demand, claim, lawsuit, action or proceeding by settlement shall not, in itself, create a presumption that the conduct in question was not undertaken in good faith.

 

(b)                                 The Trading Advisor shall indemnify, defend and hold harmless the Company, the Manager, their respective affiliates and their respective directors, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement; provided that the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any action or omission of the Trading Advisor or any of its respective officers, directors or employees relating to the business or activities of such person under this Agreement or relating to the management of an account of the Company provided:  the action or omission of such person which was the subject of the demand, claim, lawsuit, action or proceeding did not constitute gross negligence or a material breach of this Agreement or any fiduciary obligation of the Company.

 

(c)                                  The Trading Advisor, its officers, members, directors, employees and shareholders shall not be liable to the Company and its officers, directors or members or to any of their successors or assigns except by reason of acts or omissions in contravention of the express terms of this Agreement, or due to their intentional misconduct or gross negligence, or by reason of not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Company.

 

(d)                                 The foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified party.

 

(e)                                  In the event that a person entitled to indemnification under this Section 14 is made a party to an action, suit or proceeding alleging both matters for which indemnification may be due hereunder and matters for which indemnification may not be due hereunder, such person shall be indemnified only in respect of the former matters.

 

(f)                                   Promptly after receipt by any of the indemnified parties under this Agreement of notice of any demand, claim, lawsuit, action or proceeding, the indemnified party shall notify the indemnifying party in writing of the commencement thereof if a claim for indemnification in respect thereof is to be made under this Agreement.  Except to the extent that the indemnifying party is not materially prejudiced thereby, the omission so to notify shall relieve the indemnifying party from any obligation or liability which it may have to any such indemnified party under this section.  In the event that such demand, claim, lawsuit, action or

 

14

 

proceeding is brought against a person entitled to be indemnified under this Agreement, and the indemnifying party is notified of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that the indemnifying party may wish, to assume the defense thereof, with counsel selected by the indemnifying party and approved by the indemnified person (provided that approval may not be unreasonably withheld), and after notice from the indemnifying party to such indemnified person of the indemnifying party’s election so as to assume the defense thereof, the indemnifying party shall not be liable to such person under this section for any legal or other expenses subsequently incurred by such person in connection with the defense thereof, unless the indemnifying party approves the employment of separate counsel by such person (it being understood, however, that the indemnifying party shall not be liable for legal or other expenses of more than one separate firm of attorneys for all such persons indemnified hereunder, which firm shall be designated in writing by the Trading Advisor or the Company, as the case may be).

 

15.                               Assignment.  This Agreement shall not be assigned by any of the parties hereto without the prior express written consent of the other parties hereto; provided, that either party may assign this agreement to an affiliate upon prior notice to the other party.

 

16.                               Amendment; Waiver.  This Agreement shall not be amended except by a writing signed by the parties hereto.  No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert its rights hereunder on any occasion or series of occasions.

 

17.                               Severability.  If any provision of this Agreement, or the application of any provision to any person or circumstance, shall be held to be inconsistent with any present or future law, ruling, rule or regulation of any court or governmental or regulatory authority having jurisdiction over the subject matter hereof, such provision shall be deemed to be rescinded or modified in accordance with such law, ruling, rule or regulation, and the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it shall be held inconsistent, shall not be affected thereby.

 

18.                               Notices.  Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered by courier service, facsimile, postage prepaid mail or other similar means and shall be effective upon actual receipt by the party to which such notice shall be directed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

if to the Company or the Manager:

 

COLBY GLOBAL HORIZONS, LLC

c/o BlackRock Investment Management LLC

40 East 52nd Street

25th Floor

New York, NY 10022

Attn:  Edward A. Rzeszowski

Facsimile:  212-810-8745

 

15

 

with a copy to:

 

BlackRock Investment Management, LLC

Princeton Corporate Campus

800 Scudders Mill Road — Section 1B

Plainsboro, New Jersey  08536

Attn:  Michael Pungello

Facsimile:  609-282-2664

 

with a further copy to:

BlackRock Alternative Advisors

601 Union Street, 56th Floor

Seattle, Washington  98101

Attn:  Marie Bender

Facsimile:  206-613-6708

 

if to the Trading Advisor:

 

Crabel Capital Management, LLC

Attn:  Michael Pomada

312 East Buffalo Street, Unit #30

Milwaukee, WI 53202

Facsimile:  414-276-2660

Telephone:  414-224-7510

Email: clientrelations@crabel.com and ccmlegal@crabel.com

 

19.                               Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law.

 

20.                               Consent to Jurisdiction.  The parties hereto agree that any action or proceeding arising directly, indirectly or otherwise in connection with, out of, related to or from this Agreement, any breach hereof or any transaction covered hereby, shall be resolved, whether by arbitration or otherwise, within the County of New York, City of New York, and State of New York.  Accordingly, the parties consent and submit to the jurisdiction of the federal and state courts and any applicable arbitral body located within the County of New York, City of New York, and State of New York.  The parties further agree that any such action or proceeding brought by any party to enforce any right, assert any claim, or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively in federal or state courts, or if appropriate before any applicable arbitral body, located within the County of New York, City of New York, and State of New York.

 

21.                               Remedies.  In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor, the Manager and the Company agree that they shall not seek any prejudgment equitable or ancillary relief.  Such parties also agree that their sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement; provided, however, that the Company agrees that the Trading  Advisor and the Manager may seek declaratory judgment with respect to the indemnification provisions of this Agreement.

 

16

 

22.                               Promotional Material.  None of the parties hereto will make reference to any other such party in officially filed or publicly or privately distributed material without first submitting such material to the party so named for approval a reasonable period of time in advance of the proposed use of such material.

 

23.                               Confidentiality.  The Company and the Manager (collectively the “Global Horizons Fund Parties”) shall not disclose to any person any information arising out of or relating to the transactions effected by the Trading Advisor, regardless of whether the source of such information was the Trading Advisor or a third party.  Notwithstanding the foregoing, the Global Horizons Fund Parties may disclose such information or any portion thereof (i) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator, or tribunal, or (ii) to any government or regulatory or self-regulatory body having authority to regulate or oversee their business, provided, however, that (other than in connection with a routine audit or examination, in which case the Global Horizons Fund Parties will seek to obtain confidential treatment of such information by the persons to whom it is disclosed) they will give the Trading Advisor prior written notice of the information to be disclosed to the extent that such notice is permissible and the Global Horizons Fund Parties will cooperate with the Trading Advisor to seek to obtain confidential treatment of such information by the persons to whom it is disclosed.   The Global Horizons Fund Parties acknowledge and agree that the Trading Advisor’s trading systems and the methodology utilized by such systems are unique, proprietary to the Trading Advisor, and have been developed at a significant cost to the Trading Advisor through extensive research and development efforts.  The Global Horizons Fund Parties hereby agree that they shall not, directly or indirectly, take any steps or make any attempt to reverse engineer or analyze the Trading Advisor’s trading systems or the methodology utilized by such systems.

 

24.                               Survival.  The provisions of this Agreement shall survive the termination hereof with respect to any matter arising while this Agreement shall be in effect.

 

25.                               Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

26.                               Headings.  Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to be a part of or to affect the meaning or interpretation hereof.

 

*                                         *                                         *                                         *                                         *

 

17

 

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned on the day and year first written above.

 

	
 
    	
COLBY   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC,
    
	
 
    	
 
    	
its   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert S. Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Lawrence M. Gail
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert S. Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Lawrence M. Gail
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CRABEL   CAPITAL MANAGEMENT, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Michael Pomada
    
	
 
    	
 
    	
Title:   Chief Operating Officer
    

 

18

 

APPENDIX A

 

AUTHORIZED TRADERS

 

1.              Toby Crabel

 

2.              Sean Greenwaldt

 

3.              Paul Mason

 

4.              Steve Hall

 

5.              Thomas Gentile

 

6.              Reggie Laubmeier

 

7.              Ryan McDermott

 

8.              Karl Quick

 

A-1

 

APPENDIX B

 

COMMODITY INTERESTS TRADED BY CRABEL CAPITAL MANAGEMENT, LLC

 

The undersigned represents that the following is a complete list of all commodity interests which the undersigned intends to trade on behalf of COLBY GLOBAL HORIZONS, LLC other than regulated futures contracts and options on regulated futures contracts traded on a qualified board of trade or exchange:

 

	
Bloomberg
   Code
    	
 
    	
Crabel
   Symbol
    	
 
    	
Description
    	
 
    	
Region
    	
 
    	
Category
    	
 
    	
Exchange
    
	
AD1   Curncy
    	
 
    	
AD
    	
 
    	
AUD/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
EO1   Index
    	
 
    	
AEX
    	
 
    	
Amsterdam   Index
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE - Amsterdam :EOE
    
	
LA1   Comdty
    	
 
    	
AL
    	
 
    	
Primary   Aluminum
    	
 
    	
Commodities
    	
 
    	
Base   Metal :BMTL
    	
 
    	
LME   3rd Wednesday Prices & Options :LMF
    
	
CO1   Comdty
    	
 
    	
BC
    	
 
    	
Crude   Oil, Brent
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
ICE   Futures Europe :ICE
    
	
RX1   Comdty
    	
 
    	
BD
    	
 
    	
Euro   Bund
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
BM1   Curncy
    	
 
    	
BM
    	
 
    	
BRL/EUR
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
EB1   Comdty
    	
 
    	
BMW
    	
 
    	
Wheat
    	
 
    	
Commodities
    	
 
    	
Wheat   :WHET
    	
 
    	
South   African Futures Exchange :SAF
    
	
AFA   Index
    	
 
    	
BNB
    	
 
    	
CNX   Nifty CNXBANK
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
National   Stock Exchange :NSE
    
	
NZA   Index
    	
 
    	
BNF
    	
 
    	
CNX   Nifty
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
National   Stock Exchange :NSE
    
	
BO1   Comdty
    	
 
    	
BO
    	
 
    	
Soybean   Oil
    	
 
    	
Commodities
    	
 
    	
Soy   :SOY
    	
 
    	
Chicago   Board of Trade :CBT
    
	
BP1   Curncy
    	
 
    	
BP
    	
 
    	
GBP/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
PRA1   Curncy
    	
 
    	
BPZR
    	
 
    	
Sterling/Rand   Future
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
JSE   Interest Rate Market :YLX
    
	
BR1   Curncy
    	
 
    	
BRU
    	
 
    	
BRL/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
BBSA   Index
    	
 
    	
BS
    	
 
    	
BSE   100 Index
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Bombay   Stock Exchange :BBX
    
	
IK1   Comdty
    	
 
    	
BTP
    	
 
    	
Euro-BTP   Future
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
BTS1   Comdty
    	
 
    	
BTS
    	
 
    	
Short   term Euro-BTP futures
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    

 

B-1

 

	
BZ1   Index
    	
 
    	
BV
    	
 
    	
Bovespa
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
UB1   Comdty
    	
 
    	
BXL
    	
 
    	
Euro   Buxl
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
CC1   Comdty
    	
 
    	
CC
    	
 
    	
Cocoa
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
ICE   Futures US Softs :NYB
    
	
CD1   Curncy
    	
 
    	
CD
    	
 
    	
CAD/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
GM1   Comdty
    	
 
    	
CET
    	
 
    	
CETES,   91 Day
    	
 
    	
Developing
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
CN1   Comdty
    	
 
    	
CGB
    	
 
    	
Canadian   Govt Bond, 10Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
Montreal   Exchange :MSE
    
	
CL1   Comdty
    	
 
    	
CL
    	
 
    	
Crude   Oil, WTI
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
NYMEX   Exchange :NYM
    
	
OQA1   Comdty
    	
 
    	
CLO
    	
 
    	
Crude   Oil, Oman
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
Dubai   Mercantile Exchange :DME
    
	
C   1 Comdty
    	
 
    	
CN
    	
 
    	
Corn
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
Chicago   Board of Trade :CBT
    
	
RS1   Comdty
    	
 
    	
CO
    	
 
    	
Canola
    	
 
    	
Commodities
    	
 
    	
Other   Grain :OGRN
    	
 
    	
ICE   Futures Canada :WCE
    
	
CRD1   Comdty
    	
 
    	
CRD
    	
 
    	
Corn   Future-Price Reference Campinas (SP)
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
CT1   Comdty
    	
 
    	
CT
    	
 
    	
Cotton,   No. 2
    	
 
    	
Commodities
    	
 
    	
Fibers   :FIBR
    	
 
    	
ICE   Futures US Softs :NYB
    
	
LP1   Comdty
    	
 
    	
CU
    	
 
    	
Copper
    	
 
    	
Commodities
    	
 
    	
Base   Metal :BMTL
    	
 
    	
LME   3rd Wednesday Prices & Options :LMF
    
	
EV1   Curncy
    	
 
    	
CUP
    	
 
    	
Cupom   Cambial
    	
 
    	
Developing
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
GX1   Index
    	
 
    	
DD
    	
 
    	
DAX   Index
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
DJEA   Index
    	
 
    	
DJR
    	
 
    	
DJ   US Real Estate
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Board of Trade :CBT
    
	
OE1   Comdty
    	
 
    	
DL
    	
 
    	
Euro   Bobl
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
UC1   Curncy
    	
 
    	
DOL
    	
 
    	
USD   (US Dollar) Future
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
DX1   Curncy
    	
 
    	
DX
    	
 
    	
USD   Index
    	
 
    	
Americas
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
ICE   Futures US Currencies :FNX
    
	
ER1   Comdty
    	
 
    	
EB
    	
 
    	
Euribor,   3Mo
    	
 
    	
