Our Diversified Trend Program only trades derivatives, i.e. futures and forward markets across multiple asset classes, including equity-related markets, interest rates, currencies and commodities. For the purpose of question OO 09.1 we have provided a risk-based breakdown where we have categorized the countries where the traded derivatives are cleared.
Our actual involvement in non-developed markets is much larger than the numbers provided under OO 09.1. By trading futures on emerging market currencies or equities, for instance, we essentially gain exposure to emerging and/or frontier markets. The same holds for futures on commodities when the underlying commodity forms (an important) part of the economies of one or more emerging and/or frontier markets.