Cash Settlement changes
NASDAQ OMX Clearing has today updated its list of authorized settlement banks for NASDAQ OMX Commodities and NASDAQ OMX Financial Markets. The list includes currently authorized settlement banks per currency plus banks that have committed to become authorized settlement banks by June 15, 2013 in connection with the launch of the new settlement solution and the Collateral Management Service for NASDAQ OMX Commodities. The updated list of authorized settlement banks is available at:
Clearing participants of NASDAQ OMX Commodities that currently conduct cash settlement through a bank that is not included in the updated list of authorized settlement banks may still be able to use their existing settlement bank for cash settlement on NASDAQ OMX Commodities. This is made possible through an interbank set-up where the non-authorized settlement bank opens accounts with an authorized settlement bank in the name of the clearing participant, acting as its agent. DNB has agreed to act as a facilitator for this set-up for NASDAQ OMX Commodities. Other authorized settlement banks may be added to this set-up in the future.
Default Fund changes
Under the EMIR regulation, NASDAQ OMX will no longer be able to fund the default fund contributions on behalf of any clearing participant. Consequently, Clearing Clients will either have to make its own contribution to the default fund or find a third party that can make the contributions on their behalf.
All clearing participants, including Clearing Clients, must contribute to the default fund by September 1, 2013.
The Clearing Clients’ default fund contribution is proportional to its exposure in the market(s) where it is active. The minimum contribution level for Clearing Clients to the default fund has been set to €30.000. The minimum contribution level for all other member categories of NASDAQ OMX Commodities will remain at €120.000.
Further information about NASDAQ OMX Clearing’s Default Fund is available at: http://www.nasdaqomx.com/europeanclearing/newsmandatorychanges/defaultfund/
NASDAQ OMX Clearing’s Collateral Management Service
As of June 10, 2013 NASDAQ OMX Clearing is launching a Collateral Management Service for the Commodities Market, changing the way collateral is posted and held by the Clearinghouse.
More information about NASDAQ OMX Clearing Collateral Management Service can be found on the following website: http://www.nasdaqomx.com/europeanclearing.
For further information, please contact NASDAQ OMX Commodities:
cms@nasdaqomx.com, phone +46 8 405 6266
Media contact:
Sara Aadnesen, Director Corporate Communication, phone +47 6752 8080/+47 9060 0759, sara.aadnesen@nasdaqomx.com
About NASDAQ OMX
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative 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 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.999% uptime, our technology drives more than 70 marketplaces 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 approximately 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. To learn more, visit www.nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of 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.
NASDAQ OMX's Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
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 Persons.
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