Version: March 2016

Trading Agreement A

Exchange Membership 

Agreement

Commodity Derivatives

Member: [insert company name of Member]
Trading Agreement A – Exchange Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 2 (5)

EXCHANGE MEMBERSHIP AGREEMENT

This agreement is made on the date stated on the last page of this document between

[insert company name of Member], with reg. no. [insert registration number] in the [insert 

home state] Company Register (the “Member”); 

and

Nasdaq Oslo ASA, a Norwegian limited company with reg. no 965 662 952 in the Norwegian 

Company Register (the “Exchange”); 

collectively referred to as the “Parties" and individually as a “Party”.

1 GENERAL 

1.1 The Exchange is authorised as an exchange under the Norwegian Exchange Act 2007, 

listing commodity derivatives contracts and other products, and organises trading in such

products in accordance with the trading rules issued by the Exchange as in force from time 

to time (the “Trading Rules”).

1.2 The Member has or intends to have regular business involving trading in Listed Products

(as defined in the Trading Rules). 

1.3 Upon entering into this agreement and subject to the terms of the Trading Rules, the 

Member obtains the right to enter into Exchange Transactions as an Exchange Member 

pursuant to the terms and conditions of the Trading Rules. 

1.4 The Trading Rules set out the rights and obligations of the Member in relation to Exchange 

Trading, and the Member hereby accepts to be bound by the Trading Rules which are 

deemed incorporated by reference into this agreement. 

1.5 Terms defined in the Trading Rules of the Exchange shall have the same meaning in this 

agreement. In the event of conflict between the Trading Rules and this agreement, the 

Trading Rules shall prevail.

2 REPRESENTATIONS AND WARRANTIES

2.1 By entering into this agreement the Member hereby represents and warrants to the 

Exchange that:

a. it has taken all necessary actions to authorise the signing of this agreement as 

supplemented by the Trading Rules; and

b. the signing of this agreement and its compliance with this agreement and the 

Trading Rules does not violate any law, rule, regulation or agreement, document or 

instrument binding on or applicable to the Member.

2.2 In addition to clause 2.1 the Member is deemed to accept and repeat the representations 

and warranties in the Trading Rules.

Notice

Please ensure that this document when executed does not contain any square brackets, footnotes, explanatory 

notes etc except those which are intended to remain in the document (if any). Please initial each page in the 

bottom right hand corner, and ensure that signatures are by duly authorised persons, accompanied by 

evidence of authorisation and personal identification etc as further instructed by the Exchange.
Trading Agreement A – Exchange Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 3 (5)

2.3 The Member acknowledges that it is under a duty to notify the Exchange immediately in 

case it becomes aware of any breach of a representation or a warranty, as further provided 

for in the Trading Rules.

3 CONFIDENTIALITY

3.1 Subject to the provisions in this clause 3, the Exchange shall ensure that no unauthorised

party gains access to or knowledge of any matters relating to the business or personal 

affairs of the Member which it becomes aware of through the Member’s Exchange 

Transactions, and the Exchange shall not make use of such information for any other 

purposes than those related to Exchange Transactions and membership related activities of

the Exchange. 

3.2 Subject to the provisions in this clause 3, the Member undertakes that it shall not at any 

time disclose to any person any confidential information concerning the business, affairs, 

customers, clients or suppliers of the Exchange.

3.3 Notwithstanding the other provisions of this clause 3:

a. the Member acknowledges that the Exchange shall be allowed to provide 

information to the Clearinghouse when necessary for Clearing. The Exchange may 

also provide information to any other person or entity advising or assisting the 

Exchange in its operations, provided these persons and entities are subject to a 

corresponding duty of confidentiality;

b. the Member acknowledges the Exchange' rights to use and distribute Trade

information as set out in the General Terms; 

c. the duty of confidentiality shall not extend to information which is or becomes 

public through no breach of a Party’s confidentiality obligations hereunder;

d. either Party shall be allowed to disclose any information as may be required by law, 

court order or any governmental or Regulatory Body; and 

e. neither Party is required to keep confidential the fact that it has entered into this 

agreement or any suspension or termination of this agreement.

3.4 This clause 3 shall not limit either Party’s confidentiality or disclosure obligations under 

applicable law. Unless otherwise agreed this clause 3 shall survive the termination of this 

agreement by ten (10) years.

4 TERMINATION 

4.1 Each Party may terminate this agreement with three (3) months written notice to the other 

Party.

4.2 The Exchange's right to suspend and/or terminate this agreement in the case of a NonCompliance Event, and the effects of any termination of this agreement, is set out in the 

General Terms of the Trading Rules. Termination of this agreement will not affect the 

Parties’ rights and obligations with respect to Transactions submitted before the date of 

such termination. 

5 CHOICE OF LAW AND DISPUTE RESOLUTION

5.1 This agreement shall be governed by, construed and take effect in accordance with 

Norwegian law.

5.2 Any dispute between the Parties concerning the understanding of this agreement or the 

Trading Rules or any dispute arising from any acts or omissions governed by them shall be 

decided by arbitration in Oslo pursuant to the Norwegian Arbitration Act.

5.3 Each Party irrevocably waives any objection which it may have now or hereafter to the 

laying of the venue of any proceedings in accordance with clause 5.2 and any claim that 

any such proceedings have been brought in an inconvenient forum, and further irrevocably 

agrees that a judgement in any proceedings brought in accordance with clause 5.2 shall be 
Trading Agreement A – Exchange Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 4 (5)

conclusive and binding upon such Party and may be enforced in any jurisdiction in 

accordance with the enforcement law of the applicable jurisdiction.

6 AMENDMENTS

6.1 Changes to this agreement require the written consent of both Parties.

6.2 Notwithstanding clause 6.1, any annexes or additional arrangements to this agreement 

may be changed to the extent allowed by each such document, and the Exchange may 

make additions and/or amendments to the Trading Rules with 14 days written or electronic 

notice to the Member. Changes may be implemented with shorter notice if required by law 

or by Regulatory Bodies. 

6.3 Changes and/or amendments which affect economic rights in Open Positions vested before 

the change require the consent of all Members with such Open Positions, unless the 

changes or amendments are required by law, regulations, Regulatory Bodies or a court of 

law or (in the view of the Exchange) are strictly necessary for the continued operation of 

the market.

7 MISCELLANEOUS

7.1 Effective date. This agreement shall not become binding on the Parties until it is both 

accepted and signed by both Parties.

7.2 Entire Agreement. This agreement supersedes any previous arrangement, understanding 

or agreement between the Parties related thereto. The Parties each acknowledge that, on 

entering into this agreement, it has not relied on, and shall have no right or remedy in 

respect of, any statement, representation, assurance or warranty other than as expressly 

set out in this agreement or other written arrangements in force between the Parties 

(including the Clearing Rules). Nothing in this clause shall limit or exclude any liability for 

fraud.

7.3 Rights of Third Parties. No person or entity who is not a Party to this agreement shall 

confer any benefit on, or give any right to enforce any provisions of the agreement or the 

Clearing Rules, except that the Clearinghouse shall have the rights expressly granted to it 

under this agreement or the Trading Rules.

7.4 No Waiver. No failure or delay by a Party to exercise any right or remedy provided under 

this agreement or by law shall constitute a waiver of that or any other right or remedy.

7.5 Counterparts. This agreement may be executed in any number of counterparts, each of 

which when executed shall constitute an original of this agreement, but all the counterparts 

shall together constitute the same agreement.
Trading Agreement A – Exchange Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 5 (5)

* * *

IN WITNESS OF THEIR AGREEMENT each Party has caused its authorised representative to execute 

this agreement effective as of the date of signature by both Parties.

This agreement has been made in two (2) originals, and the Parties each keep one (1). 

For and on behalf of [insert name of Member]

Signature Name and title (printed letters)

Date:

For and on behalf of Nasdaq Oslo ASA

Signature Name and title (printed letters)

Date:

Please attach when returning to the Exchange (check off):

Documentation evidencing the due authorisation of the signing person(s).

Certified copy of list of signatories (with signature samples) and/or official ID of signing person(s) 

(passport, national ID etc).
Version: March 2016

Trading Agreement B

Non-Clearing 

Membership Agreement

Commodity Derivatives

Member: [insert company name of Non-Clearing Member]

General Clearing Member: [insert company name of GCM]
Trading Agreement B – Non-Clearing Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 2 (6)

NON-CLEARING MEMBERSHIP AGREEMENT

This agreement is made on the date stated on the last page of this document between

[insert company name of Member], with reg. no. [insert registration number] in the [insert 

home state] Company Register (the “Member”); 

and

Nasdaq Oslo ASA, a Norwegian limited company with reg. no 965 662 952 in the Norwegian 

Company Register (the “Exchange”); 

collectively referred to as the “Parties" and individually as a “Party”.

1 GENERAL 

1.1 The Exchange is authorised as an exchange under the Norwegian Exchange Act 2007,

listing commodity derivatives contracts and other products, and organises trading in such

products in accordance with the trading rules issued by the Exchange as in force from time 

to time (the “Trading Rules”).

1.2 The Member has or intends to have regular business involving trading in Listed Products

(as defined in the Trading Rules). 

1.3 Upon entering into this agreement and subject to the terms of the Trading Rules, the 

Member obtains the right to enter into Exchange Transactions as a Non-Clearing Member 

pursuant to the terms and conditions of the Trading Rules. All provisions on Exchange 

Members in the Trading Rules apply to Non-Clearing Members unless to the extent 

specifically otherwise stated.

1.4 The Trading Rules set out the rights and obligations of the Member in relation to Exchange 

Trading, and the Member hereby accepts to be bound by the Trading Rules which are 

deemed incorporated by reference into this agreement. 

1.5 Terms defined in the Trading Rules of the Exchange shall have the same meaning in this 

agreement. In the event of conflict between the Trading Rules and this agreement, the 

Trading Rules shall prevail.

2 REPRESENTATIONS AND WARRANTIES

2.1 By entering into this agreement the Member hereby represents and warrants to the 

Exchange that:

a. it has taken all necessary actions to authorise the signing of this agreement as 

supplemented by the Trading Rules; and

b. the signing of this agreement and its compliance with this agreement and the 

Trading Rules does not violate any law, rule, regulation or agreement, document or 

instrument binding on or applicable to the Member.

2.2 In addition to clause 2.1 the Member is deemed to accept and repeat the representations 

and warranties in the Trading Rules.

Notice

Please ensure that this document when executed does not contain any square brackets, footnotes, explanatory 

notes etc except those which are intended to remain in the document (if any). Please initial each page in the 

bottom right hand corner, and ensure that signatures are by duly authorised persons, accompanied by 

evidence of authorisation and personal identification etc as further instructed by the Exchange.
Trading Agreement B – Non-Clearing Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 3 (6)

2.3 The Member acknowledges that it is under a duty to notify the Exchange immediately in 

case it becomes aware of any breach of a representation or a warranty, as further provided 

for in the Trading Rules.

3 CONFIDENTIALITY

3.1 Subject to the provisions in this clause 3, the Exchange shall ensure that no unauthorised

party gains access to or knowledge of any matters relating to the business or personal 

affairs of the Member which it becomes aware of through the Member’s Exchange 

Transactions, and the Exchange shall not make use of such information for any other 

purposes than those related to Exchange Transactions and membership related activities of

the Exchange. 

3.2 Subject to the provisions in this clause 3, the Member undertakes that it shall not at any 

time disclose to any person any confidential information concerning the business, affairs, 

customers, clients or suppliers of the Exchange.

3.3 Notwithstanding the other provisions of this clause 3:

a. the Member acknowledges that the Exchange shall be allowed to provide 

information to the Clearinghouse when necessary for Clearing. The Exchange may 

also provide information to any other person or entity advising or assisting the 

Exchange in its operations, provided these persons and entities are subject to a 

corresponding duty of confidentiality;

b. the Member acknowledges the Exchange' rights to use and distribute Trade

information as set out in the General Terms; 

c. the duty of confidentiality shall not extend to information which is or becomes 

public through no breach of a Party’s confidentiality obligations hereunder;

d. either Party shall be allowed to disclose any information as may be required by law, 

court order or any governmental or Regulatory Body; and 

e. neither Party is required to keep confidential the fact that it has entered into this 

agreement or any suspension or termination of this agreement.

3.4 This Section 3 shall not limit either Party’s confidentiality or disclosure obligations under 

applicable law. Unless otherwise agreed this clause 3 shall survive the termination of this

agreement by ten (10) years. 

4 TERMINATION 

4.1 Each Party may terminate this agreement with three (3) months written notice to the other 

Party.

4.2 The Exchange's right to suspend and/or terminate this agreement in the case of a NonCompliance Event, and the effects of any termination of this agreement, is set out in the 

General Terms of the Trading Rules. Termination of this agreement will not affect the 

Parties’ rights and obligations with respect to Transactions submitted before the date of 

such termination. 

5 CHOICE OF LAW AND DISPUTE RESOLUTION

5.1 This agreement shall be governed by, construed and take effect in accordance with 

Norwegian law.

5.2 Any dispute between the Parties concerning the understanding of this agreement or the 

Trading Rules or any dispute arising from any acts or omissions governed by them shall be 

decided by arbitration in Oslo pursuant to the Norwegian Arbitration Act.

5.3 Each Party irrevocably waives any objection which it may have now or hereafter to the 

laying of the venue of any proceedings in accordance with clause 5.2 and any claim that 

any such proceedings have been brought in an inconvenient forum, and further irrevocably 

agrees that a judgement in any proceedings brought in accordance with clause 5.2 shall be 
Trading Agreement B – Non-Clearing Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 4 (6)

conclusive and binding upon such Party and may be enforced in any jurisdiction in 

accordance with the enforcement law of the applicable jurisdiction.

6 AMENDMENTS

6.1 Changes to this agreement require the written consent of both Parties.

6.2 Notwithstanding clause 6.1, any annexes or additional arrangements to this agreement 

may be changed to the extent allowed by each such document, and the Exchange may 

make additions and/or amendments to the Trading Rules with 14 days written or electronic 

notice to the Member. Changes may be implemented with shorter notice if required by law 

or by Regulatory Bodies. 

6.3 Changes and/or amendments which affect economic rights in Open Positions vested before 

the change require the consent of all Members with such Open Positions, unless the 

changes or amendments are required by law, regulations, Regulatory Bodies or a court of 

law or (in the view of the Exchange) are strictly necessary for the continued operation of 

the market.

7 MISCELLANEOUS

7.1 Effective date. This agreement shall not become binding on the Parties until it is both 

accepted and signed by the Parties and acknowledged by the General Clearing Member of 

the Member.

7.2 Entire Agreement. This agreement supersedes any previous arrangement, understanding 

or agreement between the Parties related thereto. The Parties each acknowledge that, on 

entering into this agreement, it has not relied on, and shall have no right or remedy in 

respect of, any statement, representation, assurance or warranty other than as expressly 

set out in this agreement or other written arrangements in force between the Parties 

(including the Clearing Rules). Nothing in this clause shall limit or exclude any liability for 

fraud.

7.3 Rights of Third Parties. No person or entity who is not a Party to this agreement shall 

confer any benefit on, or give any right to enforce any provisions of the agreement or the 

Clearing Rules, except that the Clearinghouse shall have the rights expressly granted to it 

under this agreement or the Trading Rules.

7.4 No Waiver. No failure or delay by a Party to exercise any right or remedy provided under 

this agreement or by law shall constitute a waiver of that or any other right or remedy.

7.5 Counterparts. This agreement may be executed in any number of counterparts, each of 

which when executed shall constitute an original of this agreement, but all the counterparts 

shall together constitute the same agreement.
Trading Agreement B – Non-Clearing Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 5 (6)

* * *

IN WITNESS OF THEIR AGREEMENT each Party has caused its authorised representative to execute 

this agreement effective as of the date of signature by both Parties.

This agreement has been made in three (3) originals, and the Parties and the General Clearing 

Member each keep one (1). 

For and on behalf of [insert name of Member]

Signature Name and title (printed letters)

Date:

For and on behalf of Nasdaq Oslo ASA

Signature Name and title (printed letters)

Date:

____________________________________

ACKNOWLEDGEMENT AND AUTHORISATION BY THE GENERAL CLEARING MEMBER 

The undersigned, being a General Clearing Member of the Clearinghouse (as defined by the 

Clearing Rules), hereby authorises, represents and warrants to the Exchange and the 

Clearinghouse that:

(i) The Member is authorised as, and shall be deemed a GCM Client of us, pursuant to the 

Clearing Rules;

(ii) All Exchange Transactions entered into by the Member shall be registered as Clearing 

Transactions to the Clearing Portfolio nominated below and/or such other Clearing Portfolio 

as we may from time to time notify you in writing;

(iii) We will notify the Exchange immediately and in writing if the Member for any reason ceases 

to be our GCM Client, in which case we will nevertheless remain responsible for any 

Exchange Transactions registered by the Member prior to your written confirmation of receipt 

of such notice, provided that such notice i expedited promptly and without undue delay.

Exchange Transactions executed by the Member shall be allocated to the following Clearing 

Portfolio (as may be amended by written agreement between us and the Clearinghouse): 

_____________________________________ [insert reference]

For and on behalf of [insert name of General Clearing Member]

Signature Name and title (printed letters)

Date:
Trading Agreement B – Non-Clearing Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 6 (6)

Please attach when returning to the Exchange (check off):

Documentation evidencing the due authorisation of the signing person(s).

Certified copy of list of signatories (with signature samples) and/or official ID of signing person(s) 

(passport, national ID etc).
6416394

Version: March 2016

Trading Agreement C

Block Broker

Membership Agreement

Commodity Derivatives

Member: [insert company name of Member]
Trading Agreement C – Block Broker Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 2 (5)

6416394

BLOCK BROKER MEMBERSHIP AGREEMENT

This agreement is made on the date stated on the last page of this document between

[insert company name of Member], with reg. no. [insert registration number] in the [insert 

home state] Company Register (the “Member”); 

and

Nasdaq Oslo ASA, a Norwegian limited company with reg. no 965 662 952 in the Norwegian 

Company Register (the “Exchange”); 

collectively referred to as the “Parties" and individually as a “Party”.

1 GENERAL 

1.1 The Exchange is authorised as an exchange under the Norwegian Exchange Act 2007, listing 

commodity derivatives contracts and other products, and organises trading in such

products in accordance with the trading rules issued by the Exchange as in force from time 

to time (the “Trading Rules”).

1.2 The Member has or intends to have regular business involving trading in Exchange Listed 

Products (as defined in the Trading Rules). 

1.3 Upon entering into this agreement and subject to the terms of the Trading Rules, the 

Member obtains the right to access the Block Trade Facility as an Exchange Member 

pursuant to the terms and conditions of the Trading Rules. All provisions on Exchange 

Members in the Trading Rules apply to Block Broker Members unless to the extent 

specifically otherwise stated.

1.4 The Trading Rules set out the rights and obligations of the Member in relation to Exchange 

Trading, and the Member hereby accepts to be bound by the Trading Rules which are 

deemed incorporated by reference into this agreement. 

1.5 Terms defined in the Trading Rules of the Exchange shall have the same meaning in this 

agreement. In the event of conflict between the Trading Rules and this agreement, the 

Trading Rules shall prevail.

2 REPRESENTATIONS AND WARRANTIES

2.1 By entering into this agreement the Member hereby represents and warrants to the 

Exchange that:

a. it has taken all necessary actions to authorise the signing of this agreement as 

supplemented by the Trading Rules; and

b. the signing of this agreement and its compliance with this agreement and the 

Trading Rules does not violate any law, rule, regulation or agreement, document or 

instrument binding on or applicable to the Member.

Notice

Please ensure that this document when executed does not contain any square brackets, footnotes, 

explanatory notes etc except those which are intended to remain in the document (if any). Please initial each 

page in the bottom right hand corner, and ensure that signatures are by duly authorised persons, 

accompanied by evidence of authorisation and personal identification etc as further instructed by the 

Exchange.
Trading Agreement C – Block Broker Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 3 (5)

6416394

2.2 In addition to clause 2.1 the Member is deemed to accept and repeat the representations 

and warranties in the Trading Rules.

2.3 The Member acknowledges that it is under a duty to notify the Exchange immediately in case 

it becomes aware of any breach of a representation or a warranty, as further provided for 

in the Trading Rules.

3 CONFIDENTIALITY

3.1 Subject to the provisions in this clause 3, the Exchange shall ensure that no unauthorised

party gains access to or knowledge of any matters relating to the business or personal 

affairs of the Member which it becomes aware of through the Member’s Exchange 

Transactions, and the Exchange shall not make use of such information for any other 

purposes than those related to Exchange Transactions and membership related activities of

the Exchange. 

3.2 Subject to the provisions in this clause 3, the Member undertakes that it shall not at any 

time disclose to any person any confidential information concerning the business, affairs, 

customers, clients or suppliers of the Exchange.

3.3 Notwithstanding the other provisions of this clause 3:

a. the Member acknowledges that the Exchange shall be allowed to provide 

information to the Clearinghouse when necessary for Clearing. The Exchange may 

also provide information to any other person or entity advising or assisting the 

Exchange in its operations, provided these persons and entities are subject to a 

corresponding duty of confidentiality;

b. the Member acknowledges the Exchange' rights to use and distribute Trade

information as set out in the General Terms; 

c. the duty of confidentiality shall not extend to information which is or becomes 

public through no breach of a Party’s confidentiality obligations hereunder;

d. either Party shall be allowed to disclose any information as may be required by law, 

court order or any governmental or Regulatory Body; and 

e. neither Party is required to keep confidential the fact that it has entered into this 

agreement or any suspension or termination of this agreement.

3.4 This clause 3 shall not limit either Party’s confidentiality or disclosure obligations under 

applicable law. Unless otherwise agreed this clause 3 shall survive the termination of this 

agreement by ten (10) years.

4 TERMINATION 

4.1 Each Party may terminate this agreement with three (3) months written notice to the other 

Party.

4.2 The Exchange's right to suspend and/or terminate this agreement in the case of a NonCompliance Event, and the effects of any termination of this agreement, is set out in the 

General Terms of the Trading Rules. Termination of this agreement will not affect the 

Parties’ rights and obligations with respect to Transactions submitted before the date of 

such termination. 

5 CHOICE OF LAW AND DISPUTE RESOLUTION

5.1 This agreement shall be governed by, construed and take effect in accordance with 

Norwegian law.

5.2 Any dispute between the Parties concerning the understanding of this agreement or the 

Trading Rules or any dispute arising from any acts or omissions governed by them shall be 

decided by arbitration in Oslo pursuant to the Norwegian Arbitration Act.
Trading Agreement C – Block Broker Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 4 (5)

6416394

5.3 Each Party irrevocably waives any objection which it may have now or hereafter to the laying 

of the venue of any proceedings in accordance with clause 5.2 and any claim that any such 

proceedings have been brought in an inconvenient forum, and further irrevocably agrees 

that a judgement in any proceedings brought in accordance with clause 5.2 shall be 

conclusive and binding upon such Party and may be enforced in any jurisdiction in 

accordance with the enforcement law of the applicable jurisdiction.

6 AMENDMENTS

6.1 Changes to this agreement require the written consent of both Parties.

6.2 Notwithstanding clause 6.1, any annexes or additional arrangements to this agreement may 

be changed to the extent allowed by each such document, and the Exchange may make 

additions and/or amendments to the Trading Rules with 14 days written or electronic notice 

to the Member. Changes may be implemented with shorter notice if required by law or by 

Regulatory Bodies. 

6.3 Changes and/or amendments which affect economic rights in Open Positions vested before 

the change require the consent of all Members with such Open Positions, unless the 

changes or amendments are required by law, regulations, Regulatory Bodies or a court of 

law or (in the view of the Exchange) are strictly necessary for the continued operation of 

the market.

7 MISCELLANEOUS

7.1 Effective date. This agreement shall not become binding on the Parties until it is both 

accepted and signed by both Parties.

7.2 Entire Agreement. This agreement supersedes any previous arrangement, understanding 

or agreement between the Parties related thereto. The Parties each acknowledge that, on 

entering into this agreement, it has not relied on, and shall have no right or remedy in 

respect of, any statement, representation, assurance or warranty other than as expressly

set out in this agreement or other written arrangements in force between the Parties 

(including the Clearing Rules). Nothing in this clause shall limit or exclude any liability for 

fraud.

7.3 Rights of Third Parties. No person or entity who is not a Party to this agreement shall 

confer any benefit on, or give any right to enforce any provisions of the agreement or the 

Clearing Rules, except that the Clearinghouse shall have the rights expressly granted to it 

under this agreement or the Trading Rules.

7.4 No Waiver. No failure or delay by a Party to exercise any right or remedy provided under 

this agreement or by law shall constitute a waiver of that or any other right or remedy.

7.5 Counterparts. This agreement may be executed in any number of counterparts, each of 

which when executed shall constitute an original of this agreement, but all the counterparts 

shall together constitute the same agreement.
Trading Agreement C – Block Broker Membership Agreement

COPYRIGHT © NASDAQ OSLO ASA 5 (5)

6416394

* * *

IN WITNESS OF THEIR AGREEMENT each Party has caused its authorised representative to execute 

this agreement effective as of the date of signature by both Parties. 

This agreement has been made in two (2) originals, and the Parties each keep one (1). 

For and on behalf of [insert name of Member]

Signature Name and title (printed letters)

Date:

For and on behalf of Nasdaq Oslo ASA

Signature Name and title (printed letters)

Date:

Please attach when returning to the Exchange (check off):

Documentation evidencing the due authorisation of the signing person(s).

Certified copy of list of signatories (with signature samples) and/or official ID of signing person(s) 

(passport, national ID etc).
Version: September 2013

Clearing Agreement A

General Clearing 

Membership Agreement

Commodity Derivatives

Member: [insert company name of Member]
Clearing Agreement A – General Clearing Membership Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (5)

GENERAL CLEARING MEMBERSHIP AGREEMENT

This agreement is made on the date stated on the last page of this document between

[insert company name of Member], with reg. no. [insert registration number] in the [insert 

home state] Company Register (the “Member”)

and

NASDAQ OMX Clearing AB, with reg. no 556383-9058 in the Swedish Company Register (the 

“Clearinghouse”); 

collectively referred to as the “Parties" and individually as a “Party”.

1 GENERAL

1.1 The Clearinghouse offers Clearing services as set out in the clearing rules issued by the 

Clearinghouse in respect of commodity derivatives and certain other products and 

instruments (the “Clearing Rules”). 

1.2 The Member has regular business involving Trading in Listed Products and Non-listed 

Products (as defined in the Clearing Rules). 

1.3 Upon entering into this agreement, the Member obtains the right to submit Transactions in 

Listed Products and Non-Listed Products for Clearing as a General Clearing Member in 

accordance with this agreement and the Clearing Rules (as applicable at the time of each 

relevant Transaction). 

1.4 The Clearinghouse will establish Clearing Accounts for the Member as further specified by the 

Member, subject to and in accordance with the Clearing Rules. 

1.5 Capitalised terms shall have the meaning ascribed to them in the Definitions of the Clearing 

Rules. In the event of conflict between the Clearing Rules and this agreement, the Clearing 

Rules shall prevail. 

2 REPRESENTATIONS AND WARRANTIES 

2.1 The Member hereby represents and warrants that:

a. it has all requisite power and authority and legal right to enter into this agreement 

under its articles of association, by law or any other document and to perform its 

obligations as a General Clearing Member; 

b. it has taken all necessary actions to authorise the signing of this agreement;

c. the signing of this agreement and the compliance with the Clearing Rules does not 

violate any applicable law or agreement, document or instrument binding on or 

applicable to the Member; and

d. it holds any Required Authorisations needed to conduct its affairs as a General 

Clearing Member, and there are no further licences or filings with, or other acts by or 

in respect of, any Regulatory Body or any other governmental authority or court that 

are required to be obtained, made or done by the Member in connection with its role 

as a General Clearing Member, nor is it necessary in order to ensure the validity or 

Notice

Please ensure that this document when executed does not contain any square brackets, footnotes, explanatory 

notes etc except those which are intended to remain in the document (if any). Please initial each page in the 

bottom right hand corner, and ensure that signatures are by duly authorised persons, accompanied by 

evidence of authorisation and personal identification etc as further instructed by the Clearinghouse.
Clearing Agreement A – General Clearing Membership Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 3 (5)

enforceability that the Clearing Rules or any agreement or Clearing Transaction are 

filed, registered or recorded in any public office by the Member.

2.2 In addition to Section 2.1 the Member is deemed to accept and repeat the representations 

and warranties in the Clearing Rules. The Member acknowledges that it is under a duty to 

notify the Clearinghouse immediately in case it becomes aware of any breach of a 

representation or warranty. 

3 CONFIDENTIALITY 

3.1 The Clearinghouse shall ensure that no unauthorised party gains access to or knowledge of 

any matters relating to the business of the Member which it becomes aware of through 

Clearing, and the Clearinghouse shall not make use of such information for any other 

purposes than those related to Clearing and related activities of the Clearinghouse. 

3.2 The Member undertakes to not disclose to any person any confidential information 

concerning the business, customers, clients or suppliers of the Clearinghouse which it 

becomes aware of through its membership without prior written consent of the 

Clearinghouse.

3.3 Notwithstanding the other provisions of this clause 3 or the Clearing Rules:

a. the Clearinghouse may provide information related to a Client Transaction to the 

relevant GCM Client; 

b. the Clearinghouse may provide information to any regulated market in relation to 

market surveillance of the applicable Listed Products or Non-listed Products or as 

otherwise allowed or mandated under applicable law;

c. the Clearinghouse may provide information to any other person or entity advising or 

assisting the Clearinghouse in its operations, provided these persons and entities are 

subject to a corresponding duty of confidentiality and shall only use the information 

for such purposes;

d. the duty of confidentiality shall not extend to information which is or becomes public 

through no breach of a Party’s confidentiality obligations hereunder;

e. either Party shall be allowed to disclose any information as may be required by 

applicable law; and 

f. neither Party is required to keep confidential the fact that it has entered into this 

agreement or any suspension or termination of this agreement.

3.4 This clause 3 shall not limit either Party’s confidentiality or disclosure obligations as 

established by applicable law. Unless otherwise agreed this clause 3 shall survive the 

termination of this agreement by ten (10) years.

4 TERMINATION 

4.1 Each Party may terminate this agreement with three (3) months written notice to the other 

Party.

4.2 The Clearinghouse's right to suspend and/or terminate this agreement in the case of a 

Default Event, and the effects of any termination of this agreement, is set out in the General 

Terms of the Clearing Rules. 

5 CHOICE OF LAW AND DISPUTE RESOLUTION

5.1 This agreement shall be governed by, construed and take effect in accordance with 

Norwegian law.

5.2 Any dispute between the Parties concerning the understanding of this agreement or the 

Clearing Rules or any dispute arising from any acts or omissions governed by them shall be 

decided by arbitration in Oslo pursuant to the Norwegian Arbitration Act.

5.3 Each Party irrevocably waives any objection which it may have now or hereafter to the laying 

of the venue of any proceedings in accordance with clause 5.2 and any claim that any such 
Clearing Agreement A – General Clearing Membership Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 4 (5)

proceedings have been brought in an inconvenient forum, and further irrevocably agrees that 

a judgement in any proceedings brought in accordance with clause 5.2 shall be conclusive 

and binding upon such Party and may be enforced in any jurisdiction in accordance with the 

enforcement law of the applicable jurisdiction.

6 AMENDMENTS

6.1 Changes to this agreement require the written consent of both Parties.

6.2 Notwithstanding clause 6.1, any annexes or additional arrangements to this agreement may 

be changed to the extent allowed by each such document, and the Clearinghouse may make 

additions and/or amendments to the Clearing Rules with 14 days written or electronic notice 

to the Member. Changes may be implemented with shorter notice if required by law or by 

Regulatory Bodies. 

6.3 Changes and/or amendments which affect economic rights in Open Positions vested before 

the change require the consent of all Account Holders with such Open Positions, unless the 

changes or amendments are required by law, regulations, Regulatory Bodies or a court of 

law or (in the view of the Clearinghouse) are strictly necessary for the continued Clearing 

operations. 

7 MISCELLANEOUS

7.1 Entire Agreement. This agreement supersedes any previous arrangement, understanding 

or agreement between the Parties related hereto. The Parties each acknowledge that, on 

entering into this agreement, it has not relied on, and shall have no right or remedy in 

respect of, any statement, representation, assurance or warranty other than as expressly set 

out in this agreement or other written arrangements in force between the Parties (including 

the Clearing Rules). Nothing in this clause shall limit or exclude any liability for fraud.

7.2 Rights of Third Parties. No person or entity who is not a Party to this agreement shall 

confer any benefit on, or give any right to enforce any provisions of the agreement or the 

Clearing Rules, except as otherwise expressly provided. 

7.3 No Waiver. No failure or delay by a Party to exercise any right or remedy provided under 

this agreement, the Clearing Rules or applicable law shall constitute a waiver of that or any 

other right or remedy.

7.4 Counterparts. This agreement may be executed in any number of counterparts, each of 

which when executed shall constitute an original of this agreement, but all the counterparts 

shall together constitute the same agreement.

* * *

IN WITNESS OF THEIR AGREEMENT each Party has caused its authorised representative to execute 

this agreement effective as of the date of signature by both Parties.

This agreement has been made in two (2) originals, and each Party keeps one (1). 
Clearing Agreement A – General Clearing Membership Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 5 (5)

For and on behalf of [insert name of Member]

Signature Name and title (printed letters)

Date:

For and on behalf of NASDAQ OMX Clearing AB

Signature Name and title (printed letters)

Date:

Please attach when returning to the Clearinghouse (check off):

Documentation evidencing the due authorisation of the signing person(s).

Certified copy of list of signatories (with signature samples) and/or official ID of signing person(s) 

(passport, national ID etc).
Version: September 2013

Clearing Agreement B

Clearing Membership 

Agreement

Commodity Derivatives

Member: [insert name of Member]
Clearing Agreement B – Clearing Membership Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB

CLEARING MEMBERSHIP AGREEMENT

This agreement is made on the date stated on the last page of this document between

[insert company name of Member], with reg. no. [insert registration number] in the [insert 

home state] Company Register (the “Member”)

and

NASDAQ OMX Clearing AB, with reg. no 556383-9058 in the Swedish Company Register (the 

“Clearinghouse”); 

collectively referred to as the “Parties" and individually as a “Party”.

1. GENERAL

1.1 The Clearinghouse offers Clearing services as set out in the clearing rules issued by the 

Clearinghouse in respect of commodity derivatives and certain other products and 

instruments (the “Clearing Rules”). 

1.2 The Member has regular business involving Trading in Listed Products and Non-listed 

Products (as defined in the Clearing Rules). 

1.3 Upon entering into this agreement, the Member obtains the right to submit Transactions in

Listed Products and Non-Listed Products for Clearing as a Clearing Member in accordance 

with this agreement and the Clearing Rules (as applicable at the time of each relevant

Transaction).

1.4 The Clearinghouse will establish Clearing Accounts for the Member as further specified by the 

Member, subject to and in accordance with the Clearing Rules. 

