September 11 sees the latest step in the development of N2EX, the joint UK power market offering from Nord Pool Spot and NASDAQ OMX Commodities, with the implementation of important upgrades to its spot platform.
Over the past few months Nord Pool Spot has been developing the CONDICO trade platform for spot trading in the UK in close consultation with members, to help accommodate a growing trade volume on the intraday market. This comes in response to member feedback and is a natural progression for N2EX in its continuing commitment to hone its product and service offering to the market in order to better service the needs of the UK power sector.
There has been solid support among N2EX members for a general increase in liquidity on the spot market, with trading consolidated onto a single platform.
As a result, a fresh liquidity drive based on the newly developed trading platform will commence from 11 September 2012, a start date agreed in consultation with N2EX members, who have been instrumental in helping to develop the platform.
The CONDICO upgrade will be live in the production environment from 6 August, from which point there will be a one month familiarisation period. Prior to that, the upgraded platform will be available in the member test environment, with N2EX supporting members by offering a series of training and trading test dates and seminars, allowing members to try and to approve the upgraded platform.
A graduated increase in trading activity is anticipated by N2EX from 11 September as members are able to trade more efficiently on a unified platform. Non-members should investigate routes to participating in N2EX as volumes on the spot market increase.
Since it was first established N2EX has worked towards improving efficiency and lowering entry barriers in the UK wholesale power market, with the intention of providing a centralised solution for the power sector with intraday, auction and prompt established on a single clearing platform, with a unified collateral requirement and single membership fee.
The new spot market development comes in response to the original Request for Proposal issued by the Futures and Options Association, to which Nord Pool Spot and NASDAQ OMX Commodities were the successful respondents, and marks a key landmark point in N2EX’s realisation of its ambition to unify the UK power market on a single platform.
The CONDICO Release Overview summarises the improvements being implemented in the new release as well as providing release, testing and training dates. You can also find the links to the updated CONDICO Trade Client and API release documentation on www.n2ex.com.
Nord Pool Spot will also provide all members with a full list of planned liquidity test dates in both the member test and production environment in due course.
Lysaker, 11 June 2012
For further information, please contact N2EX:
Emma McKiernan, Client Relationship Executive, emk@npspot.com, tel +44 7887 744 700
Press contacts:
Stuart Disbrey, Communications Manager UK, Nord Pool Spot AS, sd@npspot.com, +44 7887 409 044.
Sara Aadnesen, Director Communication, NASDAQ OMX Commodities, sara.aadnesen@nasdaqomx.com, +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 nearly 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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