Treasury & Commodities Group (TCG)

Energy Markets

The Energy Markets Division operating in London, Sydney, Melbourne, Los Angeles, Houston, Denver, New York, Singapore and Japan provides risk management and financing solutions to a broad customer base across the energy sector. Customers include producers, refiners, airlines and shipping companies. Global energy products traded include crude oil, fuel oil, heating oil, gasoline, distillates (gas oil and jet fuel), naptha, coal and natural gas. The division is also active in physical and financial gas and electricity trading in North America through subsidiary companies Macquarie Cook Energy and Macquarie Cook Power as well as in the UK and expanding into Europe through the Utility Services business based in London.

In February, 2009 Macquarie Group entered into an agreement to acquire Constellation Energy’s Houston based, downstream natural gas operations. This business has been successfully integrated into Macquarie Cook Energy and positions Macquarie as a leading participant in the North American wholesale natural gas market.

Metals and Energy Capital

The Metals and Energy Capital Division provides equity and debt finance to the global metals and energy sectors from its operations in Sydney, Perth, London, New York, Houston and Calgary.  It also provides price making, derivative trading and structured hedging facilities to the base and precious metals sectors and, in conjunction with the Energy Markets Division, the energy sector. Operating on a 24-hour basis, the division is a price-maker to the professional market in base and precious metals and is a principal provider of liquidity in the Asian time zone. The Division is an associate broker clearing member of the London Metal Exchange and a full member of the London Bullion Market Association.

Agricultural Commodities and Investor Products

Agricultural Commodities and Investor Products (AGIP) is a global business, with professional staff based in North and South America, the UK and Australia. It provides risk management, structured financing and limited commodity related investor products and selected physical commodity solutions to a broad customer base. AGIP provides risk management services across agricultural commodities (grains, soy complex, sugar, coffee, cocoa and ethanol) and selected dry and wet freight routes. The division holds an equity stake in Lansing Ethanol Services, LLC which is active in physical ethanol trading.

Foreign Exchange

The Foreign Exchange Division provides 24-hour interbank price-making services in all currency pairs from one central dealing room in Sydney. The division also provides risk management services across all of these currencies and tailor-made products to corporates and institutions in Australia and globally.  The Foreign Exchange Division has diversified to provide wholesale and retail delivery and technology platforms in Australia, New Zealand, Japan and North America and supports a currency derivatives joint venture in the UAE.

Debt Markets

The Debt Markets Division arranges and places primary market debt for clients, and provides secondary market liquidity in government, inflation-linked, corporate, global, mortgage and asset-backed securities. It also provides risk management solutions through structured securities and derivative-based products relating to credit and interest rate risk.

Futures

The Futures Division provides a full range of broking and clearing services for Australian and international futures exchanges. The division is a leading provider of these services in the Australian market and is selectively pursuing growth opportunities in offshore markets.   Futures make extensive use of proprietary technology to provide clients with customized execution and clearing solutions, including direct market access and straight-through processing. Futures operate from offices in Sydney, Melbourne, Brisbane, London, New York, Chicago, Hong Kong and Seoul.

Central

Central serves as an incubator for various non-Division specific or early stage or cross-divisional initiatives as well as housing various Group-wide services. Current initiatives include:

• Environmental Financial Products' global team is active in originating/structuring emission reduction credits from projects in China and Russia under the Kyoto Clean Development Mechanism and Joint Implementation, and distributing these credits to compliance buyers in Europe, Australia, New Zealand and Japan. The EFP team also participates in cash and derivative emissions markets to serve its client base
• Credit Trading, a new US based business is opportunistically building a highly experienced team of corporate and securitized debt staff focused on providing clients with credit risk solutions and identifying trading opportunities
• Emerging Markets, the Miami based team provides a platform for distribution into Latin America including investors products and structured financing as well as   advisory solutions to clients in South America, Central America and The Caribbean
• Joint-venture alliances