1.5 Capitalised terms shall have the meaning ascribed to them in the Definitions of the Clearing 

Rules. In the event of conflict between the Clearing Rules and this agreement, the Clearing 

Rules shall prevail. 

2. REPRESENTATIONS AND WARRANTIES

2.1 The Member hereby represents and warrants that:

a. it has all requisite power and authority and legal right to enter into this agreement 

under its articles of association, by law or any other document and to perform its 

obligations as a Clearing Member; 

b. it has taken all necessary actions to authorise the signing of this agreement; 

c. the signing of this agreement and the compliance with the Clearing Rules does not 

violate any applicable law or agreement, document or instrument binding on or 

applicable to the Member; and

d. it holds any Required Authorisations needed to conduct its affairs as a Clearing 

Member, and there are no further licences or filings with, or other acts by or in respect 

of, any Regulatory Body or any other governmental authority or court that are 

Notice

Please ensure that this document when executed does not contain any square brackets, footnotes, explanatory 

notes etc except those which are intended to remain in the document (if any). Please initial each page in the 

bottom right hand corner, and ensure that signatures are by duly authorised persons, accompanied by 

evidence of authorisation and personal identification etc as further instructed by the Clearinghouse. 
Clearing Agreement B – Clearing Membership Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB

required to be obtained, made or done by the Member in connection with its role as a 

Clearing Member, nor is it necessary in order to ensure the validity or enforceability 

that the Clearing Rules or any agreement or Clearing Transaction are filed, registered 

or recorded in any public office by the Member. 

2.2 In addition to clause 2.1 the Member is deemed to accept and repeat the representations 

and warranties in the Clearing Rules. The Member acknowledges that it is under a duty to 

notify the Clearinghouse immediately in case it becomes aware of any breach of a 

representation or warranty.

3. CONFIDENTIALITY 

3.1 The Clearinghouse shall ensure that no unauthorised party gains access to or knowledge of 

any matters relating to the business of the Member which it becomes aware of through 

Clearing, and the Clearinghouse shall not make use of such information for any other 

purposes than those related to Clearing and related activities of the Clearinghouse. 

3.2 The Member undertakes to not disclose to any person any confidential information 

concerning the business, customers, clients or suppliers of the Clearinghouse which it 

becomes aware of through its membership without prior written consent of the 

Clearinghouse.

3.3 Notwithstanding the other provisions of this clause 3 or the Clearing Rules:

a. the Clearinghouse may provide information to any regulated market in relation to

market surveillance of the applicable Listed Products or Non-listed Products or as 

otherwise allowed or mandated under applicable law;

b. the Clearinghouse may provide information to any other person or entity advising or 

assisting the Clearinghouse in its operations, provided these persons and entities are 

subject to a corresponding duty of confidentiality and shall only use the information for 

such purposes;

c. the duty of confidentiality shall not extend to information which is or becomes public 

through no breach of a Party’s confidentiality obligations hereunder;

d. either Party shall be allowed to disclose any information as may be required by 

applicable law; and 

e. neither Party is required to keep confidential the fact that it has entered into this 

agreement or any suspension or termination of this agreement.

3.4 This clause 3 shall not limit either Party’s confidentiality or disclosure obligations as 

established by applicable law. Unless otherwise agreed this clause 3 shall survive the 

termination of this agreement by ten (10) years. 

4. TERMINATION 

4.1 Each Party may terminate this agreement with three (3) months written notice to the other 

Party.

4.2 The Clearinghouse's right to suspend and/or terminate this agreement in the case of a 

Default Event, and the effects of any termination of this agreement, is set out in the General 

Terms of the Clearing Rules. 

5. CHOICE OF LAW AND DISPUTE RESOLUTION

5.1 This agreement shall be governed by, construed and take effect in accordance with 

Norwegian law.

5.2 Any dispute between the Parties concerning the understanding of this agreement or the 

Clearing Rules or any dispute arising from any acts or omissions governed by them shall be 

decided by arbitration in Oslo pursuant to the Norwegian Arbitration Act.
Clearing Agreement B – Clearing Membership Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB

5.3 Each Party irrevocably waives any objection which it may have now or hereafter to the laying 

of the venue of any proceedings in accordance with clause 5.2 and any claim that any such 

proceedings have been brought in an inconvenient forum, and further irrevocably agrees that 

a judgement in any proceedings brought in accordance with clause 5.2 shall be conclusive 

and binding upon such Party and may be enforced in any jurisdiction in accordance with the 

enforcement law of the applicable jurisdiction.

6. AMENDMENTS

6.1 Changes to this agreement require the written consent of both Parties.

6.2 Notwithstanding clause 6.1, any annexes or additional arrangements to this agreement may 

be changed to the extent allowed by each such document, and the Clearinghouse may make 

additions and/or amendments to the Clearing Rules with 14 days written or electronic notice 

to the Member. Changes may be implemented with shorter notice if required by law or by 

Regulatory Bodies. 

6.3 Changes and/or amendments which affect economic rights in Open Positions vested before 

the change require the consent of all Account Holders with such Open Positions, unless the 

changes or amendments are required by law, regulations, Regulatory Bodies or a court of 

law or (in the view of the Clearinghouse) are strictly necessary for the continued Clearing 

operations. 

7. MISCELLANEOUS

7.1 Entire Agreement. This agreement supersedes any previous arrangement, understanding 

or agreement between the Parties related hereto. The Parties each acknowledge that, on 

entering into this agreement, it has not relied on, and shall have no right or remedy in 

respect of, any statement, representation, assurance or warranty other than as expressly set 

out in this agreement or other written arrangements in force between the Parties (including 

the Clearing Rules). Nothing in this clause shall limit or exclude any liability for fraud.

7.2 Rights of Third Parties. No person or entity who is not a Party to this agreement shall 

confer any benefit on, or give any right to enforce any provisions of the agreement or the 

Clearing Rules, except as otherwise expressly provided. 

7.3 No Waiver. No failure or delay by a Party to exercise any right or remedy provided under 

this agreement, the Clearing Rules or applicable law shall constitute a waiver of that or any 

other right or remedy.

7.4 Counterparts. This agreement may be executed in any number of counterparts, each of 

which when executed shall constitute an original of this agreement, but all the counterparts 

shall together constitute the same agreement.
Clearing Agreement B – Clearing Membership Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB

* * *

IN WITNESS OF THEIR AGREEMENT each Party has caused its authorised representative to execute 

this agreement effective as of the date of signature by both Parties.

This agreement has been made in two (2) originals, and each Party keeps one (1). 

For and on behalf of [insert name of Member]

Signature Name and title (printed letters)

Date:

For and on behalf of NASDAQ OMX Clearing AB

Signature Name and title (printed letters)

Date:

[end of document]

Please attach when returning to the Clearinghouse (check off):

Documentation evidencing the due authorisation of the signing person(s).

Certified copy of list of signatories (with signature samples) and/or official ID of signing person(s) 

(passport, national ID etc).
Version: September 2013

Clearing Agreement C

Clearing Client 

Agreement

Commodity Derivatives

Member: [insert name of Clearing Client]
Clearing Agreement C – Clearing Client Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (5)

CLEARING CLIENT AGREEMENT

This agreement is made on the date stated on the last page of this document between

[insert company name of Member], with reg. no. [insert registration number] in the [insert 

jurisdiction and name of company register] (the “Member”); 

[insert company name of Client Representative], with reg. no: [insert registration number] in 

the [insert jurisdiction and name of company register] (the “Client Representative”)

and

NASDAQ OMX Clearing AB, with reg. no 556383-9058 in the Swedish company register (the 

“Clearinghouse”); 

collectively referred to as the “Parties" and individually as a “Party”.

1 GENERAL

1.1 The Clearinghouse offers Clearing services as set out in the clearing rules issued by the 

Clearinghouse in respect of commodity derivatives and certain other products and 

instruments (the “Clearing Rules”). 

1.2 The Member has regular business involving Trading in Listed Products and Non-listed 

Products (as defined in the Clearing Rules). 

1.3 The Client Representative is a Clearing Member hereby approved by the Clearinghouse to act 

as a Client Representative. The Member hereby nominates the Client Representative as its 

Client Representative and the Client Representative hereby accepts the Member as its 

Clearing Client.

1.4 Upon entering into this agreement, the Member obtains the right to submit Transactions in 

Listed Products and Non-Listed Products for Clearing as a Clearing Client through the Client 

Representative in accordance with this agreement and the Clearing Rules (as applicable at 

the time of each relevant Transaction). 

1.5 The Clearinghouse will establish Clearing Accounts for the Member as further specified by the 

Member, subject to and in accordance with the Clearing Rules. 

1.6 Capitalised terms shall have the meaning ascribed to them in the Definitions of the Clearing 

Rules. In the event of conflict between the Clearing Rules and this agreement, the Clearing 

Rules shall prevail. 

2 REPRESENTATIONS AND WARRANTIES 

2.1 The Member hereby represents and warrants that:

a. it has all requisite power and authority and legal right to enter into this agreement 

under its articles of association, by law or any other document and to perform its 

obligations as a Clearing Client; 

b. it has taken all necessary actions to authorise the signing of this agreement; 

Notice

Please ensure that this document when executed does not contain any square brackets, footnotes, explanatory 

notes etc except those which are intended to remain in the document (if any). Please initial each page in the 

bottom right hand corner, and ensure that signatures are by duly authorised persons, accompanied by 

evidence of authorisation and personal identification etc as further instructed by the Clearinghouse.
Clearing Agreement C – Clearing Client Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB 3 (5)

c. the signing of this agreement and the compliance with the Clearing Rules does not 

violate any applicable law or agreement, document or instrument binding on or 

applicable to the Member; and

d. it holds any Required Authorisations needed to conduct its affairs as a Clearing 

Client, and there are no further licences or filings with, or other acts by or in respect 

of, any Regulatory Body or any other governmental authority or court that are 

required to be obtained, made or done by the Member in connection with its role as a 

Clearing Client, nor is it necessary in order to ensure the validity or enforceability 

that the Clearing Rules or any agreement or Clearing Transaction are filed, registered 

or recorded in any public office by the Member. 

2.2 The Client Representative hereby represents and warrants that:

a. it has all requisite power and authority and legal right to enter into this agreement 

under its articles of association, by law or any other document and to perform its 

obligations as a Client Representative; 

b. it has taken all necessary actions to authorise the signing of this agreement; 

c. the signing of this agreement and the compliance with the Clearing Rules does not 

violate any applicable law or agreement, document or instrument binding on or 

applicable to the Client Representative; and

d. it holds any Required Authorisations needed to conduct its affairs as a Client 

Representative, and there are no further licences or filings with, or other acts by or in 

respect of, any Regulatory Body or any other governmental authority or court that 

are required to be obtained, made or done by the Client Representative in connection 

with its role as a Client Representative, nor is it necessary in order to ensure the 

validity or enforceability that the Clearing Rules or any agreement or Clearing 

Transaction are filed, registered or recorded in any public office by the Client 

Representative. 

2.3 In addition to clauses 2.1 and 2.2 both the Member and the Client Representative is deemed 

to accept and repeat the representations and warranties in the Clearing Rules. The Member 

and the Client Representative acknowledges that they are under a duty to notify the 

Clearinghouse immediately in case either of them becomes aware of any breach of a 

representation or warranty.

3 CONFIDENTIALITY 

3.1 The Clearinghouse shall ensure that no unauthorised party gains access to or knowledge of 

any matters relating to the business of the Member which it becomes aware of through 

Clearing, and the Clearinghouse shall not make use of such information for any other 

purposes than those related to Clearing and related activities of the Clearinghouse. 

3.2 The Member undertakes to not disclose to any person any confidential information 

concerning the business, customers, clients or suppliers of the Clearinghouse which it 

becomes aware of through its membership without prior written consent of the 

Clearinghouse.

3.3 Notwithstanding the other provisions of this clause 3 or the Clearing Rules:

a. the Clearinghouse may provide information related to the Clearing Accounts and 

Clearing Transactions of the Member to the Client Representative;

b. the Clearinghouse may provide information to any regulated market in relation to 

market surveillance of the applicable Listed Products or Non-listed Products or as 

otherwise allowed or mandated under applicable law;

c. the Clearinghouse may provide information to any other person or entity advising 

or assisting the Clearinghouse in its operations, provided these persons and entities 

are subject to a corresponding duty of confidentiality and shall only use the 

information for such purposes;

d. the duty of confidentiality shall not extend to information which is or becomes 

public through no breach of a Party’s confidentiality obligations hereunder;
Clearing Agreement C – Clearing Client Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB 4 (5)

e. either Party shall be allowed to disclose any information as may be required by 

applicable law; and 

f. neither Party is required to keep confidential the fact that it has entered into this 

agreement or any suspension or termination of this agreement.

3.4 This clause 3 shall not limit either Party’s confidentiality or disclosure obligations as 

established by applicable law. Unless otherwise agreed this clause 3 shall survive the 

termination of this agreement by ten (10) years.

4 TERMINATION 

4.1 Each Party may terminate this agreement with three (3) months written notice to the other 

Parties.

4.2 The Clearinghouse's right to suspend and/or terminate this agreement in the case of a 

Default Event, and the effects of any termination of this agreement, is set out in the General 

Terms of the Clearing Rules. 

4.3 In the event that the Client Representative's rights as an Account Holder is terminated or 

suspended for any reason, or the Clearing Representative is no longer eligible or accepted as 

Client Representative, the provisions of clause 8.4.3 of the General Terms to the Clearing 

Rules will apply, and this agreement shall terminate automatically if the Member enters into 

a Clearing Client Agreement with a new Client Representative.

5 CHOICE OF LAW AND DISPUTE RESOLUTION

5.1 This agreement shall be governed by, construed and take effect in accordance with 

Norwegian law.

5.2 Any dispute between the Parties concerning the understanding of this agreement or the 

Clearing Rules or any dispute arising from any acts or omissions governed by them shall be 

decided by arbitration in Oslo pursuant to the Norwegian Arbitration Act.

5.3 Each Party irrevocably waives any objection which it may have now or hereafter to the laying 

of the venue of any proceedings in accordance with clause 5.2 and any claim that any such 

proceedings have been brought in an inconvenient forum, and further irrevocably agrees that 

a judgement in any proceedings brought in accordance with clause 5.2 shall be conclusive 

and binding upon such Party and may be enforced in any jurisdiction in accordance with the 

enforcement law of the applicable jurisdiction.

6 AMENDMENTS

6.1 Changes to this agreement require the written consent of both Parties.

6.2 Notwithstanding clause 6.1, any annexes or additional arrangements to this agreement may 

be changed to the extent allowed by each such document, and the Clearinghouse may make 

additions and/or amendments to the Clearing Rules with 14 days written or electronic notice 

to the Member. Changes may be implemented with shorter notice if required by law or by 

Regulatory Bodies. 

6.3 Changes and/or amendments which affect economic rights in Open Positions vested before 

the change require the consent of all Account Holders with such Open Positions, unless the 

changes or amendments are required by law, regulations, Regulatory Bodies or a court of 

law or (in the view of the Clearinghouse) are strictly necessary for the continued Clearing 

operations. 

7 MISCELLANEOUS

7.1 Entire Agreement. This agreement supersedes any previous arrangement, understanding 

or agreement between the Parties related hereto. The Parties each acknowledge that, on 

entering into this agreement, it has not relied on, and shall have no right or remedy in 

respect of, any statement, representation, assurance or warranty other than as expressly set 

out in this agreement or other written arrangements in force between the Parties (including 

the Clearing Rules). Nothing in this clause shall limit or exclude any liability for fraud.
Clearing Agreement C – Clearing Client Agreement

COPYRIGHT © NASDAQ OMX CLEARING AB 5 (5)

7.2 Rights of Third Parties. No person or entity who is not a Party to this agreement shall 

confer any benefit on, or give any right to enforce any provisions of the agreement or the 

Clearing Rules, except as otherwise expressly provided.

7.3 No Waiver. No failure or delay by a Party to exercise any right or remedy provided under 

this agreement, the Clearing Rules or applicable law shall constitute a waiver of that or any 

other right or remedy.

7.4 Counterparts. This agreement may be executed in any number of counterparts, each of 

which when executed shall constitute an original of this agreement, but all the counterparts 

shall together constitute the same agreement.

* * *

IN WITNESS OF THEIR AGREEMENT each Party has caused its authorised representative to execute 

this agreement effective as of the date of signature by all Parties. 

This agreement has been made in three (3) originals, and each Party keeps one (1). 

For and on behalf of [insert name of Member]

Signature Name and title (printed letters)

Date:

For and on behalf of [insert name of Client Representative]

Signature Name and title (printed letters)

Date:

For and on behalf of NASDAQ OMX Clearing AB

Signature Name and title (printed letters)

Date:

Please attach when returning to the Clearinghouse (check off):

Documentation evidencing the due authorisation of the signing person(s).

Certified copy of list of signatories (with signature samples) and/or official ID of signing person(s) 

(passport, national ID etc).
Version: March 2016

COLLATERAL CUSTODY ACCOUNT AGREEMENT

Complete, sign and send two (2) originals to: 

Nasdaq Clearing AB, Att: Memberships, 

Tullvaktsvägen 15, SE-105 78 Stockholm, Sweden 

Custody Account no (to be completed by Nasdaq) 

ACCOUNT 

HOLDER 

DETAILS

Name of the Account Holder

Registered business address Company registration number Tax identification no. 

Postal code Postal district/city Country Tax resident country

E-mail Tel. No. (int. format) Fax. No. (int. format)

Supplemental details (if any)

The Account Holder undertakes to notify Nasdaq without delay of any change to the details provided above. 

NOTICES Notices to the Account Holder under this Collateral Custody Account Agreement may be sent to the following person (please note 

that notices may also be sent to other Authorized Persons as further set out in the General Terms for Collateral Custody 

Accounts): 

Authorized Person: 

Address (if other than above): 

Email address:

Office phone (int. format): 

Mobile phone (int. format): 

Notices to Nasdaq under this Collateral Custody Account Agreement shall be sent to the address (or other point of 

reception as applies in connection with the relevant method of communication) stated on the Website at the time of notice. 

AGREEMENT This Collateral Custody Account Agreement is concluded between the Account Holder and Nasdaq Clearing AB, corporate 

registration number 556383-9058, Tullvaktsvägen 15, SE-105 78 Stockholm, Sweden (“Nasdaq”). 

This Collateral Custody Account Agreement is supplemented by Nasdaq’s General Terms for Collateral Custody Accounts, as 

may be amended from time to time, which sets out further terms and conditions for the Custody Account and governs the 

relation between Nasdaq and the Account Holder in connection therewith. The General Terms for Collateral Custody Accounts 

shall form an integral part of this Collateral Custody Account Agreement. The Account Holder confirms that it has read and 

received a copy of the General Terms for Collateral Custody Accounts as in force at the time of execution of this Collateral 

Custody Account Agreement. 

The Account Holder hereby creates, or undertakes to create, the Securities Pledge and the Cash Security contemplated by this 

Collateral Custody Account Agreement (including the General Terms for Collateral Custody Accounts), and undertakes to do all 

things necessary or reasonably requested by Nasdaq in connection therewith (including provision of information). 

This Collateral Custody Account Agreement is governed by the laws of Sweden.

MEMBERSHIP The Custody Account is intended for the provision of margin collateral under the following Nasdaq membership (please tick one 

box only): 

______________________________________________________________________________________________ 

Collateral Custody Account Agreement | 1(2)
FIN – Rules and Regulations of Nasdaq Derivatives Markets (Financial Derivatives) COM – 

Clearing Rules Commodities Derivatives 

PURPOSE OF 

CUSTODY 

ACCOUNT

The Custody Account is intended for the provision of margin collateral in relation to the following account or category of accounts 

(please tick one box only):

House Account 

Omnibus Account with account name * ____________________

Individual Client Segregated Account (ICA) with account name * ____________________

All Indirect Pledging Customer Accounts administered by the Account Holder (FIN only)

Direct Pledging Customer Account with account name * ____________________ (FIN only)

Clearing Client Account with account name * ____________________ (COM only)

Intraday Funding Collateral Custody Account 

* Please consult NordicMemberships@nasdaq.com for account name

CSD ACCOUNT 

SEGREGATION

By default, Securities in the Custody Account may be held in omnibus Securities Accounts with CSDs/ICSDs. Please indicate 

below, if Securities in the Custody Account shall instead be held in individually segregated Securities Accounts (i.e. Securities of 

the Account Holder will not be comingled in accounts with CSDs/ICSDs with property of other clients of Nasdaq) with one or more 

of the following CSDs/ICSDs. Please note that additional fees apply. 

Clearstream

Euroclear Bank

Euroclear Finland 

Euroclear Sweden 

VP Denmark 

VPS Norway 

AUTHORIZED 

SIGNATURES

By signature below the Account Holder agrees to be bound by the terms and conditions of this Collateral Custody Account 

Agreement. This Collateral Custody Account Agreement has been signed in two (2) original counterparts, of which the parties 

receive one (1) each.

For: For Nasdaq Clearing AB 

Place and date of execution: Place and date of execution:

Signature: Signature: 

Name (printed) and Title: Name (printed) and Title:

Signature: Signature: 

Name (printed) and Title: Name (printed) and Title:

______________________________________________________________________________________________ 

Collateral Custody Account Agreement | 2(2)














Version: 2 December 2013

DEFAULT FUND CUSTODY ACCOUNT AGREEMENT

Complete, sign and send two (2) originals to: 

NASDAQ OMX Clearing AB, Att: Memberships, 

Tullvaktsvägen 15, SE-105 78 Stockholm, Sweden

Custody Account no (to be completed by NASDAQ OMX)

ACCOUNT 

HOLDER 

DETAILS

Name of the Account Holder

Registered business address Company registration number Tax identification no. 

Postal code Postal district/city Country Tax resident country

E-mail Tel. No. (int. format) Fax. No. (int. format)

Supplemental details (if any)

The Account Holder undertakes to notify NASDAQ OMX without delay of any change to the details provided above.

NOTICES Notices to the Account Holder under this Collateral Custody Account Agreement may be sent to the following person (please note 

that notices may also be sent to other Authorized Persons as further set out in the General Terms for Collateral Custody 

Accounts):

Authorized Person:

Address (if other than above):

Email address:

Office phone (int. format):

Mobile phone (int. format):

Notices to NASDAQ OMX under this Default Fund Custody Account Agreement shall be sent to the address (or other point of 

receipt as applies in connection with the relevant method of communication) stated on the Website at the time of notice.

AGREEMENT This Default Fund Custody Account Agreement is concluded between the Account Holder and NASDAQ OMX Clearing AB, 

corporate registration number 556383-9058, Tullvaktsvägen 15, SE-105 78 Stockholm, Sweden (“NASDAQ OMX”). 

This Default Fund Custody Account Agreement is supplemented by NASDAQ OMX’s General Terms for Default Fund Custody 

Accounts, as may be amended from time to time, which sets out further terms and conditions for the Custody Account and 

governs the relation between NASDAQ OMX and the Account Holder in connection therewith. The General Terms for Default 

Fund Custody Accounts shall form an integral part of this Default Fund Custody Account Agreement. The Account Holder 

confirms that it has read and received a copy of the General Terms for Default Fund Custody Accounts as in force at the time of 

execution of this Default Fund Custody Account Agreement.

The Account Holder hereby creates, or undertakes to create, the Securities Pledge and the Cash Security contemplated by this 

Default Fund Custody Account Agreement (including the General Terms for Default Fund Custody Accounts), and undertakes to 

do all things necessary or reasonably requested by NASDAQ OMX in connection therewith (including provision of information).

This Default Fund Custody Account Agreement is governed by the laws of Sweden.

PURPOSE OF 

CUSTODY 

ACCOUNT

The Custody Account is intended for contributions to NASDAQ OMX’s Default Fund in accordance with the Default Fund Rules.

______________________________________________________________________________________________ 

Default Fund Custody Account Agreement | 1(2)
CSD ACCOUNT 

SEGREGATION

By default, Securities in the Custody Account may be held in omnibus Securities Accounts with CSDs/ICSDs. Please indicate 

below, if Securities in the Custody Account shall instead be held in individually segregated Securities Accounts (i.e. Securities of 

the Account Holder will not be comingled in accounts with CSDs/ICSDs with property of other clients of NASDAQ OMX) with one 

or more of the following CSDs/ICSDs. Please note that additional fees apply.

Clearstream

Euroclear Bank

Euroclear Finland

Euroclear Sweden 

VP Denmark 

VPS Norway 

AUTHORIZED 

SIGNATURES

By signature below the Account Holder agrees to be bound by the terms and conditions of this Default Fund Custody Account 

Agreement. This Agreement has been signed in two (2) original counterparts, of which the parties receive one (1) each.

For: For NASDAQ OMX Clearing AB

Place and date of execution: Place and date of execution:

Signature: Signature: 

Name (printed) and Title: Name (printed) and Title:

Signature: Signature: 

Name (printed) and Title: Name (printed) and Title:

______________________________________________________________________________________________ 

Default Fund Custody Account Agreement | 2(2)
Version: 2 December 2013

LEGAL#8771327v3

GENERAL TERMS FOR DEFAULT FUND CUSTODY ACCOUNTS

1. APPLICATION

1.1 These General Terms for Default Fund Custody Accounts set forth certain terms and 

conditions generally applicable to Custody Accounts with NASDAQ OMX, and apply to 

any and all Custody Accounts and govern the relation between NASDAQ OMX and the 

Account Holder in connection therewith.

1.2 These General Terms for Default Fund Custody Accounts are a supplement to, and form an 

integral part of, the Default Fund Custody Account Agreement which must be signed by 

the Account Holder and NASDAQ OMX in order to establish a Custody Account. 

1.3 If any provision of these General Terms for Default Fund Custody Accounts is inconsistent 

with a provision of the Default Fund Custody Account Agreement, the latter shall prevail. 

2. INTERPRETATION 

2.1 Save where the context requires otherwise, the following capitalized expressions shall have 

the meaning ascribed to them below (including where used above):

Account Holder means the person nominated as such in the Default Fund

Custody Account Agreement.

Agreement means the Default Fund Custody Account Agreement and these 

General Terms for Default Fund Custody Accounts as from time 

to time may be amended, supplemented or restated.

Authorised Person has the meaning ascribed to it in clause 12.4.

Bank means a bank or similar financial institution, which is designated 

as eligible by NASDAQ OMX to receive Cash Amounts for the 

purposes of this Agreement at the relevant time.

Bank Account means any account opened in the name of NASDAQ OMX with 

a Bank and designated by NASDAQ OMX for the purpose of 

receiving Cash Amounts under this Agreement.

Business Day means a day (other than a Saturday or Sunday) on which 

commercial banks in the country in which the relevant Custody 

Account, Bank Account or Securities Account is held are 

generally open for business.

Cash Amounts means any Eligible Funds in the form of cash, and includes cash 

amounts deposited on a Bank Account and reflected on the 

Custody Account, cash amounts received as matured principal 

amounts or yield on Pledged Securities, or any other cash 

amounts which otherwise are related to the Pledged Securities,

and accrued interest on cash amounts reflected on the Custody 

Account. 

Cash Security has the meaning ascribed to it in clause 8.2.

CSD means a Central Securities Depository, or similar organisation 

holding securities to enable book entry transfer of Securities, and 
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which is designated as eligible by NASDAQ OMX to register 

and/or hold Securities for the purposes of this Agreement at the 

relevant time.

Custody Account means the account opened in the name of the Account Holder 

with NASDAQ OMX as account provider and nominated as 

such in the Default Fund Custody Account Agreement.

Default Fund has the meaning ascribed to it in the Default Fund Rules.

Default Fund Rules means the terms and conditions of NASDAQ OMX governing 

the composition and other arrangements relating to a member 

contributed default fund in respect of clearing activities 

conducted by NASDAQ OMX as a clearing organisation, as may 

be amended from time to time.

Eligible Funds has the meaning ascribed to it in the Default Fund Rules.

Instructions has the meaning ascribed to it in clause 12.5.

Investment Policy means a policy document containing NASDAQ OMX’s

investment policies in respect of the cash contributions to 

NASDAQ OMX’s Default Fund, as may be amended from time 

to time.

NASDAQ OMX NASDAQ OMX Clearing AB, corporate registration number 

556383-9058 in the Swedish companies register, with its 

registered business address at Tullvaktsvägen 15, SE-105 78 

Stockholm, Sweden.

NASDAQ OMX 

Deposit Rate

NASDAQ OMX’s base rate for interest calculations of Account 

Holders’ cash deposits with NASDAQ OMX. The current rate 

can be found on the Website.

Other Security 

Interest

means:

(i) any mortgage, charge, pledge, assignment (whether or not 

expressed to be by way of security), hypothecation, lien, 

encumbrance or other priority or any security interest 

whatsoever, howsoever created or arising;

(ii) any deferred purchase, title retention, trust, sale-andrepurchase, sale-and-leaseback, hold back or ”flawed asset”

arrangement or right of set-off;

(iii) any other agreement or arrangement whatsoever having the 

same or a similar commercial or economic effect as 

security.

Party means either the Account Holder or NASDAQ OMX (as the 

context requires) in their capacity as parties to the Agreement, 

and “Parties” shall be construed accordingly.

Pledged Securities has the meaning ascribed to it in clause 8.1.

Secured Sums means any and all amounts which the Account Holder is obliged 

to contribute to the Default Fund under the Default Fund Rules 

and any amounts payable by the Account Holder under this 

Agreement.
3(14)

Securities means any Eligible Funds other than Cash Amounts.

Securities Account means any securities account with a CSD opened in the name of 

NASDAQ OMX in its capacity as nominee or any securities 

account opened in the name of NASDAQ OMX on behalf of 

clients with a CSD or with any of NASDAQ OMX’s appointed 

Sub-custodians, and designated by NASDAQ OMX for the 

purpose of depositing Securities under this Agreement.

Security Interest means the security created in accordance with these General 

Terms for Default Fund Custody Accounts and as specified 

under clause 8.

Securities Pledge means the pledge created over the Pledged Securities under 

clause 8.1.

Sub-custodians means an institution appointed by NASDAQ OMX in 

accordance with this Agreement to provide custody services to 

NASDAQ OMX.

Website means the internet web page of NASDAQ OMX, and shall 

include any hyperlinks or other references directly incorporated 

by such Website.

2.2 References to clauses are, unless otherwise specified, references to clauses of the 

Agreement.

2.3 References to any agreement or document shall be construed as a reference to such 

agreement or document (including their respective schedules and appendices) as the same 

may from time to time be amended, varied, supplemented, novated, replaced or restated 

and shall include any document which is supplemental to, or is expressed to be collateral 

to, or is entered into pursuant to or in accordance with the terms of, such agreement or 

document.

2.4 References to statutes are, unless otherwise specified, references to statutes of Sweden, and 

include any statutory modifications or re-enactments thereof, or rules or regulations 

promulgated thereunder for the time being in force. References to “applicable law” shall 

include references to the relevant laws of any relevant jurisdiction. 

2.5 Words importing one gender only shall include the other and words importing the singular 

number only shall include the plural and vice versa (unless the context otherwise requires).

2.6 Words importing persons include companies and associations or bodies of persons whether 

corporate or unincorporated.

2.7 Headings are for convenience only and shall not affect the construction hereof.

2.8 Any discretion, power or right conferred on NASDAQ OMX to make or vary any 

determination or to give any approval or to decide any matter or to form any opinion or 

judgment shall be construed to be a discretion, power or right exercisable by NASDAQ 

OMX, in its sole and unfettered discretion, at any time and from time to time.

3. CUSTODY ACCOUNT

3.1 The Account Holder hereby authorises NASDAQ OMX (and NASDAQ OMX so agrees) 

to establish and maintain, on the terms of the Agreement, a Custody Account with 
4(14)

NASDAQ OMX for the purpose of registering Pledged Securities and reflecting Cash 

Amounts contributed to the Default Fund in accordance with the Default Fund Rules.

3.2 NASDAQ OMX shall be responsible for the safekeeping of any Pledged Securities 

registered to the Custody Account.

4. REGISTRATIONS AND REFLECTIONS ON THE CUSTODY ACCOUNT

4.1 The Account Holder will provide Eligible Funds to the Default Fund through either:

(i) Securities deposited to the Custody Account; or

(ii) Cash Amounts deposited to one or more Bank Accounts and reflected on the 

Custody Account.

4.2 Securities shall be registered on the Custody Account and received by NASDAQ OMX on 

the same day that the Securities are registered on the relevant Securities Account in 

accordance with the rules of and market practice applicable to the applicable Securities 

Account, provided that the registration is made during the opening hours applicable to the 

relevant Securities Account (failing which the registration shall not be deemed made until 

the next day on which the relevant Securities Account is open for registration of the 

relevant Securities).

4.3 Cash Amounts shall be reflected on the Custody Account, representing a claim, and shall 

be received by NASDAQ OMX on the same day Cash Amounts are registered on the 

relevant Bank Account and NASDAQ OMX has received a confirmation from such Bank, 

provided that (i) the registration is made and the confirmation is received during the 

opening hours of the relevant Bank (failing which the registration shall not be deemed 

made until the next day on which the relevant Bank is open for registration of the relevant 

Cash Amounts) and (ii) the registration of the Cash Amounts on the relevant Bank Account 

is made with a valid reference to the Account Holder’s Custody Account number (failing 

which the registration shall not be deemed made until the day on which NASDAQ OMX

has received the valid reference).

4.4 Securities may be pooled and comingled with property of other clients of NASDAQ OMX, 

provided that any Securities Account(s) used shall be marked so as to indicate its nominee 

nature or that it is held on behalf of clients. Securities may not be pooled and comingled 

with NASDAQ OMX’s own assets or the assets of NASDAQ OMX’s appointed Subcustodians. Any maturity proceeds following a corporate action in respect of Pledged

Securities provided will be held by NASDAQ OMX as a Cash Amount until such time as it 

may be released in accordance with the Default Fund Rules. Cash Amounts will be pooled 

and comingled with the funds of NASDAQ OMX. The Account Holder acknowledges that 

it will rank pari passu with NASDAQ OMX’s other unsecured creditors in relation to the 

Cash Amounts. NASDAQ OMX is entitled to, at its own discretion, dispose of any 

amounts registered on a Bank Account, subject to NASDAQ OMX’s Investment Policy.

For avoidance of doubt, any disposal by NASDAQ OMX of any amount registered on a 

Bank Account will not affect the Cash Amount reflected on the Custody Account. A 

summary of the Investment Policy applicable from time to time shall be made available to 

the Account Holder upon request. Material changes to the Investment Policy shall be 

notified to the Account Holder with at least two (2) weeks’ prior notice.
5(14)

5. DUTIES OF NASDAQ OMX 

NASDAQ OMX shall: 

5.1 Comply with the terms of the Agreement and the Default Fund Rules and shall not do any 

act or omit any act which is in conflict with the Agreement or the Default Fund Rules.

5.2 Keep and maintain all Pledged Securities in accordance with the Agreement and the 

Default Fund Rules, and shall not use or otherwise dispose of any Pledged Securities for 

any other purpose.