Europe
    	
 
    	
Interest   Rate :INTR
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
XB1   Index
    	
 
    	
EBV
    	
 
    	
Bovespa,   Mini
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    

 

B-2

 

	
EC1   Curncy
    	
 
    	
EC
    	
 
    	
EUR/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
RP1   Curncy
    	
 
    	
ECBP
    	
 
    	
EUR/GBP   Futures
    	
 
    	
Americas
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
RER1   Curncy
    	
 
    	
ECR
    	
 
    	
EUR/RUB
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Russian   Trading System :RTS
    
	
RF1   Curncy
    	
 
    	
ECSF
    	
 
    	
EUR/CHF
    	
 
    	
Americas
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
B21   Curncy
    	
 
    	
ECT
    	
 
    	
EUR/USD
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Turkish   Derivatives Exchange :TKD
    
	
MO1   Comdty
    	
 
    	
ECX
    	
 
    	
Emissions   - EUA, ECX
    	
 
    	
Commodities
    	
 
    	
Emissions   :EMIS
    	
 
    	
ICE   Futures Europe :ICE
    
	
URA1   Curncy
    	
 
    	
ECZR
    	
 
    	
Euro/Rand   Future
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
JSE   Interest Rate Market :YLX
    
	
ED1   Comdty
    	
 
    	
ED
    	
 
    	
Eurodollar,   3Mo
    	
 
    	
Americas
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
LED1   Comdty
    	
 
    	
EDY
    	
 
    	
Eurodollar,   3Mo
    	
 
    	
Americas
    	
 
    	
Interest   Rate :INTR
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
EE1   Curncy
    	
 
    	
EES
    	
 
    	
EUR/USD   Emini Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
RY1   Curncy
    	
 
    	
EJY
    	
 
    	
EUR/JPY
    	
 
    	
Americas
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
EN1   Comdty
    	
 
    	
EN
    	
 
    	
Crude   Oil, WTI
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
ICE   Futures Europe :ICE
    
	
ES1   Index
    	
 
    	
ES
    	
 
    	
S&P   500 E-mini
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
ES1   Comdty
    	
 
    	
ESW
    	
 
    	
Euroswiss,   3 Mo
    	
 
    	
Europe
    	
 
    	
Interest   Rate :INTR
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
VG1   Index
    	
 
    	
EX
    	
 
    	
Euro   Stoxx 50
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
OM1   Index
    	
 
    	
EXA
    	
 
    	
STOXX   600 Media
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
BJ1   Index
    	
 
    	
EXB
    	
 
    	
STOXX   600 Banks
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
SXR1   Index
    	
 
    	
EXD
    	
 
    	
Stoxx   Europe Mid 200
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
RH1   Index
    	
 
    	
EXG
    	
 
    	
STOXX   600 Household Goods
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
JV1   Index
    	
 
    	
EXI
    	
 
    	
STOXX   600 Insurance
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
SXPA   Index
    	
 
    	
EXL
    	
 
    	
Stoxx   Europe Large 200
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
SXT1   Index
    	
 
    	
EXS
    	
 
    	
Stoxx   Europe Small 200
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
QO1   Index
    	
 
    	
EXT
    	
 
    	
STOXX   600 Travel & Leisure
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    

 

B-3

 

	
GP1   Index
    	
 
    	
EXU
    	
 
    	
STOXX   600 Utilities
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
SXO1   Index
    	
 
    	
EXX
    	
 
    	
Stoxx   Europe 600
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
QB1   Index
    	
 
    	
EXZ
    	
 
    	
STOXX   600 Industrial
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
YE1   Comdty
    	
 
    	
EY
    	
 
    	
Euroyen,   Tibor 3Mo
    	
 
    	
Asia/Australia
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Tokyo   Financial Exchange :TFX
    
	
DU1   Comdty
    	
 
    	
EZ
    	
 
    	
Euro   Schatz
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
FF1   Comdty
    	
 
    	
FF
    	
 
    	
Fed   Fund, 30 Day
    	
 
    	
Americas
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Chicago   Board of Trade :CBT
    
	
FN1   Comdty
    	
 
    	
FN
    	
 
    	
Natural   Gas
    	
 
    	
Commodities
    	
 
    	
Natural   Gas :NATG
    	
 
    	
ICE   Futures Europe :ICE
    
	
FV1   Comdty
    	
 
    	
FV
    	
 
    	
US   Treasury Note, 5Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
Chicago   Board of Trade :CBT
    
	
FYT1   Comdty
    	
 
    	
FVY
    	
 
    	
US   Treasury Note, 5Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
GC1   Comdty
    	
 
    	
GC
    	
 
    	
Gold,   100 oz
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
COMEX   division of NYMEX :CMX
    
	
QS1   Comdty
    	
 
    	
GO
    	
 
    	
Gasoil
    	
 
    	
Commodities
    	
 
    	
Refined   Products :REFP
    	
 
    	
ICE   Futures Europe :ICE
    
	
HI1   Index
    	
 
    	
HA
    	
 
    	
Hang   Seng
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Hong   Kong Futures Exchange :HKG
    
	
IR1   Comdty
    	
 
    	
HB
    	
 
    	
Australian   Bank Bill
    	
 
    	
Asia/Australia
    	
 
    	
Interest   Rate :INTR
    	
 
    	
ASX   Trade24 :SFE
    
	
HC1   Index
    	
 
    	
HC
    	
 
    	
Hang   Seng China Enterprises
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Hong   Kong Futures Exchange :HKG
    
	
HG1   Comdty
    	
 
    	
HG
    	
 
    	
Copper
    	
 
    	
Commodities
    	
 
    	
Base   Metal :BMTL
    	
 
    	
COMEX   division of NYMEX :CMX
    
	
HO1   Comdty
    	
 
    	
HO
    	
 
    	
Heating   Oil
    	
 
    	
Commodities
    	
 
    	
Refined   Products :REFP
    	
 
    	
NYMEX   Exchange :NYM
    
	
XP1   Index
    	
 
    	
HS
    	
 
    	
ASX   SPI 200
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
ASX   Trade24 :SFE
    
	
YM1   Comdty
    	
 
    	
HT
    	
 
    	
Australian   Gov’t Bond, 3Y Future
    	
 
    	
Asia/Australia
    	
 
    	
Bond   :BOND
    	
 
    	
ASX   Trade24 :SFE
    
	
XM1   Comdty
    	
 
    	
HX
    	
 
    	
Australian   Gov’t Bond, 10Yr
    	
 
    	
Asia/Australia
    	
 
    	
Bond   :BOND
    	
 
    	
ASX   Trade24 :SFE
    
	
IB1   Index
    	
 
    	
IBX
    	
 
    	
IBEX   35
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Meff   Renta Variable (Madrid) :MFM
    
	
ICR1   Comdty
    	
 
    	
ICN
    	
 
    	
Corn   Futures
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
ICE   Futures US Softs :NYB
    
	
IB1   Comdty
    	
 
    	
IHB
    	
 
    	
Interbank   Cash Rate, 30 Day
    	
 
    	
Asia/Australia
    	
 
    	
Interest   Rate :INTR
    	
 
    	
ASX   Trade24 :SFE
    
	
NV1   Comdty
    	
 
    	
IHO
    	
 
    	
Heating   Oil
    	
 
    	
Commodities
    	
 
    	
Refined   Products :REFP
    	
 
    	
ICE   Futures Europe :ICE
    
	
IK1   Index
    	
 
    	
IK
    	
 
    	
FTSE   KLCI Future
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Malaysia   Derivatives Ex. (KLO) :MDE
    

 

B-4

 

	
L   1 Comdty
    	
 
    	
IL
    	
 
    	
Sterling,   90 Day
    	
 
    	
Europe
    	
 
    	
Interest   Rate :INTR
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
IRD1   Curncy
    	
 
    	
INR
    	
 
    	
Indian   Rupee Dollar
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Dubai   Gold & Commodities Exchange :DGC
    
	
PG1   Comdty
    	
 
    	
IRB
    	
 
    	
Gasoline,   RBOB
    	
 
    	
Commodities
    	
 
    	
Refined   Products :REFP
    	
 
    	
ICE   Futures Europe :ICE
    
	
Z   1 Index
    	
 
    	
IX
    	
 
    	
FTSE   100
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
RIEA   Index
    	
 
    	
IXE
    	
 
    	
FTSE/EPRA   Europe Index
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE - Paris :EOP
    
	
JG1   Comdty
    	
 
    	
JAU
    	
 
    	
Gold
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JB1   Comdty
    	
 
    	
JB
    	
 
    	
Japan   Gov’t Bond, 10Yr
    	
 
    	
Asia/Australia
    	
 
    	
Bond   :BOND
    	
 
    	
Tokyo   Stock Exchange :TSE
    
	
JC1   Comdty
    	
 
    	
JC
    	
 
    	
Corn
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
Tokyo   Grain Exchange :TGE
    
	
CP1   Comdty
    	
 
    	
JCO
    	
 
    	
Crude   Oil, TOCOM
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JV1   Comdty
    	
 
    	
JGL
    	
 
    	
Gasoline
    	
 
    	
Commodities
    	
 
    	
Refined   Products :REFP
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JGP1   Comdty
    	
 
    	
JGP
    	
 
    	
Gold,   Mini
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JX1   Comdty
    	
 
    	
JKE
    	
 
    	
Kerosene
    	
 
    	
Commodities
    	
 
    	
Refined   Products :REFP
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JA1   Comdty
    	
 
    	
JPL
    	
 
    	
Platinum
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JN1   Comdty
    	
 
    	
JRU
    	
 
    	
Rubber
    	
 
    	
Commodities
    	
 
    	
Industrial   Material :IMAT
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JS1   Comdty
    	
 
    	
JS
    	
 
    	
Soybean
    	
 
    	
Commodities
    	
 
    	
Soy   :SOY
    	
 
    	
Tokyo   Grain Exchange :TGE
    
	
AI1   Index
    	
 
    	
JSE
    	
 
    	
FTSE/JSE   Top 40
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
South   African Futures Exchange :SAF
    
	
JI1   Comdty
    	
 
    	
JSV
    	
 
    	
Silver
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
DV1   Index
    	
 
    	
JTP
    	
 
    	
DTOP
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
South   African Futures Exchange :SAF
    
	
JY1   Curncy
    	
 
    	
JY
    	
 
    	
JPY/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
JPR1   Curncy
    	
 
    	
JYZR
    	
 
    	
JPY/ZAR   Future
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
JSE   Interest Rate Market :YLX
    
	
KC1   Comdty
    	
 
    	
KC
    	
 
    	
Coffee,   ‘C’
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
ICE   Futures US Softs :NYB
    

 

B-5

 

	
AX1   Comdty
    	
 
    	
KCB
    	
 
    	
Coffee,   Arabica
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
KJ1   Curncy
    	
 
    	
KJY
    	
 
    	
JPY   (Japanese Yen)
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
Korea   Exchange :KFE
    
	
KK1   Comdty
    	
 
    	
KLB
    	
 
    	
Klibor,   3Mo
    	
 
    	
Developing
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Malaysia   Derivatives Ex. (KLO) :MDE
    
	
KM1   Index
    	
 
    	
KM
    	
 
    	
KOSPI200
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Korea   Exchange :KFE
    
	
KU1   Curncy
    	
 
    	
KRW
    	
 
    	
USD   (US Dollar)
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
Korea   Exchange :KFE
    
	
KE1   Comdty
    	
 
    	
KTB
    	
 
    	
Korea   Treasury Bond, 3Yr
    	
 
    	
Developing
    	
 
    	
Bond   :BOND
    	
 
    	
Korea   Exchange :KFE
    
	
KAA1   Comdty
    	
 
    	
KTY
    	
 
    	
Korea   Treasury Bond, 10Yr
    	
 
    	
Developing
    	
 
    	
Bond   :BOND
    	
 
    	
Korea   Exchange :KFE
    
	
KW1   Comdty
    	
 
    	
KW
    	
 
    	
Wheat
    	
 
    	
Americas
    	
 
    	
Wheat   :WHET
    	
 
    	
Kansas   City Board of Trade :KCB
    
	
LB1   Comdty
    	
 
    	
LB
    	
 
    	
Lumber
    	
 
    	
Commodities
    	
 
    	
Industrial   Material :IMAT
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
LC1   Comdty
    	
 
    	
LC
    	
 
    	
Cattle,   Live
    	
 
    	
Commodities
    	
 
    	
Livestock   :LSTK
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
QC1   Comdty
    	
 
    	
LCC
    	
 
    	
Cocoa
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
LL1   Comdty
    	
 
    	
LD
    	
 
    	
Lead
    	
 
    	
Commodities
    	
 
    	
Base   Metal :BMTL
    	
 
    	
LME   3rd Wednesday Prices & Options :LMF
    
	
FC1   Comdty
    	
 
    	
LF
    	
 
    	
Cattle,   Feeder
    	
 
    	
Commodities
    	
 
    	
Livestock   :LSTK
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
T   1 Comdty
    	
 
    	
LFY
    	
 
    	
Swapnote,   5Yr
    	
 
    	
Europe
    	
 
    	
Swap   :SWAP
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
LH1   Comdty
    	
 
    	
LH
    	
 
    	
Lean   Hogs
    	
 
    	
Commodities
    	
 
    	
Livestock   :LSTK
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
DF1   Comdty
    	
 
    	
LKC
    	
 
    	
Coffee,   Robusta 10 Tonne
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
LS1   Comdty
    	
 
    	
LS
    	
 
    	
Cattle,   Live
    	
 
    	
Commodities
    	
 
    	
