Secure Trading and
Clearing
SECTION ONE: NGX BACKGROUND
2
Introduction to NGX
• Business Concept:
–Provide electronic trading and clearing services to
North American energy market participants
–NGX is a service provider and therefore does not
trade or take positions
• Headquartered in Calgary, Alberta, Canada
• Incorporated in 1993, began trading operations in
Feb 1994
• Ownership History
–Initial Ownership by Westcoast Energy Inc.
–Acquired by OM on Jan 1, 2001
–Acquired by TSX Group March 1, 2004
3
Ownership: Introduction to TSX
• TSX Group is a cornerstone of the Canadian financial
system and is at the centre of Canada’s equity
capital market
• TSX Group owns and operates Canada’s two national
stock exchanges, the Toronto Stock Exchange,
serving the senior equity market, and TSX Venture
Exchange, serving the public venture equity market
• From its preeminent domestic base, TSX Group’s
reach continues to extend internationally, through
TSX Markets and TSX Datalinx which provide the
trading and data to the global financial community
who access Canada’s equity capital market
4
Ownership: History of TSX
• 1861 - Launched the Toronto Stock Exchange
• 1977 - Launched the World’s First Computer Assisted
Trading System (CATS)
• 1996 - Became the first Exchange in North America to
introduce Decimal Trading
• 1997 – Became the largest stock exchange in North
America to close it’s trading floor and choose a floorless
electronic trading environment
• 1999 – Through realignment, became the sole
Exchange for trading senior equities in Canada
• 2000 – Demutalized into a “for-profit” exchange
• 2001 – Acquired Canadian Venture Exchange
• 2004 – Acquired NGX
5
NGX Core Competencies
• Electronic Trading
–10 years experience developing and operating highreliability, high-performance electronic trading
systems
• Clearinghouse Operations
–Physically and financially settled over 600,000 trades
–Zero-default history
• Liquidity Development
–Focus on customers and quality of service
–Commitment to the reduction of trading impediments
6
Current NGX Products
NGX Products & Services
Physical Products
Financial Products
Upcoming Products
STATION #2
ATCO NORTH
ALBERTA POWER SWAPS
TEP
ALBERTA SWAPS
NGX INTRA-ALBERTA
EMPRESS
SUMAS SWAPS
EMERSON/GREAT LAKES
IROQUOIS
PARKWAY
MID-C POWER SWAPS
DAWN
MALIN SWAPS
MICHCON SWAPS
NBPL VENTURA
ROCKY MTN SWAPS
FUTURES SWAPS
HENRY SWING SWAPS
LDS FOR GDD
7
NIAGARA FALLS
CHIPPAWA
CHICAGO SWAPS
NICOR-NGPL
Current NGX Services
• Marketplace
–Centralized electronic trading
–Standardized contracts
–Pipeline balancing instruments
–Market advocacy (facilitating transactions)
–Market agency (facilitating order entry)
–Real-Time Price Index Generation
• Clearing House
–Assured performance
–Trade and counterparty netting
–Centralized collateral management
–Centralized risk management
8
Contracting Parties
Acanthus Resources Limited
AEP Energy Services, Inc.
Agrium Partnership
AltaGas Services Inc.
Anadarko Canada Corporation
Apache Canada Ltd.
Aquila Merchant Services –
International, Limited
Astra Canada Resource
Marketing Inc.
ATCO Midstream Ltd.
Avista Energy, Inc.
BP Canada Energy Company
Barclays Bank PLC
Burlington Resources Canada
Partnership
Calpine Canada Natural Gas
Partnership
Calpine Energy Services
Canada Partnership
Canadian Fertilizer Limited
Canadian Natural Resources
CanNat Energy Inc.
Cargill Energy Trading
Canada Inc.
Cargill, Incorporated
Cargill Limited
Centra Gas Manitoba Inc.
Chevron Canada Resources
CIBC World Markets, PLC
Cinergy Canada, Inc.
Citadel Financial Products
S.a.r.l.
City of Medicine Hat
CoEnergy Trading Company
Concord Energy LLC
ConocoPhillips Canada Limited
Constellation Power Source, Inc.
Cook Inlet Energy Supply LLC
Coral Energy Canada Inc.
Devon Canada Corporation
Direct Energy Marketing Limited
Direct Energy Regulated Services
Dominion Energy Clearinghouse
Canada Partnership
Dominion ExplorationCanada Ltd.
