N2EX Clearing and Operations to Transfer from NASD
Post# of 301275
As previously informed, on Wednesday 1 October 2014, N2EX physical market clearing and settlement responsibilities will be transferred from NASDAQ OMX to Nord Pool Spot.
Below, you will find information on key transfer activities and timeline for the transfer period.
The central counterparty (CCP) for N2EX will switch from the existing entity, NASDAQ OMX STOCKHOLM AB (CCP1), to Nord Pool Spot AS (CCP2).
Key migration activities and timeline
The table below describes the key migration activities that will start on Monday 29 September.
| Date | UK Local Time | Transfer activities |
| 29/09 (Mon) | 15:00 | CONDICO Clearing Station (CCS) will be taken offline and member access will be unavailable |
| 29/09 (Mon) | 21:00 | CONDICO Clearing Station (CCS) scheduled to come online (earlier if available) |
| 29/09 (Mon) | 21:00 | Members informed via an operational and clearing message of system availability and migration status |
| 29/09 (Mon) | 23:00 | Members will face Nord Pool Spot as the counterpart on created settlement invoices |
| 30/09 (Tue) | 08:00 | Members informed via an operational and clearing message of later notification today |
| 30/09 (Tue) | 11:42 | Day-Ahead Auction run as usual with results published at 11:42 (members will face CCP2 all hours of delivery day 1 October) |
| 30/09 (Tue) | 13:15 | IMPORTANT: Nord Pool Spot will use the new ECCVNA IDs (CCP2) for submitting notifications files in all trades from delivery 23:00 BST 30 September to 23:00 BST 1 October and onwards. This is corresponding to delivery hours 1-24 within the Day-Ahead Auction system SAPRI. |
| 30/09 (Tue) | 14:35 | 7 day notification file received and confirmed by N2EX |
| 01/10 (Wed) | 08:00 | Members informed via an operational and clearing message of migration status |
Trading and Clearing impacts of the transfer
Product availability
- The N2EX Day-Ahead Auction will continue to operate as usual
Notification availability
- All Day-Ahead Auction notifications will be submitted as usual, however the final notification for CCP1 will occur on Tuesday 30 September for delivery hour 22:00 – 23:00 BST, thereafter CCP2 will perform all notifications and will be the counterparty in all trades for delivery 23:00 BST (for delivery day 30 September) and onwards.
Member systems post migration
- No changes will occur to any N2EX systems and there will be no impact on the API. However, members will be facing a new BSC counterparty and this may require members to make adjustments.
- The new details for CCP2 are as follows:
- BSC Party ID: NORDPOOL
- ECVNAA ID: NPECVNA
Invoicing and Cash Settlements
- Members should experience only minor changes with reference to settlement during transfer. Settlement across CCP1 and CCP2 will be aggregated; this means that invoicing and cash payments/receipts will not be split during or after transfer. Invoices and transactions will be sent as usual; the only change will be that CCP2 is listed as instructing party instead of CCP1 from migration date onwards.
An overview of how invoices will be handled during the transfer along with the new bank account details for Nord Pool Spot post 1 st October can be found here: https://newsclient.omxgroup.com/cdsPublic/vie...mp;lang=en
- As a result of the transfer entering into force, any and all obligations of CCP1 (NASDAQ OMX STOCKHOLM AB) will transfer to CCP2 (Nord Pool Spot AS).
Member Readiness
The new ECVNA authorisations between CCP2 and all N2EX members are now in place and testing has been performed successfully. We encourage all members to review any internal processes and systems that may be affected to ensure they are prepared for transfer.
N2EX contacts:
Emma McKiernan, Client Relationship Manager, +44 7887 744 700, emma.mckiernan@npspot.com
N2EX Operations, +44 0203 053 9581, n2ex@npspot.com
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