About the Clearing House -

governance, strategy, rules, policies and financial statements

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Nasdaq Clearing is a leading, EMIR authorized, clearing house providing central counterparty clearing for a broad range of markets and asset classes. Nasdaq Clearing is part of the Nasdaq Group a leading provider of exchange and clearing technology, information and public company services across six continents.

Nasdaq Clearing offers central counterparty clearing services for Nasdaq Commodities, Nasdaq Derivatives Markets, and Fish Pool. The offering includes clearing of both exchange-traded and OTC contracts as well as a repo clearing service.

 

Governance

Board of Directors of Nasdaq Clearing AB
  • Chairman: Bjørn Sibbern, Executive Vice President and President of European Markets
  • Independent Board Member: Lars Nyberg (former Board Member of the Swedish Financial Supervisory Authority and former Deputy Governor of the Swedish Central Bank)
  • Independent Board Member: Karolina Ekholm, Professor of Economics at Stockholm University
  • Board Member: Tomas Thyblad, VP and Head of ESG Solutions, European Markets
  • Board Member: Chantal Wessels, Vice President, Nasdaq
  • Board Member: Pia Warnerman, Division Corporate and Private Customers CFO and Head of Staff Functions (SEB)
 
Management
  • Chief Executive Officer: Julia Haglind
  • Chief Risk Officer: Irina Slinko
  • Chief Technology Officer: Michael Nolte
  • Chief Operating Officer: Henrik Selhammer
  • Chief Compliance Officer: Jan Axelsson
  • Business Development: Göran Bolin
  • Product Development: Gustaf von Boisman
  • International Affairs: Erica Brown
  • Head of Clearing Risk: Kjersti Ulset
 
Board Committees
  • Member Risk Committee: Chair - Lars Nyberg. Members - SEB, Swedbank, Uniper, Fortum, Société Générale, Vattenfall, Danske Bank, ABN Amro, AMF.
  • Remuneration Committee: Chair - Lars Nyberg
  • Audit Committee: Chair - Karolina Ekholm
 
Management Committees
  • Nasdaq Clearing Risk Committee: Chair - Julia Haglind
  • Default Committee: Chair - Kjersti Ulset
  • Recovery Committee: Chair - Julia Haglind

 

Strategy

The strategy of Nasdaq Clearing AB (Nasdaq Clearing) is built on the following cornerstones.

Product range: Nasdaq Clearing aims to offer clearing of all Nordic derivatives products mandated for central clearing under EMIR, subject to market demand. In addition, we offer clearing of selected European derivatives products in multiple asset classes and will continuously develop this offering in close collaboration with our members.

Sophisticated risk management: Margin models shall be tailored to fit each asset class. Cross margining shall be offered for instruments where statistical evidence exists of price dependencies, creating margin efficiencies for clearing participants.

Capital efficiency: Nasdaq Clearing shall enable its counterparties to minimize capital requirements under CRD/CRR.

Reliable and efficient services: Nasdaq Clearing shall, through its clearing systems and operations, provide its members with reliable and efficient solutions and services.

Financial stability: Nasdaq Clearing shall take into account the financial stability of the markets in which Nasdaq Clearing operates.

 

Remuneration Policy

Remuneration Policy

Disclosure of information about remuneration Nasdaq Clearing AB 2019

 

Financial Statements

As a consequence of regulatory changes, the clearing operations were separated from all other activities by way of a demerger executed in September 2013. In the demerger all non-clearing operations was transferred to a separate legal entity. This means that for the legal entity Nasdaq Clearing AB former Nasdaq Stockholm AB, the non-clearing related operation was included in the financials until August 2013.

Årsredovisning 2019 Nasdaq Clearing AB
Annual Report 2019 Nasdaq Clearing AB

Årsredovisning 2018 Nasdaq Clearing AB
Annual Report 2018 Nasdaq Clearing AB

Årsredovisning 2017 Nasdaq Clearing AB
Annual Report 2017 Nasdaq Clearing AB

Årsredovisning 2016 Nasdaq Clearing AB
Annual Report 2016 Nasdaq Clearing AB

Årsredovisning 2015 Nasdaq Clearing AB
Annual Report 2015 Nasdaq Clearing AB

Rules and Regulations

The Legal Status of Nasdaq Clearing AB

Nasdaq Clearing AB, a private limited company incorporated in Sweden and subject to Swedish company law, is authorized and supervised as a multi-asset clearing house by the Swedish Financial Supervisory Authority and is also authorized to conduct clearing operations via its Norwegian branch Nasdaq Oslo by the Norwegian Ministry of Finance. As the first CCP in Europe, Nasdaq Clearing received authorization under Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”) in March 2014.

The clearing system has been approved by Finansinspektionen as a settlement system according to Systems for the Settlement of Obligations on the Financial Market Act and as such notified to the European Securities and Markets Authority (ESMA). The Norwegian Financial Supervisory Authority has also approved the clearing system under corresponding Norwegian legislation.

Nasdaq Clearing has arrangements in place with relevant Central Securities Depositories in accordance with applicable laws and regulations.

 
Legal Framework

In Sweden, clearing is primarily governed by the following acts:

  • Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR) + Securities Market Act (2007:528)
  • Systems for the Settlement of Obligations on the Financial Market Act (1999:1309)
  • Financial Instruments Trading Act (1991:980)
  • Rights of Priority Act (1970:979)
  • Swedish Bankruptcy Act (1987:672)
  • Financial Instruments Accounts Act (1998:1479)

In addition to the above-mentioned acts and Norwegian legislation applicable in respect of the Oslo Branch of the Company, Nasdaq Clearing has issued Rules applicable to its clearing activities in relation to Nasdaq Derivatives Markets and Nasdaq Commodities, respectively. The Rules, together with the membership agreements, constitute the contractual framework governing the relationship between Nasdaq Clearing and its members. The Rules become binding for members through the execution of the member agreement. The governing law for the contractual relationships between Nasdaq Clearing and the respective member is:

  • Swedish law (for Nasdaq Derivatives Markets); and
  • Norwegian law (for Nasdaq Commodities)
 
Rules of Nasdaq Clearing AB

Member Risk Committee Charter

Nasdaq Derivatives Markets

Nasdaq Commodities

 
Memberships within Nasdaq Clearing AB

Derivatives Memberships

Derivatives Memberships List

Commodities Memberships

Commodities Memberships List

 
Business Continuity Plan Description

Business Continuity Plan Description

 
Complaints Procedure

Complaints Procedure

Complaints Management Policy

 
Public Disclosures

List of Clearing Members in Category 1

Nasdaq Clearing Disclosure Framework for Financial Market Infrastructures

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q3 2015

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q4 2015

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure – Q1 2016

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure – Q2 2016

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure – Q3 2016

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure – Q4 2016

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q1 2017

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q2 2017

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q3 2017

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q4 2017

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q1 2018

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q2 2018

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q3 2018

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q4 2018

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q1 2019

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q2 2019

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q3 2019

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q4 2019

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q1 2020

Nasdaq Clearing CPMI-IOSCO Quantitative Disclosure - Q2 2020

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