5.3 Keep and maintain the Custody Account in Sweden.

5.4 Keep separate records in respect of Pledged Securities that shall enable NASDAQ OMX to 

at any time, without delay, distinguish the Pledged Securities registered on the Custody 

Account from securities registered on any other custody account and from NASDAQ 

OMX’s own assets.

5.5 Insofar as relevant to the Pledged Securities registered to the Custody Account:

(i) sign any certificates of ownership or other certificates relating to the Pledged 

Securities;

(ii) collect and receive all payments (whether income, capital or dividend) and 

distributions in respect of such Pledged Securities on behalf of the Account Holder, 

and take any action necessary and proper, and/or otherwise reasonably incidental in 

connection with the same, including (without limitation) the presentation of coupons 

and other interest items and reflect all such payments on the Account Holder’s 

Custody Account, whereby income and dividend payments will be paid out to the 

Account Holder’s designated bank account; 

(iii) upon receipt of Instructions from the Account Holder and as far as reasonably 

practicable and unless in conflict with NASDAQ OMX’s Securities Pledge, exercise 

subscription, purchase or other similar rights attaching to the Securities on behalf of 

the Account Holder, provided in each case that the Account Holder has furnished to 

NASDAQ OMX the funds and other documentation, etc. required and requested to 

cover any costs in relation to such actions and execute such actions; and

(iv) NASDAQ OMX shall have a duty of care with respect to the Pledged Securities in

accordance with applicable laws, regulations, customs and market practice in the 

relevant market.

6. DUTIES OF THE ACCOUNT HOLDER

The Account Holder shall: 

6.1 Comply with the terms of the Agreement and the Default Fund Rules and not do any act or 

omit any act which could reasonably impede or diminish NASDAQ OMX’s Securities 

Pledge or Cash Security.

6.2 On the request of NASDAQ OMX execute and deliver such documents and give such 

Instructions as may be required to give effect to the Agreement.
6(14)

6.3 On the request of NASDAQ OMX deliver or cause to be delivered to NASDAQ OMX 

from time to time any relevant material as NASDAQ OMX may require for the 

performance of its duties hereunder, including evidence of ownership of any Pledged 

Securities and copies of any other documents or material which is reasonably requested by 

NASDAQ OMX.

7. REPRESENTATION AND WARRANTIES

7.1 Each of NASDAQ OMX and the Account Holder represents and warrants to the other that: 

(i) it is duly organized and validly existing under the laws of the jurisdiction of its 

organisation or incorporation and, if relevant under such laws, in good standing 

(unless it is an individual); 

(ii) it has obtained all authorisations of any governmental or regulatory body required in 

connection with the execution and performance of the Agreement and such 

authorisations are in full force and effect; 

(iii) it will comply with all rules and regulations applicable to its operations under 

applicable law; and

(iv) it has the power and authority to execute, deliver and to perform its obligations under 

the Agreement (and under any other documentation required in connection 

herewith).

7.2 The Account Holder further represents and warrants to NASDAQ OMX that: 

(i) it is the owner of any Pledged Securities and that it is fully empowered to enter into 

and perform its obligations under the Agreement and to grant the rights and remedies 

to NASDAQ OMX contained herein and therein; 

(ii) all right, title and interest in any Pledged Securities shall be pledged to NASDAQ 

OMX, free of any Other Security Interest in favour of any party other than 

NASDAQ OMX; and

(iii) its obligations under the Agreement constitutes legal, valid and binding obligations 

enforceable against the Account Holder. 

7.3 Each Party shall inform the other Party immediately if any representation or warranty in 

clauses 7.1 or 7.2 ceases, or will clearly cease, to be true and correct.

7.4 On each day on which a transfer of Pledged Securities is effected, all the representations 

and warranties stated in this clause 7 shall be deemed to be repeated. 

8. CREATION OF SECURITY

8.1 As collateral for all of the Account Holder’s present and future obligations in relation to 

the Default Fund under the Default Fund Rules, the Account Holder hereby pledges to 

NASDAQ OMX any and all securities which are registered on the Custody Account, from 

time to time (“Pledged Securities”), including:

(i) any right to receive yield and matured principal amounts with respect to the Pledged

Securities; 
7(14)

(ii) any rights or claims relating to the Custody Account; and 

(iii) any rights or claims relating to the Pledged Securities.

For the avoidance of doubt the pledge of Pledged Securities under this clause 8.1 shall not 

constitute a transfer of title (Sw. äganderättsövergång) from the Account Holder. 

8.2 Any Cash Amounts transferred by the Account Holder to a Bank Account and reflected on 

the Custody Account, from time to time, shall be deemed transferred by way of security 

(Sw: säkerhetsöverlåtelse) (“Cash Security”) to NASDAQ OMX and shall constitute 

collateral for all of the Account Holder’s present and future obligations in relation to the 

Default Fund under the Default Fund Rules.

8.3 Any yield and matured principal amounts which have been received with respect to the 

Pledged Securities and reflected on the Custody Account and any interest accrued on Cash 

Amounts reflected on the Custody Account in accordance with clause 10.2 shall be deemed 

transferred by way of security in accordance with clause 8.2 and thus be subject to a Cash 

Security.

8.4 The Account Holder shall not, without the prior written consent of NASDAQ OMX:

(i) create, or agree or attempt to create, or permit to subsist, any Other Security Interest 

than those created pursuant to clause 8.1 and 8.2 to arise or subsist over any Pledged 

Securities or Cash Amounts subject to a Cash Security; or

(ii) sell, transfer or otherwise dispose of any part of the Pledged Securities or any of its 

right, title or interest therein.

8.5 The Parties intend that the Securities Pledge and the Cash Security created under the 

Agreement shall constitute a ”financial collateral arrangement” for the purposes of EU 

Directive 2002/47/EC on Financial Collateral Arrangements (as implemented in applicable 

national laws).

8.6 The Agreement shall be in addition to and shall not prejudice or be prejudiced by any right 

of set-off, lien, pledge or other rights exercisable by NASDAQ OMX against the Account 

Holder or any security, guarantee or indemnity now or in the future held by NASDAQ 

OMX.

9. RIGHT OF APPROPRIATION

9.1 NASDAQ OMX may, at any time after the Securities Pledge or the Cash Security 

constituted by the Agreement has become enforceable, appropriate any Pledged Securities 

or Cash Amounts and apply it in such manner as NASDAQ OMX may determine in 

accordance with the Default Fund Rules, including the sequence in which the Securities

Pledge or the Cash Security shall be realised.

9.2 NASDAQ OMX will account for the appropriation to the Account Holder and pay any 

amount by which the value of the appropriated Pledged Securities or Cash Amounts 

exceeds the Secured Sums then due in accordance with the Default Fund Rules and the 

Agreement.

9.3 NASDAQ OMX shall notify the Account Holder following the appropriation of any

Pledged Securities or Cash Amounts.
8(14)

10. FEES AND INTEREST

10.1 NASDAQ OMX shall not pay any fees, interest or other remuneration to the Account 

Holder on any Pledged Securities or Cash Amounts unless explicitly set out in the 

Agreement and/or the Default Fund Rules.

10.2 Account Holders may be entitled to interest for Cash Amounts reflected on the Custody 

Account whereby interest payments will be paid out to the Account Holder’s designated 

bank account. To the extent the NASDAQ OMX Deposit Rate is below zero, NASDAQ 

OMX is entitled to charge the Account Holder for the negative interest rate for Cash 

Amounts reflected on the Custody Account. Interest shall accrue and be paid in accordance 

with the terms, including rates and intervals, set out on the Website from time to time. 

10.3 Fees may be charged for custody and other services in accordance with the fees stipulated 

on the Website from time to time.

11. APPOINTMENTS AND AUTHORISATIONS

11.1 The Account Holder hereby appoints NASDAQ OMX to be its attorney (with full power to 

appoint substitutes and to sub-delegate, including power to authorise the person so 

appointed to make further appointments, in both cases, with regard to all or any part of the 

Pledged Securities) on behalf of the Account Holder and in its name or otherwise:

(i) to execute any document or do any act or thing which NASDAQ OMX or such 

substitute or delegate may, in its discretion, consider appropriate in connection with 

the exercise of any of the powers of NASDAQ OMX or which the Account Holder is 

obliged to execute or do, whether under the Agreement, the Default Fund Rules or 

otherwise; 

(ii) to act on behalf of the Account Holder with full authority to communicate with the 

Banks and CSDs in all matters relating to the Pledged Securities and, without 

limitation, to send and receive messages and instructions on behalf of the Account 

Holder with respect to the Pledged Securities and to make any transfer of Pledged 

Securities registered to the Custody Account in accordance with the Agreement and 

the Default Fund Rules;

(iii) to correct and/or reverse any erroneous entries in the Custody Account or any entry 

or deposit to any other account as soon as practically possible after discovery, 

provided that the Account Holder shall be informed following such action; and

(iv) to realise any Securities Pledge or otherwise to safeguard or exercise any rights in 

relation to a Securities Pledge.

11.2 The Account Holder acknowledges and agrees that the power of attorney given under 

clause 11.1:

(i) is coupled with a pledge to the benefit of NASDAQ OMX, and that it may not be 

revoked for as long the Agreement is in effect; and

(ii) shall be exercisable by NASDAQ OMX at any time or times as NASDAQ OMX 

thinks fit. 

11.3 NASDAQ OMX shall be authorized to appoint one or several Sub-custodians. NASDAQ 

OMX shall appoint such Sub-custodians with proper care and ensure that it at all times has
9(14)

(i) obtained all authorisations of any governmental or regulatory body required in 

connection with the performance of its duties and that such authorisations are in full force 

and effect and (ii) sufficient knowledge, resources and organization to carry out its 

respective services. Furthermore, NASDAQ OMX shall be authorized to appoint one or 

several sub-contractors to perform parts of NASDAQ OMX’s duties under the Agreement. 

NASDAQ OMX is responsible for any Sub-custodian or sub-contractor appointed by 

NASDAQ OMX to perform any of NASDAQ OMX’s duties under this Agreement, as if 

NASDAQ OMX itself had performed such duties. For the avoidance of doubt, any CSD is 

not regarded as a Sub-custodian or sub-contractor. Nothing in this clause shall be construed 

as to allow any Party to transfer or assign this Agreement to a third party without the prior 

written consent of the other Party. 

12. COMMUNICATIONS, NOTICES AND INSTRUCTIONS

12.1 All notices and other communications under the Agreement shall be in English and in case 

of Account Holders to and from the Authorised Persons and in case of NASDAQ OMX to 

and from its relevant officers or employees. NASDAQ OMX may in its discretion agree to 

communicate in any other language than English upon request from the applicable Account 

Holder(s).

12.2 Notices may be sent by mail, e-mail, or such other teleprocess or electronic instruction 

system acceptable to NASDAQ OMX which shall have been transmitted with such 

security features as NASDAQ OMX may determine and on such terms and conditions as 

NASDAQ OMX may specify. Communication which shall be in writing shall be sent by 

registered mail, e-mail (in which case receipt shall be confirmed by the recipient) or other 

form of written communication which NASDAQ OMX may accept to the relevant point of 

receipt specified by the receiving Party in writing (or such new address that a Party has 

acknowledged by the other Party in accordance with this clause 12).

12.3 Notices sent by mail shall be deemed received by the Account Holder no later than three 

(3) Business Days after the date of posting/mailing, and notices sent by e-mail or other 

electronic communication shall be regarded as received by the Account Holder

immediately upon confirmed transmission of the same. 

12.4 The Account Holder shall upon the request of NASDAQ OMX provide NASDAQ OMX 

with a list of such officers, employees, agents or other persons (each an ”Authorised 

Person”) of or for the Account Holder as have been authorised, either alone or with others 

as specified, to act on its behalf in the giving of instructions and/or performance of any 

acts, discretions or duties under the Agreement, and NASDAQ OMX shall be entitled to 

rely upon the continued authority of an Authorised Person to given instructions and so act 

on behalf of the Account Holder as aforesaid until NASDAQ OMX receives written notice 

from the Account Holder to the contrary. The Account Holder may also give individual 

authorisations to individual Authorised Persons, subject to the consent of NASDAQ OMX 

which shall not be unreasonably withheld. In absence of explicit written and acknowledged 

instructions to the contrary, NASDAQ shall be entitled to deem any person who is either 

(i) generally authorised to act on behalf of the Account Holder or (ii) authorised by the 

Account Holder in relation to NASDAQ OMX to act on behalf of the Account Holder in 

relation to the relevant matters as an Authorised Person.

12.5 NASDAQ OMX may act upon instructions (”Instructions”) from an Authorised Person 

(or otherwise given on behalf of the Account Holder) in such manner as may be agreed or 

required by NASDAQ OMX in its discretion. However, NASDAQ OMX shall not be 
10(14)

obliged to take any action to comply with any Instructions or to take any other action 

hereunder if:

(i) such Instructions in the opinion of NASDAQ OMX are in conflict with the Default 

Fund Rules, the Agreement or other written arrangements in effect between 

NASDAQ OMX and the Account Holder;

(ii) NASDAQ’s fulfilment of such Instructions are prevented by any event falling within 

the scope of clause 13.2 (vi); or

(iii) such Instructions in NASDAQ OMX’s opinion are outside the scope of its duties 

under the Agreement or are contrary to any applicable law or NASDAQ OMX’s

policies or other requirement which NASDAQ OMX is subject to (whether arising 

from any governmental authority, or that of a relevant exchange, clearing 

organisation, settlement system, CSD, Bank or market).

12.6 When taking action upon Instructions NASDAQ OMX shall act in a reasonable and proper 

manner, provided that:

(i) any Instructions shall give NASDAQ OMX reasonable time to evaluate and prepare 

for such Instructions prior to the time of execution;

(ii) any Instructions shall continue in full force and effect until cancelled or superseded 

(except in respect of Instructions executed by NASDAQ OMX which can no longer 

be cancelled);

(iii) any Instructions shall be carried out subject to the rules, operating procedures and 

market practice of any relevant stock exchange, clearing organisation, settlement 

system, CSD, Bank or market where or through which they are to be executed; 

(iv) NASDAQ OMX shall have a right to refuse to execute any Instructions that in the 

opinion of NASDAQ OMX are unreasonable or, if performed by NASDAQ OMX,

may have adverse consequences to the reputation of NASDAQ OMX; and

(v) NASDAQ OMX shall have a right to refuse to execute Instructions if that in the 

opinion of NASDAQ OMX are illegible, unclear and/or ambiguous, until any 

ambiguity or conflict has been resolved to its satisfaction.

12.7 NASDAQ OMX shall without undue delay give written notice to the Account Holder if an 

Instruction is refused pursuant to clause 12.6.

13. LIABILITIES AND INDEMNITIES

13.1 NASDAQ OMX shall not be responsible for any loss or damage suffered by the Account 

Holder, provided that NASDAQ OMX has acted with normal care. 

13.2 NASDAQ OMX shall, unless resulting from an act of fraud, willful default or gross 

negligence on the part of NASDAQ OMX, in any event not be responsible for:

(i) any indirect or consequential losses; 

(ii) any losses exceeding the market value (as determined by NASDAQ OMX in any 

reasonable commercial manner) of the relevant Pledged Securities or Cash Amounts;
11(14)

(iii) any liabilities, losses, damages, costs and expenses caused by delay in the actual 

receipt by NASDAQ OMX, or occurrence, of Instructions or payments from the 

Account Holder hereunder; 

(iv) any liabilities, losses, thefts, damages, costs and expenses arising out of any 

unauthorised disposal of the Securities held and/or administered by or under the 

direction or control of any CSD (or by any third party instructed by or through such 

CSD), provided that NASDAQ OMX has exercised reasonable care in selecting and 

monitoring the relevant CSD; 

(v) any liabilities, losses, damages, costs and expenses arising out of NASDAQ OMX 

relying upon any Instructions believed by it in good faith to be given by an 

Authorised Person (or otherwise to have been given on behalf of the Account 

Holder) and upon any notice, request, consent, certificate or other instrument 

believed by it in good faith to be genuine and to be signed or furnished by the proper 

Party or parties thereto, including (without limitation) the Account Holder or any 

Authorised Person; and

(vi) any event of force majeure or other event beyond NASDAQ OMX’s reasonable 

control, including but not limited to nationalization, expropriation, currency 

restrictions, terrorism, acts of state, acts of god, labour disturbances, power failures,

breakdowns in communications links or equipment of NASDAQ OMX or of its 

nominees or agents (or of any third parties as aforesaid), or the failure or disruption 

of any relevant exchange, clearing organisation, settlement system or market.

13.3 The Account Holder shall indemnify NASDAQ OMX against any reasonable liabilities, 

losses, damages, costs and expenses (including reasonable and evidenced legal fees) 

(“Losses”) incurred by NASDAQ OMX and arising out of any action taken or omitted to 

be taken by NASDAQ OMX hereunder or pursuant to any Instructions, and shall 

reimburse NASDAQ OMX (on the basis of a full indemnity) the amount of all reasonable 

costs and expenses (including reasonable and evidenced legal costs and VAT thereon) 

incurred by NASDAQ OMX in connection with the exercise, or the attempted or purported 

exercise, by or on behalf of NASDAQ OMX of any of its powers under the Agreement or 

any other action taken by or on behalf of NASDAQ OMX with a view to or in connection 

with the recovery of the Secured Sums, the realisation of a Securities Pledge created by the 

Agreement or, the preservation of a Securities Pledge or a Cash Security or any other 

purpose contemplated by the Agreement. The Account Holder shall, unless resulting from 

an act of fraud, willful default or gross negligence on the Part of the Account Holder, in no 

event be liable to indemnify NASDAQ OMX for any indirect or consequential Losses. 

Notwithstanding the above, the Account Holder shall in no event be liable to indemnify 

NASDAQ OMX under this Clause 13.3 for any Losses attributable to NASDAQ OMX’s 

fraud, willful default or gross negligence. 

14. TAXES ETC

14.1 The Account Holder shall be responsible for all filings, tax returns and similar reports on 

any transactions undertaken pursuant to the Agreement or in connection with the Pledged 

Securities or Cash Amounts which must be made to any relevant authority whether 

governmental or otherwise and for the payment of all unpaid calls, taxes (including without 

limitation any valued added tax), imposts, levies or duties, or any other liability or payment 

arising out of or in connection with the Pledged Securities or Cash Amounts, and in so far 

as NASDAQ OMX is under any obligation (whether of a governmental nature or 
12(14)

otherwise) to pay the same on behalf of the Account Holder it may do so without 

Instructions from the Account Holder out of the Custody Account.

14.2 NASDAQ OMX may, in accordance with Swedish/foreign law, Swedish/foreign public 

authorities’ regulations or decisions or NASDAQ OMX’s Agreement with Swedish/foreign 

authorities, be obliged on account of the Account Holder to take actions concerning tax in 

relation to the Account Holder’s securities. The Account Holder shall provide such 

information, including written documentation, as NASDAQ OMX deems to be necessary 

in order to fulfil such obligation.

15. RELEASE OF PLEDGED SECURITIES OR CASH AMOUNTS AND 

TERMINATION

15.1 The release of Pledged Securities and Cash Amounts shall take place to the extent that 

Secured Sums have been fully and unconditionally paid or discharged to NASDAQ OMX 

(or, if contingent, have wholly ceased to be capable of arising) and after the Account 

Holder has become entitled under the Default Fund Rules to request the release of such 

Pledged Securities and Cash Amounts.

15.2 The Agreement may only be terminated by the Account Holder with the consent of 

NASDAQ OMX which shall not be unreasonably withheld or delayed. NASDAQ OMX 

shall consent to termination if the Account Holder is no longer subject to Default Fund

Requirements and the Pledged Securities and Cash Amounts may otherwise be released in 

accordance with the Agreement and the Default Fund Rules.

15.3 On termination of the Agreement, NASDAQ OMX shall transfer Pledged Securities and

Cash Amounts in accordance with the Default Fund Rules to the Account Holder or to such 

other person(s) as the Account Holder shall give Instructions. NASDAQ OMX may 

withhold amounts (as reasonably determined by NASDAQ OMX) for outstanding 

liabilities attaching to the Pledged Securities and Cash Amounts of which NASDAQ OMX 

is or becomes aware and of any fees and expenses owing to NASDAQ OMX under the 

Agreement or the Default Fund Rules.

16. CONFIDENTIALITY

16.1 Except as otherwise set forth herein all information and data received by NASDAQ OMX

from the Account Holder, including information relating to the Pledged Securities or Cash 

Amounts and information pertaining to the legal or financial status of the Account Holder, 

will be treated as confidential by NASDAQ OMX. 

16.2 Notwithstanding clause 16.1, but subject to applicable and mandatory law:

(i) the duty of confidentiality shall not extend to information which is or becomes 

public through no breach of NASDAQ OMX’s confidentiality obligations hereunder, 

which NASDAQ OMX already possessed at the time of reception without any 

obligation of confidentiality, or which NASDAQ OMX receives from a third party 

through no breach of the third party’s confidentiality obligations towards the 

Account Holder;

(ii) NASDAQ OMX may share information with its Sub-custodians and any other 

person or entity advising or assisting NASDAQ OMX in its operations under the 

Agreement, provided that such persons and entities have a reasonable interest in such 

information under the Agreement, are subject to a corresponding duty of 
13(14)

confidentiality, and shall only use the information for purposes related to the 

Agreement;

(iii) NASDAQ may share information with any entity or body (including any financial 

supervisory authorities or governmental bodies) if NASDAQ OMX (a) reasonably 

believes that such entity or body exercises a legal or regulatory function under any 

applicable law, or a function comprising or associated with the enforcement of a 

legal or regulatory function which NASDAQ OMX or the Account Holder is subject 

to, or (b) considers such arrangement to be in furtherance of its purpose or duties 

under applicable law; or (c) deems such disclosure to be otherwise required by 

applicable law; and 

(iv) NASDAQ OMX shall not be required to keep confidential the fact that the Account 

Holder is participating in the Default Fund and has entered into this Agreement.

17. MISCELLANEOUS

17.1 Regulatory Cooperation. The Account Holder acknowledges that NASDAQ OMX is 

subject to supervision by the Swedish Financial Supervisory Authority. The Account 

Holder undertakes to cooperate with NASDAQ OMX, the Swedish Financial Supervisory 

Authority and any other governmental authority that may supervise NASDAQ OMX in 

relation to any inspection or any other actions initiated by the Swedish Financial 

Supervisory Authority or any other competent governmental authority and provide such 

information that NASDAQ OMX, the Swedish Financial Supervisory Authority or a 

competent governmental authority may request.

17.2 Account Statements. NASDAQ OMX shall provide the Account Holder with periodical 

reports and/or statements of accounts relating to the Custody Account, the specific contents 

and format to be determined by NASDAQ OMX from time to time. In absence of the 

Account Holder filing with NASDAQ OMX objections to any information, report, 

statement, confirmation, note or other document within thirty (30) days of the date of such 

information becoming available to the Account Holder, NASDAQ OMX shall have no 

responsibility for any errors or omissions therein, if not caused by NASDAQ OMX’s gross 

negligence, and the Account Holder shall be deemed to have approved the contents thereof 

and accepted responsibility for all of its obligations appearing therein. 

17.3 Amendments. Any changes of these General Terms for Default Fund Custody Accounts

that are not material and changes to any fees charged by NASDAQ OMX, shall apply to 

the Account Holder from and including the thirtieth (30th) calendar day after the Account 

Holder shall be deemed to have received notice of the change in accordance with clause 

12. Material changes shall be reported to the Swedish Securities Dealers Association or,

should NASDAQ OMX deem it appropriate, to other representatives of the Account 

Holders. When these aforementioned representatives have not, within five Business Days 

of the report, requested consultations with regard to the changes (or if consultation has 

been requested, when such consultation has been made), NASDAQ OMX shall send a 

notice of the change to the Account Holders. The changes shall apply to the Account 

Holder from and including the thirtieth (30th) calendar day after the Account Holder shall 

be deemed to have received notice of the change in accordance with clause 12. Should a 

delay be hazardous, or should the changes be caused by legislation, judicial decision, or 

decision of any public authority, such notice may however be sent before such consultation

has been made.
14(14)

17.4 Third Party Rights. Other than as may follow from the Default Fund Rules, no person 

other than a Party to the Agreement shall have any right to enforce any term (express or 

implied) of the Agreement. The Parties may vary any term of the Agreement without the 

necessity of obtaining any consent from any third party.

17.5 No Waiver. No failure to exercise and no delay on the part of either Party in exercising 

any right, remedy, power or privilege under the Agreement and no course of dealing

between the Parties shall be construed or operate as a waiver of that right, remedy, power 

or privilege, nor shall any single or partial exercise of any right, remedy, power or 

privilege preclude any other or further exercise of it or the exercise of any other right, 

remedy, power or privilege. The rights and remedies provided by the Agreement are 

cumulative and are not exclusive of any rights or remedies provided by law.

17.6 Severability. If any provision of the Agreement is held to be illegal, invalid or 

unenforceable in whole or in part, the Agreement shall continue to be valid as to its other 

provisions and the remainder of the affected provision.

18. GOVERNING LAW AND DISPUTE RESOLUTION

18.1 The Agreement and all non-contractual obligations arising out of or in connection with it 

shall be governed by, and construed in accordance with, Swedish law.

18.2 The Swedish courts shall have exclusive jurisdiction to settle any claim, dispute or 

difference which may arise out of or in connection with the Agreement.

18.3 Clause 18.2 shall not limit the right of NASDAQ OMX to seek interlocutory measures or 

similar, or to otherwise seek enforcement of the Securities Pledge and the Cash Security

created by the Agreement, against the Account Holder in any other court of competent 

jurisdiction, nor shall the taking of proceedings in one or more jurisdictions preclude the 

taking of proceedings by NASDAQ OMX in any other jurisdiction, whether concurrently 

or otherwise.

18.4 The Account Holder irrevocably waives any objections on the ground of venue or 

inconvenient forum or any similar grounds and irrevocably agrees that any judgment in any 

proceedings brought in any court referred to in this clause 18 shall be conclusive and 

binding and may be enforced in any other jurisdiction.

____________________
Version: November 2013

LOSS SHARING CUSTODY ACCOUNT AGREEMENT

Complete, sign and send two (2) originals to: 

NASDAQ OMX Clearing AB, Att: Memberships, 

Tullvaktsvägen 15, SE-105 78 Stockholm, Sweden

Custody Account no (to be completed by NASDAQ OMX)

ACCOUNT 

HOLDER 

DETAILS

Name of the Account Holder

Registered business address Company registration number Tax identification no. 

Postal code Postal district/city Country Tax resident country

E-mail Tel. No. (int. format) Fax. No. (int. format)

Supplemental details (if any)

The Account Holder undertakes to notify NASDAQ OMX without delay of any change to the details provided above.

NOTICES Notices to the Account Holder under this Loss Sharing Custody Account Agreement may be sent to the following person (please 

note that notices may also be sent to other Authorized Persons as further set out in the General Terms for Loss Sharing Custody 

Accounts):

Authorized Person:

Address (if other than above):

Email address:

Office phone (int. format):

Mobile phone (int. format):

Notices to NASDAQ OMX under this Loss Sharing Custody Account Agreement shall be sent to the address (or other point of 

receipt as applies in connection with the relevant method of communication) stated on the Website at the time of notice.

AGREEMENT This Loss Sharing Custody Account Agreement is concluded between the Account Holder and NASDAQ OMX Clearing AB, 

corporate registration number 556383-9058, Tullvaktsvägen 15, SE-105 78 Stockholm, Sweden (“NASDAQ OMX”). 

This Loss Sharing Custody Account Agreement is supplemented by NASDAQ OMX’s General Terms for Loss Sharing Custody 

Accounts, as may be amended from time to time, which sets out further terms and conditions for the Custody Account and 

governs the relation between NASDAQ OMX and the Account Holder in connection therewith. The General Terms for Loss 

Sharing Custody Accounts shall form an integral part of this Loss Sharing Custody Account Agreement. The Account Holder 

confirms that it has read and received a copy of the General Terms for Loss Sharing Custody Accounts as in force at the time of 

execution of this Loss Sharing Custody Account Agreement.

The Account Holder hereby creates, or undertakes to create, the Securities Pledge and the Cash Security contemplated by this 

Loss Sharing Custody Account Agreement (including the General Terms for Loss Sharing Custody Accounts), and undertakes to 

do all things necessary or reasonably requested by NASDAQ OMX in connection therewith (including provision of information).

This Loss Sharing Custody Account Agreement is governed by the laws of Sweden.

PURPOSE OF 

CUSTODY 

ACCOUNT

The Custody Account is intended for contributions to NASDAQ OMX’s Loss Sharing Pool in accordance with the Loss Sharing 

Rules.

______________________________________________________________________________________________ 

Loss Sharing Custody Account Agreement | 1(2)
CSD ACCOUNT 

SEGREGATION

By default, Securities in the Custody Account may be held in omnibus Securities Accounts with CSDs/ICSDs. Please indicate 

below, if Securities in the Custody Account shall instead be held in individually segregated Securities Accounts (i.e. Securities of 

the Account Holder will not be comingled in accounts with CSDs/ICSDs with property of other clients of NASDAQ OMX) with one 

or more of the following CSDs/ICSDs. Please note that additional fees apply.

Clearstream

Euroclear Bank

Euroclear Sweden 

VP Denmark 

VPS Norway 

AUTHORIZED 

SIGNATURES

By signature below the Account Holder agrees to be bound by the terms and conditions of this Loss Sharing Custody Account 

Agreement. This Loss Sharing Custody Account Agreement has been signed in two (2) original counterparts, of which the parties 

receive one (1) each.

For: For NASDAQ OMX Clearing AB

Place and date of execution: Place and date of execution:

Signature: Signature: 

Name (printed) and Title: Name (printed) and Title:

Signature: Signature: 

Name (printed) and Title: Name (printed) and Title:

______________________________________________________________________________________________ 

Loss Sharing Custody Account Agreement | 2(2)














Version: 2 December 2013

Clearing Agreement F

Broker Agreement

Broker: [insert name of Broker]
Clearing Agreement F – Broker Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (5)

BROKER AGREEMENT

The following agreement was today entered into between 

[Insert full name of the Broker], a company incorporated under the laws of [insert country of 

incorporation] (registered number [insert reg no]) whose principal office is at [insert address](the 

"Broker");

and

NASDAQ OMX Clearing AB, a company incorporated in Sweden (registered number 556383-

9058) whose principal office is at Tullvaktsvägen 15, S-105 78 Stockholm, Sweden (the 

"Clearinghouse");

jointly referred to as the “Parties” and individually as a “Party”.

1 INTRODUCTION

1.1 The Clearinghouse is a Swedish clearing house authorised under the Swedish Securities 

Market Act that provides Clearing of Transactions for Account Holders.

1.2 The Broker has regular business involving OTC Transactions in Listed Products on behalf 

of its clients who are Account Holders. 

1.3 This agreement gives the Broker access to Clearing for the purpose of registering Clearing 

Requests with the Clearinghouse on behalf of Account Holders, as further regulated by 

this agreement with appendices and the Clearing Rules of the Clearinghouse as applicable 

at the time of the relevant Clearing Request and as further set out herein.

1.4 Only provisions of the Clearing Rules directly referred to in this agreement, or which in 

the Clearing Rules explicitly is stated to apply to Brokers apply to the Broker. The Broker

hereby accepts to be bound by the applicable parts of the Clearing Rules, which are 

deemed to be incorporated by reference into this agreement.

1.5 Terms defined in the Clearing Rules shall have the same meaning in this agreement, 

unless otherwise defined herein. 

2 REGISTRATION OF CLEARING REQUESTS

2.1 The Broker’s role towards the Clearinghouse is limited to making Clearing Requests on 

behalf of clients of the Broker who are Account Holders, and the Broker has no role in the 

approval of or Settlement of Clearing Transactions.

2.2 The Broker shall register Clearing Requests in accordance with the OTC Clearing 

Procedures, and in accordance with the Market Conduct Rules Section 2. 

2.3 The Broker’s use of the Clearing Platform is regulated in the Clearing Platform User 

Terms. 

3 MARKET CONDUCT RULES

3.1 The Broker agrees to at all times comply with the applicable Market Conduct Rules. 

Notice

Please ensure that this document when executed does not contain any square brackets, footnotes, explanatory 

notes etc except those which are intended to remain in the document (if any). Please initial each page in the 

bottom right hand corner, and ensure that signatures are by duly authorised persons, accompanied by 

evidence of authorisation and personal identification etc as further instructed by the Clearinghouse.
Clearing Agreement F – Broker Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 3 (5)

3.2 The Broker further acknowledges that the Market Conduct Rules are under surveillance by 

and sanctioned by the Exchange and that the Exchange has the right to enforce the 

Market Conduct Rules against the Broker as provided for in the Market Conduct Rules. 

3.3 The Exchange may, notwithstanding any duty of confidentiality owed to the Broker but 

subject to the provisions in the Market Conduct Rules, make public the fact that an 

investigation of a particular Broker has been initiated in respect of a breach of the Market 

Conduct Rules. The Exchange may also disclose the results of such investigations, 

including any sanctions.

4 REPRESENTATIONS AND WARRANTIES BY THE BROKER

4.1 The Broker hereby represents and warrants that:

a. it has all requisite power and authority and legal right to enter into this agreement 

under its articles of association, by law or any other document and to perform its 

obligations as a Broker; 

b. it has taken all necessary actions to authorise the signing and delivery of this 

agreement and the Clearing Rules; 

c. the signing and delivery of this agreement and its compliance with the Clearing 

Rules does not violate any law, rule, regulation or agreement, document or 

instrument binding on or applicable to the Broker; and

d. it holds any public licenses needed to conduct its affairs as a Broker (as defined in 

the Clearing Rules), and there are no further licenses or filings with or other acts by 

or in respect of any Regulatory Body or any other governmental authority or court 

that are required to be obtained, made or done by the Broker in connection with its 

role as a Broker, nor is it necessary in order to ensure the validity or enforceability 

that the Clearing Rules or any agreement or Clearing Transaction or Clearing 

Request are filed, registered or recorded in any public office. 

4.2 The Broker acknowledges that it is under a duty to notify the Clearinghouse immediately 

in case of any breach of a Representation or a warranty, as further provided for in the 

Clearing Rules.

5 CHANGES TO THE AGREEMENT 

5.1 Changes to this agreement require the written agreement of both Parties. 

5.2 Notwithstanding clause 5.1, any annexes or additional arrangements to this agreement 

may be changed to the extent allowed by each such document, and the Clearinghouse 

may make additions and/or amendments to the Clearing Rules directly affecting Brokers 

with 14 days written notice. Changes may be implemented with shorter notice to the 

extent set out in the Clearing Rules or if required by applicable law. 

6 CONFIDENTIALITY 

6.1 Subject to the provisions in this Section 6, the Clearinghouse shall ensure that no other 

party gains access to or knowledge of any matters relating to the business or personal 

affairs of the Broker which it becomes aware of through Clearing, and the Clearinghouse

shall not make use of such information for any other purposes than those related to 

Clearing and related activities of the Clearinghouse. 