Dow Chemical Canada Inc.
Duke Energy Marketing Limited
Partnership
Duvernay Oil Corp.
Dynegy Canada Inc.
El Paso Merchant Energy, L.P.
Enbridge Gas Services Inc.
Encana Corporation
Encana Gas Marketing
Encana Gas Storage
Energy Trust Marketing Ltd.
Energy West Resources
EnerMark Inc.
Enerplus Resources Corporation
ENMAX Energy Marketing Inc.
Enserco Energy Inc.
Entergy-Koch Trading Canada,
ULC
Entergy-Koch Trading, LP
EOG Resources Canada
EPCOR Merchant and Capital L.P.
Esprit Exploration Ltd.
Gas Alberta Inc.
Gibson Energy Ltd.
Glencoe Resources Ltd.
Hunt Oil Company of Canada Inc.
9
Husky Energy Marketing Inc.
J. Aron & Company
KeySpan Energy Canada
Partnership
Louis Dreyfus Energy Canada L.P.
Mirant Americas Energy Marketing,
L.P.
Mirant Canada Energy Marketing,
Ltd.
Morgan Stanley Capital Group Inc.
Murphy Canada, Ltd.
National Bank of Canada
Nexen Marketing
Nexen Marketing U.S.A. Inc.
NJR Energy Services Company
Northrock Resources, Limited
Nova Chemicals Corporation
ONEOK Energy Marketing and
Trading Company, L.P.
ONEOK Energy Services Canada,
Ltd.
Ontario Power Generation Inc.
OXY Energy Canada, LLC
PacifiCorp Energy Canada Ltd.
Pacific Gas and Electric Company
Pan-Alberta Gas Ltd.
Paramount Energy Operating Corp.
Paramount Resources
Pengrowth Corporation
Penn West Petroleum
Petro-Canada Oil and Gas
Petrocom Energy Group Ltd.
Pioneer Natural Resources Canada
Inc.
Portland General Electric Company
Powerex Corp.
Primewest Energy Inc.
Producers Marketing Ltd.
Progress Energy Ltd.
Reliant Energy Services, Inc.
Royal Bank of Canada
Samson Canada, Ltd.
San Diego Gas & Electric Company
SaskEnergy Incorporated
Selkirk Cogen Partners, L.P.
Seminole Canada Gas Company
Seminole Canada Gas Corporation
Sempra Energy Trading Corp.
Sprague Energy Corp.
Suncor Energy Marketing Inc.
Syncrude Canada Ltd.
TD Commodity & Energy Trading Inc.
Talisman Energy Canada
Tenaska Marketing Canada
Terasen Gas Inc.
The Toronto Dominion Bank
TransAlta Energy Marketing Corp.
TransCanada Pipelines Limited
TransCanada Power
TXU Energy Trading Canada Limited
UBS Energy Canada Ltd.
Union Gas Limited
Unocal Canada Limited
USGen New England, Inc.
Virginia Power Energy Marketing
West Fraser Timber Co. Ltd.
WGR Canada, Inc.
Williams Power Company, Inc.
WPS Energy Services of Canada
Corp.
WPS Energy Services Inc.
