Post-Trade Arrangements

Overview

Central Counterparty Clearing

Financial instruments currently CCP cleared*:

• Nasdaq Copenhagen: shares and ETFs excluding Danish investment funds classified as ETFs; select ETNs**
• Nasdaq Helsinki: shares and ETFs; select ETNs**
• Nasdaq Stockholm: shares and ETFs; select ETNs** and ETCs**
• First North Denmark: shares
• First North Finland: shares
• First North Sweden: shares; tracker certificates on market segment “STO NMMO Tracker Certificates”**

*The instrument clearing arrangement is provided in electronic format as part of the basic data messages through the GCF-TIP feed and reference data files. There may be exceptions in individual instruments in the list above.

** As of April 2026 (date confirmed in IT Notice)

To obtain the current list of CCP cleared instruments in Excel, please email us

To trade CCP instruments, a member is required to be a participant of a CCP, either directly or indirectly.

• GCP (General Clearing Participant/ General Clearing Member/ Global Clearing Member): Clears trades on behalf of other exchange members (NCPs) at a CCP. May also clear its own and its own customers trades at a CCP if it is an exchange member.
• DCP (Direct Clearing Participant/ Direct Clearing Member/ Individual Clearing Member): Only clears its own and its own customers trades at a CCP.
• NCP (Non-Clearing Participant/ Non-Clearing Member): Clears all its trades through a GCP and has no direct relationship with the CCP. NCP has no contractual relationship with a CCP.

Nasdaq Nordic will ask a CCP for a form verifying that the member has clearing arrangements in place.

Gross Settlement

Trades in all other financial instruments on Nasdaq Nordic exchanges are gross settled.

When a market segment is gross settled, it means that the two trading members settle against one another at the relevant Central Securities Depository (CSD). Nasdaq member can either be a direct member of the relevant CSD or arrange for indirect settlement capabilities via one of the clearing members of the relevant CSD.

Membership of Nasdaq Nordic Exchanges

Self Clearing

Members have the option to exclude internal trades (trades where a member is both the buyer and the seller) from CCP clearing and settlement and gross settlement. This function is known as self clearing and implies that no execution report is sent from the exchange to the CSD and/or CCP.

This function is selectable within the INET Nordic exchanges trading system for both CCP and gross settled instruments. The member can select Self Clearing per clearing solution and Exchange when it comes to auto-matched trades. For example, a member can select to have CCP-cleared trades self cleared in Finland and non-CCP cleared trades sent to the CSD in Finland while self clearing all trades in Denmark.

For reported trades where the member is both the buyer and the seller, the member can choose to self clear on a per-trade basis. The default is set to not self clear, so if a member wishes to self clear, the indicator for self clearing must be set for each trade.
 

The decision to self clear needs to be agreed with the clearing participant responsible for the clearing and settlement for the member. A form (available from the member's key account manager) needs to be filled in and sent to Nasdaq.

To be eligible for self clearing at Nasdaq Helsinki, the member must send in the following:

• Statement of the member's agreement with its custody service provider on the handling of the clearing and settlement arrangements for the members' self cleared trades.
• Description of how the member will direct self clearing trades to its custody.

This information should explain and illustrate how the investor is ensured to receive the financial instruments when self clearing is used by the member and not through the allocation at the CSD.

Buy In

When a settlement fails, the party to receive the securities is entitled to call for a buy in. Buy in for CCP cleared instruments is handled by the relevant CCP according to its procedures while buy in for gross settlement is governed by the Nordic Member Rules.

Nasdaq-specific rules and procedures related to buy in can be found on the Nasdaq Nordic Member Rules  & Regulations page under Member Rules.