6.2 Subject to the provisions in this Section 6, the Broker undertakes that it shall not at any 

time disclose to any person any confidential information concerning the business, affairs, 

customers, clients or suppliers of the Clearinghouse.

6.3 Notwithstanding the other provisions of this Section 6:

a. the Clearinghouse may provide information to the Exchange in relation to their 

market surveillance, and to any other person or entity advising or assisting the 

Clearinghouse in its operations, provided these persons and entities are subject to a 

corresponding duty of confidentiality;
Clearing Agreement F – Broker Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 4 (5)

b. the duty of confidentiality shall not extend to information which is or becomes 

public through no breach of a Party’s confidentiality obligations hereunder;

c. either Party shall be allowed to disclose any information as may be required by law, 

court order or any governmental or Regulatory Body; and 

d. neither Party is required to keep confidential the fact that it has entered into this 

agreement or any suspension or termination of this agreement.

6.4 This Section 6 shall not limit either Party’s confidentiality obligations under applicable law.

7 TERMINATION 

7.1 Either party may terminate this agreement with three (3) month's written notice.

7.2 In the event of breach of the agreement or its appendices or the Market Conduct Rules, 

this agreement may be terminated immediately by written notice.

8 ENTIRE AGREEMENT

8.1 This agreement and the Clearing Rules contain the whole agreement between the Parties 

relating to the subject matter of this agreement and supersede any previous 

arrangement, understanding or agreement between them relating to that subject matter.

8.2 The Parties each acknowledge that, in entering into this agreement, it has not relied on, 

and shall have no right or remedy in respect of, any statement, representation, assurance 

or warranty other than as expressly set out in this Broker Agreement and the Clearing 

Rules.

8.3 Nothing in this Section 8 shall limit or exclude any liability for fraud.

9 CHOICE OF LAW AND ARBITRATION

9.1 This agreement and all non-contractual obligations arising in any way whatsoever out of 

or in connection with this agreement, the Clearing Rules and any Clearing Transactions or 

Clearing Requests shall be governed by, construed and take effect in accordance with 

Norwegian law.

9.2 Any dispute between the Parties concerning the understanding of the Clearing Rules or 

any dispute arising from any acts or omissions governed by them shall be decided by 

arbitration in Oslo pursuant to the Norwegian Arbitration Act.

10 MISCELLANEOUS

10.1 Counterparts. This agreement may be executed in any number of counterparts, each of 

which when executed shall constitute an original of this agreement, but all the 

counterparts shall together constitute the same agreement.

10.2 Waiver. No failure or delay by a party to exercise any right or remedy provided under 

this agreement or by law shall constitute a waiver of that or any other right or remedy.
Clearing Agreement F – Broker Agreement 

COPYRIGHT © NASDAQ OMX CLEARING AB 5 (5)

IN WITNESS OF THEIR AGREEMENT each Party has caused its authorised representative to execute 

this agreement effective as of the date of signature by both Parties. 

This agreement has been made in two (2) originals, and the Parties each keep one (1). 

For and on behalf of [insert name of Broker]

Signature Name and title (printed letters)

Date:

For and on behalf of NASDAQ OMX Clearing AB

Signature Name and title (printed letters)

Date:

[end of document]

Please attach when returning to the Clearinghouse (check off):

Documentation evidencing the due authorisation of the signing person(s).

Certified copy of list of signatories (with signature samples) and/or official ID of signing person(s) 

(passport, national ID etc).
Effective Date: 24 January 2017

Trading Appendix 2 / Clearing Appendix 2

Contract 

Specifications

Commodity Derivatives

Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
INDEX

PART A – General Provisions ............................................................................................ 5

1 Application.........................................................................................................6

2 Products and Contracts........................................................................................6

3 Listing of Products ..............................................................................................7

4 Determination of Contract Base and Fix .................................................................7

5 Contract Events ................................................................................................10

PART B – Special Provisions Relating to Certain Product Types...................................... 14

1 Electricity Contracts ..........................................................................................15

2 Natural Gas Contracts .......................................................................................17

3 Allowance Contracts ..........................................................................................19

4 Swedish and Norwegian Electricity Certificates (El-Certs) Contracts.........................25

5 Freight and Fuel Oil Contracts ............................................................................30

6 Ferrous Contracts .............................................................................................32

7 REnewables Contracts .......................................................................................35

PART C – Quotation List ................................................................................................. 36

1 Electricity Contracts ..........................................................................................37

2 Natural Gas Contracts .......................................................................................40

3 Allowance Contracts ..........................................................................................42

4 Swedish and Norwegian Electricity Certificates (El-Certs) Contracts.........................42

5 Freight and Fuel Oil Contracts ............................................................................42

6 Ferrous Contracts .............................................................................................43

7 RENEWABLE Contracts ......................................................................................44

PART D – Individual Contract Specifications .................................................................. 45

1 Electricity Contracts ..........................................................................................46

1.1 Belgian Power Monthly DS Future - EBEM ............................................................47

1.2 Dutch Power Monthly DS Future – ENLM ..............................................................50

1.3 French Electricity Futures: EFRF..........................................................................53

1.4 French Power Monthly DS Future - EFRM .............................................................55

1.5 German Electricity Base Year DS Future – EDEBLYR-[YY] .......................................58

1.6 German Electricity Base Year Future – EDEFUTBLYR-[YY].......................................60

1.7 German Electricity Base Quarter DS Future – EDEBLQ[Q]-[YY] ...............................62

1.8 German Electricity Base Quarter Future – – EDEFUTBLQ[Q]-[YY] ............................64

1.9 German Electricity Base Month DS Future – EDEBLM[MMM]-[YY] ............................66

1.10 German Electricity Base Month Future - EDEFUTBLM[MMM]-[YY] ............................68

1.11 German Electricity Base Average Rate Month future – EDEAFUTBLM[MMM]- [YY] ......70

1.12 German Electricity Base Week Future – EDEBLW[ww]-[YY] ....................................72

1.13 German Electricity Base Day Future – EDEBLD[DDMM]-[YY]...................................74

1.14 German Electricity Peak Year DS Future – EDEPLYR-[YY] .......................................76

1.15 German Electricity Peak Year Future - EDEFUTPLYR-[YY] .......................................78

1.16 German Electricity Peak Quarter DS Future – EDEPLQ[Q]-[YY] ...............................80

1.17 German Electricity Peak Quarter Future - – EDEFUTPLQ[Q]-[YY] .............................82

1.18 German Electricity Peak Month DS Future – EDEPLM[MMM]-[YY] ............................84

1.19 German Electricity Peak Month Future - EDEFUTPLM[MMM]-[YY].............................86

1.20 German Electricity Peak Week Future – EDEPLW[WW]-[YY]....................................88

1.21 German Electricity Base DS Future Year Option - EDEBL[C/P]YR[Y][MMMY]-[XX] ......90

1.22 German Electricity Base Future Year Option - EDEFUTBL[C/P]YR[Y][MMMY]-[XX]......93

1.23 German Electricity Base DS Future Quarter Option – EDEBL[C/P]Q[QY][MMMY]-[XX] 96

1.24 German Electricity Base Future Quarter Option – EDEFUTBL[C/P]Q[QY][MMMY]-[XX] 98

1.25 German Electricity Base DS Future Month Option – EDEBL[C/P]M[MMMY][MMMY]-[XX]100

1.26 German Electricity Base Future Month Option – EDEFUTBL[C/P]M[MMMY][MMMY]-[XX]102

1.27 German Electricity Base Average Month Option –EDEAFUTBL[C/P]M[MMMY]-[XX] ... 104

1.28 German EPAD Electricity Base Year Future – EDE[AA][FUTBLYR-[YY]..................... 106

1.29 German EPAD Electricity Base Quarter Future – EDE[AA][FUTBLQ-[QQ-YY] ............ 108

1.30 German EPAD Electricity Base Month Future – EDE[AA][FUTBLM[MMM-YY] ............ 110

1.31 German Power Monthly DS Future – EDEM......................................................... 112

1.32 Italian Power Monthly DS Future – EITM ............................................................ 115

1.33 Nordic Electricity Base Year DS Future – ENOYR-[YY] .......................................... 117

1.34 Nordic Electricity Base Quarter DS Future – ENOQ[Q]-[YY] .................................. 119

1.35 Nordic Electricity Base Month DS Future – ENOM[MMM]-[YY]................................ 121

1.36 Nordic Electricity Base Year Future – ENOFUTBLYR-[YY] ...................................... 123
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 3 (264)

1.37 Nordic Electricity Base Quarter Future – – ENOFUTBLQ[Q]-[YY] ............................ 125

1.38 Nordic Electricity Base Average Rate Month Future - ENOAFUTBLM[MMM]-[YY]....... 127

1.39 Nordic Electricity Base Week Future – ENOW[WW]-[YY]....................................... 129

1.40 Nordic Electricity Base Day Future – ENOD[DDMM]-[YY] ...................................... 131

1.41 Nordic Electricity Base DS Future Year Option – ENO[C/P]YR[Y][MMMY]-[XX]......... 133

1.42 Nordic Electricity Base DS Future Quarter Option – ENO[C/P]Q[QY][MMMY]-[XX] ... 135

1.43 Nordic Electricity Base Average Rate Month Future Option –ENOAFUTBL[C/P]M[MMMY]-

[XX] 137

1.44 Nordic Electricity Base Future Year Option - ENOFUTBL[C/P]YR[Y][MMMY]-[XX] ..... 139

1.45 Nordic Electricity Base Future Quarter Option – ENOFUTBL[C/P]Q[QY][MMMY]- ...... 141

1.46 Nordic E Electricity Base Year DS Future – SY[AAA]-[YY] ..................................... 143

1.47 Nordic EPAD Electricity Base Quarter DS Future – SY[AAA]Q[QQ-YY] .................... 146

1.48 Nordic EPAD Electricity Base Month DS Future – SY[AAA][MMM-YY] ...................... 149

1.49 Nordic EPAD Electricity Base Week Future – SY[AAA]W[WW]-[YY] ........................ 152

1.50 Nordic EPAD Electricity Base Year Future – SY[AAA]FUTBLYR-[YY] ........................ 154

1.51 Nordic EPAD Electricity Base Quarter Future – SY[AAA]FUTBLQ-[Q]- [YY] .............. 157

1.52 Nordic EPAD Electricity Base Average Rate Month Future – SY[AAA]AFUTBLM[MMM]-

[YY] 160

1.53 Spanish Power Monthly DS Future - EESM.......................................................... 163

1.54 UK Electricity Base Season Future – EUKBLS[S/W]-[YY] ...................................... 165

1.55 UK Electricity Base Quarter Future – EUKBLQ[Q]-[YY] ......................................... 167

1.56 UK Electricity Base Month Future – EUKBLM[MMM]-[YY] ...................................... 169

1.57 UK Electricity Base Week Future – EUKBLW[WW]-[YY] ........................................ 171

1.58 UK Power Monthly DS Future - EUKM ................................................................ 173

2 Natural Gas Contracts ..................................................................................... 176

2.1 Belgian Zeebrugge Natural Gas Monthly DS Future – ZEEM .................................. 177

2.2 Dutch TTF Natural Gas Monthly DS Future - TTFM ............................................... 179

2.3 French PEG NORD Natural Gas Monthly DS Future - PNOM................................... 182

2.4 French TRS Natural Gas Monthly DS Future – TRSM ............................................ 184

2.5 German Gaspool Natural Gas Monthly DS Future - GPOM..................................... 186

2.6 German NCG Natural Gas Monthly DS Future - NCGM.......................................... 188

2.7 UK NBP Natural Gas Monthly DS Future - NBPM.................................................. 191

3 Allowance Contracts ........................................................................................ 194

3.1 EUA Day Future – NED[DDMM-YY] .................................................................... 195

3.2 EUA Future – NE[MMMY].................................................................................. 197

3.3 EUA Option – NE[C/P][MMMY]-[XX] .................................................................. 199

4 Swedish and Norwegian Electricity Certificates (El-Certs) Contracts....................... 201

4.1 Electricity Certificates (El-Cert) Day Future SEK – ELCSEKD[DDMMM-YY] .............. 202

4.2 Electricity Certificates (El-Cert) DS Future SEK – ELCSEK[MMM-YY] ...................... 204

5 Freight and Fuel Oil Contracts .......................................................................... 206

5.1 Dry Capesize Future........................................................................................ 207

5.2 Dry Time Charter Future .................................................................................. 209

5.3 Dry Panamax Future – 7 days .......................................................................... 212

5.4 Dry Panamax Future – average of all days ......................................................... 214

5.5 Fuel Oil (Asia-Pacific) Future ............................................................................ 216

5.6 Fuel Oil (European) Future ............................................................................... 218

5.7 Tanker Future................................................................................................. 220

5.8 Tanker Time Charter Future ............................................................................. 222

5.9 LPG Freight Future .......................................................................................... 224

5.10 Dry Capesize Option Contracts ......................................................................... 226

5.11 Dry Time Charter Option Contracts ................................................................... 228

5.12 Dry Panamax Option Contracts ......................................................................... 231

5.13 Dry Panamax Average Option Contracts............................................................. 234

5.14 Tanker Option Contracts .................................................................................. 236

5.15 Tanker Time Charter Option Contracts............................................................... 239

5.16 Tanker Time Charter Option Contracts............................................................... 242

5.17 LPG Freight Option Contracts............................................................................ 245

6 FERROUS CONTRACTS..................................................................................... 248

6.1 Iron Ore Future .............................................................................................. 249

6.2 Iron Ore Option .............................................................................................. 251

6.3 Coking Coal Future.......................................................................................... 253

6.4 US Shredded Scrap Steel Future – USSH ........................................................... 255

6.5 US Hot Rolled Coil (HRC) Future ....................................................................... 257

6.6 ASEAN Hot Rolled Coil (HRC) Future.................................................................. 259
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7 RENEWABLE CONTRACTS ................................................................................ 261

7.1 German Wind Index Future – RWDE (Renewables Wind DE) ................................. 262
PART A – GENERAL PROVISIONS
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1 APPLICATION

1.1 This document is a joint appendix under Trading Rules and Clearing Rules, and contains 

general specifications applicable to Products that are Exchange Listed and Clearing Listed.

Deviations from the provisions contained in the general part of the Contract Specifications

may occur in relation to individual Products and are, if applicable, set forth in the relevant 

contract specifications.

1.2 The Contract Specifications consist of four parts:

Part A General Provisions; containing terms applicable to all Products (as applicable)

Part B Special Provisions Relating Certain Products; containing terms generally applicable 

to one or more Products, including:

- Electricity Contracts

- Gas Contracts

- Allowance Contracts

- Electricity Certificates Contracts

- Freight Contracts and Fuel Oil Contracts

- Ferrous Contracts

- Renewable Contracts

Part C Quotation List; containing an overview of the Products that are Exchange Listed 

and Clearing Listed from time to time and the listing pattern for such Products.

Part D Individual Contract Specifications; containing terms applicable to the individual 

Products.

1.3 In case of conflict between the individual parts of the Contract Specifications they shall 

have priority in the following order (from best to lowest): D, C, B, A. 

1.4 In case of conflict between the Contract Specifications and other provisions of the Trading 

Rules and/or the Clearing Rules, which cannot be resolved through ordinary principles of 

interpretation, the Contract Specifications shall prevail.

1.5 As a supplement to the Quotation List, the Product Calendar and the ETS contains listing 

terms applicable to individual Series such as the Term and contract volumes. The Product 

Calendar shall be made available to all Exchange Members and Account Holders in an 

appropriate format (to be decided by the Exchange) with such means of publication as the 

Exchange decides. Access to the ETS is subject to the ETS User Terms.

2 PRODUCTS AND CONTRACTS

2.1 Basis for Contracts

2.1.1 The Contract Specifications of each Product form the basis for all Contracts in Exchange 

Listed Products and Clearing Listed Products. The parties to a Contract acquire rights and 

obligations in accordance with the Contract Specifications for the applicable Product and/or 

Series, as may also be supplemented by other parts of the Trading Rules and/or the 

Clearing Rules. 

2.1.2 The Counterparties may not invoke other rights and obligations against each other than

those following from the applicable Contract Specifications and the Trading Rules and/or 

the Clearing Rules as applicable.
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2.2 Parties to Contracts

2.2.1 The parties to Contracts may be referred to as purchaser and seller, or by other terms in 

certain contracts. For example, the purchaser under an Options Contract may be referred 

to as the Option Holder and the seller as the Option Issuer or Option Writer. 

2.2.2 In Exchange Transactions the parties will be the individual Exchange Members and/or 

Account Holders involved. The Clearinghouse will act as central counterparty to the original 

purchaser and seller in all Clearing Transactions, and the original purchaser and seller will 

maintain their role as purchaser or seller (as applicable) towards the Clearinghouse as 

central Counterparty in the corresponding Clearing Transactions. Further rules relating to 

the creation of Clearing Transactions are set out in the General Terms of the Clearing 

Rules.

2.3 Availability

2.3.1 The availability of any Product or Series is subject to their individual Term, Opening Hours, 

and technical availability of the applicable Contract in the Trading System and/or the 

Clearing System.

2.3.2 The Term for each Series is identified in the Quotation List by reference to its First Bank 

Day and Expiration Day. 

3 LISTING OF PRODUCTS

3.1 Exchange Listed Products

3.1.1 Exchange Listed Products are available for Exchange Trading. The Exchange decides which 

Products and Series shall be listed, and thus admitted as Exchange Listed Products. 

3.1.2 The Exchange may admit new Exchange Listed Products by issuing Contract Specifications 

with standard terms for the relevant Product, subject to the requirements of the Exchange 

Act. New Series in Exchange Listed Products are listed in accordance with the Contract 

Specifications for the applicable Product and the Quotation List.

3.1.3 The Exchange may through written notice to Exchange Members suspend one or more 

Exchange Listed Products, or individual Series, from Exchange Trading if special 

circumstances so require.

3.1.4 The Exchange may through written notice to Exchange Members stop further Exchange 

Trading in and de-list an Exchange Listed Product, or any individual Series, if:

a. there are at least ten (10) consecutive Bank Days without any Open Positions in the 

Exchange Listed Product or Series; 

b. an Exchange Listed Product or Series no longer complies with the applicable 

requirements of the Exchange Act or other applicable laws; or

c. any other special circumstances so require and de-listing is allowed under the 

Exchange Act. 

3.1.5 Exchange Listed Products are subject to mandatory Clearing. The Exchange will notify the 

Clearinghouse of all Exchange Transactions registered in the Trading System, by sending 

an electronic notice with the terms of the Contract and the Exchange Members involved, 

whereby the Clearinghouse will register Clearing Transactions in accordance with the 

Clearing Rules.

4 DETERMINATION OF CONTRACT BASE AND FIX

4.1 Contract Base

4.1.1 The Contract Base for each applicable Product is listed in its individual Contract 

Specifications, by reference to either an underlying Product or an external contract base 

(including other products, indexes and instruments).

4.1.2 The Exchange takes no responsibility for the correctness of any Contract Base reference 

which the Exchange does not itself determine, but will apply such Contract Base as quoted 

by the relevant Contract Base issuer pursuant to the Contract Specifications. 
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4.1.3 In case the Contract Base for a Product ceases to exist the Exchange may by providing 

fourteen (14) days prior written notice replace the original Contract Base with any 

successor reference, provided that such new reference in the reasonable view of the 

Exchange is directly equivalent and/or successor to the original Contract Base for all 

relevant purposes of the related Product(s). In case of mere changes to the name of the 

Contract Base or its issuer the “new Contract Base shall always be deemed a direct 

equivalent.

4.2 Spot Reference Fix

4.2.1 A Spot Reference Fix shall be determined for all Products that are subject to Spot Reference 

Settlement, Daily Market Settlement or Expiry Monthly Market Settlement in the Spot 

Reference Period. A Spot Reference Fix will normally be set on each day of the Delivery 

Period and the Spot Reference Period in respect of applicable Products, by reference to the 

value of the Contract Base on that day. The value of the Contract Base, and consequently 

the Spot Reference Fix, shall be determined through the methodology described by the 

relevant issuer of the applicable Contract Base to which the Spot Reference Fix refers. 

4.2.2 The Exchange and the Clearinghouse shall ensure adequate access to any Contract Base

used as Spot Reference Fix, so as enable the Exchange and the Clearinghouse to use such 

Spot Reference Fix as prescribed by the Clearing Rules and/or the Trading Rules. The 

Exchange and/or the Clearinghouse will on each Bank Day make available to the applicable 

Exchange Members and/or Account Holders the Spot Reference Fix used for each applicable 

Series.

4.2.3 The following applies where a Product relates to a Spot Reference Fix which is not an 

Exchange Listed Product, or where the Spot Reference Fix is quoted by another entity than 

the Exchange or the Clearinghouse:

a. The Exchange and the Clearinghouse shall be entitled to act and otherwise rely upon 

any Spot Reference Fix which purports to be the correct Spot Reference Fix and which 

the Exchange and/or the Clearinghouse believe in good faith is correct. 

b. In the event that the Spot Reference Fix is amended following the Clearinghouse’s use 

of that Spot Reference Fix for Settlement the Clearinghouse may perform a corrective 

Settlement based on the updated Spot Reference Fix. 

c. In the event that the Spot Reference Fix is not determined and/or made available to 

the Clearinghouse or the Exchange at the relevant time, the following shall apply to 

any affected Series: 

(i) The Exchange may decide to suspend trading at the Exchange for all Series which 

are not in the Delivery Period at that time. 

(ii) The Clearinghouse shall apply the Spot Reference Fix of the previous Bank Day in 

the Expiry Market Settlement and Spot Reference Settlements.

(iii) If the Spot Reference Fix is not made available to the Clearinghouse on two (2) or 

more consecutive Bank Days, the Clearinghouse shall either (a) apply the latest 

relevant Spot Reference Fix; or (b) apply an alternative price set by the Exchange 

or a relevant market operator which the Clearinghouse deems to be a satisfactory 

alternative to the Spot Reference Fix. 

d. The Clearinghouse may, in the event that it is unlikely that publication of the Spot 

Reference Fix will be resumed, decide to execute a final Spot Reference Settlement for 

the remaining Delivery Period using the average Contract Price reference for the 

relevant period. This price shall also be used for Expiry Market Settlement provided 

that the relevant Series is not at the time in its Delivery Period. 

e. If the Clearinghouse determines that major changes have occurred or are to occur in 

the procedures for how the Spot Reference Fix is calculated which in the 

Clearinghouse’s opinion significantly and unexpectedly changes the relevance of this 

Spot Reference Fix, or that the relevant Spot Reference Fix is no longer reliable as 

reference for the relevant Contract(s), the Clearinghouse may choose to invoke the 

procedures described in subsection (a) or (c) items (i) and (ii) above. 

f. Any Spot Reference Fix which is to be determined by the Exchange and/or the 

Clearinghouse under this Section 4.2.3 shall be determined on a “best effort basis” and 
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the results of such determinations shall be final and undisputable provided that the 

Exchange and/or Clearinghouse has acted in good faith. 

4.3 Index

4.3.1 An Index shall be determined for all Products where an Index is used to calculate the 

Expiration Day Fix or Option Fix. An Index will normally be set on each Bank Day of the 

Index Delivery Period in respect of applicable Products, by reference to the value of the 

Contract Base on that day. The value of the Contract Base, and consequently the Index, 

shall be determined through the methodology described by the relevant Index Provider. 

4.3.2 The Clearinghouse shall ensure adequate access to any Contract Base used as Index, so as 

to enable the Clearinghouse to use such Index as prescribed by the Clearing Rules. The 

Clearinghouse will on each Index Day make available to the applicable Account Holders the 

Index used for each applicable Series.

4.3.3 The following applies where a Product relates to an Index which is not an Exchange Listed 

Product, or where the Index is quoted by another entity than the Clearinghouse:

a. The Clearinghouse shall be entitled to act and otherwise rely upon any Index which 

purports to be the correct Index and which the Clearinghouse believe in good faith is 

correct. 

b. In the event that the Index is amended following the Clearinghouse’s use of that Index 

for Settlement the Clearinghouse may perform a corrective Settlement based on the 

updated Index. 

c. In the event that the Index is not determined and/or made available to the 

Clearinghouse at the relevant time, the Clearinghouse shall either (i) apply the latest 

relevant Index; or (ii) apply an alternative price set by the Clearinghouse or a relevant 

market operator which the Clearinghouse deems to be a satisfactory alternative to the 

Index. 

d. The Clearinghouse may, in the event that it is unlikely that publication of the Index will 

be resumed, decide to effect Close-Out Transactions of Contracts that use the Index as 

a Contract Base, or Contract where a Future Contract is the Contract Base and such 

Future Contract use the Index as a Contract Base. The Close-Out Transactions will be 

registered with a Contract Price that is equal to the Daily Fix of the Bank Day previous 

to the Bank Day when the decision to effect Close-Out Transactions was made. 

e. If the Clearinghouse determines that major changes have occurred or are to occur in 

the procedures for how the Index is calculated/set which in the Clearinghouse’s 

opinion significantly and unexpectedly changes the relevance of this Index, or that the 

relevant Index is no longer reliable as reference for the relevant Contract(s), the 

Clearinghouse may choose to invoke the procedures described in subsection (a) or (c) 

above. 

f. Any Index which is to be determined by the Clearinghouse under this Section 4.3.3

shall be determined on a “best effort basis” and the results of such determinations 

shall be final and undisputable provided that the Clearinghouse has acted in good 

faith.

4.4 Daily Fix

4.4.1 The Exchange determines a Daily Fix for each Series on each Bank Day, applying the rules 

set out below unless otherwise is specified under Part B Special Provision of these Contract 

Specifications.

4.4.2 The Daily Fix for Exchange Listed Products shall, unless otherwise specified in the Contract 

Specifications, be the last Exchange Transaction price registered in ETS or for Monthly DS 

Futures the last registered Block Trade at a point in time selected at random within the five 

(5) minutes period specified in the Trading and Clearing Schedule. If this price falls outside 

the Spread at the time selected, the Daily Fix will be the average of this Spread.

4.4.3 If no Exchange Transactions were registered in ETS the relevant Bank Day, the Daily Fix 

shall be the average of the Spread registered in ETS at the time selected under Section 

4.4.2. 
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4.4.4 If no Exchange Transactions or Orders are registered, or only buy Orders or only sell 

Orders were registered in ETS the relevant Bank Day, the Exchange will calculate a 

theoretical Daily Fix.

4.4.5 Where the Exchange has duel listed Futures and DS Futures with the same reference, the 

Exchange may in its sole discretion use either the Futures or the DS Futures Exchange 

Transactions and / or Orders to set a Daily Fix applicable to both the Futures and DS 

Futures.

4.4.6 In the event of a suspension of ETS lasting the remaining Bank Day, the Exchange may 

determine a Daily Fix for the Exchange Listed Products in accordance with Sections 4.4.2 -

4.4.5 on the basis of the Orders and Exchange Transactions registered at the time of 

suspension.

4.4.7 Notwithstanding Sections 4.4.2 - 4.4.5, the Exchange may calculate a theoretical Daily Fix 

if the Exchange believes that the registered prices or Orders are manipulated or in any 

other way influenced so that they do not reflect the market value of the Series. The 

Exchange shall inform the Exchange Members of such events.

4.4.8 The Clearinghouse may set a different Daily Fix if the Clearinghouse determines that the 

Daily Fix established by the Exchange is not reflective of current market value. In the event 

of any conflict arising due to the setting of a Daily Fix by both the Exchange and the 

Clearinghouse, the Daily Fix set by the Clearinghouse will prevail.

4.5 Expiration Day Fix

4.5.1 The Exchange determines an Expiration Day Fix for each Series on its Expiration Day

applying the same methodology as for the Daily Fix in Section 4.4, and in accordance with 

the Trading and Clearing Schedule.

4.5.2 The Clearinghouse may calculate a theoretical Expiration Day Fix if the Clearinghouse has 

cause to believe that the Expiration Day Fix has been manipulated or in any other way 

influenced so that it does not reflect the market value of the Series. The Clearinghouse 

shall inform the Clearing Members and the Exchange of its decision in such cases. In case 

the Expiration Day Fix is recalculated and updated by the Exchange following such notice, 

the Clearinghouse shall apply the updated Expiration Day Fix.

4.6 Option Fix

4.6.1 The Exchange determines an Option Fix for each Option Series on its Expiration Day using 

the same methodology as for the Expiration Day Fix in relation to the applicable Option 

Exercise Time and Section 4.5 regarding Expiration Day Fix applies accordingly.

5 CONTRACT EVENTS

5.1 Daily Market Settlement 

5.1.1 Series with Daily Market Settlement (as specified in the Contract Specifications) that have 

Open Positions will on each Bank Day from the Open Position was created and until the first 

Bank Day following the Expiration Day be subject to Daily Market Settlement pursuant to 

this Section 5.1. Section 5.7 applies with respect to closed-out positions.

5.1.2 The Clearinghouse shall calculate the Daily Market Settlement for each Clearing Account by 

adding up and off-setting (netting) all Daily Market Settlement amounts payable by or due 

to the Account Holder and in accordance with the following:

a. The first Bank Day after the Clearing Transaction was registered, the seller shall pay 

the buyer any positive difference between the Daily Fix on the day of the Transaction 

and the Futures Price, and the buyer shall pay the seller any negative differences.

b. Every subsequent Bank Day, including the Expiration Day, the seller shall pay the 

buyer any positive difference between the Daily Fix the latest Bank Day and the Daily 

Fix on the preceding Bank Day, and the buyer shall pay the seller any negative 

differences.

c. The first Bank Day after the Expiration Day, the seller shall pay the buyer any positive 

difference between the Expiration Day Fix and the Daily Fix on the preceding Bank 

Day, and the buyer shall pay the seller any negative differences.
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5.1.3 The Daily Market Settlement shall be included in the Daily Cash Settlement on the relevant 

Bank Day, including any amounts calculated and due under Section 5.7.2.

5.2 Expiry Market Settlement 

5.2.1 Series with Expiry Market Settlement (as specified in the Contract Specifications) that have 

Open Positions at the end of the Expiration Day, and that are not subject to (further) 

Cascading, will on each Bank Day of the Delivery Period be subject to Expiry Market 

Settlement pursuant to this Section 5.2. Section 5.7 applies with respect to closed-out 

positions.

5.2.2 The Clearinghouse shall calculate the Expiry Market Settlement amount for each applicable 

Series for each Clearing Account on the Expiration Day using the Expiration Day Fix. The 

buyer shall be allocated and pay any negative difference between the Expiration Day Fix 

and the Contract Price to the seller (i.e. if the Expiration Day Fix is lower than the Contract 

Price), while the seller shall be allocated and pay any positive difference to the buyer (i.e. if 

the Expiration Day Fix is higher than the Contract Price). 

5.2.3 The Expiry Market Settlement amount for each Series shall be divided into equal 

instalments, covering the Delivery Period. The instalments shall be included in the relevant 

Daily Cash Settlement Amount on the Bank Day which they become due.

5.2.4 The Clearinghouse shall on each Bank Day prior to the Expiration Day calculate a 

preliminary Expiry Market Settlement amount in each applicable Series with an Open 

Position by adding up and off-setting (netting) any amounts payable under Sections 5.2.3

and 5.7.3, except that the Daily Closing Price on the applicable Bank Day shall be used 

instead of the Expiration Day Fix in such calculations. Preliminary Expiry Market Settlement 

shall be reported to the Account Holder, but the amounts are not binding and set-off 

(payment netting) will not take place until the final Expiry Market Settlement has been 

calculated by the Clearinghouse in accordance with Sections 5.2.1 - 5.2.3.

5.3 Expiry Monthly Market Settlement for Monthly DS Futures

5.3.1 Series with Expiry Monthly Market Settlement (as specified in the Contract Specifications) 

that have Open Positions at the end of the Expiration Day will on each Monthly Settlement 

Day of the Delivery Period be subject to Expiry Monthly Market Settlement pursuant to this 

Section 5.3.

5.3.2 The Clearinghouse shall calculate the Expiry Monthly Market Settlement amount for each 

applicable Series for each Clearing Account. The Expiry Monthly Market Settlement shall be 

calculated as the sum of the Expiry Market Settlement and Spot Reference Settlement. .

5.3.3 The Expiry Monthly Market Settlement amount for each Series shall be included in the 

relevant Daily Cash Settlement Amount on the Monthly Settlement Day. 

5.3.4

5.4 Spot Reference Settlement 

5.4.1 Series with Spot Reference Settlement (as specified in the Contract Specifications) that 

have Open Positions at the end of the Expiration Day will on each day of the Delivery Period 

be subject to Spot Reference Settlement pursuant to this Section 5.4. 

5.4.2 The Clearinghouse shall for each Clearing Account, using the Spot Reference Fix, calculate 

the Spot Reference Settlement amount for each applicable Series for each day of the 

Delivery Period for which a Spot Reference Fix is available. 

5.4.3 The buyer shall pay the seller the positive difference between the Expiration Day Fix and 

the Spot Reference Fix (i.e. if the Expiration Day Fix is higher than the Spot Reference Fix), 

and the seller shall pay to the buyer the corresponding negative difference (i.e. if the 

Expiration Day Fix is lower than the Spot Reference Fix).

5.4.4 The Spot Reference Settlement shall be included in the relevant Daily Cash Settlement 

Amount on the Bank Day they become due.

5.4.5 Section 5.7 applies accordingly to Spot Reference Settlements.

5.5 Option Premium Settlement 

5.5.1 The Option Holder shall pay the Option Writer the Option Premium, calculated and 

administered by the Clearinghouse.
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5.5.2 The Premium Settlement shall be included in the Daily Cash Settlement Amount on the first 

Bank Day following the day on which the applicable Option Contract is registered as a 

Clearing Transaction, including any amounts calculated under Section 5.7.5.

5.6 Option Exercise Settlement

5.6.1 Open Positions in Option Series (as specified in the Contract Specifications) at the Option 

Exercise Time will be subject to Option Exercise and Settlement pursuant to this Section 

5.6, unless otherwise set out in the individual Contract Specifications.

5.6.2 Option Exercise takes place by either Standard Exercise or by Manual Exercise:

a. Standard Exercise means that the Clearinghouse, on the Expiration Day and on behalf 

of the Account Holder, effectuates Option Exercise with respect to the Contract which, 

in the Clearinghouse's opinion, has a certain minimum real value. Standard Exercise 

takes place automatically if the applicable thresholds for Standard Exercise (as 

specified in the Contract Specifications) are met and Manual Exercise is not invoked.

b. Manual Exercise takes place through the Account Holder (or its authorised nominee) 

sending an Exercise Order to the Clearinghouse in writing or via its electronic 

connection to the Clearing System, in which case the Options Contract will be either 

exercised or non-exercised (as applicable) regardless of whether the conditions for 

Standard Exercise are met or not. Manual Exercise requests are otherwise governed by 

the provisions of the respective contract specification. 

c. Where a notice of Manual Exercise is not received by the Clearinghouse within the time 

and in the manner stated in the relevant contract specification, the Clearinghouse will 

effectuate Standard Exercise on behalf of the Account Holder if the conditions for 

Standard Exercise are met, and the Account Holder is obliged to accept Standard 

Exercise without further recourse or claim towards the Clearinghouse except for 

Settlement and/or Delivery as applicable in relation to the individual Contract(s).

