European Commodities

December 27, 2024
Nasdaq Commodities proposes minor amendments to Joint Appendix 2 Contract Specifications effective from 15 January 2025.
- Updated definition of “Term (trading period)” in part D, clauses 1.28-1.30.
- Minor changes in part C, quotation list for Latvian EPADs.
The proposed changes are necessary to align the definition of “Term (trading period)” for Swedish and Finnish EPADs with the same definition for Norwegian, Danish, Estonian and Latvian EPADs, and should be read in conjunction with inter alia market notice 66/23 on the reduction of listings in Swedish and Finnish EPADs to harmonize the listing of series in all Nordic EPADs.
The proposed changes in part C, quotation list for Latvian EPADs is for clean-up purposes, also taking into consideration that all series in the Latvian- and Estonian EPADs respectively, are currently suspended until further notice.

The changes, available in track changes in the above link, can be found on pages 32, 98, 101, and 104.
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December 6, 2024
Upcoming Changes to Joint Appendix 7 – Fee list (joint Clearing and Trading rules)
Nasdaq Clearing is consolidating the functionalities of the Collateral Management Web (CMS Web) application into the Q-Port clearing application. Consequently, all CMS Web application users will be required to migrate to Q-Port and the CMS Web application will be decommissioned effective March 28, 2025. In relation to this upcoming consolidation, Nasdaq is amending the Clearing Rules of Nasdaq Commodities, Appendix 7 - Fee List by adjusting the Q-Port license fee. The revised Q-Port license fee will take effect from April 1, 2025.
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November 11, 2024
Proposed Amendments to the Clearing Rules of Nasdaq Commodities Markets (16 December 2024 version)

Nasdaq Clearing AB is proposing to amend the Clearing Rules of Nasdaq Commodities Markets, to enter into force on 16 December 2024.

Attached are amended drafts setting out the changes in track changes. The key changes are also summarized below.

1. Changes to Appendix 10 Collateral List

The Collateral List have been updated to include rules relating to collateral substitution and posting of excess collateral for the period of 15 calendar days prior to the last trading day of the calendar year. Within this period,  

• Substitution of collateral with a value higher than SEK 200 000 000, or equivalent in another currency, is subject to the Clearing House’s approval,
• The Clearing House may not accept cash collateral in excess of the relevant Margin Requirement if posted after 10am CET, and
• In case the Clearing House suffers additional costs as a result of handling any excess collateral, the Clearing House may impose a fee (retrospectively) on the Account Holder in the amount corresponding to such additional cost.

In addition, following the amendments to EMIR, it has been clarified in the Collateral List that where bank guarantees are allowed as collateral, these may be uncollateralised.

2. Changes to Appendix 9 Default Fund Rules

The Default Fund Rules has at clause 1.9A.8 been amended to align the Clearing House’s right to calculate and add a buffer to the Financial Default Fund, with what is already in place for the Commodities Default Fund. Such buffer will normally not exceed 25 (twenty five) per cent of the FIN Cover 2 Funds, but may at the Clearing House’s discretion be raised to a maximum of 50 (fifty) per cent of the FIN Cover 2 Funds during volatile market conditions.

3. Changes to Appendix 12 Supplemental default rules for Clearing Transactions recorded on Client Clearing Accounts

Following the amendments to EMIR and the requirements relating to default porting of positions and assets in an omnibus client account, updates have been made to Appendix 12 to clarify that the Clearing House may trigger the default porting procedure unless all omnibus clients within the same omnibus account object to such transfer.

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Proposed Amendments to the Clearing Rules of Nasdaq Commodities Markets (25 June 2024 version)

Nasdaq Clearing AB is proposing to amend the Clearing Rules of Nasdaq Commodities Markets (the “Clearing Rules”). 

Following the consultation process in relation to the Service Withdrawal Rules at new Appendix 17 to the Clearing Rules (the “Service Withdrawal Rules”) (please refer to send out on 8 May 2024), Nasdaq Clearing AB has made changes to the previously circulated version of the Service Withdrawal Rules in order to accommodate clearing participants’ views. 

