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    Nasdaq Commodities Market Surveillance

    Ensuring market rules compliance

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    Market Surveillance Overview

    The main task for Market Surveillance is to monitor the market participants’ orders, trades and reporting of off-order book trades in the financial market. If there is suspicion of any breach of the trading rules, Market Surveillance shall gather information and investigate according to the proceedings described later in this section. 

    Market Surveillance has an important role in building market confidence, and in this context, performs advisory service towards market participants as to the principal and practical compliance of the trading rules. 

    Nasdaq Oslo ASA holds a license as a derivatives exchange under the Norwegian Securities Trading Act. The license is granted by Ministry of Finance and Nasdaq Oslo ASA is under supervision by the Financial Supervisory Authority of Norway, Finanstilsynet.
     
    The clearinghouse, Nasdaq Clearing AB, holds a license from the Swedish Financial Supervisory Authority, Finansinspektionen. 

    Under the Securities Trading Act section 12-5 the exchange is required to monitor the trading activity of its members and report market conduct that might be in breach with legal provisions.

    Market participants must comply with the trading and clearing rules including Market Conduct Rules (Trading Rules - Appendix 6).

    Commodities legal relationship chart

    Market Surveillance Tasks

    The main tasks of Nasdaq Commodities' Market Surveillance can be divided into four main areas.

     

    Reporting of Off-Order Book Trades

    All market participants shall report off-order book transactions to Nasdaq Oslo. The main rule is that the reporting must take place within 15 minutes from the trade agreement time and must include the correct information of the trade. The details are described in the Market Conduct Rules § 2. 

    All market participants shall report off-order book transactions to Nasdaq Oslo. The main rule is that the reporting must take place within 15 minutes from the trade agreement time and must include the correct information of the trade. The details are described in the Market Conduct Rules § 2. 

    Disclosure of Inside Information

    All market participants shall, when in possession, immediately publish all relevant inside information. In general, this covers the information of a precise nature which has not been made public relating directly or indirectly, to one or more products, and which Market Participants would expect to receive in accordance with accepted market practice. The full definition of inside information is described in the Market Conduct Rules § 5. 

    All market participants shall, when in possession, immediately publish all relevant inside information. In general, this covers the information of a precise nature which has not been made public relating directly or indirectly, to one or more products, and which Market Participants would expect to receive in accordance with accepted market practice. The full definition of inside information is described in the Market Conduct Rules § 5. 

    Insider Trading

    Market participants are prohibited from trading when holding inside information. This is valid until the information has been made public as defined in the Market Conduct Rules § 5. 

    Market participants are prohibited from trading when holding inside information. This is valid until the information has been made public as defined in the Market Conduct Rules § 5. 

    Market Manipulation

    Market participants shall not engage in market manipulation as defined in The Norwegian Securities Trading Act and in Enclosure 1 to the Market Conduct Rules.

    Market participants shall not engage in market manipulation as defined in The Norwegian Securities Trading Act and in Enclosure 1 to the Market Conduct Rules.

    View the Nasdaq Commodities Legal Framework page for rulebooks.

    View the Nasdaq Commodities Legal Framework page for rulebooks.

     

    Market Surveillance, Nasdaq Oslo ASA

    +47 6752 8019

    +47 6752 8021

    surveillance.commodities@nasdaq.com

    Market Surveillance Reports

    Related Information

    Responsibilities

    Regulation at Nasdaq Commodities - Responsibilities

    Market Surveillance focuses on the key elements of ensuring well-functioning markets.

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    Market Surveillance focuses on the key elements of ensuring well-functioning markets.

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    Sanctioning

    Regulation at Nasdaq Commodities - Sanctioning

    Market participants that have violated the rules can be sanctioned by Nasdaq Oslo ASA.

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    Market participants that have violated the rules can be sanctioned by Nasdaq Oslo ASA.

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    Case Proceedings

    Nasdaq Commodities - Case Proceedings

    We have a set process and organizations in place for investigating suspected breach of the Market Conduct Rules.

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    We have a set process and organizations in place for investigating suspected breach of the Market Conduct Rules.

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    Who We Are

    About Nasdaq Commodities

    The Nasdaq Commodities offerings include power, natural gas and carbon emission markets, fuel oil, seafood derivatives,

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    The Nasdaq Commodities offerings include power, natural gas and carbon emission markets, fuel oil, seafood derivatives,

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    Rules

    Trading & Clearing Membership Rules

    Legal documentation regarding trading membership at Nasdaq Oslo ASA and clearing membership at Nasdaq Clearing AB.

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    Legal documentation regarding trading membership at Nasdaq Oslo ASA and clearing membership at Nasdaq Clearing AB.

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