Change of N2EX counterparty - Demerger date & Test

London, 2013-07-11 11:00 CEST (GLOBE NEWSWIRE) --  

As previously communicated, NASDAQ OMX is making changes to its European clearing business that will impact all N2EX members.

These changes have been prompted by the European Market Infrastructure Regulation (‘EMIR’) which came into force on 16 August 2012. As a result of these changes NASDAQ OMX will transfer the N2EX clearing business to another entity within the NASDAQ OMX group by way of a demerger.  

The demerger  is scheduled to take place on September 3 2013.  These changes will allow NASDAQ OMX to better serve the requirements of N2EX as a short dated physical market after the full implementation of EMIR later this year. 

Please note that these changes will have no impact on Nord Pool Spot AS (operator of the N2EX marketplace).

Testing during August

N2EX would like to announce that a further member test will be undertaken on August 14 and will be of a similar nature of the testing performed on June 28.

The testing will be a standard 1MW notification test on August 14 which we will cancel before delivery to ensure that our systems are correctly notifying using the new ECVNA keys. Any member who would prefer not to participate in this notification testing should advise so as soon as possible.  

Technical Migratio n

The technical migration will commence September 2 and will involve the closure of the intraday and prompt markets from 14:45 September 1 until 08:00 September 3. Exact timings of the market closures will be announced mid August. The auction will not be closed at any point in time.

Other Points:

• Auction timing will not be impacted
• Members will not be able to access to CONDICO Clearing between 15:00 – 24:00 on September 1
• Cash settlement will be aggregated across CCP1 and CCP2

Please see the technical migration document located for further information, it can be accessed here: https://www.n2ex.com/digitalAssets/86/86464_c...13v2.0.pdf

Further Information

The member area can be accessed here:  https://www.n2ex.com/aboutn2ex/ccpchange/   If you do not have a username and password, please contact  emma.mckiernan@npspot.com . 

Further communication will be made via the project contacts that have been registered to date, if you would like to nominate yourself as a key contact person then please contact Emma McKiernan on the details provided below.

N2EX contacts:

Emma McKiernan, Client Relationship Manager, +44 7887 744 700, emma.mckiernan@npspot.com

Jason Hall, UK Business manager,: +46 8405 7848, Jason.hall@nasdaqomx.com