Subject to testing and regulatory approval Nasdaq Commodities will launch French power futures peak and base load contracts with maturities for years, quarters, months, weeks and days. Balance of the Working Day Week, Balance of the Month, Front Month and Back Month contracts will be listed for UK NBP Natural Gas whilst Balance of the Working Day Week and Balance of the Month will be listed for German NCG and Dutch TTF Natural Gas Monthly DS Futures. Further, Nasdaq Commodities is listing for trading and clearing two additional freight routes TC 9 and TC 15. In addition, we are doing the following amendments to existing contracts:
- The Day Futures for Nordic and German power will be listed on a 9 days rolling basis
- Equal to power and gas Monthly DS Futures, all other German Power and Renewables Contracts will hereinafter be traded on the European Trading Calendar
- Gate closure for front Day Ahead and Blocks is at 12:00 (11:00UKLT) for all Monthly DS Future contracts (power and gas in UK, Germany, France, the Netherlands, Belgium, Italy and Spain)
- A block trade registration fee is introduced for German and French Power Futures, DS Futures and Options contracts
- Delisting of Dutch Power Futures Contracts
Further, Nasdaq Clearing is amending the Clearing Rules General Terms with the following:
- Release of Collateral
- SFTR
This is to inform you of upcoming amendments to the Trading and Clearing Rules of Nasdaq Commodities markets that will come into effect on the 20 June 2016:
The following documents are affected:
- Joint Trading and Clearing Appendix 2 – Contract Specifications
-
Joint Trading and Clearing Appendix 7 – Fee List
Joint Trading and Clearing Appendix 2 – Contract Specifications
European Trading Calendar
Following market demand, the European Trading Calendar will be introduced for all German Power Futures, Average Rate Futures, DS futures and Options contracts in addition to Renewables Futures contracts. The European Trading Calendar is specified in Appendix 1 – Definitions.
Changes are reflected in the individual contracts specifications for all the relevant contracts under Part D sections 1.5-1.30 (p.60 ff.) and section 7.1 (p. 254)
French Power Peak and Base Load Futures
French Power base and peak load Futures will be listed with maturities for years, quarters, months, weeks and days.
Individual contracts specifications have been added to Part D under section 1.3 (p. 54)
German and Nordic Electricity Day Futures
The Day Futures for Nordic and German power will be listed on a 9 days rolling basis.
Amendments to the individual contracts specifications for German and Nordic Day Futures have been added to Part D under sections 1.13 and 1.40 (p. 76 and 133)
UK NBP Natural Gas Monthly DS Future - NBPM
A Front Month and a Back Month contract will be added under the UK NBP Natural Gas Monthly DS Future.
Amendments to the individual contracts specification for UK NBP Natural Gas Monthly DS Future have been added to Part D under section 2.6 (p. 185)
Monthly DS Futures Day Ahead and Block Contracts
Gate closure for front Day Ahead and Blocks is at 12:00 (11:00UKLT) for all Monthly DS Futures.
Amendments to the individual contracts specification for all Monthly DS Futures have been added to Part D under sections 1.1, 1.2, 1.3, 1.4, 1.31, 1.32, 1.51 1.56 (p.48,51, 57,114,117,161,171 and 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.6 (p. 174-189)
New Tanker Freight Routes
Two additional freight routes, TC 9 and TC 15 are added under the Tanker Future and has been added to the quotation list in Part C under section 5 and the individual contracts specification in part D under section 5.7.
Joint Trading and Clearing Appendix 7 – Fee List
The Fee list has been amended to reflect the changes described above in addition to the following editorial changes:
Chapter 1 and amendments to footnote 2 reflect availability of trading and clearing free of charge for NCM Broker Members, subject to approval from the Exchange or the Clearinghouse in accordance with membership criteria. Variable Fees in section 3.1 ETS / MTS transactions and 3.2 Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) reflect the introduction of new French Power Futures Contracts and listing of tanker freight Futures and Option Contract TC9 and TC 15.
Further, chapter 3.2 introduces a block trade registration fee for German and French Power Futures, DS Futures and Options contracts, excluding Monthly DS Futures.
Clearing – General Terms
Release of Collateral
Certain amendments have been made to the rules governing release of Collateral from the clearing house to the Account Holders, to clarify that any such release is always subject to the discretion and prior consent of the clearing house. Similar wording is already included in the Clearing Rules, but these amendments aim to give the clearing house a more distinct and unqualified right to withhold the release of Collateral. The amendments have been made to remove any potential concerns around the perfection of the clearing house’s Swedish law pledge over Collateral securities provided by an Account Holder, and will not change the clearing house’s operational procedures.
Changes to Chapter 3 of the Clearing Rules
Section 3.7.1. Cross references have been updated.
Section 3.7.3. Previously the rule referred to “reserved amount(s) or asset(s)”, which was not further explained. In the revised wording, this is clarified to say that “the return or pending return of any Collateral” will be taken into account before returning any Cash Collateral in the Cash Optimization process (as an automatic call back). In addition, cross references have been updated.
Section 3.7.5. A specific reference to circumstances related to liquidity resources where the clearing house is entitled not to return Collateral is removed and replaced by a broader, more general discretion on the part of the clearing house to allow or not allow the release of Collateral, see new section 3.7.8.
Section 3.7.7. A specific reference to the clearing house’s right not to return any Collateral if there would be a deficiency following such return is removed and replaced by new section 3.7.8.
Section 3.7.8. This is a new rule giving the clearing house a broader, more general discretion to allow or not allow the release of Collateral and clarifying that any release is subject to the clearing house’s prior consent.
SFTR
In addition, Section 3.8.3 has been updated to take into account some of the disclosure requirements under the Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (SFTR).
For updated rulebooks and appendices please see:
http://www.nasdaqomx.com/commodities/Marketaccess/legalframework/upcoming-changes-to-rules
For information about the technical enhancements please see:
For further information, please contact Nasdaq Commodities:
Mette Steinsland, Associate Vice President - Principal Associate General Counsel, phone +47 6752 8071/+47 4003 5118, mette.steinsland@nasdaq.com
Arman Mohii, Product Director European Power and Options, phone +46 8 405 7850 /+46 73 449 7850, arman.mohii@nasdaq.com
Hanne B. Johansson, Head of Commodities Sales Global, phone +47 95 10 96 31, hanne.johansson@nasdaq.com
Media contact:
Sara Aadnesen, Director Corporate Communications, phone +47 9060 0759, sara.aadnesen@nasdaq.com
About Nasdaq
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About Nasdaq Commodities
Nasdaq Commodities is the brand name for the worldwide suite of commodity related products and services offered by Nasdaq. The Nasdaq Commodities offerings include power, natural gas and carbon emission markets, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services.
Nasdaq Oslo ASA is the commodity derivatives exchange authorized by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. All trades with Nasdaq Oslo ASA are subject to clearing with Nasdaq Clearing.
About Nasdaq Clearing
Nasdaq Clearing is the trade name of Nasdaq Clearing 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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