no 64/14 Freight and Fuel Oil Derivatives should not be reported as “Swaps” to a CFTC-registered SDR

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| Source: NASDAQ OMX Commodities

NASDAQ OMX Commodities (“NASDAQ OMX”) has become aware that some of its US members and other participants have been reporting the freight and fuel oil futures and options contracts listed on NASDAQ OMX Oslo (“Exchange”), including those executed through the Exchange’s Block Trade Facility as swaps to swap data repositories (“SDRs”) registered with the Commodity Futures Trading Commission (“CFTC”) in accordance with the CFTC’s Part 45 Rules on swap data reporting. The freight and fuel oil futures and options listed on the Exchange, including those executed through the Block Trade Facility, are “foreign futures and options” as defined in Part 30 of the CFTC Regulations and are not “swaps” as defined in defined in Section 1a(47) of the Commodity Exchange Act (“CEA”) and CFTC Rule 1.3. No freight or fuel oil futures and options contracts listed on the Exchange, including those executed through the Block Trade Facility, should be reported to a CFTC-registered SDR or to the CFTC.  

Members and participants of the Exchange that are either financial counterparties or non-financial counterparties as defined in Article 2 of the European Markets Infrastructure Regulation are reminded of their affirmative obligation to report the freight and fuel oil futures and options listed on the Exchange executed either through the ETS or the Block Trade Facility as exchange-traded derivatives to a trade repository either authorised or recognised by the European Securities Market Authority.

For the avoidance of doubt, no member or participant of the Exchange should report any freight or fuel oil futures and options executed either through the ETS or the Block Trade Facility to a CFTC-registered SDR.  The freight or fuel oil futures and options executed either through the ETS or the Block Trade Facility are foreign futures and options and are not swaps.

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The content of this Notice is subject to change without notice. NASDAQ OMX assumes no responsibility for any errors or omissions and makes no representations or warranties with respect to the information and disclaims all liability for any use you made of the contents. 

 

For further information, please contact NASDAQ OMX Commodities:

Your contact:

Mette Steinsland, Senior Associate General Counsel, phone +47 67528071, mette.steinsland@nasdaqomx.com; or

Jimmy Kvarnstrom, Head of Nordic/Baltic Legal, phone +46 8 405 6830, jimmy.kvarnstrom@nasdaqomx.com

 

Media contact:

Sara Aadnesen, Director Corporate Communications, phone +47 9060 0759, sara.aadnesen@nasdaqomx.com

 

About NASDAQ OMX

NASDAQ OMX (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, NASDAQ OMX enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. NASDAQ OMX is home to more than 3,300 listed companies with a market value of over $8 trillion. To learn more, visit www.nasdaqomx.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, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services.

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.

About NASDAQ OMX Clearing

NASDAQ OMX Clearing is the trade name of NASDAQ OMX Clearing 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.nasdaqomx.com/commodities

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