In Exchange and Clearing Information no 36/15, Nasdaq Commodities informed that the three year exemption from EMIR that allows non-financial clearing members to use existing Bank Guarantees as collateral is about to expire and that affected members need to take action.
Prepare for phase-out of Bank Guarantees
In order to allow for an organized transition from the present activities, to a time when existing Bank Guarantees are not permitted, the necessary preparations must begin. Nasdaq is therefore requesting all members using Bank Guarantees as collateral to give an indication by June 17, 2015 whether its intention is to replace the Bank Guarantee with other types of eligible collateral or whether its intention is to choose another clearing model.
By September 15, 2015, members must give Nasdaq their final decision in regards to which alternative that has been chosen. On February 29, 2016 (correction from previous exchange notice), Bank Guarantees will be removed as eligible collateral from the collateral list of Nasdaq Clearing’s Rules and Regulations.
Further instructions for how the Bank Guarantees will be phased-out can be found in the attached document; Bank Guarantee Phase Out Description.
Please also visit Nasdaq Clearing web that will be the main communication channel going forward: http://www.nasdaqomx.com/europeanclearing/collateral-management/bank-guarantee-phase-out
For further information, please contact Nasdaq Commodities:
Key Account Managers:
Knut Rabbe, Head of Sales Commodities Nordic, phone +4767528032/+4793220800, knut.rabbe@nasdaq.com
Morten Refsdal, Sales Executive Commodities, phone +47 67 10 84 16/+47 930 84 425, morten.refsdal@nasdaq.com
Media contact:
Sara Aadnesen, Director Corporate Communications, phone +47 9060 0759, sara.aadnesen@nasdaq.com
About Nasdaq
Nasdaq (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 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 is home to more than 3,500 listed companies with a market value of over $8.8 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaq.com/ambition or www.nasdaqomx.com.
About Nasdaq Commodities
Nasdaq Commodities is the brand name for the worldwide suite of commodity related products and services offered by Nasdaq. The Nasdaq 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 Oslo ASA is the commodity derivatives exchange authorized by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. All trades with NASDAQ OMX Oslo ASA are subject to clearing with Nasdaq Clearing.
About Nasdaq Clearing
Nasdaq 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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