(Lysaker, 22 August 2007) Citi, one of the world's leading financial firms, enters the Nordic power market as an exchange member on Nord Pool ASA.
Under Citigroup Global Markets Limited, the bank will trade financial power derivatives, emission allowances and emission credits. Citi is one of 52 new memberships (net influx) at Nord Pool so far in 2007.
Paul Mead, Managing Director, commodities derivatives at Citi commented:
- “We are pleased to become active on the Nord Pool exchange. It is a key milestone in the ongoing build-out of our European Commodities business.”
Torger Lien, CEO Nord Pool ASA added:
- “We are very satisfied that Citi, one of the leading investment firms, sees opportunities in the Nordic power market. We offer a broad range of derivative products where new members can e xploit the correlation between different commodity markets, d iversify portfolios or establish own products or funds based on Nord Pool standard contracts,” says Mr Lien.
Citigroup Global Markets Limited expects to begin trading in September in the financial and emissions markets.
Nord Pool ASA has now in total 378 legal counterparts as exchange members, clearing clients and representatives. So far in 2007 Nord Pool has had a net influx of 34 new memberships on power and 18 new memberships on emissions.
About Citi
Citi, the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citi.com.
About Nord Pool
Nord Pool is the world's first international commodity exchange for electricity, green certificates, European Union allowances (EUAs) and certified emission reductions (CERs).
The core business of the Nord Pool group is trading and clearing physical-delivery and financially-settled power contracts in the Nordic region (Finland, Sweden, Denmark and Norway).
The group has more than 420 members from 21 countries across a wide range of energy producers and consumers as well as financial institutions. Nord Pool has over 90 members from 17 countries in the emission market.
The Nord Pool group comprises Nord Pool ASA and Nord Pool Spot AS.
Nord Pool ASA embraces the wholly-owned Nord Pool Clearing ASA and Nord Pool Consulting AS subsidiaries. It is owned 50-50 by Svenska Kraftnät and Statnett, the transmission system operators (TSOs) in Sweden and Norway respectively.
Nord Pool Spot AS and its wholly-owned Nord Pool Finland Oy subsidiary are owned 20 per cent each by the Fingrid, Energinet.dk, Statnett and Svenska Kraftnät TSOs, and by Nord Pool.
The Nord Pool group has offices in Lysaker (Oslo), Fredericia, Stockholm, Helsinki, Berlin and Amsterdam.
http://www.nordpool.com/static/nordpool/archive/information/press_releases/19-07Nord_Pool_Citigroup.pdf Press release no 19/2007 (PDF-format)
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For further information, please contact:
Torger Lien, president and CEO, phone +47 6752 8070/+47 9188 8112
Lars Galtung, vice president communications, phone +47 6752 8080/+47 9821 4812
Jeff French, corporate affairs, Citi, phone: +44 (0)20 7500 8304