no 40/18 Headline Nasdaq Commodities
Subject to testing and regulatory approval, Nasdaq Commodities is announcing changes to its Trading and Clearing Rules, effective October 1, 2018.
The following Appendices are affected:
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Joint Trading and Clearing Appendix 1 – Definitions
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Joint Trading and Clearing Appendix 2 – Contract Specifications
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Joint Trading and Clearing Appendix 3 – Trading and Clearing Schedule
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Joint Trading and Clearing Appendix 6 – Market Conduct Rules
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Joint Trading and Clearing Appendix 7 – Fee List
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Trading Appendix 8 – Block Trade Facility Procedures
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Clearing Rules – General Terms
We have previously published exchange and clearing information for some of these changes:
Change of Exchange Opening Hours for reporting Block and EFP/EFS and amendments of the UK trading calendar:
https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=853741&messageId=1074034
These changes are reflected in Joint Trading and Clearing Appendix 3 – Trading and Clearing Schedule where all sections have been updated accordingly.
Freight Delisting
https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=853786&messageId=1074097
The Joint Trading and Clearing Appendix 2 Contract Specifications is affected by these changes where all references to the Freight contracts have been removed throughout the document, including part A, B, C and D.
Further, the definition of Freight Contracts has been removed from the Joint Trading and Clearing Appendix 1 – Definitions. All Freight contracts have also been removed from the Joint Trading and Clearing Appendix 7 – Fee List.
Further, the requirement for EFP Trades, to evidence that the underlying transaction has been cancelled, has been removed. The change is reflected in Trading Appendix 8 – Block Trade Facility Procedures section 8.
Following market developments, Nasdaq Clearing is adding requirements under section 3.1.3 Clearing Rules – General Terms specifying that entities established in the European Economic Area (EEA) and authorised as a central counterparty pursuant to EMIR can be admitted as General Clearing Member at Nasdaq Clearing under the Commodities Clearing Rules.
Specification MCR
By an inadvertency section 5.3 of the Joint Trading and Clearing Appendix 6 – Market Conduct Rules didn’t specify that the section only applies when holding inside information. This has been corrected and the term “when holding Inside Information” has been added to the first paragraph.
In addition to these changes, as part of the continuous delisting process of Nasdaq Commodities fuel oil products, the 2019 contracts of Fuel Oil 3.5% FOB Barges Rotterdam (RDM35FOSS) will be suspended with immediate effect due to no open interest. Last available contract for trading and clearing is now RDM35FOSS_DEC18. Nasdaq Commodities will continue to suspend fuel oil contracts with no open interest on an ongoing basis, until the total open interest has been closed down.
Blacklined versions of the applicable For the Appendices please see:
https://business.nasdaq.com/trade/commodities/regulation/legal-framework.html
For further information, please contact Nasdaq Commodities:
Mette Steinsland, AVP Head of Legal Nasdaq Commodities, phone +47 6752 8071, mette.steinsland@nasdaq.com
Market Place Services, phone +47 67 52 80 37, desken@nasdaq.com
Media contact:
David Augustsson, Head of Communications, Nasdaq Commodities Europe, phone +46 734496135 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 100 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 4, 000 total listings with a market value of approximately $14 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
The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither The Nasdaq Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
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