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    Commodities Clearing - Member Area

    Option exercise and portfolio transfer

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    Power Options Exercise


    On the option exercise day, a fixing price is set at 11:55am-12pm CET based on the trades (random snapshot) in the underlying contracts. As soon as the prices are calculated they will be published, with the attached "Final Option Exercise list", through an operational message. The list shows which strikes are automatically exercised based on the option fixing price unless the option holders protect themselves from automatic exercise or choose to alter the manual exercise.


    On the option exercise day, a fixing price is set at 11:55am-12pm CET based on the trades (random snapshot) in the underlying contracts. As soon as the prices are calculated they will be published, with the attached "Final Option Exercise list", through an operational message. The list shows which strikes are automatically exercised based on the option fixing price unless the option holders protect themselves from automatic exercise or choose to alter the manual exercise.

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    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.

    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 a 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, use the Commodities Option Exercise form (see below).

    Following a manual exercise or where a reservation has been made against a 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, use the Commodities Option Exercise form (see below).

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    IT notice

    Nasdaq accepts forms from 8am-12:30pm 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 12:30pm CET on the exercise day, Nasdaq will inform the market of the volume from the final option exercise requests and reservations through an operational message.

    Nasdaq accepts forms from 8am-12:30pm 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 12:30pm CET on the exercise day, Nasdaq will inform the market of the volume from the final option exercise requests and reservations through an operational message.

    Retraction 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, 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.

    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, 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.

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    Portfolio Transfer

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

    • Sign new direct clearing client agreement.
    • Terminate previous direct clearing client agreement with 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.

    • Sign new entry form
    • 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).

    • Three-party agreement for transaction transfer must be signed.

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

    • No three-party agreement for transaction transfer.

    Portfolio Transfer Documentation

    Nasdaq Clearing must receive three copies of the agreements with original signature. A scanned PDF version will be accepted, but Nasdaq 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 must receive three copies of the agreements with original signature. A scanned PDF version will be accepted, but Nasdaq 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.

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    About Matching Engines

    Nasdaq Clearing will prepare a three-party agreement for the portfolio transfer. To set it up correctly, we need:

    • The name of the clearing portfolio for the new and old counterparties
    • Detailed information as to which trades/position shall be transferred

    The cascading process may change the original trade.

    Sample of three-party agreement

    Nasdaq Clearing will prepare a three-party agreement for the portfolio transfer. To set it up correctly, we need:

    • The name of the clearing portfolio for the new and old counterparties
    • Detailed information as to which trades/position shall be transferred

    The cascading process may change the original trade.

    Sample of three-party agreement ->

    Estimated Time for Portfolio Transfer

    Normally, Nasdaq requires at least one month's notice ahead of the planned transfer date. Please note that a change of direct clearing agent may 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 take place on the last trading day in every quarter (the last trading days in March, June, September and last three trading days in December.)

    Refer to the product calendar below for more details.

    Normally, Nasdaq requires at least one month's notice ahead of the planned transfer date. Please note that a change of direct clearing agent may 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 take place on the last trading day in every quarter (the last trading days in March, June, September and last three trading days in December.)

    Refer to the product calendar below for more details.

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