5.6.3 Following Option Exercise, a new Clearing Transaction reflecting the Contract Base of the 

Option Contract is automatically and immediately registered to the Option Holder’s and the 

Option Writer’s applicable Clearing Accounts. The Option Holder will be registered as buyer 

of the Contract Base in respect of a call Option, and as seller in respect of a put Option. The 

Option Writer will be registered with the opposite position. The Exercise Price of the Option 

Contract will be registered as the Contract Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base will take place in accordance with the applicable rules for 

the Contract Base. 

5.6.4 In case of Option Exercise of an Option Contract, the Clearinghouse randomly selects 

corresponding Contracts within certain volume intervals in respect of which the 

Clearinghouse in turn demands exercise vis-à-vis another Account Holder who has an 

opposite position in the applicable Series. Applicable Account Holders will be notified by the 

Clearinghouse. Account Holders that are subject to a Delivery undertaking as a result of 

Option Exercise must ensure that sufficient delivery capacity exists with respect to the 

relevant Deliverable Instrument.

5.6.5 Where a suspension of trading or corresponding measures has been decided upon by the 

Exchange or other marketplace, and where the decision relates to the Contract Base, 

Manual Exercise may not take place until the measure has ceased to apply. The 

Clearinghouse may also decide in other cases that the time for Option Exercise shall be

postponed if, in the Clearinghouse's opinion, the pricing of the Contract Base is unreliable.

In the event of an impediment to Exercise in accordance with the foregoing, Option

Exercise shall be carried out as soon as the impediment ceases and Option Exercise may 

take place.

5.7 Close-Outs

5.7.1 An Account Holder may close-out Open Positions by entering into a Close-Out Transaction, 

whereby the Opposite Positions are netted and a new Open Position is created. Close-Out 

Transactions are deemed to take place against the first registered opposite Open Position 

(“first in, first out”) unless otherwise decided by the Clearinghouse.

5.7.2 An Account Holder performing a Close-Out Transaction in a Series that is subject to Daily 

Market Settlement shall pay or receive (as applicable) the difference between the Contract 

Price in the Close-Out-Transaction and the Daily Fix for the applicable Series on the 
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preceding Bank Day. Settlement shall be carried out as part of the Daily Cash Settlement 

on the next Bank Day.

5.7.3 An Account Holder performing a Close-Out Transaction in a Series that is subject to Expiry

Market Settlement shall pay or receive (as applicable) the difference between the Contract 

Price in the initial Transaction and the Contract Price in the Close-Out Transaction. 

Settlement shall be carried out in the Expiry Market Settlement and the Settlement Day 

shall remain unaltered. 

5.7.4 Settlement for Close-Out Transactions in Series that are neither subject to Daily Market 

Settlement nor Expiry Market Settlement is be carried out pursuant to the normal 

settlement procedures for that Series.

5.7.5 Settlement for Close-Out Transactions in Option Contracts shall be carried out as part of 

the Premium Settlement in accordance with Section 5.5.

5.8 Cascading

5.8.1 Open Positions in Series with Cascading are subject to mandatory Cascading on the 

Expiration Day as specified in the Contract Specifications. 

5.8.2 Cascading means that the Open Positions in a Series are transformed into Open Positions in 

one or more other Series as specified in the Contract Specifications. Cascaded series will 

normally span the same Delivery Period as the original Series (e.g. by a year Series being 

transformed to four quarter Series spanning the same year).

5.8.3 Unless otherwise set out in the individual Contract Specifications:

a. the Clearinghouse will automatically exercise Cascading for Open Positions in an 

applicable Series on the Expiration Day;

b. the Contract Price for resulting Contracts after Cascading will be the Expiration Day Fix

for Contracts that are subject to Daily Market Settlement (i.e. futures), and the 

original Contract Price for Contracts that are subject to Expiry Market Settlement (i.e. 

DS Futures); 

c. the total volume of the resulting Contracts will be the same as for the cascaded 

Contract, distributed across the resulting Contracts; and

d. the resulting Contracts will replace the cascaded Contract and the cascaded Contract 

shall terminate.
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PART B – SPECIAL PROVISIONS RELATING TO CERTAIN PRODUCT TYPES
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1 ELECTRICITY CONTRACTS

1.1 General

1.1.1 This Part B Section 1 shall apply to any Contract where the Contract Base is based on 

Electricity (each an “Electricity Contract”).

1.2 Specific Definitions

1.2.1 The following product-specific definitions apply for Electricity Contracts:

Area Price means, for the applicable time of reference, the price of one 

(1) MWh of electric power for the applicable Electricity Area.

Day-Ahead Auction Means an auction for delivery of electricity for each hour of 

the next day

Day-Ahead Market Means a venue for the trading of electricity supply offers and 

demand bids for each hour of the next day

Electricity Area means a geographical area in which Nord Pool Spot AS 

organises electricity power trading with physical delivery and 

which is allocated a separate bidding area in the Nordic 

“Elspot” market (including any renamed or successor market 

as determined by the Exchange). Individual Electricity Areas 

are quoted on a point-reference basis and refers to the 

Electricity Area in which the relevant point of reference at 

any applicable time resides.

Expiry Monthly Market 

Settlement

means a method of Cash Settlement to be performed 

between the Counterparties in accordance with Section 5.3 in 

Part A of the Contract Specifications.

GME means Gestore dei Mercati Energetici- GME – manages the 

Italian Electricity Day-Ahead Market.

Load means the hours and/or days of the Delivery Period during 

which Delivery under a Series shall take place (in case of 

physically settled Contracts), or during which Delivery of the 

Contract Base is deemed to take place (in case of cash 

settled Contracts).

Monthly Settlement 

Day

means the Bank Day specified in the individual Contract 

Specifications when the Expiry Monthly Market Settlement 

takes place.

N2EX means Nord Pool’s UK power market, operating the dayahead trading and clearing.

National Single Price means National Single Price (PUN): average of Zonal Prices in 

the Italian Day-Ahead Market, weighted for total purchases 

and net of purchases for Pumped-Storage Units and of 

purchases by Neighbouring Countries’ Zones.

MW means megawatts, a unit of electricity equalling one million 

(1,000,000) Watts, and “MWh” means the energy generated 

or consumed at a constant rate of one (1) MW for the 

duration of one (1) hour. Variations of other SI-unit prefixes 

such as “GW (gigawatt)” and “TW (terrawatt)” shall be 

construed accordingly.

OMIE means OMI-Polo Español S.A. (OMIE) manages the daily and 

intraday markets for the whole of the Iberian Peninsula 

Spot Reference Period means each day of the relevant Series designation. The Daily 

Market Settlement continues in the Spot Reference Period 

with Expiration Day Fix for Average Rate Future on the 
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Expiration Day, in accordance with the Contract 

Specifications.

 

1.3 Expiration Day Fix for Average Rate Future

For the Average Rate Futures the Exchange determines an Expiration Day Fix on the 

Expiration Day (first Bank Day following the Expiration Day if the Expiration Day is a nonBank Day) by using the time weighted average of the applicable Spot Reference Fixes 

published in the Spot Reference Period by the issuer of the relevant Contract Base.

1.4 Option Fix for Average Rate Option

For the Average Rate Option the Exchange determines an Option Fix for each Option Series 

on the Expiration Day (first Bank Day following the Expiration Day if the Expiration Day is a 

non- Bank Day) by using the time weighted average of the applicable Spot Reference Fixes 

published in the Spot Reference Period by the issuer of the relevant Contract Base.

1.5 Margin Calculations

The following applies for calculation of Margin Requirements for Electricity Contracts 

(please refer to the General Terms of the Clearing Rules for general provisions):

a. Preliminary Expiry Market Settlement for the remaining deliverable part of a DS Future

Contract is included in the liquidation cost.

b. For Clearing Accounts consisting of sales and purchase of DS Future Contracts covering 

in aggregate the same Delivery Period and combined as further specified by the 

Clearinghouse (risk neutral positions), the scenario risk is zero.

c. The Clearinghouse may also require an additional margin (delivery margin) to cover 

funding costs on payment obligations of the Account Holder. 

d. The Margin Requirement and Expiry Market Settlement will be adjusted every Bank 

Day to reflect the Spot Reference Settlement and/or Expiry Market Settlement for the 

remaining deliverable part of Future Contracts and DS Future Contracts.

e. A margin component covering pending settlement for Futures Contracts and DS Future

Contracts may be calculated. The margin component will be a part of the Margin 

Requirement, as specified by the Clearinghouse.
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2 NATURAL GAS CONTRACTS

2.1 General

2.1.1 This Part B Section 2 shall apply to any Contract where the Contract Base is based on 

Natural Gas Contracts (each a “Natural Gas Contract”).

2.2 Specific Definitions 

2.2.1 The following product-specific definitions apply for Natural Gas Contracts:

Back Month Contracts [means contracts covering 05:00 UKLT the start date till and 

including 04:59 UKLT the immediately following calendar day 

after the end of the month.

Day-Ahead Midpoint means Midpoint of bid and offer spread of daily ICIS Heren 

price assessment of Day-Ahead price.

Following Business Day 

Convention

Means when in case any settlement payment dates falls on a 

holiday the payment date is rolled to the next business day.

Front Month Contracts Means contracts covering 05:00 UKLT the first calendar day 

of the month till and including 04:59 UKLT the immediately 

following calendar day after the end date.

Gas Day means the time period between 06:00:00 UKLT (inclusive) 

on a calendar day and 06:00:00 UKLT (exclusive) on the 

following day, regardless of any changes to or from Daylights 

Savings Time during the period. 

References to a “day” shall, in relation to a Natural Gas 

Contract and where the context requires a “Gas Day”, be 

deemed as a reference to the day on which the applicable 

Gas Day starts, and references to a “week” or “month” etc 

shall be construed accordingly.

Gaspool means a Virtual Trading Point for sale and Purchase of 

natural gas in Germany

ICIS Heren means a UK based company that provides independent 

pricing information for the global energy markets

NBP Means a National Balancing Point which is a virtual trading 

location for the sale and purchase UK natural gas

NCG Means NetConnect Germany which is a Virtual Trading Point 

for sale and Purchase of natural gas in Germany

PEG NORD means point d'échange de gaz – Nord is a Virtual Trading 

Point for sale and Purchase of natural gas in France

therm or th means a unit of heat energy equal to one hundred thousand 

(100,000) British thermal units. Variations including prefix 

multiples such as “Dth” (dekatherm), “MDth (thousand 

decatherms)” and “MMDth (million decatherms)” shall be 

construed accordingly.

TRS means Trading Region South (TRS) is a Virtual Trading Point 

for sale and Purchase of natural gas in France

TTF means the Title Transfer Facility (TTF) is a virtual trading 

point for natural gas in the Netherlands

Weekend Midpoint means Midpoint of bid and offer spread of daily ICIS Heren 

price assessment of weekend price
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Zeebrugge means ZeeBrugge is a physical hub for sale and purchase of 

Belgian natural gas

2.3 Margin Calculations

The following applies for calculation of Margin Requirements for Natural Gas Contracts 

(please refer to the General Terms of the Clearing Rules for general provisions):

a. Preliminary Expiry Market Settlement for the remaining deliverable part of a DS Future

Contract is included in the liquidation cost.

b. The Margin Requirement and Expiry Market Settlement will be adjusted every Bank 

Day to reflect the Spot Reference Settlement and/or Expiry Market Settlement for the 

remaining deliverable part of Future Contracts and DS Future Contracts.

c. A margin component covering pending settlement for Futures Contracts and DS Future

Contracts may be calculated. The margin component will be a part of the Margin 

Requirement, as specified by the Clearinghouse.
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3 ALLOWANCE CONTRACTS

3.1 General

3.1.1 This Part B Section 3 shall apply to any Contract where the Contract Base is based on 

Allowances (each an “Allowance Contract”).

3.1.2 Exchange Transactions or Clearing Transactions in Allowance Contracts requires the 

appointment of an Allowance Account in the Union Registry to be used as Delivery Point.

The Allowance Account of the Account Holder shall add the Allowance Account of the 

Clearinghouse to its Trusted Account List.

3.2 Specific Definitions

3.2.1 The following product-specific definitions apply for Allowance Contracts:

Allowance means any EUA.

Allowance Account 

Allowance Delivery

means a Trading or Person Holding Account with a Trusted 

Account List of an Account Holder or the Clearinghouse in the

Union Registry pursuant to the Registry Regulations that may 

be used to record the issue, holding, transfer, acquisition, 

surrender, cancellation, and replacement (as applicable) of 

Allowances and as Delivery Point under the Clearing Rules.

means the Delivery of an volume of Allowances to a 

Counterparty’s Delivery Point in accordance with Section 3.4 

below.

Allowance Force 

Majeure Event

is defined in Section 3.4 below.

Allowance Registry means the Union Registry established pursuant to the 

Registry Regulations for the purpose of registering the issue, 

holding, transfer, acquisition, surrender, cancellation, and 

replacement of Allowances, and which is approved by the 

Clearinghouse for the purpose of Allowance Delivery. 

Allowance Settlement 

Schedule

means the schedule for Settlement and Delivery of 

Allowances as set out in Section 3.3 below.

EU ETS or EU Emissions 

Trading Scheme

means 

(I) for the trading period 2008-2012, the provisions of 

Directive 2003/87/EC, as amended by Directive 

2004/101/EC and Directive 2008/101EC; and

(ii) for the trading period 2013 onwards, the Directive 

2009/29/EC and Directive 2008/101/EC of the 

European Parliament and of the Council amending 

Directive 2003/87/EC so as to include aviation 

activities in the scheme for greenhouse gas emission 

allowance trading within the Community.

both as may be amended from time to time, and includes 

any acts and regulations issued by the European Union in 

relation to the EU ETS (including any national 

implementations).

EUA or European Union 

Allowance

means a type of emissions unit (or carbon credits) 

representing one (1) metric tonne of carbon dioxide 

equivalent (1 tCO2) under Directive 2003/87/EC of the EU 

ETS (see the “allowance” definition).

Initiation of Allowance means an initiation to transfer Allowances from the Account 
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Delivery

Non-Eligible Allowance

Person Holding Account

Registry Regulations 

Trading Account

Transfer

Trusted Account List

Holders Allowance Account to the Clearinghouse`s Allowance 

Account as prescribed by the Union Registry whereby each 

Initiation of Allowance Delivery shall be confirmed by the 

Account Holder as prescribed by the Clearinghouse.

means any Allowance as listed in Section 3.5.1 below (and 

references to any “eligible” Allowance shall mean any 

Allowance which is not a Non-Eligible Allowance).

means a Person Holding Account according to the Registry 

Regulation.

means the EU Commission Regulation (EC) No 1193/2011 of 

18 November 2011 establishing the Union Registry as may 

be amended from time to time, and includes any acts and 

regulations issued by the European Union in relation to it 

(including any national implementations).

means a Trading Account according to the Registry 

Regulation.

means the transfer of Allowances from one Allowance 

Account to another.

means a Trusted Account List to a Person Holding Account or 

a Trading Account according to the Registry Regulation.

Union Registry means the Allowance Registry established pursuant to 

Registry Regulations, EU Commission Regulation No 

1193/2011 of 18 November 2011.

3.3 Allowance Settlement Schedule

3.3.1 Regardless of which Allowance Account the Account Holder holds in the Union Registry, the 

following settlement schedule applies to the Settlement and Delivery of Allowances, where

“D” denotes the Expiration Day of the applicable Series and “+ x” denotes the number of 

Bank Days (“x”) following D. Unless as otherwise set out below, applicable times follow 

from the Trading and Clearing Schedule.

D by 19:00 CET Deadline for Initiation of Allowance Delivery obligations due 

for Delivery on D for net selling Account Holders.

D+1 by 10:00 CET

1

D+1 by 11:00 CET

Deadline for Allowance Delivery to the Clearinghouse 

Settlement Day for net buyers. The net buyer must have 

collateral equal to the net settlement amount.

D+3 by 16:00 CET Deadline for the Clearinghouse to perform Allowance 

Delivery to net buyers.

D+3 Settlement Day for net sellers. Subject to the seller’s 

fulfilment of its Allowance Delivery obligations payments are 

due from the Clearinghouse as part of the Daily Cash 

Settlement.

3.4 Allowance Delivery

3.4.1 Account Holders must at its own cost establish, appoint and maintain such Delivery Points 

and appurtenant arrangements as may be required by it to perform its Delivery obligations 

under the Clearing Rules, prior to entering into any Clearing Transactions in Products where 

such Delivery may be required. The Clearinghouse may issue a list of eligible Delivery 

Points.

 

1

An Initiation of Allowance Delivery between 16:00 19:00 CET will be registered on the Allowance 

Account of the Clearinghouse at 10:00 CET on D+1.
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The following delivery arrangements must be established: 

a) To be eligible to trade and clear allowances spot contracts the Account Holder must 

establish and maintain a Trading Account with a Trusted Account List.

b) To be eligible to trade and clear allowances futures, DS Future and option contracts 

the Account Holder must establish and maintain a Trading or Person Holding Account with a 

Trusted Account List.

3.4.2 The Clearinghouse will specify the applicable volume of Allowances due for Allowance 

Delivery and the Delivery Point prior to end of clearing hours no later than on the 

Expiration Day of each Series.

3.4.3 A Counterparty that has an Allowance Delivery obligation shall no later than the applicable 

time as per Section 3.3.1:

a. make a request to the Union Registry for the transfer of the applicable volume of 

Allowances to the applicable Delivery Point (and include any information required for 

the Allowance Delivery to be accepted under the EU ETS); and 

b. for Account Holders; notify the Clearinghouse that the a request pursuant to (a) above 

has been submitted to the Registry.

3.4.4 If an Account Holder fails to procure an Allowance Delivery to the Clearinghouse, and the 

Clearinghouse is unable to meet its obligation to procure an Allowance Delivery to the 

buyer after having used its best efforts, the Clearinghouse may decide that the Transaction 

shall be settled in cash for the relevant volume of Allowances. The Clearinghouse may in 

this event either:

a. carry out a partial and proportional Cash Settlement for all relevant buyers; 

b. cash settle specific Transactions for purchase of (in total) the relevant volume of 

Allowances upon consent from buyers; or 

c. by random choice decide which other Clearing Transactions for purchase of (in total) 

the relevant Series that shall also be cash settled. The Clearinghouse shall in its 

discretion calculate the Cash Settlement Amounts. The Clearinghouse’s decision to 

settle in cash according to this Section 3.4.4 shall not be deemed as a Default Event. 

The Clearinghouse is, notwithstanding anything to the contrary stated in the Clearing 

Rules, not liable for any Excess Emissions Penalty, resulting from its decision to settle 

in cash according to this clause. 

3.5 Non-Eligible Allowances

3.5.1 The following Allowances are not accepted for Allowance Delivery from or to the 

Clearinghouse:

a. Allowances that are not delivered with full and valid title, free and clear of all liens, 

security interests, claims and encumbrances or any interest in or to them by any 

person (except where in favour of the receiving Counterparty, or as otherwise 

permitted by these Clearing Rules); 

b. Allowances that have been, or are alleged to be, deprived from their rightful owner by 

unlawful means, irrespective of whether a bona fide (good faith) acquisition would be 

possible;

c. Allowances that have already been surrendered for compliance within the EU ETS, or 

that are not eligible for compliance under the EU ETS on the relevant Expiration.

d. Allowances for which Clearing would entail a breach by the Clearinghouse and/or the 

Exchange of any applicable trade sanction, embargo or similar restriction passed by 

the United Nations Security Council, the Council of the European Union, the United 

States Office of Foreign Assets Control, or any other governmental authority having 

jurisdiction over the Clearinghouse and/or the Exchange; 

e. CERs related to 

(i) nuclear projects;

(ii) land use or land use change projects;
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(iii) forestry projects; or 

(iv) hydroelectric or hydro dam power generation projects with a capacity exceeding 

20 MW (i.e. “large hydro” projects).

f. Any other Allowances which the Exchange and/or the Clearinghouse deems are 

unsuitable for Exchange Trading or Clearing, and which are set out in a list of ineligible 

Allowances which has been published and notified to Account Holders at least 14 

(fourteen) days in advance of the relevant Expiration Day.

3.5.2 The Exchange and the Clearinghouse may by 14 (fourteen) days written notice to Account 

Holders set additional criteria for eligible Allowances, and consequently amend Section

3.5.1, to the extent necessary due to changes to the EU ETS or other applicable law, or to 

ensure the fair and orderly settlement, price formation and integrity of the Allowance 

Contracts. 

3.5.3 If the Clearinghouse deems that any volume of Allowances received from an Account 

Holder (or parts thereof) is a Non-Eligible Allowance:

a. the relevant Account Holder will be deemed to have failed its Allowance Delivery

obligation in relation to the applicable volume of Allowances and the Clearinghouse 

shall promptly inform the Account Holder thereof;

b. the Clearinghouse shall be entitled to exercise any of its rights towards the Account 

Holder pursuant to the Clearing Rules in respect of the failed Allowance Delivery, and 

this Section 3.5 is in addition to the Clearinghouse’s rights in relation to any Default 

Event resulting thereof;

c. the Clearinghouse may quarantine such volume of Allowances pending further 

investigations, in which case beneficial ownership to the volume of Allowances shall 

remain with the Account Holder but the Clearinghouse shall be deemed to have been 

granted full discretion and control in respect of the applicable volume of Allowances

and any rights arising from it, and shall be allowed to keep such volume of Allowances

in the Clearinghouse’s Allowance Account(s) for such purpose for as long as it desires 

subject to subsection (d) below; 

d. the Clearinghouse shall, unless the volume of Allowances is quarantined, return the 

volume of Allowances to the originating Allowance Account of the Account Holder if the 

Clearinghouse deems that the relevant volume of Allowances is not Non-Eligible

Allowances; 

e. the Clearinghouse may deliver any quarantined volume of Allowances to the 

authorities (in which case the Clearinghouse shall have no further responsibility or 

liability for the applicable volume of Allowances), and shall be allowed to perform any 

other acts, if the Clearinghouse deems this necessary for the Clearinghouse to comply 

with applicable law; 

f. the Account Holder shall indemnify and hold harmless the Clearinghouse for all losses 

and costs incurred as a result of being delivered such volume of Allowances, provided 

that it is finally determined that the volume of Allowances is a Non-Eligible Allowance; 

and

g. provided that the Clearinghouse has acted in good faith the Clearinghouse shall have 

no responsibility to the Account Holder for the Account Holder’s (or any other entity’s) 

inability to utilize the applicable volume of Allowances, and shall not be liable for any 

direct or indirect loss resulting from the Clearinghouse’s actions as prescribed above. 

3.5.4 In the event that an Account Holder receives an Allowance from the Clearinghouse which it 

believes to be a Non-Eligible Allowance, the Account Holder can make a complaint to the 

Clearinghouse before 14:00 CET on the first Bank Day following the day on which the 

applicable Allowance Delivery was performed by the Clearinghouse, provided that in order 

for such complaint to be valid:

a. the Account Holder shall, within the aforesaid deadline, contact the Clearinghouse by 

telephone and send a written complaint by e-mail to clearing@nasdaqomx.com; and

b. in the complaint detail the disputed Allowances and the reasons for the complaint to a 

reasonable extent, and as soon as possible thereafter include reasonable supportive 

evidence so as to reasonably enable the Clearinghouse to investigate the matter 

further; and
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c. as soon as possible perform a reverse Allowance Delivery to the Clearinghouse of the 

disputed Allowances and document such Allowance Delivery to the Clearinghouse. 

3.5.5 If the buying Account Holder makes a complaint after the deadline set out in Section 3.5.4, 

but which is otherwise deemed valid by the Clearinghouse, the Clearinghouse may until the 

tenth (10th) Bank Day following the applicable Allowance Delivery, in its sole discretion and 

following the request of the buying Account Holder, decide to make a claim towards the 

Account Holder who was seller of the relevant Allowances. The buying Account Holder’s 

exclusive right and remedy towards the Clearinghouse in case of such claim shall be to 

receive the valid Allowances or amounts successfully recovered from the selling Account 

Holder, provided that the Clearinghouse shall have a right of reimbursement of any costs 

incurred by it in recovering such Allowances or amounts, and may charge a minimum 

complaint fee of EUR 5,000 (five thousand). 

3.5.6 In cases where there is evidence to support that a seller has acted in bad faith, then 

notwithstanding any time limit Section 3.5.5 shall apply to the extent permitted by 

applicable law (and subject to statutory limitations etc).

3.5.7 This Section 3.5 states the Counterparties’ exclusive rights and remedies in respect of NonEligible Allowances.

3.6 Allowance Force Majeure

3.6.1 In addition to and without prejudice to the regular definition of and appurtenant provisions 

relating to Force Majeure Events, the following shall be deemed an “Allowance Force 

Majeure Event”.

a. Any changes to the EU ETS, or any other rules, procedures and guidance of a Relevant 

Authority with which a Counterparty is required or expected to comply in order to 

trade and clear Allowances pursuant to the Trading Rules and/or the Clearing Rules 

(whether made at the direction of any government, governmental body, regulator, 

competent authority or otherwise); or

b. The adoption of, or any change in, any applicable law after the date on which a 

Transaction is entered into, or due to the promulgation of, or any change in, the 

interpretation by any court, tribunal or regulatory authority with competent jurisdiction 

of any applicable law after that date; 

in both cases having the consequence that it becomes unlawful (other than as a result of a 

breach by the relevant Party of the provisions in the Clearing Rules) for a Counterparty to 

perform any absolute or contingent obligation to make a payment or delivery or to receive 

a payment or delivery in respect of that Transaction or to comply with any other material 

provision of the Clearing Rules relating to that Transaction (illegality). 

3.6.2 Notwithstanding Section 3.6.1:

a. any circumstance where there are insufficient Allowances in the relevant Allowance 

Account to effectuate an Allowance Delivery, whether caused by a low or nonallocation of Allowances from an EU member state or non-member state, or the failure 

of a Counterparty to procure sufficient Allowances to meet its delivery obligations, 

shall not constitute an Allowance Force Majeure Event; and

b. any foreseeable unavailability of the Union Registry or the national administrator 

according to the Registry Regulations will not be deemed an Allowance Force Majeure 

event.

3.6.3 If the inability to make or receive an Allowance Delivery due to an Allowance Force Majeure 

Event lasts for more than ten (10) Bank Days the Clearinghouse may at any time thereafter 

in its sole discretion decide that the relevant net Transaction(s) shall be settled in cash. The 

Clearinghouse shall make a good faith calculation of the relevant Cash Settlement 

Amounts.

3.6.4 If the inability to make or receive an Allowance Delivery due to an Allowance Force Majeure 

Event lasts for more than ten (10) Bank Days, and the relevant Delivery Time in respect of 

which such net Transaction falls due is less than ten (10) Bank Days prior to the latest 

trading time under the EU ETS, then the other Counterparty may by notice in writing 

terminate the relevant net volume of Allowances, in which case the corresponding Clearing 

Transactions (or parts thereof), as chosen by the Clearinghouse, shall terminate. The seller 

shall promptly refund to the buyer any amount that may already have been received from 
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the buyer in respect of any such volume of Allowances, together with any interest payable 

in accordance with the Clearing Rules, and the Counterparties shall have no liability to each 

other arising out of or in connection with such volume of Allowances (or part of it).

3.6.5 The Clearinghouse may, if an Allowance Force Majeure Event is likely to effect a substantial 

part of the unsettled Clearing Transactions in Allowance Contracts at any time, temporarily 

suspend the affected Counterparties’ obligations and/or invoke alternative arrangements, 

or implement such other similar measures as it deems necessary and appropriate in order 

to mitigate the effects of such circumstances and to ensure the fair and orderly settlement, 

price formation or integrity of any Contract, taking into account the reasonably anticipated 

interests of all affected Counterparties.

3.7 Margin Calculations

3.8 The following applies for calculation of Margin Requirements for Allowance Contracts

(please refer to the General Terms of the Clearing Rules for general provisions):

a. The Clearinghouse will, with respect to Account Holders with payment obligations 

becoming due, with effect from the first Bank Day following the Expiration Day in a 

Series, call for a margin component equivalent to the Cash Settlement Amount 

calculated for each relevant Clearing Account as part of the Margin Requirement.

b. The Clearinghouse shall credit the seller of Allowance Contracts with any Allowances 

that have been pre-delivered applying a reasonable value as decided by the 

Clearinghouse. 

c. The Clearinghouse may decide to increase the Margin Requirement prior to the 

Expiration Day.
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4 SWEDISH AND NORWEGIAN ELECTRICITY CERTIFICATES (EL-CERTS) CONTRACTS

4.1 General

4.1.1 This Part B Section 4 shall apply to any Contract where the Contract Base is based on 

Electricity Certificate (each an “Electricity Certificates or El-Cert Contract”).

4.1.2 Exchange Transactions or Clearing Transactions in El-Cert Contracts requires the 

appointment of an El-Cert Account to be used as Delivery Point.

4.2 Specific Definitions

4.2.1 The following product-specific definitions apply for El-Cert Contracts:

El-Cert or Electricity 

Certificates

means any Electricity Certificate unit representing one (1) 

Electricity certificate issued for each (1) MWh of electricity 

produced from renewable energy sources.

El-Cert Account means the account of an Account Holder or the 

Clearinghouse in an El-Cert Registry that may be used to 

record the issue, holding, transfer, acquisition, surrender, 

cancellation, and replacement (as applicable) of El-Certs and 

as Delivery Point under the Clearing Rules

El-Cert Delivery means the Delivery of a volume of El-Certs to a 

Counterparty’s Delivery Point in accordance with Section 4.4 

below.

El-Cert Force Majeure 

Event

is defined in Section 4.6 below.

El-Cert Registry means a registry established pursuant to the Swedish and 

Norwegian Electricity Certificate System for the purpose of 

registering the issue, holding, transfer, acquisition, 

surrender, cancellation, and replacement of El-Certs, and 

which is approved by the Clearinghouse for the purpose of 

El-Cert Delivery (CESAR operated by Svenska Kraftnät in 

Sweden and NECS operated by Statnett in Norway).

El-Cert Settlement 

Schedule

means the schedule for Settlement and Delivery of El-Certs 

as set out in Section 4.3 below.

Initiation of El-Cert

Delivery

means an initiation to effect a Transfer submitted by the 

seller to the Clearinghouse`s El-Cert Account as prescribed 

by the El-Cert Registry whereby each Initiation of El-Cert

Delivery shall be confirmed by the Account Holder as 

prescribed by the Clearinghouse.

Non-Eligible El-Cert

Swedish and Norwegian 

Electricity Certificate 

System

means any El-Cert as listed in Section 4.5.1 below (and 

references to any “eligible” El-Cert shall mean any El-Cert 

which is not a Non-Eligible El-Cert).

means the joint Swedish and Norwegian Electricity Certificate 

System that came into force on 1st of January 2012

(i) as per the Swedish law on electricity certificates 

(2011:1200 lag om elcertifikat), the Swedish Energy 

Agency’s regulations and general guidelines for certificates 

(STEMFS 2011:4); and

(ii) and as per the Norwegian law on electricity certificates 

24.06.2011 nr. 39 (Lov om elsertifikater) 

both as may be amended from time to time, and 

includes any national implementations in relation to the joint 

system).
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Swedish and Norwegian 

Electricity Certificate

means a El-Cert or Electricity Certificates 

4.3 El-Cert Settlement Schedule

4.3.1 Regardless of which El-Cert Account the Account Holder holds in the El-Cert Registry the 

following settlement schedule applies to the Settlement and Delivery of El-Certs, where “D” 

denotes the Expiration Day of the applicable Series and “+ x” denotes the number of Bank 

Days (“x”) following D. Unless as otherwise set out below, applicable times follow from the 

Trading and Clearing Schedule.

D by19:00 CET Deadline for El-Cert Delivery obligations due for Delivery on 

D for net selling Account Holders.

D+1 by 11:00 CET Settlement Day for net buyers. The net buyer must have 

collateral equal to the net settlement amount.

D+3 by 20:00 CET Deadline for the Clearinghouse to perform El-Cert Delivery to 

net buyers.

D+3 Settlement Day for net sellers. Subject to the seller’s 

fulfillment of its El-Cert Delivery obligations payments are 

due from the Clearinghouse as part of the Daily Cash 

Settlement.

4.4 El-Cert Delivery

4.4.1 Account Holders must at its own cost establish, appoint and maintain such Delivery Points 

and appurtenant arrangements as may be required by it to perform its Delivery obligations 

under the Clearing Rules, prior to entering into any Clearing Transactions in Products where 

such Delivery may be required. The Clearinghouse may issue a list of eligible Delivery 

Points.

The following delivery arrangements must be established: 

a. To be eligible to trade and clear El-Cert contracts the Account Holder must establish 

and maintain an El-Cert Account by the El-Cert Registry.

4.4.2 The Clearinghouse will specify the applicable volume of El-Certs due for El-Cert Delivery 

and the Delivery Point prior to end of clearing hours no later than on the Expiration Day of 

each Series.

4.4.3 A Counterparty that has an El-Cert Delivery obligation shall no later than the applicable 

time as per Section 4.3.1:

a. make an El-Cert Delivery to the Clearinghouse`s El-Cert Account in the El-Cert Registry in 

Sweden (CESAR) of the applicable volume of El-Certs to the applicable Delivery Point; and 

b. for Account Holders; notify the Clearinghouse that the El-Cert Delivery pursuant to (a) 

above has been submitted to the El-Cert Registry.

4.4.4 If an Account Holder fails to procure an El-Cert Delivery to the Clearinghouse, and the 

Clearinghouse is unable to meet its obligation to procure an El-Cert Delivery to the buyer 

after having used its best efforts, the Clearinghouse may decide that the Transaction shall 

be settled in cash for the relevant volume of El-Certs. The Clearinghouse may in this event 

either:

a. carry out a partial and proportional Cash Settlement for all relevant buyers; 

b. cash settle specific Transactions for purchase of (in total) the relevant volume of ElCerts upon consent from buyers; or 

c. by random choice decide which other Clearing Transactions for purchase of (in total) 

the relevant Series that shall also be cash settled. The Clearinghouse shall in its 

discretion calculate the Cash Settlement Amounts. The Clearinghouse’s decision to 

settle in cash according to this Section 4.4.4 shall not be deemed as a Default Event. 

