On 9 June 2014, NASDAQ OMX Clearing will, as earlier communicated, add position reporting for all exchange traded derivatives (ETD) and standardised OTC contracts. This will facilitate reporting of collateral and mark to market values, mandated from 11 August 2014.
Members and counterparties to NASDAQ OMX Clearing are encouraged to also add position reporting from 9 June, in order to ensure consistent reporting of derivative contracts.
Please see below for details of the migration process during the period of 6-9 June, as well as details of the new characteristics that will be added from 9 June.
Migration activities during the period of 6-9 June
·All previously back-loaded positions from the 12 th of February 2014, which are still active, will be reported as “C” cancelled
·All ETD and standardised OTC trades executed between 12 February 2014 and 6 June 2014 will be reported as “Z” compressed and seen as having reached their end of life state
·All trades that have been compressed, as described above, will then be reported as positions in accordance with the new reporting methodology
·All the information needed is available in the EMIR Trade reports.
Please see http://www.nasdaqomx.com/europeanclearing/TR-reporting for more detailed information on how NASDAQ OMX Clearing practically will manage the migration during the period 6 - 9 June 2014.
Key changes in characteristics of the reporting from 9 June onwards
·ETD and standardised OTC trades will only be reported in their end of day state, as “N” new
·ETD and standardised OTC trades in their end of day state will be reported as “Z” compressed
·All trades that have been compressed will then be reported as new or modified positions
·Life cycle events on T+1 or later, for ETD and standardised OTC instruments, will be reported as new trades followed by a compression followed by a position update
·The CCP will provide collateral values for counterparties but not include this in its own report
·Daily mark to market values will be reported for all active positions and relevant OTC trades
·Changed position UTI format, all position UTIs will now include a two-digit expiration year in position 51-52
·CFI codes for ETD and standardised OTC contracts will be included directly in the EMIR Trade report (Common data field 3)
·Underlying (Common data field 4) will be reported as blank (“”) for commodities products
·Trades previously reported erroneously with zero notional amount will be corrected
Please contact derivatives.tr@nasdaqomx.com for further information
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 70 marketplaces in 50 developed and emerging countries, 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. NASDAQ OMX is home to more than 3,300 listed companies with a market value of over $8 trillion, 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, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates 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.
About NASDAQ OMX Clearing
NASDAQ OMX Clearing is the trade name of NASDAQ OMX 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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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.
This document is being directed solely at and may only be communicated to persons: (i) who have professional experience in matters relating to investments as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO") or, (ii) who are high net worth companies, unincorporated associations and trustees of high value trusts within Article 49(2)(a)-(d) of the FPO, or (iii) to whom it may otherwise be lawful to distribute it (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
