no 09/14 Introduction of Block Trade Facility on April 7, 2014

| Source: Nasdaq Commodities

In Exchange Notice 85/13 NASDAQ OMX Commodities informed that the launch for how trades executed outside the Electronic order book shall be reported to the Exchange/Clearinghouse was postponed. The new launch date is now set to April 7 2014 subject to regulatory consent.  


The Block Trade Facility applies to the following products:

•        Nordic Power

•        German Power

•        Dutch Power

•        Electricity Certificates

•        UK Gas

•        UK Power

•        Allowances


Minor amendments also apply to the Freight and Fuel Oil products that are subject to the existing Block Trade Facility (see separate Notice sent to NOS members regarding Freight).

The existing NASDAQ OMX OTC Transaction is being terminated and replaced with NASDAQ OMX Block Transactions and NASDAQ OMX EFS/EFP (Exchange of Future for Swap/Exchange of Future for Physical) Transaction. The Block Transaction and EFS/EFP Transactions are reported to the Exchange (NASDAQ OMX Oslo ASA or NASDAQ OMX Stockholm AB) and regulated by the Trading Rules of NASDAQ OMX Oslo and Exchange Rules of NASDAQ OMX Stockholm. Subject to the Block Transaction or EFS/EFP Transaction meeting relevant registration criteria, the Exchange will forward the transaction to the Clearinghouse for clearing. The rulebook of NASDAQ OMX Commodities and Derivatives Markets respectively, will be updated to reflect the new trade reporting transaction types.

Block Transactions or EFS/EFP Transactions can be reported by Exchange Members (including Non-Clearing Members and Block Broker Members). Existing OTC Brokers must enter into a Block Broker membership with the Exchange in order to be able to continue to report trades on behalf of clients. A complete Block Broker membership application must be received no later than March 7 2014 in order for Block Broker Members to be able to report transactions from April 7 2014. The existing OTC Broker agreement will be terminated end of business April 4 2014.

All Clearing Members that use a Block Broker will need to have a Broker Appointment Form in place. Existing Broker Appointment arrangements will by default be transferred (technically and legally) and applicable for Block Transactions and EFS/EFP Transactions assuming the appointed Broker becomes an approved Block Broker Member. Members who want to amend the existing Broker Appointment Form shall notify NASDAQ OMX in writing no later than March 7 2014.

From a technical perspective the existing trade reporting types used when reporting a trade will remain, however re-classified as Block Transaction or EFS/EFP Transactions. Each member is responsible to make sure it understands which trade reporting type that shall be used when reporting a Block Transaction or an EFS/EFP Transaction.

Block Transactions and EFS/EFP Transactions are considered as Exchange Transactions and not OTC transactions under the new European Markets Infrastructure Regulation (EMIR).

More information regarding the upcoming trade reporting procedures can be found in the attached Transaction types Service Description (new version with correct dates and minor adjustments).


For further information, please contact NASDAQ OMX Commodities:

Georg Aasen, Vice President NASDAQ OMX Commodities, phone +47 6752 8076

Mari Borgen, Director Products and Market, phone +47 6710 8515


Media contact:

Sara Aadnesen, Director Corporate Communications, phone +47 9060 0759,



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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.


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