Default Notice from Nasdaq Clearing
A clearing member of Nasdaq Clearing has been deemed to be in breach of the margin rules of Nasdaq Clearing’s Commodity Derivatives Markets Clearing Rules (“Clearing Rules”). As a result of this, on September 11, Nasdaq Clearing declared the member in default in accordance with the Clearing Rules. The clearing member in question was active on the Nasdaq Nordic Commodities market.
The defaulting portfolio has been closed out according to Nasdaq Clearing’s close-out procedures and has been fully contained.
However, the close out resulted in a loss for Nasdaq Clearing that exceeded the defaulting member’s collateral and default fund contribution. The loss means that Nasdaq Junior Capital and a portion of the Commodity Member Default fund will be utilized. A replenishment contribution request notice with more information will be sent to default fund participants tomorrow.
Nasdaq Commodities and Nasdaq Clearing will operate as usual tomorrow.
For more information, please contact:
Nasdaq Clearing, Julia Haglind
For media inquiries: