Subject to testing and regulatory approval, as previously communicated to our clients in letterform, through Member Portal notifications and newsletters, Nasdaq Commodities can confirm that the migration of the Freight product suite to our U.S.-based futures exchange, Nasdaq Futures, Inc. (NFX) will take place on July 12, 2018 . Below you will find the freight migration schedule with key information about the migration.
Freight Migration Schedule
Wednesday, July 11
- Daily settlement prices are determined that will be used for both the Nasdaq Commodities close out transactions and the NFX opening transactions.
- After the close of business on July 11 Nasdaq Commodities will suspend all freight contracts preventing any further freight transactions.
Thursday, July 12
- Nasdaq Commodities will enter closing transactions for all freight positions based on the July 11 settlement prices.
- NFX will enter opening, block trades that will produce equivalent freight positions on NFX.
- Neither Nasdaq Commodities nor NFX will be accepting regular freight trades on July 12.
Friday, July 13
- NFX will be open to accept new freight transactions
- Nasdaq Commodities will release collateral to the relevant GCMs at 14:00 CET (8AM ET)
- Each relevant OCC Clearing Member FCM will make all necessary variation settlement, initial margin and premium payments to OCC via its normal settlement process for block trades by 10AM ET, at which point OCC will novate the migration block trades.
Please visit our migration homepage for more detailed information:
http://business.nasdaq.com/Futures-Freight-Migration
For further information, please contact the NFX Transition Team: NFXFreight@nasdaq.com , or reach out to any of the following team members:
Przemek (Prez) Koralewski – Onboarding Lead Direct: +44 203 753 2077 Mobile: +44 778 5616 496 przemek.koralewski@nasdaq.com
Anna-Karin Teir - Sales Director Direct +44 203 753 2186 Mobile: +44 782 794 8940 anna-karin.teir@nasdaq.com
Steve Sladoje – NFX Chief Operating Officer Direct: +1 312-568-5903 Mobile: +1 312-459-2347 steve.sladoje@nasdaq.com
Media contact: David Augustsson, Head of Corporate Communications, Nasdaq Commodities Europe Direct: +46 8405 6135 david.augustsson@nasdaq.com
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq 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 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion.
To learn more, visit: http://business.nasdaq.com
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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