The Clearinghouse is, notwithstanding anything to the contrary stated in the Clearing 

Rules, not liable for any excess El-Certs penalty, resulting from its decision to settle in 

cash according to this clause. 
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4.5 Non-Eligible El-Certs

4.5.1 The following El-Certs are not accepted for El-Cert Delivery from or to the Clearinghouse:

a. El-Certs that are not delivered with full and valid title, free and clear of all liens, 

security interests, claims and encumbrances or any interest in or to them by any 

person (except where in favour of the receiving Counterparty, or as otherwise 

permitted by these Clearing Rules); 

b. El-Certs that have been, or are alleged to be, deprived from their rightful owner by 

unlawful means, irrespective of whether a bona fide (good faith) acquisition would be 

possible;

c. El-Certs that have already been surrendered for compliance within the Swedish and 

Norwegian Electricity Certificate System or that are not eligible for compliance under 

the system on the relevant Expiration Day.

d. El-Certs for which Clearing would entail a breach by the Clearinghouse and/or the 

Exchange of any applicable trade sanction, embargo or similar restriction passed by

the United Nations Security Council, the Council of the European Union, the United 

States Office of Foreign Assets Control, or any other governmental authority having 

jurisdiction over the Clearinghouse and/or the Exchange; 

e. Any other El-Certs which the Exchange and/or the Clearinghouse deems are unsuitable 

for Exchange Trading or Clearing, and which are set out in a list of ineligible El-Certs 

which has been published and notified to Account Holders at least 14 (fourteen) days 

in advance of the relevant Expiration Day.

4.5.2 The Exchange and the Clearinghouse may by 14 (fourteen) days written notice to Account 

Holders set additional criteria for eligible El-Certs, and consequently amend Section 4.5.1,

to the extent necessary due to changes to the Swedish and Norwegian Electricity 

Certificate System or other applicable law, or to ensure the fair and orderly settlement, 

price formation and integrity of the El-Cert Contracts. 

4.5.3 If the Clearinghouse deems that any volume of El-Certs received from an Account Holder 

(or parts thereof) is a Non-Eligible El-Cert:

a. the relevant Account Holder will be deemed to have failed its El-Cert Delivery 

obligation in relation to the applicable volume of El-Certs and the Clearinghouse shall 

promptly inform the Account Holder thereof;

b. the Clearinghouse shall be entitled to exercise any of its rights towards the Account 

Holder pursuant to the Clearing Rules in respect of the failed El-Cert Delivery, and this 

Section 4.5 is in addition to the Clearinghouse’s rights in relation to any Default Event 

resulting thereof;

c. the Clearinghouse may quarantine such volume of El-Certs pending further 

investigations, in which case beneficial ownership to the volume of El-Certs shall 

remain with the Account Holder but the Clearinghouse shall be deemed to have been 

granted full discretion and control in respect of the applicable volume of El-Certs and 

any rights arising from it, and shall be allowed to keep such volume of El-Certs in the 

Clearinghouse’s El-Cert Account(s) for such purpose for as long as it desires subject to 

subsection (d) below; 

d. the Clearinghouse shall, unless the volume of El-Certs is quarantined, return the 

volume of El-Certs to the originating El-Cert Account of the Account Holder if the 

Clearinghouse deems that the relevant volume of El-Certs is not Non-Eligible El-Certs; 

e. the Clearinghouse may deliver any quarantined volume of El-Certs to the authorities 

(in which case the Clearinghouse shall have no further responsibility or liability for the 

applicable volume of El-Certs), and shall be allowed to perform any other acts, if the 

Clearinghouse deems this necessary for the Clearinghouse to comply with applicable 

law; 

f. the Account Holder shall indemnify and hold harmless the Clearinghouse for all losses 

and costs incurred as a result of being delivered such volume of El-Certs, provided that 

it is finally determined that the volume of El-Certs is a Non-Eligible El-Cert; and

g. provided that the Clearinghouse has acted in good faith the Clearinghouse shall have 

no responsibility to the Account Holder for the Account Holder’s (or any other entity’s) 
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inability to utilize the applicable volume of El-Certs, and shall not be liable for any 

direct or indirect loss resulting from the Clearinghouse’s actions as prescribed above. 

4.5.4 In the event that an Account Holder receives an El-Cert from the Clearinghouse which it 

believes to be a Non-Eligible El-Cert, the Account Holder can make a complaint to the 

Clearinghouse before 14:00 CET on the first Bank Day following the day on which the 

applicable El-Cert Delivery was performed by the Clearinghouse, provided that in order for 

such complaint to be valid:

a. the Account Holder shall, within the aforesaid deadline, contact the Clearinghouse by 

telephone and send a written complaint by e-mail to clearing@nasdaqomx.com; and

b. in the complaint detail the disputed El-Certs and the reasons for the complaint to a 

reasonable extent, and as soon as possible thereafter include reasonable supportive 

evidence so as to reasonably enable the Clearinghouse to investigate the matter 

further; and

c. as soon as possible perform a reverse El-Cert Delivery to the Clearinghouse of the 

disputed El-Certs and document such El-Cert Delivery to the Clearinghouse. 

4.5.5 If the buying Account Holder makes a complaint after the deadline set out in Section 4.5.4,

but which is otherwise deemed valid by the Clearinghouse, the Clearinghouse may until the 

tenth (10th) Bank Day following the applicable El-Cert Delivery, in its sole discretion and 

following the request of the buying Account Holder, decide to make a claim towards the 

Account Holder who was seller of the relevant El-Certs. The buying Account Holder’s 

exclusive right and remedy towards the Clearinghouse in case of such claim shall be to 

receive the valid El-Certs or amounts successfully recovered from the selling Account 

Holder, provided that the Clearinghouse shall have a right of reimbursement of any costs 

incurred by it in recovering such El-Certs or amounts, and may charge a minimum 

complaint fee of EUR 5,000 (five thousand). 

4.5.6 In cases where there is evidence to support that a seller has acted in bad faith, then 

notwithstanding any time limit Section 4.5.5 shall apply to the extent permitted by 

applicable law (and subject to statutory limitations etc).

4.5.7 This Section 4.5 states the Counterparties’ exclusive rights and remedies in respect of NonEligible El-Certs.

4.6 El-Cert Force Majeure

4.6.1 In addition to and without prejudice to the regular definition of and appurtenant provisions 

relating to Force Majeure Events, the following shall be deemed an “El-Cert Force 

Majeure Event”.

a. Any changes to the Swedish and Norwegian Electricity Certificate System, or any other 

rules, procedures and guidance of a Relevant Authority with which a Counterparty is 

required or expected to comply in order to trade and clear El-Certs pursuant to the 

Trading Rules and/or the Clearing Rules (whether made at the direction of any 

government, governmental body, regulator, competent authority or otherwise); or

b. The adoption of, or any change in, any applicable law after the date on which a 

Transaction is entered into, or due to the promulgation of, or any change in, the 

interpretation by any court, tribunal or regulatory authority with competent jurisdiction 

of any applicable law after that date; 

in both cases having the consequence that it becomes unlawful (other than as a result of a 

breach by the relevant Party of the provisions in the Clearing Rules) for a Counterparty to 

perform any absolute or contingent obligation to make a payment or delivery or to receive 

a payment or delivery in respect of that Transaction or to comply with any other material 

provision of the Clearing Rules relating to that Transaction (illegality). 

4.6.2 Notwithstanding Section 3.6.1:

a. any circumstance where there are insufficient El-Certs in the relevant El-Cert Account to 

effectuate an El-Cert Delivery, whether caused by a low or non-allocation of El-Certs from

the Swedish and Norwegian Electricity Certificates System or the failure of a Counterparty 

to procure sufficient El-Certs to meet its delivery obligations, shall not constitute an ElCert Force Majeure Event; and
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COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 29 (264)

b. any foreseeable unavailability of the El-Cert Registry will not be deemed an El-Cert 

Force Majeure event for Account Holders having their El-Cert Holding Account with that 

El-Cert Registry.

4.6.3 If the inability to make or receive an El-Cert Delivery due to an El-Cert Force Majeure Event 

lasts for more than ten (10) Bank Days the Clearinghouse may at any time thereafter in its 

sole discretion decide that the relevant net Transaction(s) shall be settled in cash. The 

Clearinghouse shall make a good faith calculation of the relevant Cash Settlement 

Amounts.

4.6.4 If the inability to make or receive an El-Cert Delivery due to an El-Cert Force Majeure Event 

lasts for more than ten (10) Bank Days, and the relevant Delivery Time in respect of which 

such net Transaction falls due is less than ten (10) Bank Days prior to the latest trading 

time under the Swedish and Norwegian Electricity Certificate System, then the other 

Counterparty may by notice in writing terminate the relevant net volume of El-Certs, in 

which case the corresponding Clearing Transactions (or parts thereof), as chosen by the 

Clearinghouse, shall terminate. The seller shall promptly refund to the buyer any amount 

that may already have been received from the buyer in respect of any such volume of ElCerts, together with any interest payable in accordance with the Clearing Rules, and the 

Counterparties shall have no liability to each other arising out of or in connection with such 

volume of El-Certs (or part of it).

4.6.5 The Clearinghouse may, if an El-Cert Force Majeure Event is likely to effect a substantial 

part of the unsettled Clearing Transactions in El-Cert Contracts at any time, temporarily 

suspend the affected Counterparties’ obligations and/or invoke alternative arrangements, 

or implement such other similar measures as it deems necessary and appropriate in order 

to mitigate the effects of such circumstances and to ensure the fair and orderly settlement, 

price formation or integrity of any Contract, taking into account the reasonably anticipated 

interests of all affected Counterparties.

4.7 Margin Calculations

4.7.1 The following applies for calculation of Margin Requirements for El-Cert Contracts (please 

refer to the General Terms of the Clearing Rules for general provisions):

a. The Clearinghouse will, with respect to Account Holders with payment obligations 

becoming due, with effect from the first Bank Day following the Expiration Day in a 

Series, call for a margin component equivalent to the Cash Settlement Amount 

calculated for each relevant Clearing Account as part of the Margin Requirement.

b. The Clearinghouse shall credit the seller of El-Cert Contracts with any El-Certs that 

have been pre-delivered applying a reasonable value as decided by the Clearinghouse. 

c. The Clearinghouse may decide to increase the Margin Requirement prior to the 

Expiration Day.
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5 FREIGHT AND FUEL OIL CONTRACTS

5.1 General

5.1.1 This Part B Section 5 shall apply to any Contract where the Contract Base is based on 

either Freight or Fuel Oil Contracts (each an “Freight Contract” or “Fuel Oil Contract”).

5.2 Specific Definitions

5.2.1 The following product–specific definitions apply for the Contracts stated in 5.1.1:

Baltic Exchange the Baltic Exchange Limited or any successor thereto

Dry Future Contract a dry contract in a Product, as applicable

Dry Option Contract a dry option contract in a Product, as applicable

Fuel Oil Contract a fuel oil contract in a Product, as applicable

Tanker Future Contract a tanker contract in a Product, as applicable

Tanker Option Contract a tanker option contract in a Product, as applicable

LPG Freight Future 

Contract

a LPG freight contract in a Product, as applicable

LPG Freight Option 

Contract

a LPG freight option contract in a Product, as applicable

Index of each Contract Base published by an Index Provider

Index Day a day on which the Index Provider publishes an Index

Index Delivery Period the first Index Day of the relevant month contract(s) to Last 

Index Day of the relevant month contract(s)

Index Provider Baltic Exchange or Platts 

Platts Platts Clean Tanker Wire, Platts Market Scan - Market on 

Close (MOC), or any successor thereto.

Forced Termination an at-random termination of a Contract in the event that a

Material Default Event has occurred to an Account Holder (a 

“Defaulter”) and the Clearinghouse is not able to enter into 

Close-Out Transactions.

5.3 Determination of Daily Fix

5.3.1 The Exchange determines a Daily Fix for each Series on each Bank Day, applying the rules 

set out in Trading and Clearing Appendix 2 Contract Specification Section A section 4.4.2 as 

applicable.

5.3.2 If no Exchange Transactions are registered in ETS the relevant Bank Day, the Exchange will 

calculate a theoretical Daily Fix based on the closing prices from applicable market price 

providers. 

5.3.3 Notwithstanding Section 5.3.1 and 5.3.2, the Exchange may calculate a theoretical Daily 

Fix if the Exchange believes that the registered prices or Orders are manipulated or in any 

other way influenced so that they do not reflect the market value of the Series. The 

Exchange shall inform the Exchange Members of such events.

5.3.4 The Clearinghouse may set a different Daily Fix if the Clearinghouse determines that the 

Daily Fix established by the Exchange is not reflective of current market value. In the event 

of any conflict arising due to the setting of a Daily Fix by both the Exchange and the 

Clearinghouse, the Daily Fix set by the Clearinghouse will prevail.
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5.4 Expiration Day Fix – Average of all Index Days

5.4.1 The Clearinghouse determines an Expiration Day Fix on the final Bank Day of the Index 

Delivery Period by using the average of the applicable Indices published in the Index 

Delivery Period by the Index Provider.

5.5 Option Fix – Average of all Index Days

5.5.1 The Clearinghouse determines an Option Fix for each Option Series on its Expiration Day 

using the same methodology as for the 5.4.1 Expiration Day Fix – Average of all Index 

Days in relation to the applicable Option Exercise Time.

5.6 Option Exercise Settlement - Delivery of Future 

5.6.1 Following Option Exercise, a new Clearing Transaction reflecting the Contract Base of the 

Option Contract is automatically and immediately registered to the Option Holder’s and the 

Option Writer’s applicable Clearing Accounts. The Option Holder will be registered as buyer 

of the Contract Base in respect of a call Option, and as seller in respect of a put Option. The 

Option Writer will be registered with the opposite position. The Exercise Price of the Option 

Contract will be registered as the Contract Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base will take place in accordance with the applicable rules for 

the Contract Base.

5.7 Forced Termination of Options

5.7.1 Where expressly stated in the Contract Specification the Clearinghouse may effectuate

Forced Termination of an Option Contract in accordance with the terms of the relevant 

Contract Specification. 

Procedure for Forced Termination of Options

5.7.2 If the Clearinghouse is not able to effect Close-out Transactions for all or some of the 

Defaulter’s Contracts, the Clearinghouse may effectuate Forced Termination.

5.7.3 Account Holders who hold opposite positions in Contracts bought or sold by the Defaulter, 

may be subject to Forced Termination of Contracts for all or part of the positions at a 

Forced Termination Contract Price0 calculated in the model applied by the Clearinghouse

from time to time. The Clearinghouse shall in this event at random select Buyer(s) or 

Seller(s) in the relevant Contracts for termination of their Contracts, and organise and 

perform Premium Settlement. The Clearinghouse will select in increments of 5 lots until the 

Defaulter’s position is closed out. The selection is with replacement, so one Account Holder

can be selected more than once.

5.7.4 An Account Holder who is selected for Forced Termination, shall be informed immediately 

following the decision by the Clearinghouse to effect Forced Termination through oral and 

written electronic or facsimile communication to the Contact Person. Information is 

considered delivered by the Clearinghouse upon attempt to contact the Contact Person by 

phone and sending written information.

5.8 Margin Calculations

5.8.1 The following applies for calculation of Margin Requirements for Freight and Fuel Oil

Contracts (please refer to the General Terms of the Clearing Rules for general provisions):

a. A margin component covering pending settlement for Freight and Fuel Oil Contracts may be 

calculated. The margin component will be a part of the Margin Requirement, as specified by 

the Clearinghouse.
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6 FERROUS CONTRACTS

6.1 US SHREDDED SCRAP STEEL CONTRACTS

6.1.1 General

This Part B Section 1 shall apply to any Contract where the Contract Base is based on US 

Shredded Scrap Contracts.

6.1.2 Specific Definitions

 The following product–specific definitions apply for the Contracts stated in 7.1.1:

US Shredded Scrap 

Steel Contract

an US Shredded Scrap contract in a Product, as applicable

Gross Ton A unit of weight measurement equivalent to 2240 imperial 

pounds

Index of each Contract Base published by an Index Provider

Index Day The day on which the Index Provider publishes an Index

Index Delivery Period The 11th Day of the relevant month contract or else the 

following US Bank Day whenever the 11th is a non US Bank 

Day.

Index Provider TSI

The Steel Index or TSI the Steel Index Limited or any successor thereto

6.1.3 Determination of Daily Fix

a. The Exchange determines a Daily Fix for each Series on each Bank Day, applying the 

rules set out in Trading and Clearing Appendix 2 Contract Specification Section A section 

4.4.2, 4.4.3 and 4.4.5 as applicable.

b. If no Exchange Transactions or Orders are registered in ETS the relevant Bank Day, the 

Exchange will calculate a theoretical Daily Fix based on the closing prices from applicable 

market price providers. 

c. The Clearinghouse may set a different Daily Fix if the Clearinghouse determines that the 

Daily Fix established by the Exchange is not reflective of current market value. In the 

event of any conflict arising due to the setting of a Daily Fix by both the Exchange and 

the Clearinghouse, the Daily Fix set by the Clearinghouse will prevail.

6.1.4 Expiration Day Fix 

The Clearinghouse determines an Expiration Day Fix based upon a single monthly index published 

by the Index Provider on the final Bank Day of the Index Delivery Period which is the 11th day of 

the relevant contract month if this is a US Bank Day otherwise on the following US Bank Day.

6.2 IRON ORE CONTRACTS

6.2.1 General

This Part B Section 1 shall apply to any Contract where the Contract Base is based on Iron 

Ore Contracts.

6.2.2 Specific Definitions

The following product–specific definitions apply for the Contracts stated in 7.2.1:

Iron Ore Futures 

Contract

an iron ore contract in a Product, as applicable

Iron Ore Options 

Contract

an iron ore option contract in a Product, as applicable

Index of each Contract Base published by an Index Provider
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Index Day a day on which the Index Provider publishes an Index

Index Delivery Period the first Index Day of the relevant month contract(s) to Last 

Index Day of the relevant month contract(s)

Index Provider TSI

The Steel Index or TSI the Steel Index Limited or any successor thereto

Forced Termination an at-random termination of a Contract in the event that a 

Material Default Event has occurred to an Account Holder (a 

“Defaulter”) and the Clearinghouse is not able to enter into 

Close-Out Transactions.

6.2.3 Determination of Daily Fix

The Clearinghouse will for each Series on each Bank Day set a theoretical Daily Fix based 

on the closing prices from applicable market price providers.

6.2.4 Expiration Day Fix – Average of all Index Days

The Clearinghouse determines an Expiration Day Fix on the final Bank Day of the Index 

Delivery Period by using the average of the applicable Indices published in the Index 

Delivery Period by the Index Provider.

6.2.5 Option Fix – Average of all Index Days

The Clearinghouse determines an Option Fix for each Option Series on its Expiration Day 

using the same methodology as for the 5.4.1 Expiration Day Fix – Average of all Index 

Days in relation to the applicable Option Exercise Time.

6.2.6 Option Exercise Settlement – Delivery of Futures

Following Option Exercise, a new Clearing Transaction reflecting the Contract Base of the 

Option Contract is automatically and immediately registered to the Option Holder’s and the 

Option Writer’s applicable Clearing Accounts. The Option Holder will be registered as buyer 

of the Contract Base in respect of a call Option, and as seller in respect of a put Option. The 

Option Writer will be registered with the opposite position. The Exercise Price of the Option 

Contract will be registered as the Contract Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base will take place in accordance with the applicable rules for 

the Contract Base.

6.2.7 Forced Termination of Options

Where expressly stated in the Contract Specification the Clearinghouse may effectuate 

Forced Termination of an Option Contract in accordance with the terms of the relevant 

Contract Specification. 

6.2.8 Procedure for Forced Termination of Options 

a. If the Clearinghouse is not able to effect Close-out Transactions for all or some of the 

Defaulter’s Contracts, the Clearinghouse may effectuate Forced Termination.

b. Account Holders who hold opposite positions in Contracts bought or sold by the Defaulter, 

may be subject to Forced Termination of Contracts for all or part of the positions at a 

Forced Termination Contract Price calculated in the model applied by the Clearinghouse

from time to time. The Clearinghouse shall in this event at random select Buyer(s) or 

Seller(s) in the relevant Contracts for termination of their Contracts, and organize and 

perform Premium Settlement. The Clearinghouse will select in increments of 5 lots until 

the Defaulter’s position is closed out. The selection is with replacement, so one Account 

Holder can be selected more than once.

c. An Account Holder who is selected for Forced Termination, shall be informed immediately 

following the decision by the Clearinghouse to effect Forced Termination through oral and 

written electronic or facsimile communication to the Contact Person. Information is 

considered delivered by the Clearinghouse upon attempt to contact the Contact Person by 

phone and sending written information.
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6.2.9 Margin Calculations

a. The following applies for calculation of Margin Requirements for Iron Ore Contracts 

(please refer to the General Terms of the Clearing Rules for general provisions):

A margin component covering pending settlement for Iron Ore Contracts may be 

calculated. The margin component will be a part of the Margin Requirement, as specified 

by the Clearinghouse.

6.3 DISCLAIMER AND LIMITATIONS FOR THE STEEL INDEX AND TSI

The TSI and The Steel Index (“PLATTS Index”) is a product of PLATTS, a division of McGraw 

Hill Financial, Inc., and has been licensed for use by (the “Exchange” and the “Clearing 

house”). “Platts”, “TSI” and “The Steel Index” (the “PLATTS Marks”) are trademarks of 

PLATTS, its affiliates and/or its licensors and have been licensed for use by the Exchange and 

the Clearinghouse. The Licensee Agreement (“Exchange Contract”) is not sponsored, 

endorsed, sold or promoted by PLATTS or its affiliates or licensors. PLATTS, its affiliates and 

licensors make no representation or warranty, express or implied, regarding Exchange 

Contract or regarding the advisability of investing in securities or commodities generally or 

the ability of the PLATTS Index to track general market performance or commodity price 

movements, nor do they have any liability for any errors or omissions in, or interruptions of, 

the PLATTS Index or Exchange Contract. PLATTS's, its affiliates’ and licensors’ only 

relationship to the Exchange with respect to the PLATTS Index is the licensing of the PLATTS 

Index and of certain trademarks, service marks and/or trade names of PLATTS, and/or its 

affiliates or licensors. The PLATTS Index is determined, composed and calculated by PLATTS 

without regard to the Exchange or the Exchange Contract. PLATTS, its affiliates and 

licensors have no obligation to take the needs of the Exchange or any clients or users of the 

Exchange Contract into consideration in determining, composing or calculating the PLATTS 

Index. PLATTS, its affiliates and licensors have no obligation or liability in connection with 

the creation, development, preparation, marketing, sale and/or trading of the Exchange 

Contract. 

PLATTS, ITS AFFILIATES AND LICENSORS DO NOT GUARANTEE THE ADEQUACY, ACCURACY, 

TIMELINESS OR COMPLETENESS OF THE PLATTS INDEX OR ANY DATA INCLUDED THEREIN 

OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN 

COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. 

PLATTS, ITS AFFILIATES AND LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR 

LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. PLATTS, ITS AFFILIATES 

AND LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM 

ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE 

OR AS TO RESULTS TO BE OBTAINED BY THE EXCHANGE, CLIENTS OR USERS OF THE 

EXCHANGE CONTRACT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE PLATTS 

INDEX OR EXCHANGE CONTRACT OR WITH RESPECT TO THE PLATTS MARKS, THE PLATTS 

INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN 

NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES AND/OR ITS THIRD PARTY 

LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR 

CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, 

TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE 

POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR 

OTHERWISE.”
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7 RENEWABLES CONTRACTS

7.1 RENAWABLES CONTRACTS

7.1.1 General

This Part B Section 1 shall apply to any Contract where the Contract Base is based on a 

Nasdaq Renewable Index (each a “Renewable Contract”).

7.1.2 Specific Definitions

The following product-specific definitions apply for Renewable Contracts:

Load means the hours of the Delivery Period during which Delivery 

of the Contract Base is deemed to take place.

Wind Production Hour

or WPH

means a unit of wind generated at a constant rate for the 

duration of the respective German Wind Index Future –

RWDE period.

Spot Reference Period means each day of the relevant Series designation. The Daily 

Market Settlement continues in the Spot Reference Period 

with Expiration Day Fix on the Expiration Day, in accordance 

with the Contract Specifications. 

7.1.3 Expiration Day Fix – average of all days

1.3.1 The Clearinghouse determines an Expiration Day Fix on the Expiry date (first Bank Day 

following the Expiry date if the Expiry date is a non-Bank Day) by using the average of the 

applicable Spot Reference Fixes published in the Spot Delivery Period by the issuer of the 

relevant Contract Base.

7.1.4 Margin Calculations

The following applies for calculation of Daily Margin Calls for Renewable Contracts (please 

refer to the General Terms of the Clearing Rules for general provisions):

a. Margin component covering pending settlement for Renewable Contracts may be 

calculated. The margin component will be a part of the Margin Requirement, as specified 

by the Clearinghouse.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 36 (264)

PART C – QUOTATION LIST
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 37 (264)

1 ELECTRICITY CONTRACTS

1.1 Futures

NORDIC POWER (EUR)

Days Weeks Months Quarter Years

Base 9 6

(see 

Average 

Rate 

Futures)

8-11

2

10

GERMAN POWER (EUR)

Days Weeks Months Quarters Years

Base 9 4 6 8-11 5

Peak N/A 4 6 8-11 5

FRENCH POWER (EUR)

Days Weeks Months Quarters Years

Base 9 6 7 7 5

Peak N/A 6 7 7 5

UK POWER (GBP)

Days Weeks Months Quarters Seasons

Base N/A 5 4 5 5

Peak N/A 5 4 5 3

Electricity Price Area Differential or EPAD (EUR)

Days Weeks Months Quarters Years

Base Norwegian, 

Danish, Estonian and 

Latvian areas

N/A N/A

(see 

Average 

Rate 

Futures)

3

3 3 (Latvia 

2 years)

Base Swedish and 

Finnish areas N/A 5

(see 

Average 

Rate 

Futures)

4

4

4

Base Germany N/A N/A 2 3 2

1.2 Average Rate Futures (EUR)

NORDIC POWER (EUR)

Days Weeks Months 

 

2

Quarter contracts cascade into Nordic Electricity Base Average Rate Month Future

3

Quarter contracts cascade into Nordic EPAD Electricity Base Average Rate Month Future

4

Quarter contracts cascade into Nordic EPAD Electricity Base Average Rate Month Future
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Base N/A N/A 7

GERMAN POWER

Days Weeks Months

Base N/A N/A 7

Electricity Price Area Differential or EPAD (EUR)

Days Weeks Months

Base- Norwegian,

Danish, Estonian and

Latvian areas N/A N/A 3

Base – Swedish and 

Finnish areas N/A N/A 5

1.3 DS Futures

NORDIC POWER (EUR)

Months Quarters Years

Base 6 8-11 10

GERMAN POWER (EUR)

Months Quarters Years

Base 6 (until Dec 

2019)

8-11(until Q4 

2019)

5 (until 

2019)

Peak 6 (until Dec 

2019)

8-11(until Q4 

2019)

5 (until 

2019)

Electricity Price Area Differential or EPAD (EUR)

Months Quarters Years

Base Norwegian,

Danish, Estonian and 

Latvian areas

2 3

3 (Latvia 2 

years)

Base - Swedish and 

Finnish areas

4 4 4

Base - Germany 2 3 2

1.4 Monthly DS Futures
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 39 (264)

German 

EUR

French

EUR

UK

GBP

Dutch

EUR

Belgian

EUR

Spanish

EUR

Italian

EUR

Day 4H01 5 5 5

4H02 5 5 5

4H03 5 5 5

4H04 5 5 5

4H05 5 5 5

4H06 5 5 5

6H01 5 5 5

BL 9 9 9 9 9 9 9

PK 9 9 9 9 9

OP 9 9 9 9 9

WD BL 2 2 2 2 2 2 2

PL

OP 2 2 2 2 2

WE BL 3 3 3 3 3 2 2

PL 2 2 2 2 2

OP 2 2 2 2 2

BOWD

W BL 4 4 4 4 4 4 4

PL 4 4 4 4 4

OP 4 4 4 4 4

M BL 6 6 6 6 6 6 6

PL 6 6 6 6 6

OP 6 6 6 6 6

Front 

Month

Back 

Month

BOM

Q BL 4 4 4 4 4 4 4

PK 4 4 4 4 4

OP 4 4 4 4 4

S BL

Y BL 3 3 3 3 3 3 3
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PL 3 3 3 3 3

OP 3 3 3 3 3

1.5 Futures and DS Futures Options

NORDIC POWER (EUR)

DS Future

Quarters Years

Base 2 2

Future

Quarters Years

Base 2 2

GERMAN POWER (EUR)

DS Future

Months Quarters Years

Base

3 2 2

Future

Months Quarters Years

Base

3 2 2

1.6 Average Rate Options (EUR)

NORDIC POWER 

Months Quarters Years

Base

7 N/A N/A

GERMAN POWER

Months Quarters Years

Base

7 N/A N/A

2 NATURAL GAS CONTRACTS

2.1 Monthly DS Futures

NBP gas

UK, GBP

Zee gas

Belgian 

TTF gas

Dutch 

Gaspool 

gas 

German 

NCG gas

German 

Per Nord 

gas

TRS gas 

EUR
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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GBP EUR EUR EUR French 

EUR

Day 4H01

4H02

4H03

4H04

4H05

4H06

6H01

BL 9 9 9 9 9 9 9

PL

OP

WD BL 5 5 5 5 5 5 5

PL

OP

WE BL 5 5 5 5 5 5 5

PL

OP

BOWD 1 1 1

W BL

PK

OP

M BL 6 6 6 6 6 6 6

PK

OP

Front 

Month

2

Back 

Month

2

BOM 1 1 1

Q BL 4 4 4 4 4 4 4

PK

OP

S BL 4 4 4 4 4 4 4

Y BL 3 3 3 3 3 3 3
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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PK

OP

2.2 UK Power(GBP)

Days Weeks Months Quarters Seasons

Base N/A 5 4 5 5

3 ALLOWANCE CONTRACTS

3.1 European Union Allowances (EUR)

Futures Day

Quarterly

5 days

2 front years

Annual Until 2020

Options Quarterly 2 front years

4 SWEDISH AND NORWEGIAN ELECTRICITY CERTIFICATES (EL-CERTS) CONTRACTS

4.1 Norwegian and Swedish Electricity Certificate (El-Cert)

Futures SEK Day SEK 6 days

DS Futures SEK Annual 5 years 

rolling

5 FREIGHT AND FUEL OIL CONTRACTS

5.1 Futures

FREIGHT

Contract Months Quarters Half years Years

CS4TC 6 6 2 7

CS5TC 6 6 2 7

HS6TC 6 6 2 7

PM4TC 6 6 2 7

SM6TC 6 6 2 7

SM10TC 6 4 2 7

P1A 6 4 N/A 3*

P2A 6 4 N/A 3*

P3A 6 4 N/A 3*

P1A AVG 6 4 N/A 3*
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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P2A AVG 6 4 N/A 3*

P3A AVG 6 4 N/A 3*

C3 AVG 6 6 N/A 3

C4 AVG 6 6 N/A 3

C5 AVG 6 4 N/A 1

C7AVG 6 6 N/A 3

TC2USD 6 5 N/A 2

TC5USD 6 5 N/A 2

TC6USD 6 5 N/A 2

TC7USD 6 5 N/A 2

TC9USD 6 5 N/A 2

TC12USD 6 5 N/A 2

TC14USD 6 5 N/A 2

TC15USD 6 5 N/A 2

MRA 6 5 N/A 2

TD3USD 6 5 N/A 2

TD7USD 6 5 N/A 2

TD8USD 6 5 N/A 2

TD20USD 6 5 N/A 2

LPG1 6 5 N/A 2

*2017 and 2018 only. 2016 will be listed as announced by the Exchange and the Clearinghouse.

FUEL OIL

Contract Months Quarters Years

RDM35FOSS 6 6 2

SPO180FOSS 6 6 2

SPO380FOSS 6 6 2

MED35FOSS 6 6 2

5.2 Options

Options on the Contracts of this section are listed on request by members and brokers on the 

available futures listed according to the quotation list above, excluding fuel oil.

6 FERROUS CONTRACTS

6.1 US SHREDDED SCRAP STEEL CONTRACTS 

6.1.1 Futures

Contract Months Quarters
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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USSH 12 4

6.2 HOT ROLLED COIL CONTRACTS 

6.2.1 Futures

Contract Months Quarters

USHRC 12 4

ASEHRC 12 4

6.3 IRON ORE CONTRACTS

6.3.1 Futures

Contract Months Quarters Years

CHN62FE 24 4 2

6.4 COKING COAL CONTRACTS

6.4.1 Futures

Contract Months Quarters Years

COKAUS 24 4 2

6.4.2 Options

Options on the Contracts of this section are listed on request by members and brokers on the 

available futures listed according to the quotation list above.

7 RENEWABLE CONTRACTS

7.1 Renewable Wind Index Average Rate Futures (RWDE) 

Contract Days Weeks Months Quarters Years

Base futures 10 4 6 73
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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PART D – INDIVIDUAL CONTRACT SPECIFICATIONS
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 46 (264)

1 ELECTRICITY CONTRACTS
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 47 (264)

1.1 Belgian Power Monthly DS Future - EBEM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base Average of the hourly prices from the day-ahead auction for the 

Belgian price zone.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW. 

Bank Day Calendar European Trading Calendar

Currency Euro (EUR). 

Tick size EUR 0,01. 

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 

CET of all relevant days Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlementin accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load): Orders that 

are not matched at 12:00 CET on the Expiration Day will be 

cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EBEM[Load][Period]; where 

- EBE i.e. “Electricity Belgium BE”

- M i.e. “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EBEMBY-16 for Delivery Period = calendar year 2016).
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 50 (264)

1.2 Dutch Power Monthly DS Future – ENLM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base Average of the hourly prices from the day-ahead auction for the 

Dutch price zone.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01. 

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 

CET of all relevant days Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 51 (264)

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Front Daily contracts (Base, Peak and Off-Peak Load): Orders that 

are not matched at 12:00 CET on the Expiration Day will be 

cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

ENLM[Load][Period]; where 

- ENL denotes “Electricity Netherlands NL”

- M denotes “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. ENLMBY-16 for Delivery Period = calendar year 2016).
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 53 (264)

1.3 French Electricity Futures: EFRF

Type of contract Electricity Contract. Standardized electricity future contract 

with cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for 

the French price zone. 

.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in 

the Trading System and the Product Calendar, and may vary 

with the applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will 

be a function of the applicable number of delivery hours and 

the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the 

relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all 

relevant days Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all 

relevant days Monday throughout Friday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all 

relevant days Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all 

relevant days Monday throughout Friday.

Delivery Period The applicable period as specified in the Series 

Designation and the Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A 

of the Contract Specifications:

- Daily Fix shall be determined on each Bank Day during 

the Term,

- Expiration Day Fix shall be determined on the Expiration 

Day; and

- Spot Reference Fix shall be determined for each day 

of the Delivery Period.

Settlement Cash settlement only. 

Daily Market Settlement in accordance with Part A of the 

Contract Specifications. On the Expiration Day the daily 

Market Settlement will be calculated using the Expiration 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Day Fix for Average Rate Contracts.

Cascading Year contracts cascade into corresponding quarter 

contracts spanning the same Delivery Period as the year 

contract three bank days prior to the start of delivery of 

the year contract. Cascading automatically takes place 

and the Contract Price of the cascaded/new contracts will 

be equal to the Expiration Day Fix.

