Lysaker, 3 April 2012
Subject to successful testing, NASDAQ OMX Commodities will extend Clearing Opening Hours from 23 April, 2012. The new Clearing Opening Hours will be 07.00 CET to 18.00 CET for all markets and instruments. The allocation deadline will be 18.15 CET for all markets and instruments. The Exchange Opening Hours, Daily Fix and Expiration Fix timings are not affected for any market or instrument.
Testing
The extension of Clearing Opening Hours is achieved by the introduction of new Genium INET market states: PRE-OPEN and PRE-CLOSE. More detailed specifications of the solution are available below and in the Market Model document.
Members and Independent Software Providers with technical integration to Genium INET are recommended to verify possible impact. An external test system (EXT4) with the new market states will be available from 10 April, 2012 to 20 April, 2012. For access to the test system, please contact memberservices@nasdaqomx.com (phone +46 8 405 6660).
In order to simplify testing EXT4 will operate according to the following test schedule for all markets and instruments from 10 April, 2012 to 20 April, 2012:
08.00 PREOP (OTC clearing opens, exchange trading is closed)
09.30 OPEN (exchange trading opens)
14.30 PRECL (exchange trading closes, OTC clearing remains open)
15.30 CLOSE (OTC clearing closes)
15.45 Allocation deadline
Technical implementation
To allow clearing transactions to be performed outside the OPEN state two new session states PREOP and PRECL will be added. Only trade reporting and trade allocations (including give-ups) will be supported during PREOP and PRECL. No changes will be made to the OPEN hours. Trade allocations will also be supported until 15 minutes after the CLOSE state (18.15 CET for all markets). For markets where exchange trading closes at 18.00 CET only the PREOP state will be added. For details on the new session states, please see the tables below.
Market session state sequence:
| All times in CET | |||||
| Market | PREOP | OPEN | PRECL | CLOSE | Allocation deadline |
| Nordic Power | 07.00 | 08.00 | 15.30 | 18.00 | 18.15 |
| UK Power | 07.00 | 08.00 | N/A | 18.00 | 18.15 |
| UK Natural Gas | 07.00 | 08.00 | N/A | 18.00 | 18.15 |
| Dutch Power | 07.00 | 08.00 | 17.00 | 18.00 | 18.15 |
| German Power | 07.00 | 08.00 | 17.00 | 18.00 | 18.15 |
| European Union Allowance (EUA) | 07.00 | 08.00 | N/A | 18.00 | 18.15 |
| Certified Emission Reduction(CER) | 07.00 | 08.00 | N/A | 18.00 | 18.15 |
Allowed transactions during the session states:
| Session state | Order management, continuous matching | Trade reporting | Trade allocation |
| PREOP | X | X | |
| OPEN | X | X | X |
| PRECL | X | X | |
| CLOSE | X* | ||
| * Trade allocation is possible until 15 minutes after CLOSE. | |||
For further information, please contact NASDAQ OMX Commodities:
Morten Refsdal, Team Leader Market & Development, phone +47 6710 8416/+47 9308 4425
Technical support (technical queries and support), phone +46 8 405 6400, technicalsupport@nasdaqomx.com
Member Services (logons, passwords, FIX, etc.), phone +46 8 405 6660, memberservices@nasdaqomx.com
Press contact:
Sara Aadnesen, Director Communication, phone +47 9060 0759
About NASDAQ OMX
The inventor and transformer of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies with revolutionary technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the US and Europe, we own and operate 24 markets, 3 clearinghouses and 6 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to traffic more than 1 million messages per second at sub-80 microsecond speeds with 99.999% uptime, our technology drives more than 70 exchanges in 50 developed and emerging countries into the future, powering 1 in 10 of the world’s securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to 3,400 listed companies worth $5.1 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. Visit us on Facebook and www.nasdaqomx.com. Symbol: NDAQ and S&P 500
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.
For more information, visit www.nasdaqomxcommodities.com.
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