no 57/08 Spectron Energy Services AS is given violation charge for breaching reporting rules

Lysaker, 9 September 2008

Nord Pool ASA has found that Spectron Energy Services AS has violated the Market Conduct Rules section 2 on reporting of non-exchange transactions.

To ensure market transparency for all participants, the Market Conduct Rules states that when a broker is to report non-exchange transactions on behalf of seller and buyer, the broker shall report for both parties within 15 minutes of the transaction being closed. Trades made outside trading hours shall be reported within opening of trading hours the forthcoming trading day. The broker shall also ensure that the transaction is reported with correct information. 

Spectron Energy Services AS has during January-April 2008 failed to report a number of non-exchange trades inside the time limits set out in the Market Conduct Rules. Based on investigations undertaken by market surveillance, the case was sent to the disciplinary committee. 

In accordance with the recommendation given by the disciplinary committee dated 25 June 2008, the board of directors of Nord Pool ASA has decided to give a violation charge of NOK 100 000 to Spectron Energy Services AS. Spectron Energy Services AS (Imarex Energy AS) was given a written warning for violating the reporting rules in December 2007 (/en/asa/Quotes-and-market-information/Exchange-information/2007/no-8807-Nord-Pool-ASA-gives-Written-Warnings-for-Breaches-of-Reporting-Rules/ exchange information no 88/07 ).
For further information, please contact Nord Pool ASA: 

Erik Thrane, general councel, 
phone +47 6752 8089

Press contact: Lars Galtung, vice president communications, 
phone +47 6752 8080/+ 47 9821 4812