Quarter contracts cascade into corresponding month 

contracts spanning the same Delivery Period as the 

quarter contract on the last Trading day of the quarter 

contract. Cascading automatically takes place and the 

Contract price of the cascaded/new contracts will equal to 

the Expiration Day Fix.

No cascading for Monthly, Weekly or Daily Contracts.

Term (trading period) As identified in the Trading System and the Product 

Calendar for each Series, in accordance with the Quotation 

List. 

Final Time for Trading Orders that are not matched at the end of exchange 

trading hours on the Expiration Day will be cancelled. 

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall 

occur in Series on the dates set forth in the Quotation List 

in effect at any given time.

Series designation Each Series shall be designated as follows: 

EFRF[Load][Period]; where 

- EFR i.e. “Electricity France FR”

- F i.e. “Futures”

- Load 

 B denotes “Base Load”

 P denotes “Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EFRFBD2505-16 for Delivery Period = 25 May 2016 

and EFRFBY-16 for Delivery Period = calendar year 2016)

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.4 French Power Monthly DS Future - EFRM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base Average of the hourly prices from the day-ahead auction for the 

French price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

4 hour block1 – Covering hours 00:00 - 03:59 CET.

4 hour block2 – Covering hours 04:00 - 07:59 CET.

4 hour block3 – Covering hours 08:00 - 11:59 CET.

4 hour block4 – Covering hours 12:00 - 15:59 CET.

4 hour block5 – Covering hours 16:00 - 19:59 CET.

4 hour block6 – Covering hours 20:00 - 23:59 CET.

6 hour block1 – Covering hours 00:00 - 05:59 CET.

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 

CET of all relevant days Saturday throughout Sunday.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 56 (264)

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load), 4 hour 

block1-6 and 6 hour block 1: Orders that are not matched at 12:00 

CET on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EFRM[Load][Period]; where 

- EFR i.e. “Electricity France FR”

- M i.e. “Monthly settled DS Futures”

- Load 

 4H01 denotes “4 hour block 1”

 4H02 denotes “4 hour block 2”

 4H03 denotes “4 hour block 3”

 4H04 denotes “4 hour block 4”

 4H05 denotes “4 hour block 5”
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 57 (264)

 4H06 denotes “4 hour block 6”

 6H01 denotes “6 hour block 1”

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EFRMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 58 (264)

1.5 German Electricity Base Year DS Future – EDEBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar year as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter DS Future) spanning the same Delivery Period 

as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5

th ) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day (inclusive)

before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

5 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEBLYR-13 for Delivery Period = calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

5

The German Electricity Base Year DS Future will not be listed after 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 60 (264)

1.6 German Electricity Base Year Future – EDEFUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar year as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter Futures) spanning the same Delivery Period as 

the year contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will be the Expiration Day Fix equal the original Contract 

Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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(inclusive) before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFUTBLYR-13 for Delivery Period = calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 62 (264)

1.7 German Electricity Base Quarter DS Future – EDEBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Base Month DS Future) spanning the same 

Delivery Period as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (

2nd) last year prior to the Delivery Period..

The Expiration Day will normally be the last Bank Day before the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

6 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight (8) and eleven (11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEBLQ2-13 for Delivery Period = 2nd quarter (April - June 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

6

German Electricity Base Quarter DS Future will not be listed after Q4 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 64 (264)

1.8 German Electricity Base Quarter Future – – EDEFUTBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Base Month Futures) spanning the same Delivery 

Period as the quarter contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will equal the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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second (2nd) last year prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight and eleven (8-11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEFUTBLQ2-13 for Delivery Period = 2nd quarter (April - June 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 66 (264)

1.9 German Electricity Base Month DS Future – EDEBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable month as specified in the Series Designation and the 

Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1

st) Bank Day of the 

sixth (6

th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 67 (264)

Listing of Series

7 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEBLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

7

German Electricity Base Month DS Future will not be listed after December 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 68 (264)

1.10 German Electricity Base Month Future - EDEFUTBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Clearing Registration Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEFUTBLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 70 (264)

1.11 German Electricity Base Average Rate Month future – EDEAFUTBLM[MMM]- [YY]

Type of contract Electricity Contract. Standardized electricity future contract 

with cash settlement. 

Contract base Average of the hourly prices from the day-ahead auction for 

the German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with 

the applicable Spot Reference Period. 

The contract size (contract volume), expressed in MWh, will be 

a function of the applicable number of delivery hours and the 

lot size. 

Base load months normally vary between 672 and 745 hours. 

Trade Lot 1MW 

Bank Day Calendar European Trading Calendar

Currency Euro (EUR) 

Tick size EUR 0.01 

Contract Price As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Load Base load - Covering all hours of all days in the Spot Reference

Period (00:00 – 24:00 CET). 

Spot Reference Period The applicable load hours of the calendar month as specified in 

the Series Designation and the Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A and 

Part B of the Contract Specifications: 

- Daily Fix shall be determined on each Bank Day during the 

Term, 

- Expiration Day Fix shall be determined on the Expiration Day.

(the first Bank Day following the Expiration Day if the 

Expiration Day is a non-Bank Day)

Settlement Cash settlement only. 

Daily Market Settlement in accordance with Part A of the 

Contract Specifications. On the Expiration Day the Daily 

Market Settlement will be calculated using the Expiration 

Day Fix for Average Rate Contracts.

Cascading None 

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

The first trading day will normally be the first (1st) Bank Day of 

the sixth (6th) month prior to the Spot Reference Period.

The Expiration Day will normally be the last day of the Spot 

Reference Period for the Series.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled. 

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time. 

Seven (7) Series shall be available for trading and clearing at 

all times. 

Series designation Each Series shall be designated as follows: 

EDEAFUTBLM[MMM]- [YY]; where 

- [MMM] denotes the month (three letters) and 

- [YY] denotes the calendar year (00-99) of the Spot 

Reference Period

(E.g. EDEAFUTBLMJAN-17 for Spot Reference Period = January 

2017) 

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 72 (264)

1.12 German Electricity Base Week Future – EDEBLW[ww]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load week normally spans 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar week (Monday - Sunday) as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The First trading day will normally be the first (1st) Bank Day of the 

fourth (4th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Four (4) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLW[WW]-[YY]; where 

- [WW] denotes the week number (two digits 01-53) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEBLW05-12 for Delivery Period = week 5 in 2012)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 74 (264)

1.13 German Electricity Base Day Future – EDEBLD[DDMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract base size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load day normally spans 24 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the applicable calendar day (00:00 –

24:00 CET).

Delivery Period The applicable calendar day as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the last Bank Day of the week 

prior to the week of the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at 12:00 CET on the Expiration Day will 

be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 75 (264)

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected thirty (30) minutes 

after end of Exchange Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Nine (9) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLD[DDMM]-[YY]; where: 

- [DDMM]-[YY] denotes the day [DD], month [MM] and year [YY] of 

the Delivery Period.

(E.g. EDEBLD2501-13 for Delivery Period = 25 January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 76 (264)

1.14 German Electricity Peak Year DS Future – EDEPLYR-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load year normally vary between 3120 and 3144 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the calendar year as specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in

accordance with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter DS Future) spanning the same Delivery Period 

as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (

5th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day (inclusive)

before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 77 (264)

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

8 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEPLYR-13 for Delivery Period = peak load calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

8

The German Electricity Peak Year DS Future will not be listed after 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 78 (264)

1.15 German Electricity Peak Year Future - EDEFUTPLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load year normally vary between 3120 and 3144 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the calendar year as specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter Futures) spanning the same Delivery Period as 

the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 

(inclusive) before the Delivery Period for the Series commences.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 79 (264)

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTPLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFUTPLYR-13 for Delivery Period = peak load calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 80 (264)

1.16 German Electricity Peak Quarter DS Future – EDEPLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load quarters normally vary between 768 and 792 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Base Month DS Future) spanning the same 

Delivery Period as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) last year prior to the Delivery Period. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 81 (264)

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

9 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight (8) and eleven (11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPL[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEPLQ2-13 for Delivery Period = 2nd quarter (April - June 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

9

German Electricity Peak Quarter DS Future will not be listed after Q4 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 82 (264)

1.17 German Electricity Peak Quarter Future - – EDEFUTPLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load year normally vary between 768 and 792 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Peak Month Futures)) spanning the same Delivery 

Period as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) last year prior to the Delivery Period. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTPLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFUTPLYR-13 for Delivery Period = peak load calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 84 (264)

1.18 German Electricity Peak Month DS Future – EDEPLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load months normally vary between 240 and 276 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday – Friday 

of the Delivery Period.

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6

th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 85 (264)

Listing of Series

10 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEPLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

10

German Electricity Peak Month DS Future will not be listed after December 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 86 (264)

1.19 German Electricity Peak Month Future - EDEFUTPLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load months normally vary between 240 and 276 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday – Friday 

of the Delivery Period.

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Clearing Registration Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTPLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEFUTPLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 88 (264)

1.20 German Electricity Peak Week Future – EDEPLW[WW]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A peak load week spans 60 hours. On changes to or from Daylight 

Savings Time affected Series will be one hour shorter or longer than 

normal.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday - Friday 

of the Delivery Period week

Delivery Period The applicable load hours of the calendar week specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The First trading day will normally be the first (1st) Bank Day of the 

fourth (4th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 89 (264)

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Four (4) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPLW[WW]-[YY]; where 

- [WW] denotes the week number (two digits 01-53) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEPLW05-12 for Delivery Period = Peak hour Monday – Friday 

week 5 in 2012)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 90 (264)

1.21 German Electricity Base DS Future Year Option - EDEBL[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Year DS Future contract.

Style of Option European Option

Contract base German Electricity Base Year DS Future contract, as specified in the 

Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally 

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBL[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEBLCYR3DEC2-40 for a call-option for Delivery Period = 

calendar year 2013 and Expiration Day = during December 2012 (as 

further specified in the Trading System and the Product Calendar) at 

Exercise Price EUR 40)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 92 (264)

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 93 (264)

1.22 German Electricity Base Future Year Option - EDEFUTBL[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Year Future contract.

Style of Option European Option

Contract base German Electricity Base Year Future contract, as specified in the Series 

Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBL[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEFUTBLCYR3DEC2-40 for a call-option for Delivery Period = 

calendar year 2013 and Expiration Day = during December 2012 (as 

further specified in the Trading System and the Product Calendar) at 

Exercise Price EUR 40)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 95 (264)

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 96 (264)

1.23 German Electricity Base DS Future Quarter Option – EDEBL[C/P]Q[QY][MMMY]-

[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Quarterly Electricity DS Future contract.

Style of Option European Option

Contract base German Electricity Base Quarterly Electricity DS Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 97 (264)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month six

(6) months ahead of the applicable month of the Expiration Day

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBL[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEBLCQ32JUN2-35 for a call-option for Delivery Period = 

Quarter 3 2012 and Expiration Day = during June 2012 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 98 (264)

1.24 German Electricity Base Future Quarter Option – EDEFUTBL[C/P]Q[QY][MMMY]-

[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Quarterly Electricity Future contract.

Style of Option European Option

Contract base German Electricity Base Quarterly Electricity Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 99 (264)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month six 

(6) months ahead of the applicable month of the Expiration Day.

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBL[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEFUTBLCQ32JUN2-35 for a call-option for Delivery Period = 

Quarter 3 2012 and Expiration Day = during June 2012 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 100 (264)

1.25 German Electricity Base DS Future Month Option – EDEBL[C/P]M[MMMY][MMMY]-

[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Monthly Electricity DS Future contract.

Style of Option European Option

Contract base German Electricity Base Monthly Electricity DS Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 101 (264)

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month three 

(3) months ahead of the applicable month of the Expiration Day

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBL[C/P]M[MMMY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the applicable Delivery Period, year for the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEBLCMAPR4MAR3-45 for a call-option for Delivery Period = 

April 2014 and Expiration Day = during Mars 2013 (as further specified 

in the Trading System and the Product Calendar) at Exercise Price EUR 

35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 102 (264)

1.26 German Electricity Base Future Month Option –

EDEFUTBL[C/P]M[MMMY][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Monthly Electricity Future contract.

Style of Option European Option

Contract base German Electricity Base Monthly Electricity Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 103 (264)

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month three 

(3) months ahead of the applicable month of the Expiration Day

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBL[C/P]M[MMMY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the applicable Delivery Period, year for the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEFUTBLCMAPR4MAR3-45 for a call-option for Delivery Period = 

April 2014 and Expiration Day = during Mars 2013 (as further specified 

in the Trading System and the Product Calendar) at Exercise Price EUR 

35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 104 (264)

1.27 German Electricity Base Average Month Option –EDEAFUTBL[C/P]M[MMMY]-[XX]

Type of contract Standardized delivery of future option contract on 

corresponding Contract Base of German Electricity Base 

Average Rate Month future. 

Style of Option European Option with automatic exercise and delivery of 

underlying future contract on Expiration Day.

Contract base German Electricity Base Average Rate Style Month future 

contract , as specified in the Series Designation and the 

Product Calendar. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in 

the Trading System and the Product Calendar, and may vary 

with the applicable Spot Reference Period. 

The contract size (contract volume), expressed in MWh, will 

be a function of the applicable number of delivery hours and 

the lot size. 

Base load months normally vary between 672 and 745 hours. 

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW 

Bank Day Calendar European Trading Calendar

Currency Euro (EUR) 

Tick size EUR 0.01 

Fix Option Fix for shall be determined on the Expiration Day in 

accordance with Part B Section of the Contract Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Premium Settlement Premium Settlement shall take place on the first Bank Day 

following the day on which the applicable Option Contract is 

registered as a Clearing Transaction. 

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard 

Exercise for put options will be invoked where the Exercise 

Price is greater than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the option Fix is 

available.

Exercise Price The Exercise Price (i.e. strike price) is 

specified in the designation of each Series (see Series 

Designation) 

Settlement (Following 

Option Excercise) 

Following Option Exercise, a new Clearing Transaction 

reflecting the Contract Base of the Option Contract is 

automatically and immediately registered to the Option 

Holder’s and the Option Writer’s applicable Clearing Accounts. 

The Option Holder will be registered as buyer of the Contract 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Base in respect of a call Option, and as seller in respect of a 

put Option. The Option Writer will be registered with the 

opposite position. The Exercise Price of the Option Contract 

will be registered as the Contract Price for the Contract Base 

(“delivery to strike”). 

Settlement of the Contract Base will take place in accordance 

with the applicable rules for the Contract Base.

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

The Expiration Day is normally the same as the underlying 

contract base

Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall 

occur in Series on the dates set forth in the Quotation List in 

effect at any given time. 

Seven (7) Series shall be available for trading and clearing at 

all times as of D+3 (D denotes the first Bank Day of the 

month).

Series designation Each Series shall be designated as follows: 

EDEAFUTBL[C/P]M[MMMY]-[XX]; were: 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [MMMY] denotes the delivery month [MMM] and the last 

digit of the year [Y] of the applicable Spot Reference Period, 

year for the Contract Base (0-9) 

- [XX] denotes the applicable Exercise Price in EUR 

(E.g. EDEAFUTBLCMAPR7-45 for a call-option for Spot 

Reference Period = April 2017 (as further specified in the 

Trading System and the Product Calendar) at Exercise Price 

EUR 45 

Strike levels The following Series with a price interval of 1 shall initially be 

listed as one (1) Series reflecting the price level of the 

underlying contract and two (2) series above and two (2) 

Series below the price of the underlying contract. The price 

level of the underlying contract is determined by the Daily Fix 

on the preceding Bank Day. Strike levels may additionally be 

listed intra-day. 

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 106 (264)

1.28 German EPAD Electricity Base Year Future – EDE[AA][FUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, calculated as the difference of average of the 

hourly prices from the day-ahead auction for the German/Austrian 

price zone and average of the hourly prices from the day-ahead

auction for the French / Dutch / Belgian price zones.

The price difference may be expressed either as a positive number or a 

negative number.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the Delivery Period (00:00 – 24:00 

CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash Settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Cascading automatically takes place on the Expiration Day of each 

Series. 

Year contracts cascade into quarter contracts in respect of the same 

Area Price and spanning the same Delivery Period as the year contract.

The Contract Price of the cascaded/new contracts will be the Expiration 

Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 107 (264)

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

third (3

rd) year prior to the Delivery Period for all French, Belgium and

Dutch areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered by the end of exchange trading 

hours on the Expiration Day will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times 

for all French, Belgium and Dutch areas.

Series designation Each Series shall be designated as follows:

EDE[AA]FUTBLYR-[YY]; where 

- [AA] denotes the applicable Area Price for the Series (two letters): 

- FR: France;

- NL: Netherland;

- BE: Belgium and

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFRFUTBLYR-13 for Area Price France and Delivery Period = 

calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.29 German EPAD Electricity Base Quarter Future – EDE[AA][FUTBLQ-[QQ-YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, calculated as the difference of average of the 

hourly prices from the day-ahead auction for the German/Austrian 

price zone and average of the hourly prices from the day-ahead

auction for the French / Dutch / Belgian price zones.

The price difference may be expressed either as a positive number or a 

negative number.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts in 

respect of the same Area Price and spanning the same Delivery Period 

as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 109 (264)

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

ninth (9th) month prior to the Delivery Period for all French, Belgium 

and Dutch areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times 

for the French, Belgium and Dutch areas.

Series designation Each Series shall be designated as follows:

EDE[AA]FUTBLQ[QQ-YY]; where 

- [AA] denotes the applicable Area Price for the Series (two letters): 

- FR: France;

- NL: Netherland;

- BE: Belgium and

- [QQ-YY] denotes the applicable quarter [QQ] (1-4) and the calendar 

year [YY] (00-99) of the Delivery Period

- (E.g. EDEFRFUTBLQ1-13 for Area Price France and Delivery Period = 

Q1 (jan – mar) year 2013

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.30 German EPAD Electricity Base Month Future – EDE[AA][FUTBLM[MMM-YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, calculated as the difference of average of the 

hourly prices from the day-ahead auction for the German/Austrian 

price zone and average of the hourly prices from the day-ahead 

auction for the French / Dutch / Belgian price zones.

The price difference may be expressed either as a positive number or a 

negative number.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) month prior to the Delivery Period for all French, Belgium 

and Dutch areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 111 (264)

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times 

for the French, Belgium and Dutch areas.

Series designation Each Series shall be designated as follows:

EDE[AA]FUTBLM[MMM-YY]; where 

- [AA] denotes the applicable Area Price for the Series (two letters): 

- FR: France;

- NL: Netherland;

- BE: Belgium and

- [MMM-YY] denotes the applicable month [MMM] (three letters) and 

the calendar year [YY] (00-99) of the Delivery Period

(E.g. EDEFRFUTBLMJAN-13 for Area Price France and Delivery Period = 

january 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 112 (264)

1.31 German Power Monthly DS Future – EDEM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention. 

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size.

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar. 

Currency Euro (EUR). 

Tick size EUR 0,01. 

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Daily Contracts:

4 hour block1 – Covering hours 00:00 - 03:59 CET.

4 hour block2 – Covering hours 04:00 - 07:59 CET.

4 hour block3 – Covering hours 08:00 - 11:59 CET.

4 hour block4 – Covering hours 12:00 - 15:59 CET.

4 hour block5 – Covering hours 16:00 - 19:59 CET.

4 hour block6 – Covering hours 20:00 - 23:59 CET.

6 hour block1 – Covering hours 00:00 - 05:59 CET.

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 CET 

of all relevant days Saturday throughout Sunday.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 113 (264)

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Market Settlement Day specified as the

20th day of the immediately following calendar month, subject to 

adjustment in accordance with the Following Business Day 

Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load), 4 hour block 

1-6 and 6 hour block 1: Orders that are not matched at 12:00 CET 

on the Expiration Day will be cancelled.

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EDEM[Load][Period]; where 

- EDE i.e. “Electricity Germany DE”

- M i.e. “Monthly settled DS Futures”

- Load 

 4H01 denotes “4hour block 1”

 4H02 denotes “4 hour block 2”
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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 4H03 denotes “4 hour block 3”

 4H04 denotes “4 hour block 4”

 4H05 denotes “4 hour block 5”

 4H06 denotes “4 hour block 6” 

 6H01 denotes “6 hour block 1”

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EDEMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 115 (264)

1.32 Italian Power Monthly DS Future – EITM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base GME Day-Ahead Market, National Single Price (PUN), i.e. the price of 

1 MWh of electricity in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 116 (264)

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contract: Orders that are not matched at 12:00 CET on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EITM[Load][Period]; where 

- EIT i.e. “Electricity Italy IT”

- M i.e. “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EITMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 117 (264)

1.33 Nordic Electricity Base Year DS Future – ENOYR-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (Nordic 

Electricity Base Quarter DS Future) spanning the same Delivery Period 

as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

tenth (10th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 

(inclusive) before the Delivery Period for the Series commences.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 118 (264)

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Ten (10) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. ENOYR-13 for Delivery Period = calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 119 (264)

1.34 Nordic Electricity Base Quarter DS Future – ENOQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (Nordic 

Electricity Base Month DS Future) spanning the same Delivery Period 

as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) last year prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Between eight and eleven (8-11) Series shall be available for trading 

and clearing at all times

Series designation Each Series shall be designated as follows:

ENOQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99) 

of the Delivery Period

(E.g. ENOQ1-13 for Delivery Period = first quarter (January – March) 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 121 (264)

1.35 Nordic Electricity Base Month DS Future – ENOM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar month as specified in the Series Designation 

and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 122 (264)

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. ENOMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 123 (264)

1.36 Nordic Electricity Base Year Future – ENOFUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar year as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications. 

Cascading Year contracts cascade into corresponding quarter contracts (Nordic 

Electricity Base Quarter Futures) spanning the same Delivery Period as 

the year contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

tenth (10th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 

(inclusive) before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 124 (264)

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Ten (10) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. ENOFUTBLYR-17 for Delivery Period = calendar year 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.37 Nordic Electricity Base Quarter Future – – ENOFUTBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day. 

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (Nordic 

Electricity Base Average Rate Month Futures) spanning the same 

Delivery Period as the quarter contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will equal the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
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second (2nd) last year prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight and eleven (8-11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. ENOFUTBLQ2-17 for Delivery Period = 2nd quarter (April - June 

2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.38 Nordic Electricity Base Average Rate Month Future - ENOAFUTBLM[MMM]-[YY] 

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Spot Reference Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Spot Reference Period 

(00:00 – 24:00 CET).

Spot Reference Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A and Part B 

of the Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; (the 

first Bank Day following the Expiration Day if the Expiration Day is a 

non-Bank Day)

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications. On the Expiration Day the Daily Market 

Settlement will be calculated using the Expiration Day Fix for 

Average Rate Contracts.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Spot Reference Period.

The Expiration Day will normally be the last day of the Spot Reference

Period for the Series. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 
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the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Seven (7) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOAFUTBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Spot Reference Period

(E.g. ENOAFUTBLMJAN-17 for Spot Reference Period = January 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 129 (264)

1.39 Nordic Electricity Base Week Future – ENOW[WW]-[YY]

Type of contract Electricity Contract. Electricity Contract. Standardized electricity future 

contract with cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load week normally spans 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1 MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar week (Monday - Sunday) as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The First trading day will normally be the first (1st) Bank Day of the 

sixth (6th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours in a 

Series on the Expiration Day will be cancelled.
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Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Six (6) Series shall be available for trading and clearing at all times

Series designation Each Series shall be designated as follows:

ENOW[WW]-[YY], where: 

- [YY] denotes the calendar year (00-99)

- [WW] denotes the week number (01-53)

of the Delivery Period.

(E.g. ENOW01-13 for Delivery Period = week 1 in 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 131 (264)

1.40 Nordic Electricity Base Day Future – ENOD[DDMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. The contract base size (contract volume) 

will be a function of the applicable number of delivery hours and the 

lot size. 

A base load day normally spans 24 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the applicable calendar day (00:00 –

24:00 CET).

Delivery Period The applicable calendar day as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the last Bank Day of the week 

prior to the week of the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at 12:00 CET on the Expiration Day will 

be cancelled.

Final Time for Transactions that are not registered within thirty (30) minutes from 
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Clearing Registration the final time for exchange trading will be rejected.30 minutes after 

end of Exchange Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Nine (9) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOD[DDMM]-[YY], where: 

- [DDMM]-[YY] denotes the day [DD], month [MM] and year [YY] [ of 

the Delivery Period.

(E.g. ENOD2501-13 for Delivery Period = 25 January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
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1.41 Nordic Electricity Base DS Future Year Option – ENO[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of Nordic 

Electricity Base Year DS Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Year DS Future contract, as specified in the 

Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
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buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENO[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOCYR3DEC2-40 for a call-option for Delivery Period = calendar 

year 2013 and Expiration Day = during December 2012 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 40)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 135 (264)

1.42 Nordic Electricity Base DS Future Quarter Option – ENO[C/P]Q[QY][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract Base of Nordic 

Electricity Base Quarterly Electricity DS Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Quarterly Electricity DS Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)
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Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the 3rd Thursday of the month six (6) 

months ahead of the applicable month of the Expiration Day.

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENO[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOCQ32JUN2-35 for a call-option for Delivery Period = Quarter 

3 2012 and Expiration Day = during June 2012 (as further specified in 

the Trading System and the Product Calendar) at Exercise Price EUR 

35)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 137 (264)

1.43 Nordic Electricity Base Average Rate Month Future Option –

ENOAFUTBL[C/P]M[MMMY]-[XX]

Type of contract Standardized delivery of future option contract on 

corresponding Contract Base of Nordic Electricity Base Average 

Rate Month future

Style of Option European Option with automatic exercise and delivery of 

underlying future contract on Expiration Day.

Contract base Nordic Electricity Base Average Rate Style Month future

contract, as specified in the Series Designation and the Product 

Calendar. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with 

the applicable Spot Reference Period.

The contract size (contract volume), expressed in MWh, will be 

a function of the applicable number of delivery hours and the 

lot size. 

Base load months normally vary between 672 and 745 hours. 

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW 

Bank Day Calendar Bank Days in Norway 

Currency Euro (EUR) 

Tick size EUR 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B Section of the Contract Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Premium Settlement Premium Settlement shall take place on the first Bank Day 

following the day on which the applicable Option Contract is 

registered as a Clearing Transaction. 

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is 

greater than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the option Fix is 

available.

Exercise Price The Exercise Price (i.e. strike price) is 

specified in the designation of each Series (see Series 

Designation) 

Settlement (Following 

Option Exercise) 

Following Option Exercise, a new Clearing Transaction 

reflecting the Contract Base of the Option Contract is 
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automatically and immediately registered to the Option 

Holder’s and the Option Writer’s applicable Clearing Accounts. 

The Option Holder will be registered as buyer of the Contract 

Base in respect of a call Option, and as seller in respect of a 

put Option. The Option Writer will be registered with the 

opposite position. The Exercise Price of the Option Contract will 

be registered as the Contract Price for the Contract Base 

(“delivery to strike”). 

Settlement of the Contract Base will take place in accordance 

with the applicable rules for the Contract Base.

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

The Expiration Day is normally the same as the underlying 

contract base

Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time. 

Seven (7) Series shall be available for trading and clearing at 

all times as of D+3 (D denotes the first Bank Day of the 

month). 

Series designation Each Series shall be designated as follows: 

ENOAFUTBL[C/P]M[MMMY]-[XX]; were: 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [MMMY] denotes the month [MMM] and the last digit of the 

year [Y] of the applicable Spot Reference Period, year for the 

Contract Base (0-9) 

- [XX] denotes the applicable Exercise Price in EUR 

(E.g. ENOAFUTBLCMAPR7-45 for a call-option for Spot 

Reference Period = April 2017 (as further specified in the 

Trading System and the Product Calendar) at Exercise Price 

EUR 45 

Strike levels The following Series with a price interval of 1 shall initially be 

listed as one (1) Series reflecting the price level of the 

underlying contract and two (2) series above and two (2) 

Series below the price of the underlying contract. The price 

level of the underlying contract is determined by the Daily Fix 

on the preceding Bank Day. Strike levels may additionally be 

listed intra-day. 

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information 
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1.44 Nordic Electricity Base Future Year Option - ENOFUTBL[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of Nordic 

Electricity Base Year Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Year Future contract, as specified in the Series 

Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway 

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time. Following a Manual 

Exercise, or where a reservation has been made against Standard 

Exercise, the option writer is chosen by random draw amongst the 

Counterparties with positions in the Contract. The chosen option writer 

will be informed about the results of the draw at such time as specified 

in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). Settlement of the 

Contract Base pursuant to its Contract Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally 

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. Three 

(3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBL[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System 

and the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOFUTBLCYR7DEC6-40 for a call-option for Delivery Period = 

calendar year 2017 and Expiration Day = during December 2016 (as 

further specified in the Trading System and the Product Calendar) at 

Exercise Price EUR 40)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.45 Nordic Electricity Base Future Quarter Option – ENOFUTBL[C/P]Q[QY][MMMY]-

Type of contract Standardized option contract on corresponding Contract base of Nordic

Electricity Base Quarterly Electricity Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Quarterly Electricity Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway 

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following Following Option Exercise, the Contract Base is registered to the option 
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Option Exercise) holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month six 

(6) months ahead of the applicable month of the Expiration Day.

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBL[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOFUTBLCQ27MAR7-35 for a call-option for Delivery Period = 

Quarter 2 2017 and Expiration Day = during Mar 2017 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 143 (264)

1.46 Nordic EPAD Electricity Base Year DS Future – SY[AAA]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the Delivery Period (00:00 – 24:00 

CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash Settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Cascading automatically takes place on the Expiration Day of each 

Series. 

Year contracts cascade into quarter contracts in respect of the same 

Area Price and spanning the same Delivery Period as the year contract.

The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.
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Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

third (3rd) year prior to the Delivery Period for all Norwegian, Danish, 

Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) year prior to the Delivery Period for all Swedish and 

Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered by the end of exchange trading 

hours on the Expiration Day will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Two (2) Series shall be available for trading and clearing at all times 

for the Latvian area. Series are listed on the terms set forth herein, 

unless otherwise expressly stated by the Exchange. Listing shall occur 

in Series on the dates set forth in the Quotation List in effect at any 

given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish and Estonian areas. Four (4) Series shall be 

available for trading and clearing at all times for the Swedish and 

Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]YR-[YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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- TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. SYARHYR-13 for Area Price Århus and Delivery Period = calendar 

year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 146 (264)

1.47 Nordic EPAD Electricity Base Quarter DS Future – SY[AAA]Q[QQ-YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts in 

respect of the same Area Price and spanning the same Delivery Period 

as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 147 (264)

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

ninth (9th) month prior to the Delivery Period for all Norwegian, 

Danish,Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

twelfth (12th) month prior to the Delivery Period for all Swedish and 

Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Four (4) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]Q[QQ-YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Norway”; and

- [QQ-YY] denotes the applicable quarter [QQ] (1-4) and the calendar 

year [YY] (00-99) of the Delivery Period

(E.g. SYARHQ1-13 for Area Price Århus and Delivery Period = Q1 (jan 

– mar) year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 149 (264)

1.48 Nordic EPAD Electricity Base Month DS Future – SY[AAA][MMM-YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price , and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) month prior to the Delivery Period for all Norwegian, 

Danish, Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) month prior to the Delivery Period for all Swedish and 
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Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Four (4) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA][MMM-YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [MMM-YY] denotes the applicable month [MMM] (three letters) and 

the calendar year [YY] (00-99) of the Delivery Period

(E.g. SYARHJAN-13 for Area Price Århus and Delivery Period = january 

2013)

Primary Exchange NASDAQ Oslo ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 151 (264)

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 152 (264)

1.49 Nordic EPAD Electricity Base Week Future – SY[AAA]W[WW]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price , and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load week normally spans 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal. 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar week as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term; 

- Expiration Day Fix shall be determined on the Expiration Day; and 

- Spot Reference Fix shall be determined for each day of the Delivery

 Period. 

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 153 (264)

fifth (5th) Week prior to the Delivery Period for all Swedish and Finnish 

areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times 

for the Swedish and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]W[WW]- [YY] where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- [WW] denotes the week number (1-53) 

- [YY] denotes the calendar year (00-99) 

of the Delivery Period

(E.g. SYHELW01-13 for Area Price Helsinki and Delivery Period = week 

1 in 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 154 (264)

1.50 Nordic EPAD Electricity Base Year Future – SY[AAA]FUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price).

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the Delivery Period (00:00 – 24:00 

CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day. 

Settlement Cash Settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (Nordic 

EPAD Electricity Base Quarter Future) in respect of the same Area 

Price and spanning the same Delivery Period as the year contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 155 (264)

The first trading day will normally be the first (1st) Bank Day of the 

third (3rd) year prior to the Delivery Period for all Norwegian, Danish, 

Estonian and Latvian areas. 

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) year prior to the Delivery Period for all Swedish and 

Finnish areas. 

The Expiration Day will normally be the third (3rd) Bank Day (inclusive) 

before the Delivery Period for the Series. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Two (2) Series shall be available for trading and clearing at all times 

for the Latvian area. Series are listed on the terms set forth herein, 

unless otherwise expressly stated by the Exchange. Listing shall occur 

in Series on the dates set forth in the Quotation List in effect at any 

given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish and Estonian areas. Four (4) Series shall be 

available for trading and clearing at all times for the Swedish and 

Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]FUTBLYR-[YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- - CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- - HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- - LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- - MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- - OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- - RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- - STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- - SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- - TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- - TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [A] denotes the Average Rate Future
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 156 (264)

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. SYARHFUTBLYR-17 for Area Price Århus and Delivery Period = 

calendar year 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 157 (264)

1.51 Nordic EPAD Electricity Base Quarter Future – SY[AAA]FUTBLQ-[Q]- [YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price).

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day. 

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (EPAD 

Electricity Base Average Rate Month Future) in respect of the same 

Area Price and spanning the same Delivery Period as the quarter 

contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 158 (264)

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

ninth (9th) month prior to the Delivery Period for all Norwegian, 

Danish, Estonian and Latvian areas. 

The first trading day will normally be the first (1st) Bank Day of the 

twelfth (12th) month prior to the Delivery Period for all Swedish and 

Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Four (4) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]AFUTBLQ[Q]-[YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- - CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- - HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- - LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- - MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- - OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- - RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- - STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- - SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- - TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- - TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [Q] denotes the applicable quarter (1-4) and
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 159 (264)

- [YY] denotes the calendar year (00-99)

- (E.g. SYARHFUTBLQ1-17 for Area Price Århus and Delivery Period = 

Q1 (Jan – mar) year 2017

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 160 (264)

1.52 Nordic EPAD Electricity Base Average Rate Month Future –

SY[AAA]AFUTBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price , and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price).

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Spot Reference Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Spot Reference Period 

(00:00 – 24:00 CET).

Spot Reference Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A and Part B 

of the Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; (the 

first Bank Day following the Expiration Day if the Expiration Day is a 

non-Bank Day).

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications. On the Expiration Day the Daily Market Settlement will 

be calculated using the Expiration Day Fix for Average Rate Contracts

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 161 (264)

second (2nd) month prior to the Spot Reference Period for all 

Norwegian, Danish, Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) month prior to the Spot Reference Period for all Swedish 

and Finnish areas.

