Nasdaq Derivatives Markets

10 February 2026

Proposed Amendments to the Exchange and Clearing Rules of Nasdaq Derivatives Markets and Nasdaq Commodities Market (9 March versions)

Nasdaq Stockholm AB (the “Exchange”) and Nasdaq Clearing AB (the “Clearing House”) are proposing to amend the Exchange Rules of Nasdaq Derivatives Markets (the “Exchange Rules”),  and the Clearing Rules of Nasdaq Derivatives Markets and the Clearing Rules of Nasdaq Commodities Market (together, the “Clearing Rules”).

The amendments primarily relate to updating the Clearing Rules to prepare for the launch of the automatic netting function (to be further described in an upcoming market notice), introducing a new section related to corporate actions, and reducing the size of the Commodity Default Fund to EUR one million to adapt to the lower volume expected once migration is completed. The amendments include changes to Chapter 2 of the Clearing Rules, Chapter C of the Exchange and Clearing Rules, List of Definitions, and Clearing Appendix 9 Default Fund Rules (for the Commodities market). 

Defined terms in this letter shall have the meaning given to them in the Exchange Rules and Clearing Rules.

The amendments presented herein may, if so requested, be subject to consultation with the Swedish Securities Markets Association, Exchange Members and Clearing Members in accordance with the relevant Exchange Rules and Clearing Rules.

Chapter 2 of the Clearing Rules

• Section 2.11.6 has been updated to simplify and to better align the wording with current practice related to Physical Settlement delays and to simplify the wording related to delayed settlement costs.
• Section 2.11.10 (ii) has been updated to reflect that settlement currency cash collateral is broader than currently listed.
• Section 2.11.18 has been updated to include wording on current practice related to Physical Settlement of share forward and Physical Settlement of share options, respectively.
• Section 2.11.21 has been updated to remove reference to physical settlement of interest forwards as this a product is not available for trading or clearing.
• A new section 2.12.20 has been included to clarify the processing of corporate actions and the level of liability assumed by the Clearing House in this respect.
• A new section 2.15a has been included in preparation for the launch of the automatic netting function.

Chapter C of the Exchange and Clearing Rules

• Chapter C is updated to reflect that NOWA Futures, NIBOR-FRA (6M), and NOK Interest Rate Swap Futures, are no longer available for trading and clearing.

List of Definitions

• The definition of "Generic Rates Netting Eligible Instruments" has been removed.

Clearing Appendix 9 Default Fund Rules of the Commodities market

• Section 3.5 is amended to reflect that the minimum size of the Commodity Default Fund is lowered from EUR 5,000,000 (five million) to EUR 1,000,000 (one million). 

The amendments will come into effect on 9 March 2026. 

• Chapter 2 - Blackline
• Chapter C (joint Exchange and Clearing Rules) - Blackline
• List of Definitions (joint Exchange and Clearing Rules) - Blackline
• Appendix 9 - Default Fund Rules - Blackline

12 December 2025

Proposed Amendments to the Exchange and Clearing Rules of Nasdaq Derivatives Markets (19 January 2026 version)

Nasdaq Stockholm AB (the “Exchange”) and Nasdaq Clearing AB (the “Clearing House”) are proposing to amend the Exchange and Clearing Rules of Nasdaq Derivatives Markets. The purpose of the amendments is to change the tick sizes for single-stock options denominated in DKK, NOK, and SEK.

The amendments relate to Chapter B (Contract Specifications) of the Exchange and Clearing Rules. Attached is an amended draft setting out the changes.

The amendments may, if so requested, be subject to consultation with the Swedish Securities Markets Association and Clearing Members in accordance with the Clearing Rules.

The amendments will come into effect on 19 January 2026.

• Chapter B (joint Exchange and Clearing Rules) - Blackline