As previously announced, Genium INET will be upgraded to version 0230 during the weekend 8-9 June, 2013. In conjunction with this upgrade, NASDAQ OMX Commodities will introduce new tradable instruments in Genium INET. New Contract for Differences (CfDs) for Germany - France, Germany - Czech Republic, Germany – Belgium and Germany - The Netherlands will be listed. Further, the existing European Union Allowances (EUA) and Certified Emission Reductions (CER) Spot Contracts will be replaced by a EUA and CER Day Future. Furthermore, the Fee List has been amended with our new Pre Trade Management pricelist. Finally, the Block Trade Facility Procedures have been amended with a general prohibition for U.S. persons to transact options on freight and fuel oil futures contracts on NASDAQ OMX Oslo ASA. These new features will be available in Genium INET for members according to the time plan presented below.
To reflect the changes described above, NASDAQ OMX Commodities Europe (the “Exchange”) and NASDAQ OMX Clearing (the “Clearinghouse”) have updated the Trading and Clearing Rules. The following documents are affected:
- Trading and Clearing Appendix 2 – Contract Specifications
- Trading and Clearing Appendix 7 – Fee List
- Trading Appendix 8 – Block Trade Facility Procedures
These amendments and additions will be implemented and come into effect as described below.
CHANGES IN TRADING AND CLEARING APPENDIX 2 - CONTRACT SPECIFICATIONS
1) Listing of European price area contracts
A suite of new CfDs for the areas Germany - France, Germany - Czech Republic, Germany – Belgium and Germany - The Netherlands will be listed for trading and clearing. These are year, quarter and month contracts, listed both as Futures and Forwards. The contract specifications for these contracts can be found in the Joint Trading and Clearing Appendix 2– Contract Specifications, Part D section 1.26 – 1.31.
These will be activated for trading and clearing on 10 June 2013.
2) Introduction of EUA and CER Day Futures
Pursuant to regulatory requirements we will replace the existing EUA and CER Spot Contracts with EUA and CER Day Future. The new contracts will be listed on a daily rolling basis, meaning that the first trading day will always be four Norwegian Bank Days in advance of the listed contract Expiration Day. The contract specifications for these contracts can be found in the Joint Trading and Clearing Appendix 2– Contract Specifications, Part D section 3.1 and 3.5.
Due to the shift from Phase 2 to phase 3 in the EU European Emission Scheme, the new Day Future will not be launched before the summer. The exact date will be published in die time.
CHANGES IN APPENDIX 7 – Fee List
European regulation has required a tighter control of the end client’s clearing activities. Following such compulsory requirements and inquiries from GCMs we have developed a technical solution for sponsored access, or PRM (Pre Trade Management) as we also call it, to meet these requirements. PRM consists of an external interface, a so-called RX GUI, where the administrator(which most often is a GCM) can place limits on their customers to ensure they do not trade above their capacity (the capacity is measured according to how large trading capital they have guaranteed for). The PRM offer is pursuant to a new section 4.3 in the Joint Trading and Clearing Appendix 7 Fee List taking effect on the 10 June 2013.
CHANGES IN TRADING APPENDIX 8 – BLOCK TRADE FACILITY PROCEDURE
Freight and Fuel Oil Contracts are eligible for being traded as Block Trades on the Exchange. However, due to regulatory reasons, options on freight and fuel oil futures contracts may not be transacted on NASDAQ OMX Oslo ASA or submitted for clearing at NOS ASA by or for the account of a U.S. person. For the purpose of the new section 1.5 of Trading Appendix 8 Block Trade Facility Procedures a U.S person is there defined. This takes effect on the 10 June.
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For updated rulebooks and appendices please see:
http://www.nasdaqomx.com/trading/commodities/Marketaccess/legalframework/upcomingchangestorules
For further information, please contact NASDAQ OMX Commodities:
Trading desk, phone +47 6752 8037, desken@nasdaqomx.com
Mette Steinsland, Associate Legal Counsel, phone +47 6752 8071/+47 4003 5118, mette.steinsland@nasdaqomx.com
Press contact:
Sara Aadnesen, Director Communication, phone +47 9060 0759,
sara.aadnesen@nasdaqomx.com
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 U.S. and Europe, we own and operate 26 markets including 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-55 microsecond average speeds with 99.99% 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 3,300 listed companies worth $6 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.
NOS Clearing ASA is the leading clearing house for the freight market and a specialist clearing provider to the commodities markets. The company is wholly owned by the NASDAQ OMX Group Inc. The clearinghouse, which is situated in Oslo, has more than 300 members.
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.nasdaqomx.com/commodities
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