NASDAQ OMX Derivatives Markets will introduce minimum requirements for customers that have entered into and, for the avoidance of doubt, customers that will enter into customer agreements B1 and B2 with the Clearing House and provide collateral directly to the Clearing House (“Direct Pledge End-Customers”).
For Direct Pledge End-Customers NASDAQ OMX Derivatives Markets will implement the following requirements:
A Direct Pledge End-Customer shall be a legal entity which:
(i) has its home state within the EEA,
(ii) is a legal entity, investment fund, foundation, pension fund, government institution or municipality.
A Direct Pledge End-Customer must possess financial resources which, from time to time, correspond to the operations intended to be conducted at the Clearing House, however not less than an amount equal to restricted equity of SEK 5 million. Investment funds should have a fund wealth of at least SEK 50 million. Government institutions and municipalities are exempted from the financial requirement. Please see attached appendix (Appendix 1 - Minimum Requirements for Direct Pledge End-Customers) specifying the new requirements.
The clearing house can make exceptions to the above requirements if the potential customer is deemed as fit and proper to conduct operations at the clearing house. All exceptions will have to be approved by the Clearing Risk Committee.
In January 2012, Clearing Control AB will request additional information from existing customers where information is needed to demonstrate compliance with the new requirements. Existing Direct Pledge End-Customers will have until 1 July 2012 to demonstrate compliance with the new requirements. For new Direct Pledge End-Customers the requirements will come into effect in the Rules and Regulations of NASDAQ OMX Derivatives Markets 1 March 2012.
If you have any questions, please contact us at risk.management@nasdaqomx.com
Kind regards,
Risk Management European Financial Products
NASDAQ OMX Clearing