The amendments relate to replacement of the current Service Closure rules, whereby the Schedule 5 (Service Closure) to Appendix 9 (Default Fund Rules) of the Clearing Rules is removed and replaced with the Service Withdrawal Rules. Attached are (i) the amended draft Service Withdrawal Rules in blackline against the previously circulated version, (ii) a clean version of the Service Withdrawal Rules, and (iii) a blackline of Appendix 9 (Default Fund Rules). The amendments will come into effect on 25 June 2024.  

In case you have any questions please contact Ida Nordenström, Head of Legal for Clearing, Commodities and European Data at ida.nordenstrom@nasdaq.com. 

December 27, 2023

Upcoming Changes to Joint Appendix 2 - Contract Specifications

Nasdaq Commodities will reduce the listing of series in all the European Power and Natural Gas Monthly DS Futures contracts. There will be no further listing of contracts with delivery beyond 2026. The listing will continue for all contracts with delivery periods ending before January 1, 2027. Due to the reduced listings, Nasdaq Commodities will suspend the listed Dutch TTF Natural Gas Winter Season contract TTFM_SW-26, Summer Season contract TTFM_SS-27 and the year contract TTFM_Y-27 on January 2, 2024. The planned reduction of contracts is a natural step to further reduce the number of contracts in which there is no or very limited trading interest. The changes are described in track changes on page 33 and 35 in the attached copy of Joint Appendix 2 - Contract Specifications. The changes comes into effect on January 2, 2024.

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November 6, 2023

Nasdaq Commodities delists Irish Power Futures and Renewables

Due to very limited trading and clearing interest in Irish Power Futures and German Wind Index Futures, Nasdaq Commodities has decided not further to pursue our business venture within these contracts. The Irish Power Futures and German Wind Index Futures will be delisted on December 4, 2023.
The changes are found in track changes here:

• Joint Appendix 2 Contract Specifications, Part A, Section 1.2, Part B, Sections 1.2 and 5, Part C, Sections 1.1 and 5, and Part D, Sections 1.18-1.19 and 5.
• Joint Appendix 3 Trading and Clearing Schedule, Section 1.3.
  Joint Appendix 4 Trading Procedure, Section 17.2.
• Joint Appendix 7 Fee list, Sections 3.1.2.1, 3.1.4, 3.2.2.1 and 3.2.4.

Nasdaq Commodities also takes this opportunity to clean up:

• The Joint Appendix 7 Fee list to remove outdated references to "Belgian Gas" and "Zeebrugge Gas". The changes can be found in Sections 3.1.3.2 and 3.2.3.2.
• The Joint Appendix 2 Contract Specifications to remove outdated references to series in Gaspool and NCG Natural Gas Monthly DS Futures contracts. The changes can be found in Part C, Section 2.1. However, removing columns are not reflected in track changes.

These changes will take effect on December 4, 2023.

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September 21, 2023

Upcoming Changes to Joint Appendix 2 - Contract Specifications

Due to the Belgian natural gas market merger of ZEE and ZTP to a single point, ZTP, on 1 October 2023, Nasdaq Commodities will suspend, effective immediately, and de-list the Belgian Zeebrugge (ZEE) Natural Gas Monthly DS Futures contracts with effect from October 1, 2023.

Attached is a copy of the Joint Appendix 2 Contract Specifications showing the changes in track changes.

• Appendix 2 - Contract Specifications (joint Clearing and Trading Rules)

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July 18, 2023

Upcoming Changes to Trading Rules

Nasdaq Commodities proposes minor amendments to Trading Appendix 4A. The changes are described below:

• New points 4.1, 8.1 and 14.1. We propose wording to clarify that Exchange Members authorized as DEA-, SA-, or AOR providers should ensure processes that safeguard its clients' interests where the Exchange reject Orders outside Order Price Limits.
• New points 4.4, 8.4 and 14.5. We propose wording to clarify that Exchange Members authorized as DEA-, SA-, or AOR providers ensure sufficient data security measures are in place towards its client's technical equipment so that the client does not obtain access to non-public market information.
• In addition to the above, we have made minor changes for clarification purposes or to correct grammatical errors

Attached is a copy of the Trading Appendix 4a showing the proposed changes in track changes. The proposed amendments will take effect on 1 August 2023.

