UPDATE ON COMMODITIES MEMBER DEFAULT
We refer to the market notice published on 21 September 2018 in which Nasdaq Clearing AB (“Nasdaq Clearing”) informed members and clients that the defaulted member, Einar Aas had agreed to submit to a consensual arrangement with creditors to liquidate Mr. Aas’s estate in order for Nasdaq Clearing to recover for the Default Fund Participants losses arising from his recent default. A consensual arrangement provides the opportunity to achieve a significantly higher recovery for the Default Fund Participants relative to bankruptcy or debt composition.
We can confirm that a legally binding agreement for a consensual arrangement with creditors (the “Agreement”) has today been finalized between Mr. Aas and his creditors, including Nasdaq Clearing. One member, Agder Energi, disagrees with the Agreement, but has decided not to raise further objections.
The funds recovered by Nasdaq Clearing under the Agreement will be apportioned in accordance with the Default Fund Rules and distributed to the Default Fund Participants on a pro rata basis based on their respective contributions to the Nasdaq Commodities Default Fund at the time of the default.
At Nasdaq Clearing, our primary focus is the protection of our members and the integrity and efficiency of our markets and we will continue to communicate settlement updates to our members.
For more information, please contact:
Andreas Gustafsson, +46 (8) 4056711, andreas.gustafsson@nasdaq.com
For media inquiries, please contact:
David Augustsson, +46 (8) 4056135, david.augustsson@nasdaq.com
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