English
Published: 2006-06-28 00:00:00 CEST
Nasdaq Commodities
Exchange and Clearing Information
no 39/06 Breach of the reporting rules by ICAP Energy AS
Lysaker, 28 June 2006

The board of directors of Nord Pool ASA has decided,
supported by the recommendation of the disciplinary committee, to impose a
violation charge of NOK 100,000 on the broker company ICAP Energy AS, under the
provisions of section 8.1.2 in the market conduct rules. 

Nord Pool market
surveillance found that, from 11 August through 2 September 2005, ICAP, through
an automated procedure, has reported a significant number of contracts with
erroneous transaction times and that the procedure thus represented a breach of
the market conduct rules, sections 2.3.5. Despite being repeatedly made aware
of this breach of the market conduct rules, ICAP did not discontinue the
practice until 2 September.

After investigation by Nord Pool market
surveillance, the case was remitted to the disciplinary committee in Nord Pool
ASA, which came to the same conclusion, i.e. that this was a serious breach of
the market conduct rules. The disciplinary committee is an advisory body to the
Nord Pool ASA board of directors in disciplinary matters under the market
conduct rules. 

Exchange members that have entered into the exchange
membership agreement and brokers that have entered into the broker agreement
have to comply with the market conduct rules, including specific rules for
reporting of non-exchange transactions in listed products. Such rules for
reporting are meant to ensure the transparency of contract details enabling all
market participants to have the same basis of information when making
transactions or orders to trade. 

  

For further information, please contact
Nord Pool:  

Torger Lien, president and CEO, Nord Pool ASA, 
phone: +47 67 52
80 70/+47 91 88 81 12
Robert Lillefloth, head of market surveillance, 
phone:
+47 67 52 80 34/+47 93 04 58 81