London, 2013-04-23 11:13 CEST (GLOBE NEWSWIRE) --
As previously communicated, NASDAQ OMX is making changes to its European clearing business that will impact 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 central counterparty (CCP) for N2EX will switch from the existing entity NASDAQ OMX Stockholm AB to the regulated exchange company Stockholms Fondsbörs AB. This is expected to take place during September 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).
Member Impact
NASDAQ OMX encourages all N2EX members to familiarise themselves with the impending changes and consider how they might impact internal processes and systems.
Key changes include:
- N2EX members will face a new clearing counterparty
- NOMX will apply to ELEXON for a new BSC Party Agent ID and BSC Party ID
- Cessation of the N2EX contribution requirement in the member default fund
- Automatic transfer of member assets/collaterals to the new counterparty
- Removal of the EFA Week and EFA Month OTR products
Technical Migration - Member Information Session (7 May 2013)
N2EX will hold a member information session on 7 May 2013 to describe the technical migration aspects of the changes. See below for date, time and venue details.
Draft Agenda:
- Background - why the changes are occurring
- Timeline overview
- ELEXON notification during/after migration
- ELEXON testing
- Cash settlement during/after migration
- Member Q&A
Participation in this information session would benefit all members; those wishing to attend should register their interest with Emma McKiernan, Client Relationship Manager, +44 7887 744 700, emma.mckiernan@npspot.com. RSVP’s for the member session should be received no later than 1 May 2013.
Session Information:
Date: 7 May 2013
Time: 11:30 - 13:30 (refreshments and snacks provided)
Venue: NASDAQ OMX, 131 Finsbury Pavement, London, EC2A 1NT
Further Information and Materials
A member area has been setup where members can access relevant information relating to these changes. Several member documents have or will be produced including:
- Member Migration Information Package - General overview of the changes
- Timeline
- Demerger Plan - Legal plan relating to the demerger of NASDAQOM OMX Stockholm AB and Stockholms Fondbörs AB.
- Stockholms Fondbörs 2012 Annual Report
- Technical Switch Over Information - (to be published early/mid May, after the technical migration member session)
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.
For further information, please contact N2EX:
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
Media contact:
Sara Aadnesen, Director Corporate Communications, NASDAQ OMX Commodities and N2EX, phone: +47 6752 8080/+47 9060 0759, sara.aadnesen@nasdaqomx.com
About N2EX
N2EX is the name of the UK power market offering jointly operated by Nord Pool Spot and NASDAQ OMX Commodities. NASDAQ OMX Clearing is the authorised clearinghouse.
The website www.n2ex.com provides market information and documentation for the UK power market.
About Nord Pool Spot
Nord Pool Spot runs the leading power market in Europe and offers both day-ahead and intraday markets to its members. 350 companies from 20 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2012 the group had a total turnover of 432 TWh, which includes the auction volume in the UK market N2EX.
For more information, visit www.nordpoolspot.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 and clearing services. NASDAQ OMX Commodities is a trademark of the NASDAQ OMX Group, Inc.
NASDAQ OMX Commodities Europe is the trade name of NASDAQ OMX Oslo ASA which 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 Commodities Europe are subject to clearing with NASDAQ OMX Clearing.
NASDAQ OMX Clearing is the trade name of NASDAQ OMX Stockholm 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.
NASDAQ OMX Commodities has nearly 350 members from over 15 countries covering a wide range of energy producers, consumers and financial institutions.
For more information, please visit www.nasdaqomx.com/commodities
This document is being directed solely at and may only be communicated to persons: (i) who have professional experience in matters relating to investments as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO") or, (ii) who are high net worth companies, unincorporated associations and trustees of high value trusts within Article 49(2)(a)-(d) of the FPO, or (iii) to whom it may otherwise be lawful to distribute it (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Person.