Operational Statistics
• 119 NGX Contracting Parties
–“Member” firms eligible to transact through the
Exchange
• List 60 physical and derivative products
• Average in Excess of 375 Traders Online Daily
• Approximately 100 View-Only Users Online Daily
• 2003 Trading Statistics:
–Volume = 6.4 Tcf
–Transactions = 136,721
• Average Daily Deliveries in Excess of 10.0 Bcf
10
NGX Trading Volume History
Historical NGX Trading Activity
to July 31st, 2004
800
7,000
700
6,000
600
5,000
500
4,000
400
3,000
300
2,000
200
1,000
100
-
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
324
365
365
365
365
365
366
365
365
365
213
Electricity (PJ)
-
-
-
-
-
-
-
-
-
18
11
OTC Clearing (PJ)
-
-
-
-
-
-
-
-
84
351
116
Financial Products (PJ)
-
-
-
-
-
-
-
-
272
1,188
740
U.S. (PJ)
-
-
-
-
-
-
-
-
1
6
-
Eastern Canada (PJ)
-
-
-
-
-
-
152
389
581
999
647
# of Days
Western Canada (PJ)
23
59
427
938
1,379
2,349
2,353
2,756
3,604
3,843
2,392
Percentage Growth
0%
161%
621%
119%
47%
70%
7%
26%
44%
41%
20%
2
5
36
78
115
196
209
262
378
534
558
Monthly Average Traded (PJ)
Year
11
-
Monthly Average Traded (PJ)
Total Quantity Traded (PJ)
8,000
NGX Product Dispersion
2004 Trading Turnover by Product Type
Western Canada (PJ)
61.2%
U.S. (PJ)
0.0%
Western Canada (PJ)
Financial Products
Eastern Canada
OTC Clearing (PJ)
Electricity (PJ)
U.S. (PJ)
Financial Products
18.9%
Electricity (PJ)
0.3%
OTC Clearing (PJ)
3.0%
Eastern Canada
16.6%
12
SECTION TWO : CLEARING STRUCTURE
13
NGX Clearing Operations
Buyer
$
$
CPA
CPA
$ or Natural Gas
$ or Natural Gas
Seller
• NGX Intermediation
–NGX acts as buyer to every seller, and seller to every
buyer, for the purpose of facilitating anonymous
trading and clearing
• Private Clearing Operation
–Contracting Parties are not mutually exposed to
another Contracting Party’s default
14
NGX Role as Clearing House
• Assure Delivery and Payment
–NGX is obligated to assure the delivery of natural gas
from seller to buyer, and the payment for all gas
deliveries
• Standardize Rules
–Develop common contract specifications, rules and
regulations that provide for a fair and efficient
marketplace as well as a secure clearing operation
• Measure and Manage Risk
–NGX develops and enforces rules to mitigate risk on
behalf of all Contracting Parties
–Risks must be measured accurately in real-time, and
NGX proactively manages risks using worldwide
clearing principles
15
How is Clearing House Risk
Mitigated?
• Standard Rules
–All Contracting Parties are subject to the same rules
and regulations as set forth in the CPA
• Collateral Provisions
–NGX holds liquid collateral from all Contracting
Parties equivalent to their highest probable failure
scenario
• Liquidation Rights
–In the event that a default occurs, NGX is able to
close-out (or accelerate) all forward positions for the
defaulting party
–Collateral is utilized to cover any liquidated damages
16
Clearing Structure
NGX Emergency Fund ($30MM CIBC Mellon Trust)
NGX Cash Reserves
Deposit
Agreement
Defaulting Party Collateral
(100% Coverage Under NGX Exposure Model)
Deposit
Agreement
Settlement Banking Credit Facility
$
$
Payer
Payee
$ or Natural Gas
$ or Natural Gas
Physical Backstopping (storage)
17
Collateral Makeup
NGX Margin Dispersion August 16, 2004
$1,800
$1,600
Surplus Collateral, $360
$1,400
CAD $MM
$1,200
$1,000
$800
Cushion Collateral, $246
Initial Margin, $243
Variation Margin, $57
$600
$400
AR Margin, $682
$200
$-
18
NGX Central Clearing Benefits
• Neutral, Independent Risk Management
–NGX is impartial and the nature of the clearing
business provides a strong incentive to maintain a
default-free clearing operation
–NGX is not a market participant, does not take a
market view and earnings are not directed by
commodity prices
• Centralized Collateral Requirements
–Concentration of capital affords most efficient use
across all other contracting parties
19
NGX Central Clearing Benefits
• Counterparty Netting Facilities
–Central clearing operator and standardized netting
rules create an environment to net physical and
financial exposures across multiple counter parties and
locations
• Acceleration, Liquidation, Close-Out Procedure
–NGX has embedded, and has enforced, rights of
acceleration for all contracts traded through the
Exchange to mitigate risks to all Contracting Parties
20
Value Proposition of Clearing
Value of Reduced
Exposure
• Will I get paid?
• Will my gas get
delivered?
Cost of Collateral
• Is the risk reduction
worth the cost?
• Risk Mitigation “Trade-Off”
– When a Contracting Party introduces risk to the clearing
operation (ex. Receivable exposure or Mark-to-Market
losses) they must provide collateral to support the risk
– In return, all Contracting Parties that are exposed to the
clearing operation due to the introduction of risk (ex.