• Appendix 4A - Direct Market Access and Sponsored Access (track changes)

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July 17, 2023

Upcoming changes to Trading Appendix 4A

Nasdaq Oslo ASA (the Exchange) plans to make minor amendments to the Trading Appendix 4a for clarification purposes, etc. Subject to regulatory approval the proposed changes will take effect from 1 August 2023. Below you will find a short summary of the proposed changes:

New points 4.1, 8.1 and 14.1. Exchange Members are reminded that it should ensure processes that safeguard its clients' interests where the exchange rejects orders outside order price limits.

New points 4.4, 8.4 and 14.5. This clarifies the obligation of the Exchange Member to ensure sufficient data security measure is in place towards the client's technical equipment so that the client does not obtain access to non-public market information.

Attached is a copy of the Trading Appendix 4a showing the proposed changes in track changes.

• Appendix 4 A - Direct Market Access and Sponsored Access (track changes)

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July 15, 2023

Upcoming changes to the Trading Rules

Nasdaq Commodities proposes minor amendments to Joint Appendix 1 and Joint Appendix 6, respectively. The changes are described below:

Joint Appendix 1 Definitions

• Removed definition of Exchange Position Limits and inserted definition for Regulatory Position Limits for clarification purposes.

Joint Appendix 6 Market Conduct Rules

• Removed reference to Exchange Position Limits from the rulebook
• Updated wording in point 4.3.2 to align with wording in MIFID II Article 57(8)

In addition to the above, we have made a few minor amendments of linguistic nature.

Attached you will find copies of the Joint Appendix 1 and Joint Appendix 6 showing the proposed changes in track changes. The proposed amendments will take effect on 15 July 2023.

• Joint Appendix 6 - Market Conduct Rules - track changes
• Joint Appendix 1 - Definitions - track changes

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June 8, 2023

Upcoming Changes to Clearing Rules

Nasdaq Clearing AB will amend the Clearing Appendix 11 - List of Approved Settlement Banks (Commodity Derivatives) effective 9 June 2023. The following changes will be made:

• Norway's Bank has replaced SEB as Concentration Bank.
• Svenska Handelsbanken will be an Approved Settlement Bank for SEK but no longer for EUR

A markup of the Clearing Appendix 11 showing the amendments is attached.

• Appendix 11 - List of Approved Settlement Banks (track changes)

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May 1, 2023

Upcoming changes to Appendix 7 - Fee List and Joint Appendix 2 - Contract Specifications

Nasdaq Commodities is adjusting the variable trading and clearing fees for the Nordic Electricity Futures, DS Futures and Options Contracts, effective May 1, 2023. Details are available in the attached Appendix 7 Fee list, where the changes are marked with track changes.

Further, Nasdaq Commodities is phasing out and reducing the listing of series in the Electricity Certificates DS Futures SEK contracts, effective May 1, 2023. The number of contracts will be reduced from five to two, and the last Electricity Certificate DS Futures SEK contract available for trading and clearing will be ELCSEKMAR-25. Consequently, ELCSEKMAR-26, ELCSEKMAR-27, and ELCSEKMAR-28 will be suspended on April 14, 2023 and delisted on May 1, 2023.

There is no change in the listing for the Electricity Certificates Day Future SEK contracts except that the last contract listed for trading and clearing will be ELCSEKD1403-25, with the last trading day on 14 March 2025.

The changes are available in the attached Joint Appendix 2 Contract Specifications in track changes on p. 37 and 141-142.