Livestock   :LSTK
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
QW1   Comdty
    	
 
    	
LSB
    	
 
    	
Sugar
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
RW1   Comdty
    	
 
    	
LTU
    	
 
    	
Swapnote,   2Yr
    	
 
    	
Europe
    	
 
    	
Swap   :SWAP
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
P   1 Comdty
    	
 
    	
LTY
    	
 
    	
Swapnote,   10Yr
    	
 
    	
Europe
    	
 
    	
Swap   :SWAP
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
CRD1   Curncy
    	
 
    	
MAX
    	
 
    	
E-Micro,   AUD/USD
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
EP1   Comdty
    	
 
    	
MAZ
    	
 
    	
Maize
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
NYSE   LIFFE - Paris :EOP
    
	
CRP1   Curncy
    	
 
    	
MBP
    	
 
    	
E-Micro,   GBP/USD
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    

 

B-6

 

	
FA1   Index
    	
 
    	
MD
    	
 
    	
S&P   MidCap 400 E-mini
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
MF1   Index
    	
 
    	
MDD
    	
 
    	
MDAX
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
IS1   Index
    	
 
    	
MDX
    	
 
    	
MEX   Bolsa
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
CRE1   Curncy
    	
 
    	
MEC
    	
 
    	
E-Micro,   EUR/USD
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
BA1   Comdty
    	
 
    	
MES
    	
 
    	
Canadian   Bank Bill
    	
 
    	
Americas
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Montreal   Exchange :MSE
    
	
MFS1   Index
    	
 
    	
MFS
    	
 
    	
mini   MSCI EAFE Index
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
VYA1   Comdty
    	
 
    	
MFV
    	
 
    	
Mexican   Bond, 5Yr
    	
 
    	
Developing
    	
 
    	
Bond   :BOND
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
MGC1   Comdty
    	
 
    	
MGC
    	
 
    	
Gold,   E-micro
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
COMEX   division of NYMEX :CMX
    
	
IXPA   Index
    	
 
    	
MGY
    	
 
    	
S&P   E-mini Energy Select Sector Futures
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
HU1   Index
    	
 
    	
MHA
    	
 
    	
Hang   Seng mini
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Hong   Kong Futures Exchange :HKG
    
	
MHC1   Index
    	
 
    	
MHC
    	
 
    	
Hang   Seng China Enterprises, Mini
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Hong   Kong Futures Exchange :HKG
    
	
ST1   Index
    	
 
    	
MIB
    	
 
    	
FTSE   MIB
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Borsa   Italiana (IDEM) :MIL
    
	
DO1   Comdty
    	
 
    	
MII
    	
 
    	
TIIE,   28 Day
    	
 
    	
Developing
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
MJA1   Comdty
    	
 
    	
MJP
    	
 
    	
Platinum,   Mini
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Tokyo   Commodity Exchange :TCM
    
	
JE1   Curncy
    	
 
    	
MJY
    	
 
    	
JPY/USD   E-Mini Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
SW1   Index
    	
 
    	
MMB
    	
 
    	
FTSE   MIB Mini
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Borsa   Italiana (IDEM) :MIL
    
	
MES1   Index
    	
 
    	
MME
    	
 
    	
mini   MSCI Emerging Mkt(EM) Index
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
LN1   Comdty
    	
 
    	
MNI
    	
 
    	
Nickel
    	
 
    	
Commodities
    	
 
    	
Base   Metal :BMTL
    	
 
    	
LME   3rd Wednesday Prices & Options :LMF
    
	
YMEA   Index
    	
 
    	
MNK
    	
 
    	
E-Mini   Nikkei 225 Yen
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
MPPA   Index
    	
 
    	
MPE
    	
 
    	
mini   MSCI Pan-Euro Index
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
MPTA   Index
    	
 
    	
MSX
    	
 
    	
Mini   S&P Toronto 60
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Montreal   Exchange :MSE
    
	
MX1   Index
    	
 
    	
MTAX
    	
 
    	
TAIEX   mini
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Taiwan   Futures Exchange :FTX
    

 

B-7

 

	
DW1   Comdty
    	
 
    	
MTY
    	
 
    	
Mexican   Bond, 10Yr
    	
 
    	
Developing
    	
 
    	
Bond   :BOND
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
VYC1   Comdty
    	
 
    	
MUL
    	
 
    	
Mexican   Bond, 30Yr
    	
 
    	
Developing
    	
 
    	
Bond   :BOND
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
MW1   Comdty
    	
 
    	
MW
    	
 
    	
Wheat,   Red Spring
    	
 
    	
Americas
    	
 
    	
Wheat   :WHET
    	
 
    	
Minneapolis   Grain Exchange :MGE
    
	
CA1   Comdty
    	
 
    	
MWC
    	
 
    	
Wheat,   Milling
    	
 
    	
Commodities
    	
 
    	
Wheat   :WHET
    	
 
    	
NYSE   LIFFE - Paris :EOP
    
	
MWLA   Index
    	
 
    	
MWI
    	
 
    	
mini   MSCI World Index
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
PE1   Curncy
    	
 
    	
MX
    	
 
    	
MXN/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
DS1   Curncy
    	
 
    	
MXD
    	
 
    	
USD   (US Dollar)
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
LX1   Comdty
    	
 
    	
MZN
    	
 
    	
Zinc
    	
 
    	
Commodities
    	
 
    	
Base   Metal :BMTL
    	
 
    	
LME   3rd Wednesday Prices & Options :LMF
    
	
BZA1   Comdty
    	
 
    	
NBC
    	
 
    	
Crude   Oil, Brent Last Day
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
NYMEX   Exchange :NYM
    
	
NG1   Comdty
    	
 
    	
NG
    	
 
    	
Natural   Gas
    	
 
    	
Commodities
    	
 
    	
Natural   Gas :NATG
    	
 
    	
NYMEX   Exchange :NYM
    
	
NH1   Index
    	
 
    	
NH
    	
 
    	
Nikkei   225 Yen
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
NK1   Index
    	
 
    	
NI
    	
 
    	
Nikkei   225
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
NX1   Index
    	
 
    	
NK
    	
 
    	
Nikkei   225
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
NO1   Index
    	
 
    	
NO
    	
 
    	
Nikkei   225 mini
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
NQ1   Index
    	
 
    	
NQ
    	
 
    	
NASDAQ   100 E-mini
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
ZB1   Comdty
    	
 
    	
NZB
    	
 
    	
New   Zeal Bank Bill, 3Mo
    	
 
    	
Asia/Australia
    	
 
    	
Interest   Rate :INTR
    	
 
    	
ASX   Trade24 :SFE
    
	
NV1   Curncy
    	
 
    	
NZD
    	
 
    	
NZD/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
O   1 Comdty
    	
 
    	
OA
    	
 
    	
Oats
    	
 
    	
Commodities
    	
 
    	
Other   Grain :OGRN
    	
 
    	
Chicago   Board of Trade :CBT
    
	
PIL1   Curncy
    	
 
    	
OAJ
    	
 
    	
OSE   FX AUD/JPY
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
OAT1   Comdty
    	
 
    	
OAT
    	
 
    	
French   Government Bond
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
PID1   Curncy
    	
 
    	
OBJ
    	
 
    	
OSE   FX GBP/JPY
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
PIW1   Curncy
    	
 
    	
OCJ
    	
 
    	
OSE   FX CAD/JPY
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Osaka   Securities Exchange :OSE
    

 

B-8

 

	
OD1   Comdty
    	
 
    	
OD
    	
 
    	
Interbank   Deposit, 1 Day
    	
 
    	
Developing
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
PIC1   Curncy
    	
 
    	
OEJ
    	
 
    	
OSE   FX EUR/JPY
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
PIO1   Curncy
    	
 
    	
OEU
    	
 
    	
OSE   FX EUR/USD
    	
 
    	
Asia/Australia
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
JO1   Comdty
    	
 
    	
OJ
    	
 
    	
FCOJ,   A
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
ICE   Futures US Softs :NYB
    
	
PIB1   Curncy
    	
 
    	
OJY
    	
 
    	
OSE   FX USD/JPY
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
PIR1   Curncy
    	
 
    	
ONJ
    	
 
    	
OSE   FX NZD/JPY
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
PIA1   Curncy
    	
 
    	
OSJ
    	
 
    	
OSE   FX CHF/JPY
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Osaka   Securities Exchange :OSE
    
	
QC1   Index
    	
 
    	
OX
    	
 
    	
OMXS30
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
OMX   Nordic Exchange Stockholm :SSE
    
	
PA1   Comdty
    	
 
    	
PA
    	
 
    	
Palladium
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
NYMEX   Exchange :NYM
    
	
CF1   Index
    	
 
    	
PI
    	
 
    	
CAC   40 10 EUR
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
NYSE   LIFFE - Paris :EOP
    
	
PL1   Comdty
    	
 
    	
PL
    	
 
    	
Platinum
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
NYMEX   Exchange :NYM
    
	
KO1   Comdty
    	
 
    	
PO
    	
 
    	
Crude   Palm Oil
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
Malaysia   Derivatives Ex. (KLO) :MDE
    
	
G   1 Comdty
    	
 
    	
QG
    	
 
    	
Long   Gilt
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
NYSE   LIFFE - London :LIF
    
	
EC1   Comdty
    	
 
    	
QM
    	
 
    	
Crude   Oil, E-mini
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
NYMEX   Exchange :NYM
    
	
EO1   Comdty
    	
 
    	
QN
    	
 
    	
Natural   Gas, E-mini
    	
 
    	
Commodities
    	
 
    	
Natural   Gas :NATG
    	
 
    	
NYMEX   Exchange :NYM
    
	
XAP1   Curncy
    	
 
    	
RAU
    	
 
    	
AUD/USD   Futures
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Russian   Trading System :RTS
    
	
XB1   Comdty
    	
 
    	
RB
    	
 
    	
Gasoline,   RBOB
    	
 
    	
Commodities
    	
 
    	
Refined   Products :REFP
    	
 
    	
NYMEX   Exchange :NYM
    
	
B51   Comdty
    	
 
    	
RBL
    	
 
    	
Brent   Crude Oil
    	
 
    	
Commodities
    	
 
    	
Crude   Oil :CRDO
    	
 
    	
Russian   Trading System :RTS
    
	
RXD1   Index
    	
 
    	
RDX
    	
 
    	
RDXUSD   Index Futures
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
RED1   Curncy
    	
 
    	
REC
    	
 
    	
EUR/USD
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Russian   Trading System :RTS
    
	
C31   Comdty
    	
 
    	
RG
    	
 
    	
Gold
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Russian   Trading System :RTS
    
	
XUP1   Curncy
    	
 
    	
RGD
    	
 
    	
GBP/USD   Futures
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Russian   Trading System :RTS
    

 

B-9

 

	
RGAA   Index
    	
 
    	
RGW
    	
 
    	
Russell   1000 Growth
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
ICE   Futures US Indices :NYF
    
	
RM1   Index
    	
 
    	
RM
    	
 
    	
Russell   1000 Mini
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
ICE   Futures US Indices :NYF
    
	
PLT1   Comdty
    	
 
    	
RPL
    	
 
    	
Platinum
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Russian   Trading System :RTS
    
	
IJ1   Comdty
    	
 
    	
RPS
    	
 
    	
Rapeseed,   Euro
    	
 
    	
Commodities
    	
 
    	
Other   Grain :OGRN
    	
 
    	
NYSE   LIFFE - Paris :EOP
    
	
RR1   Comdty
    	
 
    	
RR
    	
 
    	
Rice,   Rough
    	
 
    	
Commodities
    	
 
    	
Other   Grain :OGRN
    	
 
    	
Chicago   Board of Trade :CBT
    
	
RU1   Curncy
    	
 
    	
RRU
    	
 
    	
RUB/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
SAA1   Comdty
    	
 
    	
RSB
    	
 
    	
Raw   Sugar
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
Russian   Trading System :RTS
    
	
SVA1   Comdty
    	
 
    	
RSV
    	
 
    	
Refined   Silver
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Russian   Trading System :RTS
    
	
UR1   Curncy
    	
 
    	
RUB
    	
 
    	
USD/RUB
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
Russian   Trading System :RTS
    
	
RVB1   Index
    	
 
    	
RV
    	
 
    	
Russell   1000 Value
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
ICE   Futures US Indices :NYF
    
	
WHT1   Comdty
    	
 
    	
RWC
    	
 
    	
Wheat
    	
 
    	
Commodities
    	
 
    	
Wheat   :WHET
    	
 
    	
Russian   Trading System :RTS
    
	
SB1   Comdty
    	
 
    	
SB
    	
 
    	
Sugar,   #11 World
    	
 
    	
Commodities
    	
 
    	
Foodstuff   :FOOD
    	
 
    	
ICE   Futures US Softs :NYB
    
	
SHYA   Index
    	
 
    	
SES
    	
 
    	
Sensex
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Bombay   Stock Exchange :BBX
    
	
BC1   Index
    	
 
    	
SET
    	
 
    	
SET50
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Thailand   Futures Exchange :TEF
    
	
SF1   Curncy
    	
 
    	
SF
    	
 
    	
CHF/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
DS1   Comdty
    	
 
    	
SFV
    	
 
    	
Swap,   5Yr
    	
 
    	
Americas
    	
 
    	
Swap   :SWAP
    	
 
    	
Chicago   Board of Trade :CBT
    
	
QZ1   Index
    	
 
    	
SG
    	
 
    	
MSCI   Singapore
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Singapore   Exchange (was SIMEX) :SGX
    
	
FB1   Comdty
    	
 
    	
