Oslo, 3rd December 2013
Delivery of Allowance Contracts with expiry in December 2013 is approaching with 16 December 2013 as the Expiration Day for the contracts NEDEC3, EUADEC-13, NAVEDEC3 and NCDEC3.
NASDAQ OMX Clearing AB would like to remind its members the following:
The net sellers must ensure that they have procured a delivery of all European Union Allowances (EUAs), Certified Emission Reductions (CERs) and European Union Aviation Allowances (EUAAs) to the Clearing House's registry account within 19.00 CET on the Expiration Day. A failure to do a delivery will constitute a Default Event.
Account number for delivery: EU-100-5016825-0-9
All net sellers shall add EU-100-5016825-0-9 to their trusted account list. The transfer shall be confirmed through the Allowance delivery form found at
http://www.nasdaqomx.com/digitalAssets/82/82494_entryformeua_unionregistry.pdf
The Margin Requirement for European Union Allowances (EUAs), Certified Emission Reductions (CERs) and European Union Aviation Allowances (EUAAs) contracts will increase considerably towards the Expiration Day as the Contracts’ volatilities will increase and the contracts' correlations will be removed, giving no margin credits. The increased margins reflect the approaching settlement. The net sellers may pre-deliver Allowance Contracts in advance of the Expiration Day. Pre-delivered Allowance Contracts will reduce the net sellers' need to post extra collateral to cover the increased Margin Requirement.
Net buyers must have collateral to cover payment margin equal to the net settlement within 10.30 CET 17 December 2013 at the latest for NEDEC3, EUADEC-13, NAVEDEC3 and NCDEC3.
Trading and clearing of NEDEC3, EUADEC-13, NAVEDEC3 and NCDEC3 closes at 18.00 CET on the Expiration Day (16 December 2013).
For further information, please contact NASDAQ OMX Commodities:
Your contacts:
Kjersti Ulset, Head of Risk Management European Commodities, phone +47 6710 8426,
Charlotta Hammarström, Clearing and Custody Services, phone +46 8405 7571, charlotta.hammarstrom@nasdaqomx.com
Media contact:
Sara Aadnesen, Director Corporate Communications, phone +47 9060 0759,
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 U.S. and Europe, we own and operate 26 markets including 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 average speeds, our technology drives more than 80 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 more than 3,300 listed companies worth $7 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.
NOS Clearing ASA is the leading clearing house for the freight market and a specialist clearing provider to the commodities markets. The company is wholly owned by the NASDAQ OMX Group Inc. The clearinghouse, which is situated in Oslo, has more than 300 members.
NASDAQ OMX Clearing AB 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.nasdaqomx.com/commodities
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