NASDAQ OMX Clearing AB (the “Clearinghouse”) proposes to amend certain provisions of its Clearing Rules relating to the default or insolvency of the Clearinghouse (close-out netting). The amendments are intended to come into effect on or before 31 December 2013 . Please revert with any comments as soon as possible.
The amendments to section 8.8 of the General Terms are made following Clearing Member feedback and are intended to address certain regulatory capital issues and to clarify the application of EMIR segregation requirements in a close-out netting scenario. Notably the proposed wording expressly addresses netting of cash collateral against obligations of the Account Holder under its open positions and prohibits set off of Default Fund contributions. Compared to current rules, the period during which the Clearinghouse must fail to make payments or deliveries in order to be considered in “Material Default” has been extended and payment or delivery failure will be the only available ground for Material Defaults.
In addition a couple of minor changes have been made to the definition of Loss in Appendix 1 – Definitions.
The amendments are also a step in harmonizing the Clearing Rules with the clearing rules of NASDAQ OMX Derivatives Markets.
Please note that the amendments referenced herein may be subject to change following discussions with relevant regulatory authorities.
For full versions of updated documents please refer to:
http://www.nasdaqomx.com/commodities/Marketac...gestorules
For further information, please contact NASDAQ OMX Commodities: Adam Göransson, Associate General Counsel, phone +46 8 405 6109, adam.goransson@nasdaqomx.com ,
Media contact: Sara Aadnesen, Director Corporate Communications, 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-40 microsecond average speeds, our technology drives more than 80 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 more than 3,300 listed companies worth $7 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 AB 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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The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
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