SGB
    	
 
    	
Swiss   CONF
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
SM1   Comdty
    	
 
    	
SM
    	
 
    	
Soybean   Meal
    	
 
    	
Commodities
    	
 
    	
Soy   :SOY
    	
 
    	
Chicago   Board of Trade :CBT
    
	
S11   Index
    	
 
    	
SMD
    	
 
    	
Swiss   Mid Cap
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
MV1   Comdty
    	
 
    	
SMW
    	
 
    	
Wheat,   Milling
    	
 
    	
Commodities
    	
 
    	
Wheat   :WHET
    	
 
    	
ASX   Trade24 :SFE
    
	
IH1   Index
    	
 
    	
SNF
    	
 
    	
S&P   CNX Nifty
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Singapore   Exchange (was SIMEX) :SGX
    
	
WB1   Comdty
    	
 
    	
SQG
    	
 
    	
Short   Gilt
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
NYSE   LIFFE - London :LIF
    

 

B-10

 

	
SY1   Comdty
    	
 
    	
SSY
    	
 
    	
Soybean
    	
 
    	
Commodities
    	
 
    	
Soy   :SOY
    	
 
    	
South   African Futures Exchange :SAF
    
	
VH1   Index
    	
 
    	
ST
    	
 
    	
STOXX   50 Future
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
DI1   Comdty
    	
 
    	
STY
    	
 
    	
Swap,   10Yr Interest Rate
    	
 
    	
Americas
    	
 
    	
Swap   :SWAP
    	
 
    	
Chicago   Board of Trade :CBT
    
	
SI1   Comdty
    	
 
    	
SV
    	
 
    	
Silver
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
COMEX   division of NYMEX :CMX
    
	
PT1   Index
    	
 
    	
SXF
    	
 
    	
S&P   Toronto 60
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Montreal   Exchange :MSE
    
	
S   1 Comdty
    	
 
    	
SY
    	
 
    	
Soybean
    	
 
    	
Commodities
    	
 
    	
Soy   :SOY
    	
 
    	
Chicago   Board of Trade :CBT
    
	
YK1   Comdty
    	
 
    	
SYZ
    	
 
    	
Soybean,   Mini
    	
 
    	
Commodities
    	
 
    	
Soy   :SOY
    	
 
    	
Chicago   Board of Trade :CBT
    
	
FT1   Index
    	
 
    	
TAX
    	
 
    	
TAIEX
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Taiwan   Futures Exchange :FTX
    
	
TB1   Index
    	
 
    	
TB
    	
 
    	
TAIEX,   Finance
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Taiwan   Futures Exchange :FTX
    
	
DPA   Index
    	
 
    	
TDD
    	
 
    	
TECDAX
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
RTA1   Index
    	
 
    	
TF
    	
 
    	
Russell   2000 Mini
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
ICE   Futures US Indices :NYF
    
	
TGB1   Comdty
    	
 
    	
TGC
    	
 
    	
GOLD
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Thailand   Futures Exchange :TEF
    
	
XLT1   Comdty
    	
 
    	
TGF
    	
 
    	
Gold   USD/Ounce
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Turkish   Derivatives Exchange :TKD
    
	
UST1   Curncy
    	
 
    	
THB
    	
 
    	
THB/USD   Future
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
Thailand   Futures Exchange :TEF
    
	
A51   Index
    	
 
    	
TKF
    	
 
    	
ISE   30
    	
 
    	
Developing
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Turkish   Derivatives Exchange :TKD
    
	
A21   Curncy
    	
 
    	
TLEC
    	
 
    	
TRY/EUR
    	
 
    	
Developing
    	
 
    	
Cross   Currency :XCUR
    	
 
    	
Turkish   Derivatives Exchange :TKD
    
	
TMD1   Comdty
    	
 
    	
TMD
    	
 
    	
10   Baht GOLD
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
Thailand   Futures Exchange :TEF
    
	
TMI1   Index
    	
 
    	
TMI
    	
 
    	
Mini   TOPIX
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Tokyo   Stock Exchange :TSE
    
	
LT1   Comdty
    	
 
    	
TN
    	
 
    	
Tin
    	
 
    	
Commodities
    	
 
    	
Base   Metal :BMTL
    	
 
    	
LME   3rd Wednesday Prices & Options :LMF
    
	
TP1   Index
    	
 
    	
TP
    	
 
    	
TOPIX
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Tokyo   Stock Exchange :TSE
    
	
A11   Curncy
    	
 
    	
TRL
    	
 
    	
TRY   (Turkish Lira)
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
Turkish   Derivatives Exchange :TKD
    
	
TU1   Comdty
    	
 
    	
TU
    	
 
    	
US   Treasury Note, 2Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
Chicago   Board of Trade :CBT
    

 

B-11

 

	
TYT1   Comdty
    	
 
    	
TUY
    	
 
    	
US   Treasury Note, 2Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
TW1   Index
    	
 
    	
TW
    	
 
    	
MSCI   Taiwan
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Singapore   Exchange (was SIMEX) :SGX
    
	
TE1   Index
    	
 
    	
TWE
    	
 
    	
TAIEX,   Electronic
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Taiwan   Futures Exchange :FTX
    
	
TY1   Comdty
    	
 
    	
TY
    	
 
    	
US   Treasury Note, 10Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
Chicago   Board of Trade :CBT
    
	
WN1   Comdty
    	
 
    	
ULB
    	
 
    	
US   Treasury Ultra Bond
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
Chicago   Board of Trade :CBT
    
	
US1   Comdty
    	
 
    	
US
    	
 
    	
US   Treasury Long Bond
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
Chicago   Board of Trade :CBT
    
	
UST1   Comdty
    	
 
    	
USR
    	
 
    	
US   Treasury DTCC GCF Repo Index
    	
 
    	
Americas
    	
 
    	
Interest   Rate :INTR
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
RYT1   Comdty
    	
 
    	
USY
    	
 
    	
US   Treasury Long Bond
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
SYT1   Comdty
    	
 
    	
UTY
    	
 
    	
US   Treasury Note, 10Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
FVS1   Index
    	
 
    	
VEX
    	
 
    	
VSTOXX   Mini-Futures
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Eurex   :EUX
    
	
VZA   Index
    	
 
    	
VIN
    	
 
    	
VINX30
    	
 
    	
Europe
    	
 
    	
Equity   Index :EQIX
    	
 
    	
OMX   Nordic Exchange Helsinki :HEX
    
	
UX1   Index
    	
 
    	
VX
    	
 
    	
CBOE   Volatility Index (VIX)
    	
 
    	
Americas
    	
 
    	
Non-Equity   Index :NEIX
    	
 
    	
CBOE   Futures Exchange :CBF
    
	
VYB1   Comdty
    	
 
    	
VYB
    	
 
    	
Mexican   Bond, 20Yr
    	
 
    	
Developing
    	
 
    	
Bond   :BOND
    	
 
    	
Mercado   Mexicano de Derivados :MDX
    
	
W   1 Comdty
    	
 
    	
WC
    	
 
    	
Wheat
    	
 
    	
Commodities
    	
 
    	
Wheat   :WHET
    	
 
    	
Chicago   Board of Trade :CBT
    
	
WDO1   Curncy
    	
 
    	
WDO
    	
 
    	
Mini   Dollar Futures
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
FS1   Curncy
    	
 
    	
WUS
    	
 
    	
USD   (US Dollar)
    	
 
    	
Europe
    	
 
    	
Currency   :CURR
    	
 
    	
Warsaw   Stock Exchange :WSE
    
	
WZ1   Comdty
    	
 
    	
WZ
    	
 
    	
Maize,   White
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
South   African Futures Exchange :SAF
    
	
XG1   Comdty
    	
 
    	
XG
    	
 
    	
Gold,   Mini
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
YS1   Comdty
    	
 
    	
XS
    	
 
    	
Silver,   Mini
    	
 
    	
Commodities
    	
 
    	
Precious   Metal :PMTL
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
XU1   Index
    	
 
    	
XUA
    	
 
    	
FTSE   China A50
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Singapore   Exchange (was SIMEX) :SGX
    
	
YC1   Comdty
    	
 
    	
YC
    	
 
    	
Corn,   Mini
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
Chicago   Board of Trade :CBT
    
	
DM1   Index
    	
 
    	
YM
    	
 
    	
DJ   Industrial Average Mini
    	
 
    	
Americas
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Chicago   Board of Trade :CBT
    

 

B-12

 

	
YW1   Comdty
    	
 
    	
YW
    	
 
    	
Maize,   Yellow
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
South   African Futures Exchange :SAF
    
	
DRA1   Curncy
    	
 
    	
ZAR
    	
 
    	
Dollar/Rand   Future
    	
 
    	
Developing
    	
 
    	
Currency   :CURR
    	
 
    	
JSE   Interest Rate Market :YLX
    
	
NI1   Index
    	
 
    	
ZN
    	
 
    	
Nikkei   225
    	
 
    	
Asia/Australia
    	
 
    	
Equity   Index :EQIX
    	
 
    	
Singapore   Exchange (was SIMEX) :SGX
    
	
RA1   Curncy
    	
 
    	
ZR
    	
 
    	
ZAR/USD   Future
    	
 
    	
Americas
    	
 
    	
Currency   :CURR
    	
 
    	
Chicago   Mercantile Exchange :CME
    
	
BJ1   Comdty
    	
 
    	
ZT
    	
 
    	
Japan   Gov’t Bond, 10Yr Mini
    	
 
    	
Asia/Australia
    	
 
    	
Bond   :BOND
    	
 
    	
Singapore   Exchange (was SIMEX) :SGX
    
	
 
    	
 
    	
INS
    	
 
    	
ICE   Natural Gas
    	
 
    	
Commodities
    	
 
    	
Natural   Gas :NATG
    	
 
    	
ICE   Futures Europe :ICE
    
	
NN1   Comdty
    	
 
    	
NN
    	
 
    	
Natural   Gas
    	
 
    	
Commodities
    	
 
    	
Natural   Gas :NATG
    	
 
    	
NYMEX   Exchange :NYM
    
	
HH1   Comdty
    	
 
    	
HH
    	
 
    	
Natural   Gas
    	
 
    	
Commodities
    	
 
    	
Natural   Gas :NATG
    	
 
    	
NYMEX   Exchange :NYM
    
	
CFP1   Comdty
    	
 
    	
DFV
    	
 
    	
US   5Yr Deliverable Swap
    	
 
    	
Americas
    	
 
    	
Swap   :SWAP
    	
 
    	
Chicago   Board of Trade :CBT
    
	
CTP1   Comdty
    	
 
    	
DTU
    	
 
    	
US   2Yr Deliverable Swap
    	
 
    	
Americas
    	
 
    	
Swap   :SWAP
    	
 
    	
Chicago   Board of Trade :CBT
    
	
CNP1   Comdty
    	
 
    	
DTY
    	
 
    	
US   10Y Deliverable Swap
    	
 
    	
Americas
    	
 
    	
Swap   :SWAP
    	
 
    	
Chicago   Board of Trade :CBT
    
	
CBP1   Comdty
    	
 
    	
DUS
    	
 
    	
US   30Y Deliverable Swap
    	
 
    	
Americas
    	
 
    	
Swap   :SWAP
    	
 
    	
Chicago   Board of Trade :CBT
    
	
BTA1   Comdty
    	
 
    	
OAM
    	
 
    	
French   Government Bond
    	
 
    	
Europe
    	
 
    	
Bond   :BOND
    	
 
    	
Eurex   :EUX
    
	
SYT1   Comdty
    	
 
    	
TYY
    	
 
    	
US   Treasury Note, 10Yr
    	
 
    	
Americas
    	
 
    	
Bond   :BOND
    	
 
    	
NYSE   LIFFE U.S. :NYL
    
	
CAR1   COMDTY
    	
 
    	
EUA
    	
 
    	
ICE   ECX CER Emissions
    	
 
    	
Commodities
    	
 
    	
Emissions   :EMIS
    	
 
    	
ICE   Futures Europe :ICE
    
	
OD1   Comdty
    	
 
    	
OD1F
    	
 
    	
Interbank   Deposit, 1 Day
    	
 
    	
Developing
    	
 
    	
Interest   Rate :INTR
    	
 
    	
Bolsa   De Mercadorias & Futuros :BMF
    
	
vbe1   comdty
    	
 
    	
SAC
    	
 
    	
SAFEX   Corn
    	
 
    	
Commodities
    	
 
    	
Corn   :CORN
    	
 
    	
South   African Futures Exchange :SAF
    
	
APN   +1M Curncy
    	
 
    	
FARS
    	
 
    	
Argentinian   Peso
    	
 
    	
LatAm
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
CCN+1M   Curncy
    	
 
    	
FCNY
    	
 
    	
Chinese   Renmindi
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
CHN   +1M Curncy
    	
 
    	
FCLP
    	
 
    	
Chilean   Peso
    	
 
    	
LatAm
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
CLN+1M   Curncy
    	
 
    	
FCOP
    	
 
    	
Columbian   Peso
    	
 
    	
LatAm
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
HUF   Curncy
    	
 
    	
FHUF
    	
 
    	
Hungarian   Forint
    	
 
    	
Europe
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    

 

B-13

 

	
IHN+1M   Curncy
    	
 
    	
FIDR
    	
 
    	
Indonesian   Rupiah
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
ILS   Curncy
    	
 
    	
FILS
    	
 
    	
Israeli   Shekel
    	
 
    	
Europe
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
IRN+1M   Curncy
    	
 
    	
FINR
    	
 
    	
Indian   Rupee
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
KWN+1M   Curncy
    	
