Effective from January 1, 2015, NASDAQ OMX Commodities will introduce fee related changes affecting General Clearing Members (GCMs). The fee changes will have impact on additional clearing account/portfolio fees and the methodology for how the clearing fee step is calculated for EUR Electricity Futures and EUR DS Electricity Futures Contracts. The Rulebook and Fee List will be updated to reflect these changes in due course. The following provides an overview of the changes:
Removal of additional clearing account fee
The annual clearing fee for additional accounts, stated under 2.2 in the Trading and Clearing Appendix 7 - Fee List , will be removed for GCMs starting from January 1, 2015. This means there will be no additional annual clearing/portfolio account fees to on-board new clients for a GCM.
Changes to clearing fee-step calculation
For EUR Electricity Futures and EUR DS Electricity Futures Contracts the clearing fee charged during a specific quarter is based on cleared volumes during the previous quarter (see below table for clearing fee steps). In the current regime, the volume calculation for a GCM for a specific quarter aggregates the GCM’s proprietary cleared volume and clients’ cleared volumes (including volumes cleared for NCMs). Consequently, all GCM accounts (proprietary accounts as well as client accounts, including NCM accounts) have been subject to the same fee step.
From October 1, 2014, volumes cleared by a GCM will be calculated separately for individual client accounts (including NCM accounts) and the GCM’s proprietary accounts. Also, volumes cleared on individual client accounts (including NCM accounts) will be calculated individually and no longer be aggregated. Consequently, from January 1, 2015, clearing fee levels will be set on an account-per-account basis based on the previous’ quarters clearing volumes.
Furthermore, the highest fee step will at all times apply to trades registered on client omnibus accounts. Hence, only individual/segregated client accounts will benefit from the clearing volume rebate structure.
Clearing fee EUR Electricity Futures and EUR DS Electricity Futures Contracts
| 0 - 3 TWh cleared in most recent quarter | 0.0089 EUR/MWh |
| 3 - 8 TWh cleared in most recent quarter | 0.0079 EUR/MWh |
| 8 -15 TWh cleared in most recent quarter | 0.0068 EUR/MWh |
| 15-25 TWh cleared in most recent quarter | 0.0053 EUR/MWh |
| 25-50 TWh cleared in most recent quarter | 0.0042 EUR/MWh |
| >50 TWh cleared in most recent quarter | 0.0037 EUR/MWh |
For further information, please contact your Key Account Manager or Sales:
SalesCommodities@nasdaqomx.com , phone +47 6752 8032
Media contact:
Sara Aadnesen, Director Corporate Communications, phone +47 9060 0759, sara.aadnesen@nasdaqomx.com
About NASDAQ OMX
NASDAQ OMX (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, NASDAQ OMX enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. NASDAQ OMX is home to more than 3,300 listed companies with a market value of over $8 trillion. To learn more, visit www.nasdaqomx.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, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services.
NASDAQ OMX Oslo ASA 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 Oslo ASA 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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