Lysaker, 19 December 2011
The N2EX trading rules and clearing rules (physical market) have been updated with effect from Monday 2 January 2012.
The highlights of the changes are as follows:
- Gross Bidding on the auction market is introduced
- Information sharing provisions are introduced
- Force majeure provisions have been somewhat amended
- Trade information IPR provisions have been simplified
- Provisions relating to collateral arrangements have been clarified and some additional requirements have been added in respect of collateral from certain closely related parties and in relation to credit events affecting collateral providers
- Automated cash settlements (direct debit) is now included in the legal framework
- Rules relating to default of Client Representatives and porting of Clearing Clients have been amended
The following rulebook documents are affected:
- Trading Rules – General Terms
- Clearing Rules – General Terms
- Joint Appendix 1 – Definitions
- Joint Appendix 7 – Fee Schedule
- Trading Appendix 2a – Prompt Market Regulations
- Trading Appendix 2c – Spot Market Regulations
In addition, Trading Agreement 2 – Gross Bidding Agreement and Clearing Agreement G – Cash Settlement Instructions have been introduced. Annexes 1 and 2 to the membership agreements have been updated. The changes to the agreements and annexes do not affect current arrangements but the new templates will come into use immediately.
More detailed information may be found on www.n2ex.com/physicalmarket/legalframework, where the updated rulebooks and agreements are also available.
For further information, please contact N2EX:
Eivind Grimsø Moe, Associate General Counsel, NASDAQ OMX Commodities,
phone +47 9112 0355
Press contact:
Sara Aadnesen, Director Communication, NASDAQ OMX Commodities, phone +47 9060 0759
About N2EX
N2EX is the name of the UK power market offering from Nord Pool Spot and NASDAQ OMX Commodities. NASDAQ OMX Clearing is the authorized clearinghouse.
The web site, www.n2ex.com, provides market information and documentation for the UK power market.
About Nord Pool Spot
Nord Pool Spot runs the largest market for electrical energy in the world, offering both day-ahead and intraday markets to its participants. Nearly 340 companies from 18 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Helsinki, Stockholm, Copenhagen, Tallinn and London. Nord Pool Spot is owned by the Nordic transmission system operators. In 2010, the group had a turnover of 307 TWh representing a value of EUR 18 billion.
For more information, visit www.nordpoolspot.com.
About NASDAQ OMX Commodities
NASDAQ OMX Commodities is the brand name for the NASDAQ OMX Group’s worldwide suite of commodity related products and services. The NASDAQ OMX Commodities offerings include power, natural gas and carbon emission markets and clearing services. NASDAQ OMX Commodities is a trademark of the NASDAQ OMX Group, Inc.
NASDAQ OMX Commodities Europe is the trade name of NASDAQ OMX Oslo ASA which is authorized as a commodity derivatives exchange by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. All trades with NASDAQ OMX Commodities Europe are subject to clearing with NASDAQ OMX Clearing.
NASDAQ OMX Clearing is the trade name of NASDAQ OMX Stockholm AB which is authorized and supervised as a multi-asset clearinghouse by the Swedish Financial Supervisory Authority in Sweden as well as authorized to conduct clearing operation in Norway by the Norwegian Ministry of Finance.
NASDAQ OMX Commodities has more than 350 members from over 15 countries covering a wide range of energy producers, consumers and financial institutions.
For more information, please visit www.nasdaqomxcommodities.com.
This document is being directed solely at and may only be communicated to persons: (i) who have professional experience in matters relating to investments as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO") or, (ii) who are high net worth companies, unincorporated associations and trustees of high value trusts within Article 49(2)(a)-(d) of the FPO, or (iii) to whom it may otherwise be lawful to distribute it (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Person.