no 88/07 Nord Pool ASA gives Written Warnings for Breaches of Reporting Rules

Lysaker, 20 December 2007

Nord Pool ASA has investigated possible breaches with the Market Conduct Rules, and has found that Imarex Energy AS, ICAP Energy AS and Quality Energy Brokers AS has violated  the Market Conduct Rules section 2 on reporting of non-exchange transactions. 

The Market Conduct Rules states that if a broker is to report non-exchange transactions on behalf of seller and buyer, the broker shall report for both parties within 15 minutes of the transaction being closed. Trades made outside trading hours shall be reported within opening of trading hours the forthcoming trading day. The broker shall also ensure that the transaction is reported with correct information.

The abovementioned brokers have during September and October 2007 failed to report a number of non-exchange trades inside the time limits set out in the Market Conduct Rules. Based on investigations undertaken by Market Surveillance, the cases were sent to the Disciplinary Committee. In accordance with the recommendation given by the Disciplinary Committee, the board of Nord Pool ASA has decided to give written warnings to Imarex Energy AS, ICAP Energy AS and Quality Energy Brokers AS. 

Stricter enforcement of the reporting rules
In order to reduce the number of breaches with the reporting rules Nord Pool's Market Surveillance department has implemented a stricter enforcement of these rules. The sanctions given to the abovementioned brokers are a part of this process. In the event of future repeated or material breaches with the reporting rules, the use of sanctions in the form of violation charges must be expected.
For further information, please contact Nord Pool ASA: 

Erik Thrane, General Counsel, phone + 47 67 52 80 89

Lars Galtung, Vice President Communications, phone: + 47 67 52 80 80