 
    	
FKRW
    	
 
    	
Korean   Won
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
MRN+1M   Curncy
    	
 
    	
FMYR
    	
 
    	
Malaysian   Ringgit
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
NTN+1M   Curncy
    	
 
    	
FTWD
    	
 
    	
Tawain   Dollar
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
PPN+1M   Curncy
    	
 
    	
FPHP
    	
 
    	
Philippine   Peso
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
PSN+1M   Curncy
    	
 
    	
FPEN
    	
 
    	
Peruvian   New Sol
    	
 
    	
Asia/Australia
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
RUB   Curncy
    	
 
    	
FRUB
    	
 
    	
Russian   Ruble
    	
 
    	
Europe
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
BRL   Curncy
    	
 
    	
FBRL
    	
 
    	
Brazilian   Real
    	
 
    	
LatAm
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
AUD   Curncy
    	
 
    	
AX
    	
 
    	
Australian   Dollar
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
GBP   Curncy
    	
 
    	
FB
    	
 
    	
British   Pound
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
CAD   Curncy
    	
 
    	
FC
    	
 
    	
Canadian   Dollar
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
CZK   Curncy
    	
 
    	
FCZK
    	
 
    	
Czech   Koruna
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
DKK   Curncy
    	
 
    	
FDKK
    	
 
    	
Danish   Krone
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
EUR   Curncy
    	
 
    	
FE
    	
 
    	
Euro   Currency
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
JPY   Curncy
    	
 
    	
FJ
    	
 
    	
Japanese   Yen
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
MXN   Curncy
    	
 
    	
FMXN
    	
 
    	
Mexican   Peso
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
NOK   Curncy
    	
 
    	
FNOK
    	
 
    	
Norwegian   Krone
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
NZD   Curncy
    	
 
    	
FNZD
    	
 
    	
New   Zealand Dollar
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
PLN   Curncy
    	
 
    	
FPLN
    	
 
    	
Polish   Zloty
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
CHF   Curncy
    	
 
    	
FS
    	
 
    	
Swiss   Franc
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
SEK   Curncy
    	
 
    	
FSEK
    	
 
    	
Swedish   Krona
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
SGD   Curncy
    	
 
    	
FSGD
    	
 
    	
Singapore   Dollar
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
FTRY   Curncy
    	
 
    	
FTRY
    	
 
    	
Turkish   Lira
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
ZAR   Curncy
    	
 
    	
FZAR
    	
 
    	
South   African Rand
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR
    	
 
    	
FX:   OTC
    
	
AUDCAD   Curncy
    	
 
    	
XAC
    	
 
    	
Aussie/Cad   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
AUDJPY   Curncy
    	
 
    	
XAJ
    	
 
    	
Aussie/Yen   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
AUDNZD   Curncy
    	
 
    	
XANZD
    	
 
    	
Aussie/Kiwi   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
GBPAUD   Curncy
    	
 
    	
XBA
    	
 
    	
Sterling/Aussie   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
GBPJPY   Curncy
    	
 
    	
XBJ
    	
 
    	
Sterling/Yen   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
CADJPY   Curncy
    	
 
    	
XCJ
    	
 
    	
Cad/Yen   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    

 

B-14

 

	
EURAUD   Curncy
    	
 
    	
XEA
    	
 
    	
Euro/Aussie   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
EURGBP   Curncy
    	
 
    	
XEB
    	
 
    	
Euro/Sterling   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
EURCAD   Curncy
    	
 
    	
XECAD
    	
 
    	
Euro/Cad   Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
EURJPY   Curncy
    	
 
    	
XEJ
    	
 
    	
Euro   Yen Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
EURNOK   Curncy
    	
 
    	
XENOK
    	
 
    	
Euro   Nok Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
EURSEK   Curncy
    	
 
    	
XESEK
    	
 
    	
Euro   Sek Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
NZDJPY   Cunrcy
    	
 
    	
XNJ
    	
 
    	
Kiwi   Yen Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    
	
NOKSEK   Curncy
    	
 
    	
XNKSK
    	
 
    	
Nok   Sek Cross
    	
 
    	
Currencies
    	
 
    	
Currency   :CURR CROSS
    	
 
    	
FX:   OTC
    

 

	
 
    	
CRABEL   CAPITAL MANAGEMENT,LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:   Michael Pomada
    
	
 
    	
Title:   Chief Operating Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated as of March 31, 2013
    	
 
    

 

B-15

 

APPENDIX C

 

COMMODITY TRADING AUTHORITY

 

Crabel Capital Management, LLC

Attn:  Michael Pomada

Facsimile:  414-276-2660

 

Dear Michael Pomada:

 

Colby Global Horizons, LLC (the “Company”) does hereby make, constitute and appoint you as its attorney-in-fact to buy and sell commodity futures and forward contracts (including foreign futures and options contracts) in accordance with the Advisory Agreement between us and certain others.

 

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
COLBY   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC,
    
	
 
    	
 
    	
its   Manager
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Robert   S. Ellsworth
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated   as of March     , 2013
    	
 
    

 

C-1

 

APPENDIX D

 

ACKNOWLEDGMENT OF RECEIPT OF CRABEL MEMORANDUM

 

The undersigned hereby acknowledges receipt of Crabel Capital Management’s Crabel Fund, L.P.  Memorandum dated November 30, 2012.

 

 

	
 
    	
COLBY   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC,
    
	
 
    	
 
    	
its   Manager
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Robert   S. Ellsworth
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated   as of March     , 2013
    	
 
    

 

D-1

 

APPENDIX E

 

DESCRIPTION OF THE CRABEL DIVERSIFIED FUTURES PROGRAM (“THE PROGRAM”)

 

The Crabel Diversified Futures Program employs multiple, price-driven short-term trading strategies in a diversified, global portfolio of liquid futures and currency markets.  Approximately half of the trades are momentum trades and half are mean-reversion trades.  Trading is systematic, and the average holding period of each trade is approximately one day.  Risk is controlled by employing stop loss levels, time exits and diversification across sectors and geographical regions.  The Crabel Diversified Futures Program is traded in the Class G Interests of Crabel Fund, L.P.  The Advisor’s intention is to trade the Global Horizons Fund assets in the same manner as it trades the Class G Interests of Crabel Fund, L.P.

 

The trading strategies of the Trading Advisor are proprietary and confidential.

 

D-2

 

APPENDIX F

 

CONSENT TO ELECTRONIC DELIVERY

 

In accordance with Part 4 of the Commodity Exchange Act, the Trading Advisor is required to deliver any reports or financial information related to the Company’s Account. These items may be delivered to Company electronically with the Company’s consent. If the Company consents to electronic delivery of documents, this consent will be in place until revoked by Company in writing to Trading Advisor in accordance with the Notices Section of this Agreement. The Company may revoke this consent at any time and request all documents to be sent in hard copy by mail. The Company may request a specific document or document to be sent in hard copy by mail in addition to electronic delivery. The Trading Advisor does not charge any additional fees for electronic delivery of this information.

 

By signing below, the Company understands these provisions and consents to electronic delivery of all documents from Trading Advisor.

 

	
 
    	
COLBY   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC,
    
	
 
    	
 
    	
its   Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Robert   S. Ellsworth
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

D-3Exhibit 10.03

 

ADVISORY AGREEMENT

 

among

 

QUAKER GLOBAL HORIZONS, LLC

 

BLACKROCK INVESTMENT MANAGEMENT, LLC

 

and

 

QMS CAPITAL MANAGEMENT LP

 

Dated as of April 30th, 2013

 

 

ADVISORY AGREEMENT

 

Table of Contents

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
1.
    	
Undertakings in Connection with Offering of Global Horizons   Units
    	
2
    
	
2.
    	
Duties of the Trading Advisor
    	
3
    
	
3.
    	
Trading Advisor Independent
    	
4
    
	
4.
    	
Commodity Broker; Floor Brokers
    	
5
    
	
5.
    	
Allocation of Company Assets to Trading Advisor; Allocation   of Receipts and Charges
    	
6
    
	
6.
    	
Compensation
    	
7
    
	
7.
    	
Term and Termination
    	
9
    
	
8.
    	
Right to Advise Others; Uniformity of Acts and Practices
    	
10
    
	
9.
    	
Speculative Position Limits
    	
11
    
	
10.
    	
Additional Undertakings by the Trading Advisor
    	
11
    
	
11.
    	
Representations and Warranties
    	
11
    
	
12.
    	
Entire Agreement
    	
14
    
	
13.
    	
Exculpation and Indemnification
    	
15
    
	
14.
    	
Assignment
    	
16
    
	
15.
    	
Amendment; Waiver
    	
16
    
	
16.
    	
Severability
    	
16
    
	
17.
    	
No Third-Party Beneficiaries
    	
16
    
	
18.
    	
Notices
    	
16
    
	
19.
    	
Governing Law
    	
17
    
	
20.
    	
Consent to Jurisdiction
    	
17
    
	
21.
    	
Promotional Material
    	
18
    
	
22.
    	
Confidentiality
    	
18
    
	
23.
    	
Counterparts
    	
18
    
	
24.
    	
Headings
    	
19
    
	
 
    	
 
    
	
Appendix A - List of Authorized Traders
    	
A-1
    
	
Appendix B - List of Commodity Interests Traded by   Trading Advisor
    	
B-1
    
	
Appendix C - Commodity Trading Authority
    	
C-1
    
	
Appendix D -Acknowledgement of Receipt of   Disclosure Document
    	
D-1
    

 

 

ADVISORY AGREEMENT

 

THIS ADVISORY AGREEMENT (the “Agreement”), made as of April 30, 2013, among QUAKER GLOBAL HORIZONS, LLC, a Delaware limited liability company (the “Company”), BLACKROCK INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company and the manager of the Company (the “Manager”), and QMSCAPITAL MANAGEMENT LP, a Delaware limited partnership (the “Trading Advisor”).

 

WITNESSETH:

 

WHEREAS, the Company trades, buys, sells or otherwise acquires, holds or disposes of forward contracts, currencies, futures contracts for commodities, financial instruments and currencies on United States and foreign exchanges, any rights pertaining thereto and any options thereon or on physical commodities and engages in all activities incident thereto (the foregoing forms of investment being collectively referred to herein as “commodity interests”);

 

WHEREAS, a holder of interests in the Company, BlackRock Global Horizons I, LP (the “Global Horizons Fund”), currently offers units of limited partnership interests in the Global Horizons Fund (the “Global Horizons Units”) for sale to investors in an offering exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”), pursuant to Section 4(2) thereof and Rule 506 under Regulation D promulgated thereunder, as described in the Global Horizons Fund’s confidential private placement memorandum (the “Global Horizons Memorandum”) that has been filed with the Commodity Futures Trading Commission (the “CFTC”) and the National Futures Association (the “NFA”) pursuant to the Commodity Exchange Act, as amended (the “CEA”), the commodity pool operator and commodity trading advisor regulations promulgated under the CEA by the CFTC (the “Commodity Regulations”), and NFA rules promulgated under the CEA (the “NFA Rules”);

 

WHEREAS, the Global Horizons Fund had previously sold Global Horizons Units publicly pursuant to an effective registration under the 1933 Act.  Such public offering was discontinued in 1998, and the Global Horizons Units now being offered are the same class of equity securities as the outstanding Global Horizons Units;

 

WHEREAS, interests in the Company may be held by the Global Horizons Fund and by additional entities sponsored or managed by the Manager or an affiliate (each such entity, including the Global Horizons Fund, a “BlackRock Vehicle”);

 

WHEREAS, the Trading Advisor is engaged in the business of, among other things, making trading decisions on behalf of investors in the purchase and sale of certain commodity interests; and

 

WHEREAS, the Company desires the Trading Advisor, upon the terms and conditions set forth herein, to act as a trading advisor for the Company and to make commodity interests investment decisions for the Company with respect to the Company’s assets from time to time, and the Trading Advisor desires to so act;

 

1

 

NOW, THEREFORE, the parties hereto do hereby agree as follows:

 

1.                                      Undertakings in Connection with Offering of Global Horizons Units.

 

(a)                     Undertakings by the Trading Advisor.  The Trading Advisor agrees to use its best efforts to cooperate with the Global Horizons Fund and the Manager in amending the Global Horizons Memorandum or any other written materials, including without limitation by providing, as promptly as may be reasonably practicable, all information (if any) regarding the Trading Advisor and its principals which the Manager reasonably believes to be necessary or advisable to include in the Global Horizons Memorandum, as the same may be amended from time to time; provided, that nothing herein shall require the Trading Advisor to disclose any proprietary or confidential information related to its trading programs, systems or strategies or to its clients.

 

(b)                     Certain Defined Terms.  As used in this Agreement, the term “principal” shall have the same meaning given to such term in Section 4.10(e) of the Commodity Regulations, and the term “affiliate” shall mean an individual or entity (including a stockholder, director, officer, employee, agent, or principal) that directly or indirectly controls, is controlled by, or is under common control with any other individual or entity.

 

(c)                      Use of Global Horizons Memorandum and Other Solicitation Material.  Neither the Trading Advisor, its principals nor any of its employees, affiliates or agents, the employees, affiliates or agents of such affiliates, or their respective successors or assigns shall use, publish, circulate or distribute the Global Horizons Memorandum (including any amendment or supplement thereto) or any related solicitation material nor shall any of the foregoing engage in any marketing, sales or promotional activities in connection with the offering of Global Horizons Units, except as may be requested by the Manager and agreed to by the Trading Advisor.