• Joint Appendix 2 - Contract Specifications (track changes)
• Appendix 7- Fee list (track changes)

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March 15, 2023

Upcoming changes to the Clearing Rules

Nasdaq Clearing AB (the "Clearinghouse") will amend the Clearing General Terms and the Joint Appendix 1 (the "Rules") as summarized below:

Clearing General Terms

• Section 3.11.4 has been adjusted to reflect that requirement on each Account Holder to ensure that the Clearing House is provided with an accurate and up to date calculation of its Capital and Liquid Assets shall be done at least monthly (and not quarterly).
• Section 3.12.6 (a) has been adjusted to reflect that the extraordinary margin requirement of fifteen (15) percent shall apply from the second (and not the first) bank day of the information breach.
• In section 3.12.6 (f), the condition that the Account Holder has a margin requirement of zero has been removed.
• The wording relating to Base Collateral Requirement in sections 3.3.9, 4.9.2 and 5.2 have been deleted.
• Minor editorial updates.

Joint Appendix 1 Definitions

As the wording on Base Collateral in the General Terms have been deleted, the definition of Base Collateral Requirement in the List of Definitions has also been removed.

The changes will be effective 1 May 2023. Markups of the Rules showing the proposed amendments is attached.

• Clearing - General Terms (track changes)
• Joint Appendix 1 - Definitions (track changes)

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February 15, 2023

Upcoming Changes to Joint Appendix 2 - Contract Specifications

Nasdaq Oslo ASA (the Exchange) plans to list an additional two (2) quarter series in the German Power Monthly Base DS Futures contracts - EDEMBQ. The listing of additional quarter series will enable market participants to hedge further out in the curve. Subject to testing, the listing will be activated on 1 March 2023.

The Exchange also plans to reduce the listing of French Electricity Futures contracts - EFRFBQ, EFRFPQ, EFRFBY and EFRFPY. The quarter base and peak series will be reduced from 7 to 4, and the year base and peak series will be reduced from 5 to 3. Subject to testing, the affected series will be suspended from 1 March 2023.

Attached is a mark-up of the Joint Appendix 2 - Contract Specifications with the planned amendments on page 33 and page 35.

• Joint Appendix 2 - Contract Specifications (track changes)

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February 1, 2023

Upcoming changes to Joint Appendix 2 Contract Specifications

Nasdaq Commodities is planning to make changes to the Joint Appendix 2 Contract Specifications.

The purpose of the changes is to comply with the Council Regulation (EC) 2022/2578. Upon activation of a market correction event for affected natural gas contracts, Nasdaq Oslo ASA (the Exchange) will not accept electronic orders submitted on the ETS above the imposed dynamic bidding limit (with certain exceptions as further outlined in said regulation). Any orders, or trades resulting thereof, above the imposed dynamic bidding limit will be cancelled.

To reflect the above, Nasdaq Commodities has added a new section 2.3 in part B of the Joint Appendix 2 Contract Specifications. The amendments are available in track changes in the attached document.

The changes will take effect on 15 February 2023 subject to regulatory approval and testing.

• Joint Appendix 2 - Contract Specifications (track changes)

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January 25, 2023

Nasdaq Clearing AB will amend the Clearing Appendix 10 - Collateral List (Commodity Derivatives) effective from January 31, 2023.

The following changes will be made:

• Bonds issued by The European Investment Bank and The European Union have been approved as collateral.

In addition, we have made a few minor linguistic changes for clarity purposes. A markup of the Clearing Appendix 10 – Collateral List (Commodity Derivatives) showing the amendments is attached.

• Clearing Appendix 10 - Collateral List (Commodity Derivatives)

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January 23, 2023

Upcoming changes to Joint Appendix 9 - Clearing Rules of Nasdaq Commodities Markets

Proposed Amendments to the Clearing Rules of Nasdaq Commodities Markets (12 February 2023 version)

Relating to the further implementation of the Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December on a framework for the recovery and resolution of central counterparties ("Recovery & Resolution Regulation") and the Clearinghouse’s Recovery Plan that was adopted in 2022, Nasdaq Clearing proposes updates to Appendix 9 of the Clearing Rules of Nasdaq Commodities Markets as summarized below.