Payable positions and Mark-to-Market gains) are secured
against defaults
21
Collateral Concentration
OTC Bilateral
Buyer
A
A
A
Seller
$10MM
$10MM
$10MM
B
C
D
NGX (centralized)
Buyer
Seller
$20MM
A
$30MM
$7MM
$3MM
Access to choose bids/offers from 100+
other market participants under the same
collateral umbrella
22
B
C
D
Exchange Netting
OTC Bilateral
Buyer
A
A
D
Seller
5 Units
5 Units
10 Units
B
C
A
NGX (net effect)
Buyer
A
D
Seller
10 Units
Netted 10
10 Units
10 Units
5 Units
5 Units
23
A
B
C
Clearing Statistics
• Cleared Transactions
–150,000+ transactions cleared annually
–Notional value of transactions consummated through
NGX is in excess of CAD $35 Billion annually
• Margin
–Over 120 corporate margin accounts held by NGX
–Manage margin accounts in excess of CAD $1.5
Billion in cash and letters of credit
• Settlement
–Settlement of $US and $CAD cash streams
–Monthly settlement values over CAD $1 Billion
processed by the clearing house
24
Oversight
• Regulatory
–ASC – Exemption order, compliance with operating
principles
–CFTC – 2(h)(iii) exemption, “Eligible Commercial
Market” status
• Clearing Bank
–TD Bank, NGX’s Clearing Bank, maintains oversight
of NGX clearing operations to support credit facility,
$300MM daylight, $30MM LC, $20MM demand
–Clearing Bank controls segregated collateral accounts
–Clearing Bank authorizes movement of funds from
collateral accounts
–Clearing Bank has full access to NGX trade/clearing
data and reporting, ensures collateral accounts are
sufficient to manage Contracting Party margin
requirements
25
SECTION THREE: RISK MANAGEMENT
26
Product Risk Management Profiles
Physical Products
$
C
US
C
C
US
US
US
US
US
US
US
US
C
C
Fixed-Price
Intra-Alberta
Intra-Alberta
ATCO North
Empress
Emerson
Niagara
Iroquois
Chippawa
Parkway
Dawn
Ventura
Nicor-NGPL
Station #2
TEP
$
C
US
US
C
Monthly Index
Intra-Alberta
Intra-Alberta
Ventura
Station #2
$
C
C
C
US
C
C
C
Daily Index
Intra-Alberta 2A
Intra-Alberta 4A
Intra-Alberta 5A
Dawn
Station #2
ATCO North
TEP
$
US
US
US
US
US
US
US
US
US
Basis
Intra-Alberta
Emerson
Niagara
Iroquois
Chippawa
Parkway
Dawn
Ventura
Nicor-NGPL
$
C
US
US
US
US
Transport Fixed
Empress
Niagara
Iroquois
Chippawa
Parkway
Financial Products
$
C
US
US
Fixed-forFloating
Alberta Fixed
Sumas Fixed
Futures Swap
$
US
US
US
US
US
US
Basis
Alberta
Sumas
Chicago
Rockies
Malin
Michcon
$
US
US
C
C
C
C
US
US
US
US
27
Swing
Sumas
Henry Hub
Alberta Flat Elec.
Alberta Peak Elec.
Alberta Ext. Peak Elec.
Alberta Off-Peak Elec.
