Lysaker, 19 May 2011
The N2EX clearing rulebook has been updated, introducing the concept of ”ECV (Energy Contract Volume) Transfers”.
Members of N2EX now have an option to allocate energy volumes relating to one or more of their clearing accounts to a third party (an ”ECV Transferee”) for energy notification and delivery purposes under the Balancing and Settlement Code (the ”BSC”). Cash settlements and margin obligations etc. will remain with the member, who is also responsible for the performance of the ECV Transferee towards the clearinghouse.
Use of ECV Transfers makes it possible to have different legal entities for energy accounts and N2EX accounts respectively under the same membership, and also for non-BSC parties to participate directly in the N2EX physical market. The ECV Transferee must be a party to the BSC and fulfil the BSC-related requirements relating to normal membership, and must also enter into a separate ”ECV Transferee Agreement” with the clearinghouse.
The changes only affect the clearing rules. The general terms of the clearing rules have been updated with amendments to section 5.2, a new section 11.3 relating specifically to ECV Transfers has been added, and a new ”Clearing Agreement F – ECV Transferee Agreement” has been introduced. References to the ECV Transferee concept have also been included throughout the rulebook to facilitate the use of ECV Transfers.
The amendments will only affect members who elect to utilise the ECV Transfer setup, and existing members and setups are not affected. The updated rulebook will come into effect on 2 June 2011, however immediately for members who wishes to use ECV Transfers.
The updated rulebook is available on www.n2ex.com/physicalmarket/legalframework.
For further information, please contact N2EX:
Eivind Grimsø Moe, Associate General Counsel, NASDAQ OMX Commodities,
phone +47 6752 8084/+47 9112 0355
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 largest market for electrical energy in the world, offering both day-ahead and intraday markets to its participants. Nearly 340 companies from 18 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Helsinki, Stockholm, Copenhagen, Tallinn and London. Nord Pool Spot is owned by the Nordic transmission system operators. In 2010, the group had a turnover of 307 TWh representing a value of EUR 18 billion.
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.
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