Appendix 9 – Default Fund Rules

• A definition of Non-Default Loss is introduced. The definition of Senior Capital has been adjusted to reflect that the Senior Capital shall be 25 (twenty-five) per cent plus an additional 5 (five) per cent, in total 30 (thirty) per cent, of the risk-based capital requirements calculated in accordance with Article 16 (2) of EMIR.
• Paragraph 3.9 has been adjusted to reflect the changes as regards the allocation of the Senior Capital. Moreover, the revised paragraph 3.9 introduces mechanisms describing the allocation of the Senior Capital and losses in a Non-Default Loss situation and loss allocation in a simultaneous Default Loss and Non-Default Loss situation.
• Paragraph 8.1 in the section on replenishment and distribution have been changed in order to clarify that the Clearinghouse may not only increase but also decrease all Default Fund Participants’ fund requirements.
• Schedule 3 on Partial Tear-Up has been adjusted to cater for the introduction of a mechanism for partial tear-up of Netted Non-Exchange Traded Tear-Up Transactions. Schedule 3 has also been updated with new definitions in section 4.
• Schedule 4 on Voluntary Cash Call has been updated to reflect that the vote of the Clearinghouse in favor of the Voluntary Cash Call no longer is a requirement. The wording that the Clearinghouse will vote in favour of the Voluntary Cash Call where required or instructed by the Finansinspektionen has been deleted.
• Schedule 5 on Service Closure has been amended to allow for Service Closure to take place when the Clearinghouse unwinds its operations in respect of one or more Clearing Services in accordance with the Clearinghouse's Wind Down Plan.
• Minor editorial updates.

The amendments will come into effect on February 12, 2023.

• Clearing Appendix 9 - Default Fund Rules track changes

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January 18, 2023

Upcoming changes to Joint Appendix 2 - Contract Specifications

Nasdaq Commodities is planning to make amendments to the Joint Appendix 2 - Contract Specifications.

The purpose of the amendment is to reduce the number of listings in EPAD contracts for Swedish and Finnish price areas to harmonize the listing of series in all Nordic EPAD Electricity Base Quarterly and Monthly Futures contracts.

We have for clarity purposes also added two footnotes referring to a previously communicated decision to suspend certain EPADs from trading and clearing until further notice.

The proposed changes are found in part C of Joint Appendix 2 - Contract Specifications. Subject to testing, the changes will take effect from 1 February 2023.

• Joint Appendix 2 - Contract Specifications (track changes)

December 9, 2022

Upcoming change in the Joint Appendix 7 Fee list.

Nasdaq Commodities is planning to adjust the clearing fee on seafood contracts. The new clearing fee will be 0.09 NOK/kg for GCMs and 0.10 NOK/kg for Clearing Members. The change will take effect on  January 1, 2023.

We have attached the Joint Appendix 7 Fee list showing the amendments in track changes in section 3.4.

• Appendix 7- Fee list (track changes)

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December 7, 2022

Nasdaq Clearing AB (the "Clearinghouse") will amend the Clearing Rules of Nasdaq Commodities Markets (the "Clearing Rules").

The changes include the following:

Appendix 9 – Default Fund Rules

Section 3.5 of the Default Fund Rules has been amended to reflect that the buffer to the Commodity Default Fund will normally not exceed 25 (twenty five) per cent of the COM Cover 2 Funds, but may at the Clearinghouse’s discretion be raised to a maximum of 50 (fifty) per cent of the COM Cover 2 Funds during volatile market conditions.

The amendments are subject to regulatory approval and will come into effect on December 21, 2022.

