Legal Framework

- about trading membership at Nasdaq Oslo ASA and clearing membership at Nasdaq Clearing AB

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The legal documentation regarding trading membership at Nasdaq Oslo ASA is described in the trading rules, and the legal documentation regarding clearing membership at Nasdaq Clearing AB is described in the clearing rules.

Upcoming Changes to Rules

March 17, 2022

Upcoming changes to the Joint Appendix 7 - Fee list.

Nasdaq Commodities is planning to adjust the variable Trading Fees for Nordic and European Electricity and Gas contracts:

  • The trading fee for EUR Nordic and European Electricity and Gas Futures, DS Futures and Monthly DS Futures contracts will be increased from 0.0045 to 0.0048 EUR/MWh
    • Option Premium maximum fee will be increased from 0.0045 to 0.0048 EUR/MWh
  • The trading fee for GBP UK Electricity Monthly DS Futures contracts will be increased from 0.0030 to 0.0032 GBP/MWh
  • The trading fee for GBP UK and Belgian Gas Monthly DS Futures contracts will be increased from 0.0030 GBP pence/therms to 0.0032 GBP pence/therms

Nasdaq will also introduce a new Historical Clearing Reports Service allowing clearing members to request historical clearing reports via Nasdaq Member Portal. The service will allow clearing members to request historical (archived) clearing reports for up to three years back in available file formats (XLS, PDF & CSV).

Lastly, Nasdaq is cleaning up the Fee list inter alia to remove references to products that are delisted in accordance with previous communication.

Subject to testing, the changes will take effect on April 1, 2022.

February 14, 2022

Nasdaq Clearing AB will amend the Clearing Appendix 10 - Collateral List (Commodity Derivatives) effective from February 17, 2022. The following changes will be made:

  • Haircuts, eligible equities, and equity concentration limits are removed from Appendix 10 and placed in a separate Excel-document called Collateral Parameter Value List. The document can be found in the Resource Center on this webpage: https://www.nasdaq.com/solutions/nasdaq-clearing-margining-methodology.
  • The values in the new document are expressed as "Haircuts" as opposed to "Values after Haircuts".
  • The size of Haircuts/Values after Haircuts have not been changed in this revision.


A mark-up of the Clearing Appendix 10 – Collateral List (Commodity Derivatives) is attached hereto, following our previous practice.

January 24, 2022

Upcoming changes to Commodities Clearing Rules.

As previously has been communicated and presented to Account Holders at risk councils, Nasdaq will as part of its program to strengthen the financial crime framework, introduce a minimum FC Risk Score for applicants and Account Holders. The FC Risk Score has also been incorporated into the monitoring and sanctions provisions in the Rules. Additionally, certain minor changes are proposed to the monitoring and sanctions provisions.

December 16, 2021

Upcoming changes to the Joint Appendix 2 (Contract Specifications).

Nasdaq Commodities is cleaning up Joint Appendix 2 (Contract Specifications) and removing references to products that are or will be delisted by 1 January 2022. The amendments are found in track changes in part B, chapter 2.1, part C, chapter 1.2 and 2.1, and part D, chapters 1.28-130 and 2.4-2.5. The amendments take effect on 1 January 2022.

December 3, 2021

Upcoming changes to Commodities Clearing Rules.

In preparation for the transition away from the London Interbank Offered Rate (LIBOR) to the Sterling Overnight Index Average (SONIA), Nasdaq Clearing proposes the following updates to the Commodities Clearing Rules:

i. Change from GBP LIBOR to SONIA as the rate to determine interest on outstanding payments in Section 6.7 of the General Terms,
ii. Removal of the definition of LIBOR in the Appendix 1 Definitions list, and
iii. Addition of the definition of SONIA in the Appendix 1 Definitions list.

The proposed amendments will enter into force on 3 January 2022. Consultation in relation to the proposed changes can be requested in accordance with the Clearing Rules.

November 24, 2021

Upcoming changes to the Default Fund Rules.
As previously notified, Nasdaq Clearing AB (“Nasdaq Clearing”) is implementing automatic calls and releases of Default Fund contributions from 1 December 2021. Please refer to the market notice as of 21 September 2021 for more information and required actions. In order to facilitate this, Nasdaq Clearing is proposing updates to the Default Fund Rules (Appendix 9 to the Clearing Rules for the Commodity Derivatives market) in order to enable Nasdaq Clearing to effect such automatic calls and releases in relation to the relevant accounts. The proposed changes are attached in mark-up against the current version of the Default Fund Rules.