 

(d)                     Updated Performance Information.  At any time while Global Horizons Units continue to be offered and sold, at the written request of the Global Horizons Fund or the Manager, the Trading Advisor, at its own expense, shall promptly provide the Global Horizons Fund and the Manager with complete and accurate performance information (in form and substance consistent with Section 4.35 of the Commodity Regulations and the NFA Rules) reflecting the actual performance of the accounts directed by the Trading Advisor pursuant to the Program (as defined below) up to the latest practicable date (consistent with Section 4.35 of the Commodity Regulations) prior to the date of the Global Horizons Memorandum (as amended or supplemented), together with any reports or letters relating to such performance data received from accountants and in the possession of the Trading Advisor.

 

(e)                      Access to Personnel and Books and Records.  Upon reasonable notice to the Trading Advisor, the Company or the Manager shall have the right to have access to the Trading Advisor’s offices in order to inspect and copy such books and records during normal business hours as may enable them to verify the accuracy and completeness of or to supplement as necessary the data furnished by the Trading Advisor pursuant to Section l(d) of this Agreement or to verify compliance with the terms of this Agreement (subject to such restrictions as the Trading Advisor may reasonably deem necessary or advisable so as to preserve the confidentiality of proprietary information concerning such trading systems,

 

2

 

methods, models, strategies and formulas and of the identity of the Trading Advisor’s clients).  The Company or the Manager shall also have the right to have access to appropriate senior personnel of the Trading Advisor in order to discuss matters related to such books and records.

 

2.                                      Duties of the Trading Advisor.

 

(a)                     Speculative Trading.  As of the date of this Agreement, the Trading Advisor acts as the trading advisor for the Company.  The Trading Advisor and the Company agree that in managing the commodity interests of the Company held in the Clearing Broker Account (as defined below), the Trading Advisor shall utilize the investment program(the “Program”) as described in the Confidential Private Offering Memorandum for QMS Diversified Global Macro U.S. Fund LP dated January 2013 (the “Disclosure Document”). The Trading Advisor may trade a different trading program for the Company only with the consent of the Manager.  Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of assets credited to the Clearing Broker Account utilizing the Program pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein.  Only those individuals employed by the Trading Advisor, listed on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company.  Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary to comply with applicable law, including speculative position limits. “Clearing Broker Account” means, collectively, one or more accounts of the Company held in the name of the Company and established at one or more Clearing Brokers (as defined below).

 

The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss.

 

The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 30 days’ prior written notice of such change.  The addition of or revision to a model or suite of models in the Program, or the deletion of a model or suite of models from the Program, shall not be considered a material change for purposes of this paragraph, in each case, if made in the ordinary course of business. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in Section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a trading program other than the Program in managing the Company only with the consent of the Manager.

 

(b)                     List of Commodity Interests Traded by the Trading Advisor.  The Trading Advisor shall provide the Company and the Manager with a complete list of commodity interests which it intends to trade on the Company’s behalf.  All commodity interests other

 

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than regulated futures contracts and options on regulated futures contracts traded on a qualified board or exchange in the United States (“Regulated Futures Contracts”) shall be listed on Appendix B to this Agreement.  The addition of commodity interests (other than spot currencies, forward contracts on foreign currencies and Regulated Futures Contracts) to the Company’s portfolio managed by the Trading Advisor as set forth in Appendix B to this Agreement shall require prior written notice to the Company or the Manager and an amendment to Appendix B.

 

(c)                      Investment of Assets Held in Securities and Cash.  Notwithstanding any provision of this Agreement to the contrary, the Company and the Manager, and not the Trading Advisor, shall have the sole and exclusive authority and responsibility with regard to the investment, maintenance and management of the Company’s assets other than in respect of the Trading Advisor’s trading of the Company’s commodity interests held in the Clearing Broker Account.

 

(d)                     Trading Authorization.  Prior to the Company’s acceptance of trading advice from the Trading Advisor in accordance with this Agreement, the Company shall deliver to the Trading Advisor a trading authorization in the form of Appendix C hereto appointing the Trading Advisor as an agent of the Company and attorney-in-fact for such purpose.

 

(e)                      Delivery of Disclosure Documents.  The Trading Advisor shall, during the term of this Agreement, deliver to the Company copies of all updated disclosure documents for the Program, promptly following preparation of such disclosure documents, and the Manager on behalf of the Company shall, if requested, sign the Acknowledgement of Receipt of Disclosure Document in the form of Appendix D hereto, for the initial disclosure document so delivered.

 

(f)                       Trade Reconciliations.  The Trading Advisor acknowledges its obligation to review the commodity interest positions held in the Clearing Broker Account on a daily basis and to notify the Company and the Manager promptly of any errors committed by the Trading Advisor or any trade which the Trading Advisor believes was not executed in accordance with its instructions and cannot be promptly resolved. The Trading Advisor will use its own records to evaluate trade and portfolio information against those of the Clearing Broker until it receives the necessary information from the Company, upon which time the Trading Advisor will use the information from the Company to evaluate the trade and portfolio information.

 

(g)                      Trade Information.  The Trading Advisor shall use reasonable efforts to provide trade information to OMR Systems by electronic file by 5:30 p.m. (Eastern time) on the date of any trade made on behalf of the Company.

 

3.                                      Trading Advisor Independent.  For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall have no authority to act for or represent the Company in any way and shall not otherwise be deemed to be an agent of the Company.  Nothing contained herein shall create or constitute the Trading Advisor and any other trading advisor for the Company, the Global Horizons Fund or the Manager as a member of any partnership, joint venture, association, syndicate, unincorporated business or other

 

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separate entity, nor shall this Agreement be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other.  The parties acknowledge that the Trading Advisor has not been an organizer or promoter of the Global Horizons Fund.

 

4.                                      Commodity Broker; Floor Brokers.

 

(a)                     Clearing of All Trades.  The Trading Advisor shall clear orders for all commodity interest transactions for the Company through such commodity broker or brokers as the Company shall designate from time to time in its sole discretion (the “Clearing Broker”).  The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor brokers not associated with the Clearing Broker.  The Manager will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Company’s account.  The Manager agrees that it will only disapprove a proposed executing broker suggested by the Trading Advisor for cause and that, if an executing broker is approved, the Company will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker, barring negligence, misconduct or bad faith on the part of the Trading Advisor.  Even if such floor brokers receive the Manager’s consent to execute trades on behalf of the Company, all such trades will be “given-up” to be carried by the Clearing Broker.  The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Company directly from the Clearing Broker.

 

The parties acknowledge that the Trading Advisor has no authority or responsibility for selecting a commodity broker or dealers or for the negotiation of brokerage commission rates.  If necessary for the Trading Advisor to trade pursuant to the Program, the Company shall provide adequate dealing lines of credit for the Trading Advisor to place orders for spot and forward currency contracts on behalf of the Company.

 

(b)                     Forward Trading.  All forward trades for the Company shall be executed through the forward dealer(s) (which may be affiliates of the Manager) designated by the Manager, provided that at the request of the Trading Advisor, the Manager may consent to some other forward trading arrangement, which consent shall not be unreasonably withheld.  The Trading Advisor shall use such other banks or dealers only for what the Trading Advisor, in good faith, believes to be good cause.

 

(c)                      Floor Brokerage.  Notwithstanding Section 4(a) of this Agreement, the Trading Advisor may place orders for commodity interest transactions for the Company through floor brokers selected by the Trading Advisor, and approved by the Manager, such approval not to be unreasonably withheld.  Such floor brokers shall “give up” all trades on behalf of the Company to the Clearing Broker for clearance.  The brokerage and floor commissions, “give-up” fees and other transaction costs charged by any floor broker to effect Company transactions shall be subject to the approval of the Manager, such approval not to be unreasonably withheld provided that such fees and transaction costs are competitive with the Clearing Broker’s standard rates.

 

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5.                                      Allocation of Company Assets to Trading Advisor; Allocation of Receipts and Charges.

 

(a)                     The Manager has allocated a portion of the assets of the BlackRock Vehicles to the Company to be managed in accordance with the terms of this Agreement.  The Manager may, in its sole discretion, reallocate BlackRock Vehicles’ assets by contributing to or withdrawing amounts from the Company as of any month-end.  The Company may withdraw amounts from the Clearing Broker Accounts as of any month-end, including to fund any distributions or redemptions of interests to be made by the Company and/or to pay the Company’s expenses; provided that the Company and the Manager shall provide the Trading Advisor three days’ notice so that the Trading Advisor may liquidate positions as may be necessary to satisfy such withdrawals.  The Net Contribution Amount (as defined below) may not exceed [  ]*.

 

(b)                     A separate memorandum account (each such account, an “Account”) shall be maintained on the books of the Company with respect to each BlackRock Vehicle’s interest in the Company (or in respect of different portions of a BlackRock Vehicle’s interest in the Company) managed by the Trading Advisor and shall be increased or decreased for allocations, reallocations, distributions, withdrawals and the allocation of gains and receipts, losses and charges (including the Incentive Fee and the Management Fee (as defined below)) with respect to such Account.

 

(c)                      Gains and receipts (e.g., trading profits and, in some instances, interest income), losses and charges (e.g., trading losses, brokerage commissions and Company administrative expenses) specific to the Company shall be allocated to the BlackRock Vehicles’ Accounts on a pro rata basis based on the value of each BlackRock Vehicle Account at the beginning of the applicable fiscal period, before reduction for any Incentive Fee (as defined herein), provided that any Management Fees and Incentive Fees shall be allocated to the Accounts to which such fees relate.

 

(d)                     With respect to the Global Horizons Fund, gains and receipts, losses and charges of the Global Horizons Fund not specific to (i) the Company or (ii) any other company or account held by the Global Horizons Fund and managed by a specific trading advisor (e.g., certain interest income and distributions attributable to the Global Horizons Fund) (“Non-Specific Items”), shall be allocated among all of the companies and accounts held by the Global Horizons Fund that are managed by the different trading advisors, including the Global Horizon Fund’s Account with the Company, pro rata based on the beginning of the month value of each such company and account after reduction for account specific charges.

 

(e)                      The value of a BlackRock Vehicle’s Account determined after taking into account all realized and unrealized gains and losses, and with respect to Global Horizons Fund’s Account, after deducting all charges and reserves (including but not limited to, in the case of Global Horizons Fund, (i) the charges and other items specific to Global Horizons Fund’s Account provided for in Section 5(d), and (ii) a pro rata share (based upon the value of Global Horizons Fund’s Account and each other company and account of the Global Horizons Fund) of distribution fees, transfer agent fees, administrator’s fees, brokerage commissions and sponsor fees) is a BlackRock Vehicle’s Account’s “Net Asset Value.”

 

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6.                                      Compensation.

 

(a)                                 Management Fee.  Within approximately ten business days of each calendar month-end, the Company will pay the Trading Advisor a management fee in respect of each BlackRock Vehicle’s Account equal to [ ]* of the month-end Net Asset Value (before deducting the Management Fee being calculated and any accrued and unearned Incentive Fee) of each such BlackRock Vehicle’s Account (the “Management Fee”).

 

The Management Fee for any month will be prorated for any contributions or withdrawals from a BlackRock Vehicle’s Account pursuant to Section 5(a) during the month and for any months during which the Trading Advisor did not manage the BlackRock Vehicle Account for the full month.  The Management Fee is also payable upon termination of this Agreement other than at a month-end.

 

(b)                                 Incentive Fee.

 

(i)                                     The Company will pay an incentive fee (the “Incentive Fee”) to the Trading Advisor, in respect of each BlackRock Vehicle’s Account for the annual period ending on December 31 of each calendar year (“Incentive Fee Calculation Date”), equal to the Incentive Fee Percentage (as defined herein) of the New Trading Profit (as defined herein) of such BlackRock Vehicle’s Account as of such Incentive Fee Calculation Date. For the avoidance of doubt, December 31 of the calendar year that includes the date of this Agreement is an Incentive Fee Calculation Date.  “Incentive Fee Periods” are (1) the period from the date of this Agreement to December 31 of the calendar year that includes the date of this Agreement, (2) each calendar year, (3) with respect to amounts withdrawn, the period between January 1 of a year and the related withdrawal date during that year when there is an accrued Incentive Fee, and (4) in the event the Agreement is terminated on any date other than December 31 of a year, the period between January 1 of the year of termination and the termination date of the Agreement. “Incentive Fee Percentage” is determined by:

 

a)             First, determining the time-weighted total of all contributions to the Accounts (the “Gross Contribution Amount”).The Gross Contribution Amount for an Incentive Fee Period equals the sum of Time-Weighted Contributions (as defined herein) for the Incentive Fee Period.  There is one Time-Weighted Contribution for each month of an Incentive Fee Period.  The “Time-Weighted Contribution” for a month equals all contributions to the Accounts for the life of the Agreement prior to that month divided by the number of months in the Incentive Fee Period.

 

b)             Second, subtracting from the Gross Contribution Amount an amount equal to the time-weighted sum of all withdrawals from the Accounts, as determined below(this difference is the “Net Contribution Amount”).  The Net Contribution Amount for an Incentive Fee Period equals the Gross Contribution Amount minus the sum of Time-Weighted 

 

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Withdrawals (as defined herein) for the Incentive Fee Period.  There is one Time-Weighted Withdrawal for each month of an Incentive Fee Period.  The “Time-Weighted Withdrawal” for a month equals all withdrawals from the Accounts for the life of the Agreement prior to that month that are in excess of the positive amount, if any, that the Accounts have grown due to investment performance, net of fees and expenses, divided by the number of months in the Incentive Fee Period.

 

c)              Third, at any Incentive Fee Calculation Date or withdrawal date when there is an accrued incentive fee [  ]*.