• Clearing Appendix 9 - Default Fund Rules (Blackline)

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November 7, 2022

Upcoming changes in the Trading Rules

Nasdaq Commodities is planning to make amendments to the following:

- Joint Appendix 1 - Definitions

- Joint Appendix 2 - Contract Specifications

The purpose of the amendments is to introduce a benchmark fallback protocol that describes what measures Nasdaq Oslo ASA (the "Exchange") may take concerning any instrument or product that refers to a benchmark that is or is proposed to be materially changed or cease to be provided. The protocol is added as a new chapter 6 in part A of the Joint Appendix 2 Contract Specifications. In addition, we make a minor amendment to section 4.1.3 in part A for clarification purposes.

Further, Nasdaq Commodities is planning to list Irish Power Futures. Consequently we are planning to make amendments to the following:

• Joint Appendix 2 - Contract Specifications
• Joint Appendix 7 - Fee list

The purpose of the amendment is to set out the contract specifications for the new products listed for trading and clearing. The proposed amendments can be found in Joint Appendix 2 Contract Specifications part B, section 1.2, part C, section 1.1, and part D, section 1.18-1.19. The proposed amendments to the fee list are available in section 3.1.2 and section 3.2.2.

The planned amendments are subject to regulatory approval, technical readiness, and, member readiness (for the Irish Power Futures) and will take effect from 21 November 2022. We have attached the documents that show the proposed amendments in track changes.

• Joint Appendix 2 - Contract Specifications (Irish Futures + fallback protocol)
• Joint Appendix 1 Definitions (track changes BMR fallback)
• Joint Appendix 7 - Fee list (joint Clearing and Trading Rules)

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November 7, 2022

Upcoming changes in the Trading Rules

Nasdaq Commodities is planning to make amendments to the following:

• Joint Appendix 1 - Definitions
• Joint Appendix 2 - Contract Specifications

The purpose of the amendments is to introduce a benchmark fallback protocol that describes what measures Nasdaq Oslo ASA (the "Exchange") may take concerning any instrument or product that refers to a benchmark that is or is proposed to be materially changed or cease to be provided. The protocol is added as a new chapter 6 in part A of the Joint Appendix 2 Contract Specifications. In addition, we make a minor amendment to section 4.1.3 in part A for clarification purposes.

Further, Nasdaq Commodities is planning to list Irish Power Futures. Consequently we are planning to make amendments to the following:

• Joint Appendix 2 - Contract Specifications
• Joint Appendix 7 - Fee list

The purpose of the amendment is to set out the contract specifications for the new products listed for trading and clearing. The proposed amendments can be found in Joint Appendix 2 Contract Specifications part B, section 1.2, part C, section 1.1, and part D, section 1.18-1.19. The proposed amendments to the fee list are available in section 3.1.2 and section 3.2.2.

The planned amendments are subject to regulatory approval, technical readiness, and, member readiness (for the Irish Power Futures) and will take effect from 21 November 2022. We have attached the documents that show the proposed amendments in track changes.

• Joint Appendix 2 - Contract Specifications (Irish Futures + fallback protocol)
• Joint Appendix 1 Definitions (track changes BMR fallback)
• Joint Appendix 7 - Fee list (joint Clearing and Trading Rules)

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September 7, 2022

Upcoming change in Joint Appendix 2 (Contract Specification)

Nasdaq Oslo ASA (the Exchange) plan to list an additional two (2) quarter series in the German Power Monthly Base DS Future contracts – EDEMBQ. The listing of additional quarter series will enable market participants to hedge further out on the curve. The number of EDEMBQ contracts will be increased from 4 to 6. Subject to regulatory approval, the listing will be activated on September 26, 2022. Attached is a markup version of the Joint Appendix 2 (Contract Specifications) with the planned amendments on page 33.

