no 45/15 Upcoming Changes to Rules: Contract Specifications, Fee List and Collateral List


This is to inform you of upcoming amendments to the Trading and Clearing Rules of Nasdaq Commodities effective June 8, 2015.

The following documents are affected:

  • Joint Trading and Clearing Appendix 2 - Contract Specifications
  • Joint Trading and Clearing Appendix 7 – Fee List       
  • Clearing Appendix 2A - Contract Specifications
  • Clearing Appendix 10 – Collateral List

For contracts traded on days when the relevant settlement currency is not available, the Clearinghouse will be able to calculate additional margin, so-called payment margin, covering the outstanding settlement. The Joint Trading and Clearing Appendix 2a Contract Specifications for iron ore and Joint Trading and Clearing Appendix 2 Contract Specifications for coal, freight and fuel oil have been amended accordingly under Clearing Appendix 2A section 1.8 and Trading and Clearing Appendix 2 sections 5.8 and 6.5.

The Joint Trading and Clearing Appendix 7 – Fee List has been amended to reflect changes to portfolio transfer fees and administration fees related to cash optimization which was implemented April 20, 2015. Portfolio transfer from a direct membership to a General Clearing Member will be free of charge, while other portfolio transfers executed by the Clearinghouse will be charged an hourly rate fee. Internal portfolio transfer executed by the member through the Clearing Workstation will also be free of charge. The changes have been amended accordingly under Trading and Clearing Appendix 7 – Fee List under the sections 3.5 and 5.

Further, the Clearinghouse amends Clearing Appendix 10 – Collateral List to reflect the announced phase out plan of Bank Guarantees and that new Bank Guarantees will not be accepted as collateral after September 1, 2015. Clearing Appendix 10 – Collateral List has been amended accordingly under the General Condition’s section k) and Collateral Types section 6.).

Please see the legal framework and upcoming changes to rules for amended appendices:

http://www.nasdaqomx.com/commodities/Marketaccess/legalframework

 

For further information, please contact Nasdaq Commodities:

Mette Steinsland, Senior Associate Legal Counsel, phone +47 6752 8071/+47 4003 5118, mette.steinsland@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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