Mid-Columbia Peak
Mid-Columbia Off-Peak
Rockies
Malin
$
US
US
US
US
Floating-forFloating
LDS for GDD
Rockies
Malin
Sumas
$
US
US
US
US
Transport Basis
Niagara
Iroquois
Chippawa
Parkway
Position Tracking
• Consolidation and Netting
–Positions within each product and date range are
consolidated into gross long and short positions
–Risk is managed against the net of the long and short
positions
• Instruments and Date Ranges
–Trades across all instruments in a product are
grouped by date ranges in real-time
–Instruments may overlap, but date ranges are unique
–Ex. A M-Nov instrument and a WB-Nov instrument
would each populate a position for November 1 to
November 30th
28
Exchange Exposure Management
• Collateral Requirements
–To the fullest extent possible, NGX enforces stringent
collateral policies to protect Contracting Parties
• Risk Measurement
–NGX must accurately determine and measure risks to
ensure the collective security of Contracting Parties
• Risk Mitigation Tools
–NGX utilizes globally accepted, standard
clearinghouse practices such as penalty mechanisms
and liquidation provisions to mitigate the introduction
of risks to the clearing operation
29
Performance Risks
• Failure to Make/Take Delivery
–NGX is exposed to the price at which an alternative
supply/market can be found
–Risk is managed with backstopping contracts, penalty
mechanisms, collateral requirements and credit policy
• Failure to Pay
–NGX is exposed to receivables risk on settlement
dates
–Risk is managed with penalty mechanisms, collateral
requirements and credit policy
• Failure to Provide Collateral
–NGX is exposed to the risk that Contracting Parties
will not provide sufficient collateral to manage their
risks
–Risk is managed with liquidation provisions
30
Collateral
• Collateral Policy
–Contracting Parties must have sufficient collateral to
cover their Margin Requirement, utilizing any
combination of the forms of collateral and offsets
below
–Collateral is held to support the Contracting Party’s
traded positions and can only be used to remedy a
performance failure by the Contracting Party pledging
the collateral
• Collateral Requirements
–Collateral is accepted in the form of cash and
irrevocable letter of credit from an A or higher rated
bank
–Collateral requirement can be reduced with an
accounts payable or positive variation margin offset
31
Margin Requirements
• Risk Measurement
–NGX measures risk in real-time and calculates
margin requirements to quantify the risk
measurement
• Margin Requirements and Collateral
–If margin requirements reach 80% of collateral
pledged, NGX will request additional collateral
–At 90%, NGX will halt the Contracting Parties trading
capabilities
–At 95%, NGX is entitled to invoke the liquidation
procedure
32
Physical Risk Measurement
• Accounts Receivable/Payable
–A calculation of the value of gas delivered
–Margin requirements are increased if gas has been
taken prior to payment, and decreased if gas has
been delivered prior to payment
• Variation Margin (Mark-to-Market)
–A calculation of the price at which a forward position
could be instantaneously liquidated given current
market prices
• Initial Margin
–A calculation of the probability of a movement in
market prices during a two-day holding period
–Initial margin coverage protects against a prolonged
liquidation
33
Physical Risk Management
Payment Exposure
- Margined at full value
31 Days
1st of Delivery Month
Current Month Exposure
- Deliveries margined at
full value
- Open position initial margin
- Variation margin all positions
26 Days
Last Day of Delivery Month
34
Forward Position
Exposure
- Open position initial
margin
- Variation margin all
positions
48 Months
25th of Payment Month
Swap Risk Measurement
• Accounts Receivable/Payable
–A calculation of the value of the final gain/loss on the
swap, also called the Swap Clearing Amount
–Swap Clearing Amounts that result in payment
obligations will increase the Swap Margin
Requirement
• Variation Margin (Mark-to-Market)
–A calculation of the price at which a forward position
could be instantaneously liquidated given current
market prices
• Initial Margin
–A calculation of the probability of a movement in
market prices during a two-day holding period
–Initial margin coverage protects against a prolonged
liquidation
35
Swap Risk Measurement
Payment Exposure
- Margined at full value
Forward Position Exposure
- Open position initial margin
- Variation margin all positions
10 Day
1st of Month
48 Months
6th Business Day of Month
36
What are Initial Margins?
• Defined
–Initial Margin is an estimation of the value to which
the clearing house might be exposed during a period
of liquidation
–Initial Margin is intended to measure potential
change in a value of a portfolio beyond the last markto-market price during a period of liquidation
• How Does NGX Utilize Initial Margin?