• Joint Appendix 2 - Contract specifications (track changes)

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August 19, 2022

Nasdaq Oslo ASA (the Exchange) and Nasdaq Clearing AB (the Clearinghouse) is planning to make amendments to:

The Exchange

• General Terms – Trading Rules
• Appendix 4 – Trading Procedure

The Clearinghouse

• General Terms – Clearing Rules (Commodity Derivatives)

The purpose of the amendments is to:

• Update the relevant chapter in the Trading Rules and the Clearing Rules, respectively, related to US Persons representations and restrictions. The amendments follow amendments that the CFTC has enacted to the definition of a US Person, as part of the updated CFTC Cross Border Rules. The CFTC has recently also withdrawn their advisory policy on swaps that were arranged, negotiated or executed in the US, which is also reflected in the Trading Rules and the Clearing Rules respectively.
• Add wording in Appendix 4 – Trading Procedure and the Clearing Rules, respectively, to clarify the scope of the emergency powers available to the Exchange and the Clearinghouse in case of significant market disturbance, serious communication disturbance or other technical problems that seriously affect the ability of the Exchange or the Clearinghouse to maintain properly functioning operations. The purpose of the new clauses is to clarify the toolbox available to the Exchange and the Clearinghouse, respectively, in such circumstances and to align the commodities Exchange and Clearing Rules with the corresponding rules that Nasdaq has in place with respect to its other derivatives market.
• Clarify the scope of suspending market operations by adding a new clause 18.2 in Appendix 4 – Trading Procedure. The new wording clarifies that the Exchange can suspend market operations upon the occurrence of circumstances or events that i) have a material influence on the Exchange’s ability to maintain well-functioning trading operations, ii) to prevent disorderly trading, or iii) follow regulatory requirements or instructions from relevant regulatory authorities or other third parties, under applicable regulations. To avoid confusion, clause 8.6 in Appendix 4 – Trading Procedure is deleted as this clause contained partially similar wording.

In addition to the above, the Exchange has also, for clarifying purposes, included minor amendments in the General Terms – Trading Rules by adding “Appendix 4a Direct Market Access and Sponsored Access” to “Trading Appendices” and adding “capital” to the term “equity capital” in section 4.1.4 letter e).

Mark-ups of the planned amendments are attached for your information. Subject to regulatory approval, the amendments will take effect on 5 September 2022.

• Exchange Rules General Terms
• Trading Appendix 4
• Clearing General Terms Emergency powers and US persons

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August 2, 2022

Upcoming changes to Rules effective August 12, 2022

Nasdaq Clearing AB (the "Clearinghouse") will amend the Clearing Rules of Nasdaq Commodities Markets (the "Clearing Rules").

The amendments relate to the implementation of the Regulation (EU) 2021/23 of the European Parliament and of the Council of December 16, 2020 on a framework for the recovery and resolution of central counterparties("Recovery & Resolution Regulation") and the Clearinghouse's Recovery Plan that was adopted earlier this year.

The changes include the following:

Appendix 9 – Default Fund Rules

The introduction of the following Recovery Tools in accordance with the Recovery Plan.

• Partial Tear-Up – Recovery Tool to establish a matched book, available following two default Auctions. In respect of Exchange Transactions, Default Fund Participants (“DFP”) holding positions in contracts which are subject to a Partial Tear-Up will have their positions increased (same side position) or reduced (opposite side position), in proportion to the number of open positions of such DFP (in the relevant direction) compared to the total number of open positions (in the relevant direction). Non-Exchange Transaction (excluding netted positions) pursuant to which the defaulted member is either a buyer or seller will be terminated against the original trade counterparty.
• Voluntary Cash Call – Recovery Tool to give DFPs and the Clearinghouse the option to continue the clearing service even in case a Default Loss would consume the entire waterfall (prefunded and unfunded). DFPs representing more than 75 per cent. of the Fund Requirement of the relevant clearing service must support a Voluntary Cash Call for the tool to be used.
• Service Closure – Recovery Tool where a clearing service is terminated to be able to continue to operate other clearing services. In this case all contracts in the relevant clearing service will be subject to early termination based on market price according to normal methodologies or, if such market price is not available, using either (i) indicative prices based on quotes provided by the DFP in the relevant clearing service having necessary capability to provide quotes in respect of relevant contracts or (ii) as a last resort, a price determined at the absolute discretion of the Clearinghouse.