 

d)             For purposes of calculating Time-Weighted Contributions and Time-Weighted Withdrawals, a contribution or withdrawal that occurs on any date other than a month-end will be treated as having occurred as of the immediately preceding month-end.

 

(ii)                                  Subject to the adjustments contemplated below, “New Trading Profit” shall mean the excess of (x) the Net Asset Value of a BlackRock Vehicle’s Account as of the current Incentive Fee Calculation Date (less all Management Fees allocable to such BlackRock Vehicle’s Account) over (y) the High Water Mark (as defined below) attributable to such BlackRock Vehicle’s Account.  New Trading Profit will be calculated prior to reduction [ ]*.  For the avoidance of doubt, notwithstanding anything else in this Agreement, any expense or fee described in this Section as being deducted in order to determine Net Trading Profit shall only be deducted once in determining Net Trading Profit (for instance, if an expense is deducted in determining Net Asset Value, it will not be deducted a second time pursuant to this Section.)

 

(iii)                               The “High Water Mark” attributable to a BlackRock Vehicle’s Account shall be equal to the value of such BlackRock Vehicle’s Account (for the avoidance of doubt, after reduction for the Incentive Fee then paid), as of the immediately preceding Incentive Fee Calculation Date as of which an Incentive Fee was charged to such Account (or, for the year in which such BlackRock Vehicle Account was established, the date that the BlackRock Vehicle’s Account was established).  The High Water Mark attributable to a BlackRock Vehicle’s Account shall subsequent to such date be increased dollar-for-dollar by any capital allocated to the Company by such BlackRock Vehicle and decreased proportionately when capital is reallocated away from the Company (other than to pay expenses) by such BlackRock Vehicle.  The amount of the High Water Mark after giving effect to the proportionate reduction made as a result of a reallocation shall be calculated by multiplying the High Water Mark of such BlackRock Vehicle’s Account in effect immediately prior to such reallocation by a fraction the numerator of which is the value of such BlackRock Vehicle’s Account immediately following such reallocation and the denominator of which is the value of such BlackRock Vehicle’s Account immediately 

 

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before such reallocation, in each case prior to reduction for any accrued Incentive Fee.

 

(iv)                              If an Incentive Fee is paid as of an Incentive Fee Calculation Date in respect of a BlackRock Vehicle’s Account, the High Water Mark of such BlackRock Vehicle’s Account is reset to the value of the BlackRock Vehicle’s Account immediately following such payment.

 

(v)                                 When there is an accrued Incentive Fee in respect of a BlackRock Vehicle’s Account at any time any reallocation from the Company by a BlackRock Vehicle is made, the Incentive Fee attributable to such reallocation will be paid.  Such Incentive Fee shall be determined by multiplying the Incentive Fee that would have been paid in respect of such BlackRock Vehicle’s Account had the date of the reallocation been an Incentive Fee Calculation Date by a fraction the numerator of which is the amount of the reallocation by such BlackRock Vehicle and the denominator of which is the value of the BlackRock Vehicle’s Account immediately prior to the reallocation, in each case prior to reduction for the accrued Incentive Fee.  Such Incentive Fee will be paid from and reduce the amount of the reallocation by such BlackRock Vehicle.

 

(vi)                              Interest (including any interest on cash accounts, clearing brokerage accounts or posted collateral) shall not be included in any of the foregoing calculations.  For the avoidance of doubt, no Incentive Fee shall be payable on any interest income earned by a BlackRock Vehicle.

 

(vii)                           Termination of this Agreement shall be treated as an Incentive Fee Calculation Date.

 

7.                                      Term and Termination.

 

(a)                     Term and Renewal.  This Agreement shall continue in effect until December 31, 2013.  Thereafter, this Agreement shall be automatically renewed for successive one-year periods.

 

(b)                     Termination.  Notwithstanding Section 7(a) hereof, this Agreement shall terminate:

 

(i)                                             immediately if the Company shall terminate and be dissolved in accordance with the Limited Liability Company Agreement or otherwise;

 

(ii)                                          at the discretion of the Manager as of the end of any calendar month;

 

(iii)                                       at the discretion of the Trading Advisor, as of the following month-end, should any of the following occur:  (1) the value of the Clearing Broker Account is less than [  ]*, as a result of withdrawals by the Company, at the close of business on any date that is on or 

 

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after 6 months from the date hereof; or (2) the Trading Advisor has determined to cease managing any customer accounts pursuant to the Program; or

 

(iv)                                      at the discretion of the Trading Advisor as of the end of any month upon 90 days’ prior written notice to the Manager.

 

(c)                      Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 7 shall be without penalty or liability to any party, except for any fees due to the Trading Advisor pursuant hereto.

 

(d)                     The following shall survive the termination of this Agreement: (i) each party’s accrued rights and obligations as of the date of termination and (ii) the provisions of Sections 4, 6, 13, 19, 20, 21, and 22.

 

8.                                      Right to Advise Others; Uniformity of Acts and Practices.

 

(a)                     During the term of this Agreement, the Trading Advisor and its affiliates shall be free to advise other investors as to the purchase and sale of commodity interests, to manage and trade other investors’ commodity interests accounts and to trade for and on behalf of their own proprietary commodity interests accounts.  However, under no circumstances shall the Trading Advisor or any of its affiliates favor any commodity interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Company’s account, giving due consideration to the trading program which the Manager has requested the Trading Advisor to trade on behalf of the Company.  When the Trading Advisor deems the purchase or sale of financial instruments to be in the best interests of the Company and of other clients of the Trading Advisor, the Trading Advisor may aggregate the financial instruments to be purchased or sold. In such event, allocation of the financial instruments purchased or sold, as well as expenses incurred in the transaction, shall be made in accordance with the Trading Advisor’s Trade Allocation Policy, and in a manner which the Trading Advisor reasonably considers to be the fair and equitable to all clients, including the Company. For purposes of this Agreement, the Trading Advisor and its affiliates shall not be deemed to be favoring another commodity interests account over the Company’s account if the Trading Advisor or its affiliates, in accordance with specific instructions of the owner of such account, trade such account at a degree of leverage or in accordance with trading policies which shall be different from that which shall normally be applied to substantially all of the Trading Advisor’s other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor’s money management principles, shall not trade certain commodity interests contracts for an account based on the amount of equity in such account.

 

(b)                     The Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility to the Company under this Agreement.

 

(c)                      At the request of the Company, the Trading Advisor and its affiliates shall promptly make available to the Company (if available to it without unreasonable efforts) gross performance information of each of the commodity interest accounts and funds advised, managed, owned or controlled by the Trading Advisor or its affiliates managed using the Program (without identifying any particular client) (subject to the need to preserve the confidentiality of proprietary information concerning the Trading Advisor’s trading systems, 

 

10

 

methods, models, strategies and formulas and the identity of the Trading Advisor’s clients).  At the request of the Company, the Trading Advisor or its affiliates shall promptly deliver to the Company a satisfactory written explanation, in the judgment of the Company, of the differences, if any, in the performance between the Company’s account and such other commodity interest accounts and funds traded utilizing the Program (without identifying any particular client) (subject to the need to preserve the confidentiality of proprietary information concerning the Trading Advisor’s trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor’s clients).

 

9.                                      Speculative Position Limits.  If the Trading Advisor (either alone or aggregated with the positions of any other person if such aggregation shall be required by the CEA, the CFTC or any other regulatory authority having jurisdiction) shall exceed or be about to exceed applicable limits in any commodity interest traded for the Company, the Trading Advisor shall immediately take such action as the Trading Advisor may deem fair and equitable to comply with the limits, and shall immediately deliver to the Company a written explanation of the action taken to comply with such limits.  If such limits are exceeded by the Company, the Manager may require the Trading Advisor to liquidate positions as required.

 

10.                               Additional Undertakings by the Trading Advisor.  Neither the Trading Advisor nor its employees, affiliates or agents, the stockholders, directors, officers, employees, principals, affiliates or agents of such affiliates, or their respective successors or assigns shall:  (a) use or distribute for any purpose whatsoever any list containing the names and/or residential addresses of and/or other information about the investors of the BlackRock Vehicles, nor (b) knowingly cause any person or entity to withdraw from or reduce its investment in a BlackRock Vehicle or reduce its assets under management with the Manager.

 

11.                               Representations and Warranties.

 

(a)                     The Trading Advisor hereby represents and warrants to the other parties as follows:

 

(i)                                             The Trading Advisor is an entity duly organized and validly existing and in good standing under the laws of the jurisdiction of its organization and in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to be duly qualified would materially affect the Trading Advisor’s ability to perform its obligations under this Agreement. The Trading Advisor has full corporate, partnership or limited liability company (as the case may be) power and authority to perform its obligations under this Agreement.

 

(ii)                                          This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and constitutes a valid, binding and enforceable agreement of the Trading Advisor in accordance with its terms.

 

(iii)                                       The Trading Advisor has all governmental, regulatory and commodity exchange licenses and approvals and has effected all filings and registrations with governmental and regulatory agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including, without limitation, registration of the Trading Advisor as a commodity trading advisor under the CEA, and membership of the 

 

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Trading Advisor as a commodity trading advisor in NFA), and the performance of such obligations will not violate or result in a breach of any provision of the Trading Advisor’s certificate of incorporation, by-laws or any agreement, instrument, order, law or regulation binding on the Trading Advisor.  The principals of the Trading Advisor are duly listed as such on its commodity trading advisor Form 7-R registration.

 

(iv)                                      The Trading Advisor is registered with the CFTC as a commodity pool operator and commodity trading advisor and is a member of the National Futures Association under the CEA or CFTC rules and regulations and such registrations and memberships have not expired or been revoked, suspended, terminated, or not renewed, or limited or qualified in any respect.

 

(v)                                         The Trading Advisor is not registered with the Securities and Exchange Commission (the “SEC”) as an investment adviser.  Assuming the accuracy of the Manager’s representation in Section 11(b)(vii) below, management by the Trading Advisor of an account for the Company in accordance with the terms hereof will not require the Trading Advisor to register with the SEC as an investment adviser.

 

(vi)                                      The Trading Advisor’s implementation of its trading program on behalf of the Company will not infringe any other person’s copyrights, trademark or other property rights.

 

(vii)                                   The execution and delivery of this Agreement, the incurrence of the obligations herein set forth and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Trading Advisor is bound or any order, rule or regulation application to the Trading Advisor of any court or any governmental body or administrative agency having jurisdiction over the Trading Advisor.

 

(viii)                                Other than as may have been disclosed in writing to the Manager by the Trading Advisor, there is not pending, or to the best of the Trading Advisor’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor is a party, or to which any of the assets of the Trading Advisor is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Trading Advisor.  The Trading Advisor has not received any notice of an investigation or warning letter from NFA or CFTC regarding non-compliance by the Trading Advisor with the CEA or the regulations thereunder.

 

(ix)                                      The Trading Advisor is in compliance in all material respects with all applicable law.

 

(x)                                         The Trading Advisor will be in compliance with the USA PATRIOT Act and all applicable anti-money laundering regulations with respect to the Trading Advisor.

 

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(b)                     The Manager hereby represents and warrants to the other parties as follows:

 

(i)                                             The Manager is duly organized and validly existing and in good standing under the laws of its jurisdiction of formation and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Manager’s ability to perform its obligations hereunder.

 

(ii)                                          The Manager has the power and authority under applicable law to perform its obligations hereunder.

 

(iii)                                       This Agreement has been duly and validly authorized, executed and delivered by the Manager and constitutes a legal, valid and binding agreement of the Manager enforceable in accordance with its terms.

 

(iv)                                      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Manager is bound or any order, rule or regulation applicable to the Manager of any court or any governmental body or administrative agency having jurisdiction over the Manager.

 

(v)                                         There is not pending, or, to the best of the Manager’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to which the Manager is a party, or to which any of the assets of the Manager is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Manager or is required to be disclosed pursuant to applicable CFTC regulations.

 

(vi)                                      The Manager has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including, without limitation, registration as a commodity pool operator under the CEA and membership in NFA as a commodity pool operator), and the performance of such obligations will not contravene or result in a breach of any provision of its certificate of incorporation, by-laws or any agreement, order, law or regulation binding upon it.  The principals of the Manager are duly registered as such on the Manager’s commodity pool operator Form 7-R registration.

 

(vii)                                   The Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(c)                      The Company represents and warrants to the other parties as follows:

 

(i)                                             The Company is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business 

 

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requires such qualification and the failure to so qualify would materially adversely affect the Company’s ability to perform its obligations hereunder.

 

(ii)                                          The Company has the limited liability company power and authority under applicable law to perform its obligations hereunder.

 

(iii)                                       This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company enforceable in accordance with its terms.

 

(iv)                                      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Company is bound or any order, rule or regulation applicable to the Company of any court or any governmental body or administrative agency having jurisdiction over the Company.

 

(v)                                         The Company (a) is a commodity pool as defined by the CEA and all necessary governmental, regulatory or self-regulatory notices relating to the commodity pool have been appropriately filed, (b) is a “Qualified Eligible Person,” as that term is defined in Rule 4.7 of the CEA, and (c) consents to the Trading Advisor’s treating its account as an exempt account for purposes of the CEA and the rules and regulations promulgated thereunder;

 

(vi)                                      There is not pending, or, to the best of the Company’s knowledge, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Company is a party, or to which any of the assets of the Company is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Company or which is required to be disclosed pursuant to applicable CFTC regulations.

 

(vii)                                   The Company has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder and the performance of such obligations will not contravene or result in a breach of any provision of its certificate of formation, limited liability company agreement or any other agreement, order, law or regulation binding upon it.