–NGX applies initial margin to Contracting Parties’ net
open positions that would be subject to liquidation in
the event of a default
–Initial margin acts as additional position coverage
that NGX can utilize in the event of a default to
ensure that the clearing operation remains secure
37
Initial Margin Methodology
• Utilization of VaR
–NGX utilizes a Value-at-Risk methodology to
determine initial margins
–VaR is a method of assessing risk that uses standard
statistical techniques routinely used in a variety of
technical fields
–VaR measures the worst expected loss over a given
time interval under normal market conditions at a
given confidence level
–VaR, while imperfect and subject to several
limitations, provides a measurement tool that is
generally considered adequate to evaluate potential
exposure in a portfolio
38
Margin Offsetting
• Accounts Receivable/Payable
–All receivables/payables are offset across all NGX
products
• Variation Margin (Mark-to-Market)
–All mark-to-market calculations are offset across all
NGX products
• Initial Margin
–Initial margin is offset on all net forward positions for
a single product profile when the positions have
known, fixed settlement values
–Initial margin offsets will be available for net forward
positions across different product profiles (crossmargining) that are highly correlated historically
39
Margin Example
• Example
–On Monday, June 24, BUYCO (buyer) purchases
5,000 GJ/Day of the NGX Intra-Alberta month of July
2002 physical contract from SELLCO (seller) at a
price of CAD $3.500/GJ
• Position Management
–As soon as the transaction is matched, BUYCO shows
a net long position of 5,000 GJ for each day from
July 1 to July 31, thus a total net long position of
155,000 GJ (ie. 5,000 GJ/Day multiplied by 31 days)
–Conversely, SELLCO shows a net short position of
5,000 GJ for each day from July 1 to July 31, thus a
total net short position of 155,000 GJ
40
Margin Example
• Initial Margin
–Immediately following the creation of the long and
short positions, initial margin is applied
–The initial margin rate for July is currently CAD
$0.600/GJ, as statistically generated by NGX
–Both BUYCO and SELLCO must have collateral
deposited with NGX to cover the initial margin
requirement, ie. CAD $93,000 (155,000 GJ multiplied
by $0.600/GJ)
–The initial margin requirement will remain in place,
unchanged, until one of the following events occurs:
• Either BUYCO or SELLCO offset all or part of their
open long/short position, thus reducing their
initial margin requirement to zero, or;
• The July long/short position becomes a current
month position on July 1st
41
Margin Example
• Mark-to-Market
–The following table illustrates the margin
requirements for the July position through each
remaining day in June:
Date
Settlement
Price
BUYCO
Initial Margin
BUYCO
MTM
SELLCO
MTM
SELLCO
Initial
Margin
June 24th
3.450
($93,000)
($7,750)
$7,750
($93,000)
June 25th
3.500
($93,000)
Nil
Nil
($93,000)
June 26th
3.600
($93,000)
$15,500
($15,500)
($93,000)
June 27th
3.550
($93,000)
$7,750
($7,750)
($93,000)
June 28th
3.550
($93,000)
$7,750
($7,750)
($93,000)
June 29th
3.500
($93,000)
Nil
Nil
($93,000)
June 30th
3.400
($93,000)
($15,500)
$15,500
($93,000)
42
Margin Example
Date
Settlement
Price
BUYCO
AP/AR
BUYCO
Initial
Margin
BUYCO
MTM
BUYCO
Total
Margin
July 1st
3.400
($17,500)
($90,000)
($15,000)
($122,500)
July 2nd
3.350
($35,000)
($87,000)
($21,750)
($143,750)
July 3rd
3.350
($52,500)
($84,000)
($21,000)
($157,500)
July 4th
3.500
($70,000)
($81,000)
Nil
($151,000)
July 5th
3.650
($87,500)
($78,000)
$19,500
($146,000)
Nil
($542,500)
CONTINUE 
July 31st
3.700
($542,500)
Nil
43
Margin Example
Date
Settlement
Price
SELLCO
AP/AR
SELLCO
Initial Margin
SELLCO
MTM
SELLCO
Total
Margin
July 1st
3.400
$17,500
($90,000)
$15,000
($57,500)
July 2nd
3.350
$35,000
($87,000)
$21,750
($30,250)
July 3rd
3.350
$52,500
($84,000)
$21,000
($10,500)
July 4th
3.500
$70,000
($81,000)
Nil
($11,000)
July 5th
3.650
$87,500
($78,000)
($19,500)
($10,000)
Nil
$542,500
CONTINUE 
July 31st
3.700
$542,500
44
Nil
SECTION FOUR: NEW INITIATIVES
45
What’s New at NGX?
• OTC Clearing
– Providing a clearing service for legacy bilateral
transactions or OTC transactions at the point-of-sale
• Addition of Western Products
– Station #2 physical products
– Rockies, Malin natural gas swaps
– California swaps
– PG&E Citygate, Sumas (Huntingdon) physical
• Projects Underway
– Margin model revisions
46
Questions and Contact Information
Gary Gault – Vice President
403.974.1707
gary.gault@ngx.com
Dan Zastawny – Vice President, Clearing & Compliance
403.974.4335
dan.zastawny@ngx.com
Kenny Foo – Clearing Manager
403.974.1737
kenny.foo@ngx.com
Natural Gas Exchange Inc.
Suite 2330, 140 4th Avenue SW
Calgary, Alberta
Canada T2P 3N3
Phone 403.974.1700
Fax
403.974.1719
47