Chapter 1 – Default fund Rules

Certain provision implementing the Recovery & Resolution Regulation, including recognition of the Resolution Authority’s powers in accordance with the Recovery & Resolution Regulation.

Below are amended drafts setting out the changes of Appendix 9, the General Terms, and minor changes to the Joint Appendix 1 - Definitions of the Clearing Rules.

The amendments will come into effect on August 12, 2022.

• Clearing General Terms (mark-up)
• Joint Appendix 1 - Definitions (mark-up)
• Clearing Appendix 9 - Default Fund Rules (mark up)

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June 16, 2022

Nasdaq Clearing AB will amend the Clearing Appendix 10 - Collateral List (Commodity Derivatives) effective from June 22, 2022.

The following changes will be made:

• The concentration limit for Norwegian covered bonds has been raised to 500MNOK.

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

• Clearing Appendix 10 - Collateral List (Commodity Derivatives)

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March 17, 2022

Upcoming changes 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.

• Joint Appendix 7 - Fee list (track changes)

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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.

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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.

The proposed amendments will enter into force on February 1, 2022.

• Clearing General Terms (mark-up)
• Joint Appendix 1 - Definitions (mark-up)
• Joint Appendix 8 - Membership Requirements (mark-up)

October 26, 2020

Upcoming changes to Rules effective November 23, 2020.

• Joint Appendix 2 - Contract Specifications (mark-up)
• Joint Appendix 7 - Fee List (mark-up)

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August 18, 2020

Upcoming rulebook changes for August 31, 2020.

• Joint Appendix 2 - Contract Specifications - mark up
• Exchange and Clearing Information 12/20

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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.

• Notice Default Fund Rule updates
• Clearing Appendix 9 - Default Fund Rules - mark-up

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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
3. General Terms For Loss Sharing Custody Accounts

Together, the "General Terms for Custody Accounts".

An attached explanatory notice 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 September 3, 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 September 3, 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:

• General Terms For Collateral Custody Accounts
• General Terms For Default Fund Custody Accounts
• 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 September 3, 2020.

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April 24, 2020

Upcoming changes to rules effective May 22, 2020.

• Clearing Appendix 9 - Default Fund Rules
• Auction Incentive Examples
• Notice regarding amendments

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April 8, 2020

Upcoming changes to rules effective April 27, 2020.

• Joint Trading and Clearing Appendix 2 - Contract Specifications (mark-up)

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March 12, 2020

Upcoming changes to Rules effective March 26, 2020.

• Clearing Rules General Terms (track changes)
• Joint Appendix 2 - Definitions (track changes)
• Agreement C. Direct Clearing Client Agreement (track changes)
• Clearing Appendix 13 - Supplemental default rules for Clearing Transactions recorded on Direct Clearing Accounts (track changes)

December 19, 2019

Upcoming changes to Rules effective January 2, 2020

• Joint Appendix 1 - Definitions re cross request (track changes)
• Joint Appendix 7 - Fee List (track changes)
• Trading Appendix 4 - Trading Procedures (mark-up)
• Trading Appendix 9 - Request for Quote Trading Procedures

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November 25, 2019

Upcoming changes to rules effective December 9, 2019

• Joint Appendix 2 - Contract specifications (mark-up)

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October 20, 2019

Upcoming changes to rules effective October 20, 2019

• Trading Rules General Terms (mark-up)
• Joint Appendix 1, Definitions (mark-up)
• Joint Appendix 2, Contract Specifications (mark-up)
• Joint Appendix 3, Trading Schedule (mark-up)
• Joint Appendix 6, Market Conduct Rules (mark-up)

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September 30, 2019

Upcoming changes to rules effective September 30, 2019

• Clearing Rules General Terms (mark-up)
• Clearing Rules Appendix 8, Membership Requirements (mark-up)
• Joint Trading and Clearing Appendix 1, Definitions (mark-up)

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September 1, 2019

Upcoming changes to rules effective September 1, 2019

• Joint Trading and Clearing Appendix 7 - Fee list (mark-up)