The amendments will come into force on 1 December 2021. Consultation in relation to the proposed changes can be requested in accordance with the Clearing Rules.

November 8, 2021

Upcoming changes to the Joint Appendix 2 (Contract Specifications).

Nasdaq Commodities is planning to introduce Nordic EPAD Electricity Future contracts for the Norwegian price area NO5 (Bergen). Amendments can be found in Part D, 1.31-1.33 of the attached document. Subject to testing and regulatory approval, the new products will be available from November 22, 2021.

October 6, 2021

Nasdaq Clearing AB will amend its Commodity Derivatives Clearing Rules (the "Rules"). The amendments seek to further clarify the rules in respect of the sanctions Nasdaq Clearing AB can employ to address breaches of the Rules. The amendments is shown in track changes in attached document. The amendments will come into effect on 25 October 202.

September 27, 2021

Clearing Appendix 10 - Collateral List (Commodity Derivatives) is amended effective from October 1, 2021.
We refer to the market notice on September 24, 2021, with details on planned amendments to haircuts for fixed income collateral and new equity concentration limits.
A mark-up of the Clearing Appendix 10 – Collateral List (Commodity Derivatives) is attached hereto, following our previous practice.

For additional information, see the market notice on the same.

August 25, 2021

Upcoming changes to the Joint Appendix 2 (Contract Specifications).

Nasdaq Commodities is planning to list Nordic EPAD Electricity Base Yearly, Quarterly and Monthly Future contracts for the Norwegian price area Kristiansand (NO2). Subject to testing and regulatory approval, the new products will be available from October 4, 2021. A mark-up of the Joint Appendix 2 (Contract Specifications) is attached hereto.

For additional information please also see the market notice on the same, dated August 24, 2021.

 

July 16, 2021

As part of its Risk Management Enhancement Programme, Nasdaq Clearing AB (“Nasdaq”) will amend its Default Fund Rules, Appendix 9 to the Commodity Derivatives Clearing Rules (the “Rules”), as previously having been presented and consulted with members at Risk Councils. The amendments, which will come into effect on September 1, 2021,

July 7, 2021

Clearing Appendix 10 - Collateral List Commodity Derivatives is amended effective from July 14, 2021.

We refer to the market notice on July 7, 2021, with details on planned amendments to haircuts on certain collaterals. A mark-up of the Clearing Appendix 10 – Collateral List Commodity Derivatives is attached hereto, following our previous practice.

June 14, 2021

Upcoming changes to the Joint Appendix 2 - Contract Specifications.

The NCG and the Gaspool, two natural gas market hubs in Germany, will merge into the new Trading Hub Europe (THE) on October 1, 2021. As a consequence of this, Nasdaq Commodities propose that NCG Natural Gas Monthly DS Futures and Gaspool Natural Gas Monthly DS Futures, with Delivery Period after September 30, 2021, are suspended for trading and clearing from June 28, 2021, and de-listed from October 1, 2021. Furthermore, Nasdaq Commodities propose to introduce THE Natural Gas Monthly DS Futures from June 28, 2021. The first THE Natural Gas Monthly DS Futures contract available for trading and clearing will be with Delivery Period from October 1, 2021.

The changes are subject to testing and regulatory approval.

May 27, 2021

Upcoming changes to the Joint Appendix 2 - effective from June 7, 2021.

Upon request from Members, Nasdaq Commodities and Nasdaq Clearing is planning to change the current Clearing Lot to 0.001 = 1 EUA from Clearing Lot 1 = 1000 EUAs. The new Clearing Lot will increase the flexibility for market participants to clear smaller volumes of EUAs than 1.000. Subject to successful testing, the new Clearing Lot will be effective from June 7, 2021.

April 29, 2021

Upcoming changes to the Joint Appendix 6 (Market Conduct Rules). The Market Conduct Rules are updated following entering into force of the Market Abuse Regulation in Norway on March 1, 2021. We have also taken this opportunity to make certain other minor amendments for overall understanding purposes. The amendments will be effective from May 14, 2021,

April 16, 2021

Upcoming changes to the Joint Appendix 7 (Fee list) - effective from April 20, 2021.

