Lysaker, 23 January 2009 With reference to exchange and clearing information nos. 73/08, 94/08, 04/09 and 07/09, Nord Pool Clearing will introduce a new account model and a new process for approval of OTC contracts, as a consequence of the new clearing application SECUR Participant Interface (PI). Account structure When launching PI on 23 March 2009, Nord Pool Clearing will provide a full general clearing member (GCM) account model structure. Current accounts for existing members will be transferred to a direct clearing member (DCM) structure. Please note that no members will be forced to use a GCM; all members can operate as is in the new DCM structure. Members must inform Nord Pool Clearing before 16 February 2009 if they want to add new accounts or rename current accounts before the launch of PI. If no such requests are received (in terms of new accounts or GCM structure), Nord Pool Clearing will perform an automatic mapping from the old account structure to the new account structure. This change will be performed according to a predefined standard. A full overview of the current account name standard, with mapping to the new name standard, can be found under http://www.nordpool.com/static/nordpool/archive/upload/Systemupgrade/Mappingexamples.pdf?epslanguage=EN http://www.nordpool.com/static/nordpool/archive/upload/Systemupgrade/Mappingexamples.pdf?epslanguage=EN system upgrades » Nord Pool Clearing will provide a report in the clearing report application (CRA) with a list of new versus old accounts per member after the launch. Automatic processing In a GCM/DCM model all contracts are automatically processed for clearing at registration. The buyer/seller of the contract will not risk that the contract is not cleared due to the counterparty not having approved the trade. Contracts can still be cancelled if errors are reported before final complaint clearing time according to the legal framework. It will be crucial for the members to control which brokers and members are allowed to register trades on their accounts. This implies that all the members must authorise the brokers/counterparties that are to be allowed to register trades on their behalf. By informing Nord Pool Clearing, access will be given. Please note the common principle for a GCM and a DCM to sign a standard “executive broker agreement” with the brokers/counterparties in order to control the routines at error handling. Nord Pool will provide an example of a standard executive broker agreement. You will receive information when this is available. An overview of the system upgrades actions can be found under /en/asa/Markets/System-upgrades/ system upgrades » For enquiries and general information, please contact market.readiness@nordpool.com market.readiness@nordpool.com // market.readiness@nasdaqomx.com market.readiness@nasdaqomx.com For further information, please contact Nord Pool Clearing a part of NASDAQ OMX Commodities: Camilla Christiansen, head of market & credit, phone +47 6710 8414/ +47 9181 4112 Elisabeth Lervik, market & credit, phone +47 6710 8423
no 10/09 Nord Pool Clearing introduces new account structure and processing of OTC contracts
| Source: Nasdaq Commodities