Amended Default Fund Rules
NASDAQ OMX Clearing (“the Clearinghouse”) has updated clearing rulebook for commodity derivatives (Default Fund Rules) with effect from Friday 1 June 2012.
The change to the rulebook is driven by:
- The amendment to the definition Default Fund Exempt Participant. The definition Default Fund Exempt Participant has been amended to enable the Clearinghouse to include the balancing agent and system operator on the N2EX commodity spot market in the definition. This since such participant is primary for the functioning of the N2EX market and currently subject to regulatory requirements which prevent them to contribute to the default fund without prior regulatory approval.
The following rulebook document is affected:
- Amended version of the Default Fund Rules as set out in Clearing Appendix 9 of the clearing rulebook for commodity derivatives.
This amendment will be implemented with immediate effect and enter into force on 1 June, 2012. This since the amendment in the opinion of the Clearinghouse is necessary for the integrity of the relevant market, and such amendment does not directly affect any Open Positions vested when the amendment is effected.
The updated rulebook is available on www.nasdaqomxcommodities.com/trading/legalframework
For further information, please contact NASDAQ OMX Commodities:
Karl Klasén, Associate Vice President Risk Management, phone +46 8 406 6397, karl.klasen@nasdaqomx.com
Therese Rova, Legal Counsel, phone +46 8 405 7424, therese.rova@nasdaqomx.com
The NASDAQ OMX Default Fund team, defaultfund@nasdaqomx.com
Press contact:
Sara Aadnesen, Director Communication, phone +47 6752 8080/+47 9060 0759
About NASDAQ OMX
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the US and Europe, we own and operate 24 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.999% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world’s securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $5.1 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more, visit www.nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
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.
For more information, visit www.nasdaqomxcommodities.com.
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