Commodities Clearing - Member Area

Option Exercise & Portfolio transfer

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Power Options Excercise

On the option exercise day, a fixing price is set at 11.55-12.00 CET based on the trades (random snapshot) in the underlying contracts. As soon as the prices are calculated they will be published, with the "Final Option Exercise list" attached, through an operational message. The list shows which strikes will be automatically exercised based on the option fixing price—unless the option holders protect themselves from automatic exercise or choose to alter the manual exercise.

Standard Exercise for call options will be invoked where the difference between the Exercise Price and the Option Fix is equal to or higher than EUR 0.05. Standard Exercise for put options will be invoked where the difference between the Exercise Price and the Option Fix is equal to or higher than EUR 0.05.

Manual Exercise instructions or reservations against Standard Exercise from the option holder must be received and confirmed by the Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made against Standard Exercise, the option writer is chosen by random draw amongst the counterparties with positions in the contract. The chosen option writer will be informed about the results of the draw at such time as specified in the Trading and Clearing Schedule.

If you wish to protect yourself against Automatic Exercise or in any other way change the Manual Exercise of options, you must use the "Commodities Option Exercise" form (see below).

Nasdaq accepts forms between 08.00 and 12.30 CET on the exercise day. All forms must be marked with a timestamp. If changes are made, then the last form is considered valid.

As soon as possible, after 12.30 CET on the exercise day, Nasdaq will inform the market through an operational message of the volume from the final option exercise requests and reservations.

Retraction of form: If an automatic exercise reservation or manual exercise request is incorrect, and the buyer wants no action to be taken based on the form, Nasdaq must be notified. In this case, please return the incorrect original form to Nasdaq and include the text "We hereby confirm the retraction of this form" along with a signature. This retraction form must be sent within the time limit stated above.
 



Portfolio Transfer

If you change to another clearing agent, you will have to arrange for your current portfolio and historical transactions to be transferred to your new account. Follow the steps described below:

Direct Clearing Client (DCC) change of Direct Clearing Agent (DCA)

  • Sign new Direct Clearing Client Agreement
  • Terminate previous Direct Clearing Client Agreement with the Clearinghouse
  • Confirmation of date to perform transfer from previous Direct Clearing Agent (DCA)
  • No Three Party Agreement for transaction transfer

Transfer fee: No additional transaction transfer fees.

Non-Clearing Member (NCM) portfolio transfer to another General Clearing Member (GCM)

  • Sign new entry form
  • A Three-Party Agreement for transaction transfer must be signed by current and new GCM

Transfer fee: Administrative transaction transfer fee (as specified in Fee List – Trading/Clearing Appendix 7)

One member of the clearinghouse transfers its contracts to another member of the clearinghouse

  • Three Party Agreement for transaction transfer must be signed

Transfer fee: Administrative transaction transfer fee (as specified in Fee List – Trading/Clearing Appendix 7)

Member transfers contracts from one Clearing Portfolio to another Clearing Portfolio within the same membership

  • No Three Party Agreement for transaction transfer

Documentation you need to submit for portfolio transfer

Nasdaq Clearing must receive three copies of the agreements with original signature. A scanned pdf-version will be accepted, but then we must also receive the originals within two weeks. If the originals are not received, the contracts will be transferred back to the original Clearing Portfolio.

Nasdaq Clearing will prepare a Three-Party Agreement for the portfolio transfer. To set it up correctly, we will need:
•    The name of the Clearing Portfolio for the new and the old Counterparty
•    Detailed information as to which trades/position shall be transferred. 

Note that the cascading process might change the original trade.

View a sample of the Three Party Agreement: Three Party Agreement

Estimated time for portfolio transfer

Normally we need at least one month’s notice ahead of the planned transfer date. Please note that change of Direct Clearing Agent might take up to three months.
On trading days, when cascading Year and Quarter contracts, we cannot perform portfolio transfers. This means that no transaction transfers can occur on the last Trading Day in every quarter. (Last Trading Day in March, June, September and last three Trading Days in December.)

Please see the Product Calendar below for more details.

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