Commodities Margin Curves
Margin Parameters as a Function of Time to Delivery
The curves below are reviewed and updated, if necessary, on a monthly basis.
Commodities Trading & Clearing Discontinued
As of 30 April 2026, Nasdaq Oslo ASA and Nasdaq Clearing AB have ceased trading and clearing services related to the commodities market. For more information, please contact our teams.
Market Data - DataEurope@nasdaq.com
Clearing related - clearing@nasdaq.com
Membership related - NordicMemberships@nasdaq.com
Electricity & EPADS Margin Curves
Nordic Electricity
Baseload Month, Quarter & Year Contracts Curve
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Baseload Day & Week Contracts
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Nordic EPADS
Århus Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Copenhagen Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Helsinki Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Luleå Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Malmö Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Oslo Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Stockholm Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Sundsvall Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Tromsø Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Trondheim Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Kristiansand Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
Bergen Electricity Price Area Differential
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of EUR 20.
German Electricity
Baseload
Peakload
Baseload Monthly Settled Month, Quarter & Year Contracts DS Futures
Belgian Electricity
Baseload Monthly Settled Month, Quarter & Year Contracts DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Monthly Settled Day, Week, Working Day Week & Weekend DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Dutch Electricity
Baseload Monthly Settled Month, Quarter & Year Contracts DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Monthly Settled Day, Week, Working Day Week & Weekend DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
French Electricity
Baseload Monthly Settled Month, Quarter & Year Contracts DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Monthly Settled Day, Week, Working Day Week & Weekend DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Month, Quarter & Year Contracts
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Day & Week Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Peakload Month, Quarter & Year Contracts
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Peakload Day & Week Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Italian Electricity
Baseload Monthly Settled Month, Qyarter & Year Contracts DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Monthly Settled Day, Week, Working Day Week & Weekend DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Spanish Electricity
Baseload Monthly Settled Month, Quarter & Year Contracts DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Monthly Settled Day, Week, Working Day Week & Weekend DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
UK Electricity
Baseload Monthly Settled Month, Quarter & Year Contracts DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Baseload Monthly Settled Day, Week, Working Day Week & Weekend DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
Electricity Certificates Margin Curve
Swedish-Norwegian Electricity Certificate SEK Curve
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement. Note that the risk interval in instrument currency is calculated using a price shift of SEK 3.
Allowances Margin Curve
European Union Allowance Curve
In addition to the margin curve, contracts on this underlying also have a minimum margin requirement.
Natural Gas Margin Curves
Belgian Zee Natural Gas Monthly Settled DS Futures
Dutch TTF Natural Gas Monthly Settled DS Futures
French Peg Natural Gas Monthly Settled DS Futures
German The Natural Gas Monthly Settled DS Futures
Note that the risk interval in instrument currency is calculated using a price shift of EUR 50.
UK Natural Gas Monthly Settled DS Futures
Related Clearing Information
Commodities Margin Management
Risk & Default Management for Commodities
Margin Requirement, Base Collateral and other key rules that any member of Nasdaq Commodities must meet.
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Margin Requirement, Base Collateral and other key rules that any member of Nasdaq Commodities must meet.
Cleared Market Products
Nasdaq Clearing - Cleared Markets
Central counterparty clearing for several markets including Equity Derivatives, Index, Fixed Income and Commodities.
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Central counterparty clearing for several markets including Equity Derivatives, Index, Fixed Income and Commodities.
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Options Exercise & Portfolio transfer.