For additional information on the amendments, see market notice dated April 7, 2021

April 8, 2021

Clearing Appendix 10 - Collateral List Commodity Derivatives is amended effective from April 7, 2021.

We refer to the market notice on March 30, 2021. Following the changes certain VPS registered Norwegian securities are eligible collateral from April 7, 2021. More details on the changes is available in the market notice. A mark-up of the Clearing Appendix 10 – Collateral List Commodity Derivatives is attached hereto in accordance with our previous practice.

March 23, 2021

Upcoming changes to Rules effective April 20, 2021

March 17, 2021

Upcoming changes to the Joint Appendix 7 (Fee List) – effective April 1, 2021. Changes published February 25 included for practicality

March 1, 2021

Upcoming changes to the Joint Appendix 2 (Contract specifications), effective March 15, 2021

February 25, 2021

Upcoming changes to the Joint Appendix 7 (Fee list), effective April 1, 2021

January 18, 2021

Upcoming Changes to the Joint Appendix 7 (Fee list), effective 1 February 2021.

2019 - 2020

Archive of changes to Rules previously communicated.

OCTOBER 26, 2020

Upcoming changes to Rules effective November 23, 2020

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AUGUST 18, 2020

Upcoming rulebook changes for August 31, 2020.

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AUGUST 7, 2020

As part of the Risk Management Enhancement Program, Nasdaq Clearing will amend the Commodities Derivatives Clearing Default Fund Rules. 

The amended rules will come into effect on September 18, 2020.

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JULY 15, 2020

Proposed amendments to the General Terms for Custody Accounts: Norwegian custody arrangement added for Norwegian Account Holders – September 3, 2020

In order for Nasdaq Clearing to enable Norwegian Account Holders to post Norwegian securities collateral in VPS Norway, by adding a custodian for the Norwegian market, amendments have been made to the:

  1. General Terms For Collateral Custody Accounts;
  2. General Terms For Default Fund Custody Accounts; and  
  3. General Terms For Loss Sharing Custody Accounts 

together, the “General Terms for Custody Accounts”.

Please find attached an explanatory notice which provides more information about the custody arrangement and a summary of the changes made to the General Terms for Custody Accounts, together with mark-up of the agreements.

The proposed amendments will enter into force on 3 September 2020.

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JUNE 23, 2020

Proposed amendments to the General Terms for Custody Accounts - September 3, 2020

In preparation for the implementation in Swedish law of the Shareholder Rights Directive II (“SRD II”) on 3 September 2020, Nasdaq Clearing AB (“Nasdaq Clearing”) will implement new operational and technical procedures to ensure compliance with the new requirements placed on ‘intermediaries’ under SRD II. To make sure that the agreements governing securities that Nasdaq Clearing holds (in the form of margin collateral, default fund contributions and, where applicable, loss sharing pool contributions) are aligned with the new legal requirements, updates and additions have been made in the following agreements:

  1. General Terms For Collateral Custody Accounts
  2. General Terms For Default Fund Custody Accounts
  3. General Terms For Loss Sharing Custody Accounts 

In addition, Nasdaq Clearing has taken this opportunity to make a few general updates and clarifications in the agreements.  
 
Notice regarding proposed amendments to the General Terms for Custody Accounts


The proposed amendments will enter into force on 3 September 2020.

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APRIL 24, 2020

Upcoming changes to rules effective May 22, 2020

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APRIL 8, 2020

Upcoming changes to rules effective April 27, 2020

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MARCH 12, 2020

Upcoming changes to Rules effective 26 March 2020.

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DECEMBER 19. 2019

Upcoming changes to Rules effective 2 January 2020

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NOVEMBER 25, 2019

Upcoming changes to Rules effective December 9, 2019.

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OCTOBER 20, 2019

Upcoming changes to Rules effective October 20, 2019.

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SEPTEMBER 30, 2019

Upcoming changes to Rules effective September 30, 2019

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SEPTEMBER 1, 2019

Upcoming changes to Rules effective September 1, 2019

 

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