Lysaker, 15 February 2012
The N2EX trading rules and clearing rules (physical market) have been updated, with the updated version coming into effect from 1 March 2012.
The main objective of the updated rulebook is to facilitate the introduction of a member-sponsored Default Fund. A new clause 3.2.2 (f) has been added to the general terms of the Clearing Rules, establishing an obligation for clearing members which are Default Fund Participants to establish a Custody Account and contribute to the Default Fund in accordance with the Default Fund Rules. The Default Fund Rules are included as a new appendix 8 and the Default Fund Custody Account Agreement is included as a new Clearing Agreement H. Default Fund related terminology has been introduced to the definitions in Clearing Appendix 1.
For general default fund issues we refer members to the separate information which has been given in this respect. Please also see http://nordic.nasdaqomxtrader.com/Clearing/defaultfund/ for further information. Members that for any reason are unable to comply with their default fund obligations must contact the clearinghouse immediately.
In addition to the default fund provisions, a new Section 3.6 is introduced to the general terms of the Clearing Rules, relating to termination and suspension of membership. The new section is partly simply a structural change with text moved from Section 12.2, and partly a codification and clarification of current practice in relation to termination of membership.
More detailed information may be found on www.n2ex.com/physicalmarket/legalframework, where the updated rulebooks and agreements are also available.
For further information, please contact N2EX:
Eivind Grimsø Moe, Associate General Counsel, NASDAQ OMX Commodities,
phone +47 9112 0355
Press contacts:
Stuart Disbrey, Communications Manager UK, Nord Pool Spot AS, phone +44 7887 409 044
Sara Aadnesen, Director Communication, NASDAQ OMX Commodities, phone +47 9060 0759
About N2EX
N2EX is the name of the UK power market offering from Nord Pool Spot and NASDAQ OMX Commodities. NASDAQ OMX Clearing is the authorized clearinghouse.
The web site, www.n2ex.com, provides market information and documentation for the UK power market.
About Nord Pool Spot
Nord Pool Spot runs the leading power market in Europe and offers both day-ahead and intraday markets to its members. 350 companies from 20 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2011 the group had a total turnover of 316 TWh, which includes the auction volume in the UK market N2EX.
For more information, visit www.nordpoolspot.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 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.
NASDAQ OMX Clearing is the trade name of NASDAQ OMX Stockholm 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.
NASDAQ OMX Commodities has more than 350 members from over 15 countries covering a wide range of energy producers, consumers and financial institutions.
For more information, please visit www.nasdaqomxcommodities.com.
This document is being directed solely at and may only be communicated to persons: (i) who have professional experience in matters relating to investments as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO") or, (ii) who are high net worth companies, unincorporated associations and trustees of high value trusts within Article 49(2)(a)-(d) of the FPO, or (iii) to whom it may otherwise be lawful to distribute it (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Person.