 

(d)                     The foregoing representations and warranties in this Section 11 shall be continuing during the entire term of this Agreement and, if at any time, any event shall occur which would make any of the foregoing representations and warranties of any party no longer true and accurate, such party shall promptly notify the other parties.

 

12.                               Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless it shall be in writing and signed by the party against whom enforcement is sought.

 

14

 

13.                               Exculpation and Indemnification.

 

(a)                     The Company shall indemnify, defend and hold harmless the Trading Advisor and its affiliates and their respective directors, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement, provided that the Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any of such person’s actions or capacities relating to the business or activities of the Company pursuant to this Agreement; provided that the conduct of such person which was the subject of the demand, claim, lawsuit, action or proceeding did not constitute negligence, misconduct or a breach of this Agreement or of any fiduciary obligation to the Company and was done in good faith and in a manner such person reasonably believed to be in, or not opposed to, the best interests of the Company.  The termination of any demand, claim, lawsuit, action or proceeding by settlement shall not, in itself, create a presumption that the conduct in question was not undertaken in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the Company.

 

(b)                     The Trading Advisor shall indemnify, defend and hold harmless the Company, the Manager, their respective affiliates and their respective directors, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement, provided that the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any action or omission of the Trading Advisor or any of its respective officers, directors or employees relating to the business or activities of such person under this Agreement or relating to the management of an account of the Company provided: the action or omission of such person which was the subject of the demand, claim, lawsuit, action or proceeding constituted negligence or misconduct or a breach of this Agreement or was an action or omission taken otherwise than in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the Company.

 

(c)                      The Trading Advisor, its officers, directors, employees and shareholders shall not be liable to the Company and its officers, directors or members or to any of their successors or assigns except by reason of acts or omissions in contravention of the express terms of this Agreement, or due to their intentional misconduct or negligence, or by reason of not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Company.

 

(d)                     The foregoing agreement of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified party.

 

(e)                      In the event that a person entitled to indemnification under this Section 13 is made a party to an action, suit or proceeding alleging both matters for which indemnification may be due hereunder and matters for which indemnification may not be due hereunder, such person shall be indemnified only in respect of the former matters.

 

15

 

(f)                       Promptly after receipt by any of the indemnified parties under this Agreement of notice of any demand, claim, lawsuit, action or proceeding, the indemnified party shall notify the indemnifying party in writing of the commencement thereof if a claim for indemnification in respect thereof is to be made under this Agreement.  Except to the extent that the indemnifying party is not materially prejudiced thereby, the omission so to notify shall relieve the indemnifying party from any obligation or liability which it may have to any such indemnified party under this section.  In the event that such demand, claim, lawsuit, action or proceeding is brought against a person entitled to be indemnified under this Agreement, and the indemnifying party is notified of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that the indemnifying party may wish to assume the defense thereof, with counsel selected by the indemnifying party and approved by the indemnified person (provided that approval may not be unreasonably withheld), and after notice from the indemnifying party to such indemnified person of the indemnifying party’s election so as to assume the defense thereof, the indemnifying party shall not be liable to such person under this section for any legal or other expenses subsequently incurred by such person in connection with the defense thereof, unless the indemnifying party approves the employment of separate counsel by such person (it being understood, however, that the indemnifying party shall not be liable for legal or other expenses of more than one separate firm of attorneys for all such persons indemnified hereunder, which firm shall be designated in writing by the Trading Advisor or the Company, as the case may be).

 

14.                               Assignment.  This Agreement shall not be assigned by any of the parties hereto without the prior express written consent of the other parties hereto; provided, that either party may assign this agreement to an affiliate upon prior notice to the other party.

 

15.                               Amendment; Waiver.  This Agreement shall not be amended except by a writing signed by the parties hereto.  No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert its rights hereunder on any occasion or series of occasions.

 

16.                               Severability.  If any provision of this Agreement, or the application of any provision to any person or circumstance, shall be held to be inconsistent with any present or future law, ruling, rule or regulation of any court or governmental or regulatory authority having jurisdiction over the subject matter hereof, such provision shall be deemed to be rescinded or modified in accordance with such law, ruling, rule or regulation, and the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it shall be held inconsistent, shall not be affected thereby.

 

17.                               No Third-Party Beneficiaries.  Nothing contained in this Agreement, express or implied, is intended to confer upon any person or entity, other than the parties and any permitted successors and assigns hereto, any rights or remedies under or by reason of this Agreement.

 

18.                               Notices.  Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered by courier service, facsimile, postage prepaid mail or other similar means and shall be effective upon actual receipt by the party to which such notice shall be directed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

16

 

if to the Company or the Manager:

 

QUAKER GLOBAL HORIZONS LLC

c/o BlackRock Investment Management LLC

40 East 52nd Street

10th Floor

New York, NY 10022

Attn:  Edward A. Rzeszowski

Facsimile:  212-810-8745

 

with a copy to:

 

BlackRock Investment Management, LLC

One University Square

Princeton, New Jersey 08540-6455

Attn:  Michael Pungello

Facsimile:  609-282-0761

 

with a further copy to:

BlackRock Alternative Advisors

601 Union Street, 56th Floor

Seattle, Washington 98101

Attn:  Lawrence M. Gail

Facsimile:  206-225-2684

 

if to the Trading Advisor:

 

QMS Capital Management LP

240 Leigh Farm Rd.

Suite 230

Durham, NC 27707

Attn: William Schwartz

Email: bill.schwartz@qmscapital.com

 

19.                               Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law.  Each party hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

 

20.                               Consent to Jurisdiction.  The parties hereto agree that any action or proceeding arising directly, indirectly or otherwise in connection with, out of, related to or from this Agreement, any breach hereof or any transaction covered hereby, shall be resolved, whether by arbitration or otherwise, within the County of New York, City of New York, and State of New York.  Accordingly, the parties consent and submit to the jurisdiction of the federal and state courts and any applicable arbitral body located within the County of New York, City of New York, and State of New York.  The parties further agree that any such action or proceeding brought by any party to enforce any right, assert any claim, or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively in federal or state

 

17

 

courts, or if appropriate before any applicable arbitral body, located within the County of New York, City of New York, and State of New York.

 

21.                               Promotional Material.  None of the parties hereto will make reference to any other such party in officially filed or publicly or privately distributed material without first submitting such material to the party so named for approval a reasonable period of time in advance of the proposed use of such material.

 

22.                               Confidentiality.  Each party acknowledges that each will have access to the other party’s Confidential Information (as defined below) and each party agrees that it will not disseminate the other party’s Confidential Information, except as required by law.  A party may use the other party’s Confidential Information solely in connection with its obligations hereunder. and with respect to the Manager, in relation to its obligations to the Company (including, without limitation, any use in relation to monitoring the Trading Advisor’s performance on behalf of the Company).  “Confidential Information” means information concerning a party’s (and its affiliates’) business affairs, trading or investment strategies, methodologies and results; trading or investment systems; trades and investment positions (whether of the Clearing Broker Account or otherwise); risk management models; revenue models; quantitative and other strategies and methodologies, procedures and techniques; business plans and strategies, pricing and other financial information; lists of investors, clients, vendors and suppliers; any confidential information of any such investors, clients, vendors or suppliers; and other proprietary technologies and processes and other proprietary information used by a party in connection with its business and/or which a party or any of its affiliates is obligated to any third party to maintain as confidential.  Notwithstanding anything to the contrary in this Section 22 or otherwise, the Company and the Manager may disclose:(a) to investors and prospective investors (or their advisers) in the Company (“Investors”), and underlying investors or prospective investors of such Investors (or their advisers) (collectively with Investors, “Underlying Investors”): (i) the name of the Trading Advisor; (ii) descriptions of the Trading Advisor and the trading strategies pursued by the Trading Advisor; (iii) performance related information for the Company (including the Clearing Broker Account) and the composite performance of the Program; (iv) risk reporting related information for the Company (including duration, geography, industry and sector exposure, and leverage, but no position data); and (v) biographies of key personnel of the Trading Advisor; and (b) the tax treatment and tax structure of any transactions entered into by the Trading Advisor on behalf of the Company. Each party acknowledges and agrees that irreparable injury will result to the other applicable parties if there are breaches of any of the terms of the covenants set forth in this Section 22 (collectively, the “Covenants”), and that in the event of the actual or threatened breach of any of the Covenants, the applicable parties will have no adequate remedy at law.  Each party accordingly agrees that in the event of any actual or threatened breach by the other party of any of the Covenants, the other applicable parties shall be entitled to immediate temporary injunctive and other equitable relief with respect to such actual or threatened breach, without being required to show actual monetary damages or post any bond or other security.  The remedies and agreements of indemnity contained herein are not exclusive and shall not limit or restrict any other remedies available to a party, including the recovery of damages.

 

23.                               Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

18

 

24.                               Headings.  Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to be a part of or to affect the meaning or interpretation hereof.

 

*                                         *                                         *                                         *                                         *

 

19

 

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE.  CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THE TRADING ADVISOR’S TRADING PROGRAM OR THIS AGREEMENT.

 

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned on the day and year first written above.

 

	
 
    	
QUAKER   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    
	
 
    	
By:  BLACKROCK INVESTMENT MANAGEMENT, LLC, its   Manager
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert S. Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Lawrence M. Gail
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert S. Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Lawrence M. Gail
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
QMS   CAPITAL MANAGEMENT LP
    
	
 
    	
 
    
	
 
    	
By:   QMS Capital Advisors LLC, its general partner
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

20

 

APPENDIX A

 

AUTHORIZED TRADERS

 

Richard O’Brien

 

Michael Brandt

 

Daryl Caldwell

 

A-1

 

APPENDIX B

 

COMMODITY INTERESTS TRADED BY QMS CAPITAL MANAGEMENT LP

 

The undersigned represents that the following is the current list of all commodity interests which the undersigned intends to trade on behalf of QUAKER GLOBAL HORIZONS, LLC other than regulated futures contracts and options on regulated futures contracts traded on a qualified board of trade or exchange in the US:

 

SOYBEAN OIL FUTR, CORN FUTURE, COCOA FUTURE, WTI CRUDE FUTURE, BRENT CRUDE FUTR, COTTON NO.2 FUTR, GOLD 100 OZ FUTR, COPPER FUTURE, HEATING OIL FUTR, FCOJ-A FUTURE, COFFEE C FUTURE, LIVE CATTLE FUTR, LEAN HOGS FUTURE, NATURAL GAS FUTR, PLATINUM FUTURE, GAS OIL FUT (ICE), SOYBEAN FUTURE, SUGAR #11 (WORLD), SILVER FUTURE, SOYBEAN MEAL FUTR, WHEAT FUTURE(CBT), GASOLINE RBOB FUT, CAC40 10 EURO FUT, DJIA MINI E-CBOT, AMSTERDAM IDX FUT, S&P500 EMINI FUT, DAX INDEX FUTURE, HANG SENG IDX FUT, NIKKEI 225 (OSE), NASDAQ 100 E-MINI, S&P/TSX 60 IX FUT, OMXS30 IND FUTURE, MSCI SING IX ETS, RUSSELL 2000 MINI, FTSE/MIB IDX FUT, TOPIX INDX FUTR, DJ EURO STOXX 50, SPI 200 FUTURES, FTSE 100 IDX FUT, BANK ACCEPT FUTR, CAN 10YR BOND FUT, EURO-SCHATZ FUT, 90DAY EURO$ FUTR, 3MO EURO EURIBOR, EURO CHF 3MO LIFFE, SWISS FED BND FUT, FED FUND 30DAY, US 5YR NOTE (CBT), LONG GILT FUTURE, 90-DAY BANK BILL, JPN 10Y BOND(TSE), 90DAY STERLING FUT, EURO-BOBL FUTURE, EURO-BUND FUTURE, US 2YR NOTE (CBT), US 10YR NOTE FUT, US LONG BOND(CBT), AUST 10Y BOND FUT, 3MO EUROYEN TFX, AUST 3YR BOND FUT, NEW ZEAL 3MO BILL, FX.AUDUSD, FX.CADUSD, FX.EURUSD, FX.GBPUSD, FX.JPYUSD, FX.NOKUSD, FX.NZDUSD and FX.SEKUSD

 

 

	
 
    	
QMS   CAPITAL MANAGEMENT LP
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated   as of April 30, 2013
    	
 
    

 

B-1

 

APPENDIX C

 

COMMODITY TRADING AUTHORITY

 

QMS Capital Management LP

240 Leigh Farm Rd.

Suite 230

Durham, NC 27707

Attn: William Schwartz

Email: bill.schwartz@qmscapital.com

 

Dear QMS Capital Management LP:

 

QUAKER GLOBAL HORIZONS, LLC (the “Company”) does hereby make, constitute and appoint you as its attorney-in-fact to buy and sell commodity futures and forward contracts (including foreign futures and options contracts) in accordance with the Advisory Agreement between us and certain others dated April 30, 2013.

 

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
QUAKER   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC,
    
	
 
    	
 
    	
its   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert S. Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Lawrence M. Gail
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated   as of April 30, 2013
    	
 
    

 

C-1

 

APPENDIX D

 

ACKNOWLEDGEMENT OF RECEIPT OF DISCLOSURE DOCUMENT

 

The undersigned hereby acknowledges receipt of QMS Capital Management LP’s Disclosure Document dated April 30, 2013.

 

	
 
    	
QUAKER   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC,
    
	
 
    	
 
    	
its   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert S. Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Lawrence M. Gail
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated   as of April 30, 2013
    	
 
    

 

D-1

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