The Expiration Day will normally be the last day of the Spot Reference 

Period for the Series commences. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Five (5) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]AFUTBLM[MMM-YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three

letters):

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- - CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- - HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- - LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- - MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- - OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- - RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- - STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- - SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- - TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- - TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 162 (264)

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

(E.g. SYARHAFUTBLMJAN-17 for Area Price Århus and Spot Reference 

Period = January 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 163 (264)

1.53 Spanish Power Monthly DS Future - EESM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base OMIE Day-head Auction, i.e. the price of 1 MWh of electricity in 

Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 164 (264)

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contract: Orders that are not matched at 12:00 CET on 

the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EESM[Load][Period]; where 

- EES i.e. “Electricity Spain ES”

- M i.e. “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EESMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 165 (264)

1.54 UK Electricity Base Season Future – EUKBLS[S/W]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load seasons normally vary between 4392 and 4368 hours. 

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable season as specified in the Series Designation and the 

Product Calendar.

Seasons are for 6 consecutive months (April to September = Summer 

Season SS or October to March Winter Season SW).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Season contracts cascade into corresponding quarter contracts (UK 

Electricity Base Quarter Future) spanning the same Delivery Period as 

the season contract.

Cascading automatically takes place on the Expiry day prior to delivery 

of each Series. The Contract Price of the cascaded/new contracts will 

be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) season prior to the Delivery Period.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 166 (264)

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLS[S/W]-[YY], where: 

- [S/W] denotes the season (Summer – Winter) of the Delivery 

Period, where the summer season spans the months April –

September (inclusive) and the winter season spans the months 

October – March (inclusive) and

- [YY] denotes the calendar year (00-99)

(E.g. EUKBLSS-13 for Delivery Period = Summer season (Apr– Sep) in 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 167 (264)

1.55 UK Electricity Base Quarter Future – EUKBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours. 

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (UK 

Electricity Base Month Future) spanning the same Delivery Period as 

the quarter contract.

Cascading automatically takes place on the Expiry day prior to delivery 

of each Series. The Contract Price of the cascaded/new contracts will 

be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) quarter prior to the Delivery Period.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 168 (264)

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLQ[Q]-[YY], where: 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

(E.g. EUKBLQ1-13 for Delivery Period = first quarter (January-March) 

in 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 169 (264)

1.56 UK Electricity Base Month Future – EUKBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours. 

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable month as specified in the Series Designation and the 

Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading none

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.

Final Time for Same as for exchange trading.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 170 (264)

Clearing Registration

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Four (4) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLM[MMM]-[YY], where: 

- [MMM] denotes the month ( three letters) and

- [YY] denotes the calendar year (00-99)

(E.g. EUKBLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 171 (264)

1.57 UK Electricity Base Week Future – EUKBLW[WW]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load weeks normally span 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable load hours of the calendar week (Monday - Sunday) as 

specified in the Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (5

th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.
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COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 172 (264)

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLW[WW]-[YY], where: 

- [YY] denotes the calendar year (00-99)

- [WW] denotes the week number (01-53)

of the Delivery Period

(E.g. EUKBLW01-13 for Delivery Period = week 1 in 2013)

Primary Exchange NASDAQ OMXNASDAQ Oslo ASA

Clearing Venue NASDAQ OMXNASDAQ Clearing AB

Other Information
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1.58 UK Power Monthly DS Future - EUKM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 10th business day of the immediately 

following calendar month.

Contract base N2EX Day-Ahead Power Auction, i.e. the price of 1 MWh of electricity 

in GBP.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Pounds Sterling (GBP).

Tick size GBP 0,01.

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh. 

Load Daily Contracts:

4 hour block1 – Covering hours 23:00 - 02:59 UKLT.

4 hour block2 – Covering hours 03:00 - 06:59 UKLT.

4 hour block3 – Covering hours 07:00 - 10:59 UKLT.

4 hour block4 – Covering hours 11:00 - 14:59 UKLT.

4 hour block5 – Covering hours 15:00 - 18:59 UKLT.

4 hour block6 – Covering hours 19:00 - 22:59 UKLT.

6 hour block1 – Covering hours 23:00 - 04:59 UKLT.

Base load - Covering hours 23:00 – 22:59 UKLT of the relevant day.

Peak Load - Covering hours 07:00 – 18:59 UKLT of the relevant day.

Off-Peak load – Covering hours 23:00-06:59 and 19:00-22:59 UKLT 

of the relevant day.

Weekly Contracts:

Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 07:00 – 18:59 UKLT of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Monday throughout Friday and hours 23:00 

– 22:59 UKLT of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 07:00 – 18:59 UKLT of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:
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Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 07:00 – 18:59 UKLT of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Monday throughout Friday and hours 23:00 

– 22:59 UKLT of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 10th

business day of the immediately following calendar month.

(i.e. a year contract has twelve cash settlements from month of 

February of the contract year throughout month of January the 

proceeding contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load), 4 hour block 

1-6 and 6 hour block 1: Orders that are not matched at 11:00 UKLT 

on the Expiration Day will be cancelled.

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EUKM[Load][Period]; where 

- EUK i.e. “Electricity United Kingdom UK”

- M i.e. “Monthly settled DS Futures”

- Load 

 4H01 denotes “4hour block 1”

 4H02 denotes “4 hour block 2”

 4H03 denotes “4 hour block 3”

 4H04 denotes “4 hour block 4”

 4H05 denotes “4 hour block 5”

 4H06 denotes “4 hour block 6” 

 6H01 denotes “6hour block 1”

 B denotes “Base Load”
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 P denotes “Peak Load”

 O denotes “Off Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EUKMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 176 (264)

2 NATURAL GAS CONTRACTS
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 177 (264)

2.1 Belgian Zeebrugge Natural Gas Monthly DS Future – ZEEM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren Zeebrugge daily price assessment Day ahead and 

Weekend midpointDay i.e. the price of 1 therm of natural gas in

GBpence.

Contract base size 1 therm. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in therms, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1000 therms.

Bank Day Calendar European Trading Calendar.

Currency Pounds Sterling (GBP).

Tick size GBP 0,0001 (GBpence 0,01). 

Contract Price As agreed by the purchaser and seller and expressed in 

GBpence/therm. 

Load Base load - Covering hours 05:00 – 04:59 UKLT of all relevant days.

Daily Contracts:

Daily Contracts cover 05:00 UKLT contract day till and including 

04:59 UKLT the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 05:00 UKLT the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 04:59 

UKLT the first UK holiday contiguous with the weekend of the 

contract week.

Week End Contracts:

Week End Contracts cover 05:00 UKLT the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 04:59 

UKLT the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 05:00 UKLT the first calendar day of the period till 

and including 04:59 UKLT the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 
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and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

ZEEM_[Period]; where 

- ZEE i.e. “Natural Gas at Zeebrugge”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. ZEEM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 179 (264)

2.2 Dutch TTF Natural Gas Monthly DS Future - TTFM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren TTF daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Balance of the Working Day Week Contracts: Balance of the Working 

Day Week Contract covers 06:00 CET the immediately following 

Business day till and including 05:59 CET the first UK holiday 

contiguous with the weekend of the current week.

Balance of the Month Contracts:

Balance of the Month Contract covers the remaining days of the 

current month excluding the next UK Business day or the weekend

as defined above (whichever is the sooner) from 06:00 CET

till and including 05:59 CET the immediately following calendar day 

after the current month period, disregarding holidays.

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 
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after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

TTFM_[Period]; where 

- TTF i.e. “TTF Natural gas”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 V[DYXX-YY] denotes “Balance of the Working Day Week”,

where DY is first delivery day TU, WE, TH

 N[DDMMM-YY] denotes “Balance of the Month”,

where DD is first delivery day 03-30

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. TTFM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 181 (264)

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 182 (264)

2.3 French PEG NORD Natural Gas Monthly DS Future - PNOM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren Peg Nord daily price assessment Day ahead and 

Weekend midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar..

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 
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Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

PNOM_[Period]; where 

- PNO i.e. “Natural Gas at French Peg Nord”

- M i.e. “Monthly settled DS Futures”

Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. PNOM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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2.4 French TRS Natural Gas Monthly DS Future – TRSM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren TRS daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

TRSM_[Period]; where 

- TRS i.e. “Natural Gas at French TRS”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. TRSM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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2.5 German Gaspool Natural Gas Monthly DS Future - GPOM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren Gaspool daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

GPOM_[Period]; where 

- GPO i.e. “Natural Gas at German Gaspool Point”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Weekend” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. GPOM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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2.6 German NCG Natural Gas Monthly DS Future - NCGM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren NCG daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Balance of the Working Day Week Contracts: Balance of the Working 

Day Week Contract covers 06:00 CET the immediately following 

Business day till and including 05:59 CET the first UK holiday 

contiguous with the weekend of the current week.

Balance of the Month Contracts:

Balance of the Month Contract covers the remaining days of the 

current month excluding the next UK Business day or the weekend 

as defined above (whichever is the sooner) from 06:00 CET

till and including 05:59 CET the immediately following calendar day 

after the current month period, disregarding holidays.

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 
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after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

NCGM_[Period]; where 

- NCG i.e. “Natural Gas at German NCG Point”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 V[DYXX-YY] denotes “Balance of the Working Day Week”,

where DY is first delivery day TU, WE, TH.

 N[DDMMM-YY] denotes “Balance of the Month”, 

where DD is first delivery day 03-30.

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. NCGM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 190 (264)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 191 (264)

2.7 UK NBP Natural Gas Monthly DS Future - NBPM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren NBP daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 therm of natural gas in GBpence

Contract base size 1 therm. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in therms, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1000 therms.

Bank Day Calendar European Trading Calendar.

Currency Pounds Sterling (GBP).

Tick size GBP 0,0001 (GBpence 0,01). 

Contract Price As agreed by the purchaser and seller and expressed in 

GBpence/therm. 

Load Base load - Covering hours 05:00 – 04:59 UKLT of all relevant days.

Daily Contracts:

Daily Contracts cover 05:00 UKLT contract day till and including 

04:59 UKLT the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 05:00 UKLT the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 04:59 

UKLT the first UK holiday contiguous with the weekend of the 

contract week.

Week End Contracts:

Week End Contracts cover 05:00 UKLT the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 04:59 

UKLT the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Balance of the Working Day Week Contracts: Balance of the Working 

Day Week Contract covers 05:00 UKLT the immediately following 

Business day till and including 04:59 UKLT the first UK holiday 

contiguous with the weekend of the current week.

Balance of the Month Contracts:

Balance of the Month Contract covers the remaining days of the 

current month excluding the next UK Business day or the weekend 

as defined above (whichever is the sooner) from 05:00 UKLT

till and including 04:59 UKLT the immediately following calendar day 

after the current month period, disregarding holidays.

Front Month Contracts:

Front Month Contracts cover 05:00 UKLT the first calendar day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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month till and including 04:59 UKLT the immediately following 

calendar day after the end date.

Back Month Contracts:

Back Month Contracts cover 05:00 UKLT the start date till and 

including 04:59 UKLT the immediately following calendar day after 

the end of the month.

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 05:00 UKLT the first calendar day of the period till 

and including 04:59 UKLT the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

NBPM_[Period]; where 

- NBP i.e. “Natural Gas at NBP”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 V[DYXX-YY] denotes “Balance of the Working Day Week”,

where DY is first delivery day TU, WE, TH.

 N[DDMMM-YY] denotes “Balance of the Month”,

where DD is first delivery day 03-30.

 X[MMM-YY] denotes “Front Month”
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 193 (264)

 Z[MMM-YY] denotes “Back Month”

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. NBPM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 194 (264)

3 ALLOWANCE CONTRACTS
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 195 (264)

3.1 EUA Day Future – NED[DDMM-YY]

Type of contract Allowance Contract. Standardized contract for European Union 

Allowance unit (EUA) with physical delivery

Contract base European Union Allowance (EUA)

Contract base size 1 EUA = 1 metric tonnes of CO2 = 1 tCO2

Trade Lot 1 000 EUAs = 1 000 tCO2 

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/tCO2.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term; and

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash Settlement vs Allowance Delivery following the Expiration Day in 

accordance with the Allowance Settlement Schedule in Part C of the 

Contract Specifications. 

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an Allowance Delivery to the Clearinghouse of the 

net volume of EUAs. The Clearinghouse shall perform an Allowance 

Delivery of the applicable volume of EUAs due to the Delivery Point of 

net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the Allowance Settlement Schedule. 

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

Series are normally listed on a daily rolling basis), meaning that the 

first trading day will always be four Bank Days in advance of the listed 

contract Expiration Day. 

Listing Exchange Listing and Clearing Listing

Listing of Series Five day series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall occur in 

Series on the dates set forth in the Quotation List in effect at any given 

time.

Series are normally listed on a daily rolling basis as per the Quotation 

List. Series will not be listed on non-Bank Days, or during periods 

when the Union Registry is closed. 

Series designation Each Series shall be designated as follows:

NED[DDMM-YY]; where:

- [DDMMM-YY] denotes the Term with reference to the day[DD], 

month [MM] and year [YY] of the Expiration Day.

(E.g. NED1706-13 for Expiration Day = 17 June 2013)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible Allowances in 

Part B Section 3.5 of the Contract Specifications.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 197 (264)

3.2 EUA Future – NE[MMMY]

Type of contract Allowance Contract. Standardized future contract for European Union 

Allowance unit (EUA) with physical delivery

Contract base European Union Allowance (EUA). 

Contract base size 1 EUA = 1 metric tonnes of CO2 = 1 tCO2

Trade Lot 1 000 EUAs = 1 000 tCO2

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/tCO2.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term; 

and

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash Settlement vs Allowance Delivery.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an Allowance Delivery to the Clearinghouse of the 

net volume of EUAs. The Clearinghouse shall perform an Allowance 

Delivery of the applicable volume of EUAs due to the Delivery Point of 

net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the Allowance Settlement Schedule.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the first Bank Day after the Expiration 

Day of the last option quarter contract of the year. 

The Expiration Day is normally the last Monday of the expiration 

month as specified in the Series Designation. If the last Monday of the 

month is a non-Bank Day, or there is a non-Bank Day in the four (4) 

calendar days following the last Monday of the month, the Expiration 

Day will normally be the penultimate Monday of the expiration month. 

If the previously stated conditions are also in conflict with the 

penultimate Monday, the Expiration Day will normally be the 

antepenultimate Monday of the expiration month.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series are listed on a rolling basis on the expiry of the preceding 

option contracts, normally on the Expiration Day of the final option 

quarter contract of a year.

- Four (4) quarter contracts with expiry March, June, September 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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and December for the two (2) nearest years.

The annual contracts with December expiry are listed until 2020.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Series designation Each Series shall be designated as follows:

NE[MMMY]; where:

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day

(E.g. NEMAR3 for Expiration Day = during March 2013, as further 

specified in the Quotation List)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible Allowances in 

Part B Section 3.5 of the Contract Specifications.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 199 (264)

3.3 EUA Option – NE[C/P][MMMY]-[XX]

Type of contract Allowance Contract. Standardized option contract for European Union 

Allowance (EUA) 

Style of Option European Option

Contract base The EUA December future contract (NEDEC[Y]) corresponding to the 

Expiration Date of the EUA Option Contract , as specified in the 

Trading System and the Product Calendar.

Contract base size 1 EUA = 1 lot of the Contract Base 

Trade Lot 1 000 EUAs = 1 000 tCO2

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/tCO2.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The Option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 200 (264)

The first trading day is normally the Expiration Day of the final option 

quarter contract of a year.

The Expiration Day is normally three (3) Bank Days before the Expiry 

of the March, June, September or December contract month of the 

EUA Future Contract.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series are listed on a rolling basis on the expiry of the preceding

option contracts, normally on the Expiration Day of the final option 

quarter contract of a year.

- Four (4) quarter contracts with expiry March, June, September 

and December for the two nearest years.

Series designation Each Series shall be designated as follows:

NE[C/P][MMMY]-[XX]; where:

- [C/P] denotes whether it is a call [C] or put [P] option

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar) 

- [XX] denotes the applicable Exercise Price (with decimals where 

applicable)

(E.g. NECDEC2-40 for a call-option with Expiration Day during 

December 2012 (as further specified in the Trading System and the 

Product Calendar) at Exercise Price EUR 40)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible Allowances in 

Part B Section 3.5 of the Contract Specifications.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 201 (264)

4 SWEDISH AND NORWEGIAN ELECTRICITY CERTIFICATES (EL-CERTS) CONTRACTS
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 202 (264)

4.1 Electricity Certificates (El-Cert) Day Future SEK – ELCSEKD[DDMMM-YY]

Type of contract Electricity Certificates (El-Cert) Contract. Standardized Day Future

contract with physical delivery

Contract base Electricity Certificate (El-Cert)

Contract base size 1 El-Cert = 1 MWh Electricity Certificates 

Trade Lot 1 000 El-Certs = 1 000 MWh Electricity Certificates

Clearing Lot 1 El-Cert = 1 MWh Electricity Certificates

Bank Day Calendar Bank Days in Norway

Currency Swedish Krona (SEK)

Tick size SEK 0.01

Contract Price As agreed by the purchaser and seller and expressed in SEK/El-Cert.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term; and

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash Settlement vs El-Cert Delivery following the Expiration Day in 

accordance with the El-Cert Settlement Schedule in Part B of the 

Contract Specifications. When bank holiday in Sweden the contract will 

have D+4 settlement and delivery.

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an El-Cert Delivery to the Clearinghouse of the net 

volume of El-Certs. The Clearinghouse shall perform an El-Cert 

Delivery of the applicable volume of El-Certs due to the Delivery Point 

of net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the El-Cert Settlement Schedule.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

Series are normally listed on a daily rolling basis), meaning that the 

first trading day will always be four Bank Days in advance of the listed 

contract Expiration Day.

Listing Exchange Listing and Clearing Listing

Listing of Series Six day series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall occur in 

Series on the dates set forth in the Quotation List in effect at any given 

time.

Series are normally listed on a daily rolling basis as per the Quotation 

List. Series will not be listed on non-Bank Days, or during periods 

when the Union Registry is closed.

Series designation Each Series shall be designated as follows:

Each Series shall be designated as follows:

ELCSEKD[DDMM-YY]; where:

- [DDMMM-YY] denotes the Term with reference to the day [DD], 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 203 (264)

month [MM] and year [YY] of the Expiration Day.

(E.g. ELCSEKD1012-13 for Expiration Day = 10 December 2013)

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible El-Certs in Part 

B Section 4.5 of the Contract Specifications.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 204 (264)

4.2 Electricity Certificates (El-Cert) DS Future SEK – ELCSEK[MMM-YY]

Type of contract Electricity Certificates (El-Cert) Contract. Standardized DS Future

contract with physical delivery

Contract base Electricity Certificate (El-Cert)

Contract base size 1 El-Cert = 1 MWh Electricity Certificates 

Trade Lot 1 000 El-Certs = 1 000 MWh Electricity Certificates

Clearing Lot 1 El-Cert = 1 MWh Electricity Certificates

Bank Day Calendar Bank Days in Norway

Currency Swedish Krona (SEK)

Tick size SEK 0.01

Contract Price As agreed by the purchaser and seller and expressed in SEK/El-Cert.

Fix Expiration Day Fix shall be determined on the Expiration Day in 

accordance with Part A of the Contract Specifications.

Settlement Cash Settlement vs El-Cert Delivery following the Expiration Day in 

accordance with the El-Cert Settlement Schedule in Part B of the 

Contract Specifications. When bank holiday in Sweden the contract will 

have D+4 settlement and delivery.

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an El-Cert Delivery to the Clearinghouse of the net 

volume of El-Certs. The Clearinghouse shall perform an El-Cert 

Delivery of the applicable volume of El-Certs due to the Delivery Point 

of net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the El-Cert Settlement Schedule.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the first Bank Day after the Expiration 

Day of a yearly contract. 

Last Trading Day is three Clearing Days prior to the Settlement and 

Delivery Day. If the day is a Non-Business Day, the Last trading day is 

defined as the nearest Business Day prior to this.

Settlement and Delivery Day is the 18th of the relevant month. If the 

day is a Non-Business Day, the Settlement and Delivery Day is defined 

as the nearest Business Day prior to this.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series are listed on a rolling basis after the expiry of the preceding 

contracts, normally as follows after the Expiration Day of a yearly 

contract:

Five (5) Series shall be available for trading and clearing at all times.

- Five (5) yearly contracts (with March expiry) each year

- On expiry of a yearly contract, an additional 5th year contract 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 205 (264)

will be listed.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Series designation Each Series shall be designated as follows:

ELCSEKMAR-(YY); where:-ELC means Electricity Certificates (El-Cert).

-SEK means Swedish Krona currency.

- MAR denotes the expiry month March and (YY) the last digit two 

digits of the Expiration Year

(E.g. ELCSEKMAR-14 for Expiration Day = during March 2013 (as 

further specified in the Trading System and the Product Calendar))

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible El-Certs in Part 

B Section 4.5 of the Contract Specifications.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 206 (264)

5 FREIGHT AND FUEL OIL CONTRACTS
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 207 (264)

5.1 Dry Capesize Future 

Type of contract Freight Contract. Standardized Dry Capesize Future Contract with cash 

settlement.

Contract base Baltic Exchange index, i.e. the price of 1 metric ton/* 1 day, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange Capesize Index” market as quoted and published by the 

Baltic Exchange. The following Contract Bases are available for Trading 

and Clearing:

C3 AVG: Capesize, Tubarao – Qingdao, 160,000 mt

C4 AVG: Capesize, Richards Bay – Rotterdam, 150,000 mt

C5 AVG: Capesize, W Australia – Qingdao, 160,000 mt

C7 AVG: Capesize, Bolivar – Rotterdam, 150,000 mt

Contract base size 1000 mt, *1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/mt. 

*USD/day

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

If the splitting of a quarter or year contract according to the method 

above would result in positions with more than two decimals, the rest 

position is dispersed in 0.01 Lots on the month contracts, starting with 

the last month contract according to Index Delivery Period and 

working backwards.

Fix Fix will be determined as follows in accordance with Section 5.3 of 

these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day is the 

last Index Day of the Index Delivery Period.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

C[A]_AVG_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. C4_AVG_FEB16 for Index Delivery Period = February in 2016)

Quarter:

C[A]_AVG_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. C4_AVG_Q116for Index Delivery Period = First Quarter in 2016)

Year:

C[A]_AVG_CAL[YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. C4_AVG_CAL14 for Index Delivery Period = Calendar 2016)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 209 (264)

5.2 Dry Time Charter Future 

Type of contract Freight Contract. Standardized Dry Time Charter Future Contract with 

cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day of Contract Base, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange T/C Index” market as quoted and published by the Baltic 

Exchange. The following Contract Bases are available for Trading and 

Clearing:

CS4TC, Capesize, T/C Average

CS5TC, Capesize, T/C Average

PM4TC, Panamax, T/C Average

HS6TC, Handysize, T/C Average

SM6TC, Supramax, T/C Average

SM10TC, Supramax, T/C Average

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month 

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts. If the traded volume in 

the quarter contract equals the total or half the number of days in the 

actual quarter, the Contract is split into month contracts by weighting 

the volume according to the number of days in the actual month 

divided by the total number of days in the quarter.

Half Year:

A half year contract is split equally into 6 month contracts on the 

trading day and settled as month contracts. If the traded volume in 

the half year contract equals the total or half number of days in the 

actual half year, the Contract is split into month contracts by weighting 

the volume according to the number of days in the actual month 

divided by the total number of days in the half year.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts. If the traded volume in the year 

contract equals the total or half number of days in the actual year, the 

Contract is split into month contracts by weighting the volume 

according to the number of days in the actual month divided by the 

total number of days in the year.

If the splitting of a quarter, half year or year contract according to the 

method above would result in positions with more than two decimals, 

the rest position is dispersed in 0.01 Lots on the month contracts, 

starting with the last month contract according to Index Delivery 

Period and working backwards.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 210 (264)

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

[AAA]TC_[MMM][YY]; where

- [AAA] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_FEB13 for Index Delivery Period = February in 2013)

Quarter:

[AAA]TC_[QQ][YY]; where

- [AAA] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_Q113 for Index Delivery Period = First Quarter in 2013)

Half-Year:

[AAA]TC_[QQ]+[QQ][YY]; where

- [AAA] denotes the Contract Base identifier

- [QQ]+[QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_Q1+Q213 for Index Delivery Period = First and Second 

Quarter in 2013)

Year:
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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[AAA]TC_CAL[YY]; where

- [AAA] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_CAL13 for Index Delivery Period = Calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 212 (264)

5.3 Dry Panamax Future – 7 days

Type of contract Freight Contract. Standardized Dry Panamax Future Contract with cash 

settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day of Contract Base, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange Panamax Index” market as quoted and published by the 

Baltic Exchange. The following Contract Bases are available for Trading 

and Clearing:

P1A, Panamax, T/C Transatlantic RV

P2A, Panamax, T/C Skaw Gibraltar – Far East

P3A, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

Last 7 Index Days in the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

If the splitting of a quarter contract according to the method above 

would result in positions with more than two decimals, the rest 

position is dispersed in 0.01 Lots on the month contracts, starting with 

the last month contract according to Index Delivery Period and 

working backwards.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

If the splitting of a year contract according to the method above would 

result in positions with more than two decimals, the rest position is 

dispersed in 0.01 Lots on the month contracts, starting with the last 

month contract according to Index Delivery Period and working 

backwards.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 213 (264)

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

P[A]A_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_FEB13 for Index Delivery Period = February in 2013)

Quarter:

P[A]A_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_Q113 for Index Delivery Period = First Quarter in 2013)

Year:

P[A]A_CAL[YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_CAL16 for Index Delivery Period = Calendar 2016)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 214 (264)

5.4 Dry Panamax Future – average of all days

Type of contract Freight Contract. Standardized Dry Panamax average Future Contract 

with cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day of Contract Base, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange Panamax Index” market as quoted and published by the 

Baltic Exchange. The following Contract Bases are available for Trading 

and Clearing:

P1A AVG, Panamax, T/C Transatlantic RV

P2A AVG, Panamax, T/C Skaw Gibraltar – Far East

P3A AVG, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

If the splitting of a quarter contract according to the method above 

would result in positions with more than two decimals, the rest 

position is dispersed in 0.01 Lots on the month contracts, starting with 

the last month contract according to Index Delivery Period and 

working backwards.

Year:

A quarter contract is split equally into 12 month contracts on the 

trading day and settled as month contracts.

If the splitting of a year contract according to the method above would 

result in positions with more than two decimals, the rest position is 

dispersed in 0.01 Lots on the month contracts, starting with the last 

month contract according to Index Delivery Period and working 

backwards.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4. 

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 215 (264)

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

P[A]A_AVG_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_AVG_FEB13 for Index Delivery Period = February in 2013)

Quarter:

P[A]A_AVG_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_AVG_Q113 for Index Delivery Period = First Quarter in 

2013)

Year:

P[A]A_AVG_CAL[YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_AVG_CAL16 for Index Delivery Period = Calendar 2016)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 216 (264)

5.5 Fuel Oil (Asia-Pacific) Future

Type of contract Fuel Oil Contract. Standardized Fuel Oil Future Contract with cash 

settlement.

Contract base Platts index, i.e. the price of 1 metric ton of Contract Base, in the 

currency of the Contract, according to the daily index for the “Platts 

Asia-Pacific Marketscan” market as quoted and published by Platts. 

The following Contract Bases are available for Trading and Clearing:

SPO180FOSS, Fuel Oil 180 CST FOB Cargoes Singapore

SPO380FOSS, Fuel Oil 380 CST FOB Cargoes Singapore

Contract base size Month:1 mt

Quarter: 3 mt

Year: 12 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 217 (264)

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

SPO[A]80FOSS_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. SPO380FOSS_FEB13 for Index Delivery Period = February in 

2013)

Quarter:

SPO[A]80FOSS_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. SPO380FOSS_Q113 for Index Delivery Period = First Quarter in 

2013)

Year:

SPO[A]80FOSS_[CAL][YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. SPO380FOSS_CAL13 for Index Delivery Period = Calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 218 (264)

5.6 Fuel Oil (European) Future

Type of contract Fuel Oil Contract. Standardized Fuel Oil Future Contract with cash 

settlement.

Contract base Platts index, i.e. the price of 1 metric ton of Contract Base, in the 

currency of the Contract, according to the daily index for the “Platts 

European Marketscan” market as quoted and published by Platts. The 

following Contract Bases are available for Trading and Clearing:

RDM35FOSS, Fuel Oil 3.5% FOB Barges Rotterdam

MED35FOSS, Fuel Oil 3,5% FOB Cargoes Mediterranean

Contract base size Month:1 mt

Quarter: 3 mt

Year: 12 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 219 (264)

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available 

for trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

[AAAAA]FOSS_[MMM][YY]; where

- [AAAAA] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. RDM35FOSS_FEB13 for Index Delivery Period = February in 

2013)

Quarter:

[AAAAA]FOSS_[QQ][YY]; where

- [AAAAA] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. RDM35FOSS_Q113 for Index Delivery Period = First Quarter 

in 2013)

Year:

[AAAAA]FOSS_[CAL][YY]; where

- [AAAAA] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. RDM35FOSS_CAL13 for Index Delivery Period = Calendar 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 220 (264)

5.7 Tanker Future

Type of contract Freight Contract. Standardized tanker future contract with cash 

settlement.

Contract base Baltic Exchange index, i.e. the price of 1 metric ton, in the 

currency of the Contract, according to the daily index for the 

“Baltic Exchange Dirty/Clean Tanker Index” market as quoted and 

published by the Baltic Exchange. The following Contract Bases are 

available for Trading and Clearing:

TC2USD, MR Continent-USAC, 37,000 mt

TC6USD, MR, Algeria – Euromed, 30,000 mt

TC7USD, MR, Singapore – East Coast Australia, 30,000 mt

TC9USD, MR, Baltic - UK-Cont, 30,000 mt

TC12USD, MR, West Coast India – Japan, 35,000 mt

TC14USD, MR, US Gulf – Continent, 38,000 mt

TC15USD, LR2, Med – Far East, 80,000 mt

TD3USD, VLCC AG-East, 265,000 mt

TD7USD, Aframax, North Sea-Continent, 80,000 mt

TD8USD, Aframax, Kuwait – Singapore, 80,000 mt

TD20USD, Suezmax, West Africa – Continent, 130,000 mt

Platts index, i.e. the price of 1 metric ton, in the currency of the 

Contract, according to the daily index for the “Platts Clean Tanker 

Wire, Platts Market Scan - Market on Close (MOC)” market as 

quoted and published by Platts. The following Contract Bases are 

available for Trading and Clearing:

TC5USD, LR 1, AG – Japan, 55,000 mt

Contract Base size

Trade Lot

Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Par B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 221 (264)

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Month:

T[AA]USD_[MMM][YY]; where

- [AA] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. TC2USD_FEB13 for Index Delivery Period = February in 2013)

Quarter:

T[AA]USD_[QQ][YY]; where

- [AA] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. TC2USD_Q113 for Index Delivery Period = First Quarter in 2013)

Year:

T[AA]USD_CAL[YY]; where

- [AA] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. TC2USD_CAL13 for Index Delivery Period = Calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
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5.8 Tanker Time Charter Future

Type of contract Freight Contract. Standardized Tanker Time Charter Future Contract 

with cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day, in the currency of the 

Contract, according to the daily index for the “Baltic Exchange TD3-

TCE Index” and “Baltic Exchange Clean Tanker Index” market as 

quoted and published by the Baltic Exchange. The following Contract 

Bases are available for Trading and Clearing:

MRA, MR Atlantic Basket, 47,000 mt

Contract Base size

Trade Lot

Month:1 day

Quarter: 3 days

Year: 12 days 

0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 
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dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Month:

MRA_[MMM][YY]; where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. MRA_FEB16 for Index Delivery Period = February in 2013)

Quarter:

MRA_[QQ][YY]; where

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. MRA_Q116 for Index Delivery Period = First Quarter in 2013)

Year:

MRA_[CAL][YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. MRA_CAL16 for Index Delivery Period = Calendar 2013)

Primary Exchange NASDAQasdaq Oslo ASA

Clearing Venue NASDAQasdaq Clearing AB
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5.9 LPG Freight Future

Type of contract Freight Contract. Standardized liquefied petroleum gas future 

contract with cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 metric ton, in the 

currency of the Contract, according to the daily index for the 

“Baltic Exchange Liquid Petroleum Gas Index” market as quoted 

and published by the Baltic Exchange. The following Contract 

Bases are available for Trading and Clearing:

LPG1, VLGC Ras Tanura – Chiba, 44,000 mt

Contract Base size

Trade Lot

Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Par B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.
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Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Month:

LPG1_[MMM][YY]; where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. LPG1_OCT14 for Index Delivery Period = October in 2014)

Quarter:

LPG1_[QQ][YY]; where

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. LPG1_Q414 for Index Delivery Period = Fourth Quarter in 2014)

Year:

LPG1_CAL[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. LPG1_CAL15 for Index Delivery Period = Calendar 2015)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
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5.10 Dry Capesize Option Contracts

Type of contract Standardized delivery of future option contracts on corresponding 

Contract Base of Dry Capesize Futures Contract.

Style of Option European Option with automatic exercise and delivery of future on 

Expiration Day.

Contract base Dry Capesize Futures Contracts corresponding to the Expiration Day of 

the Dry Capesize Delivery of Future Option Contracts, as specified in 

the Trading System and the Product Calendar. The following Dry 

Capesize Future Contract Bases are available for Trading and Clearing:

C3 AVG: Capesize, Tubarao – Qingdao, 160,000 mt

C4 AVG: Capesize, Richards Bay – Rotterdam, 150,000 mt

C5 AVG: Capesize, W Australia – Qingdao, 160,000 mt

C7 AVG: Capesize, Bolivar – Rotterdam, 150,000 mt

Contract base size 1000 mt, *1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part B, Section 5. 5 of these Contract Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

*USD/day. 

Premium Settlement Premium Settlement shall take place on the following Bank Day after 

which the applicable Option Contract is registered as a Clearing 

Transaction.

Option Exercise Standard Exercise for call options will be invoked where the Option Fix 

is greater than the Exercise Price. Standard Exercise for put options 

will be invoked where the Exercise Price is greater than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation). 

Settlement (following 

Option Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for Clearing Same as for exchange trading. 
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Registration 

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

C[A]_AVG_[MMM][YY]_[C/P][XX]; were: 

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. C4_AVG_MAR14_C35 for a call-option for Index Delivery Period = 

MARCH 2014 at Exercise Price USD 35) 

Quarter: 

C[A]_AVG_ [QQ][YY]_[C/P][XX]; were: 

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. C3_AVG _Q413_C35 for a call-option for Index Delivery Period = 

Quarter 4 2013 at Exercise Price USD 35) 

Year:

C[A]_AVG_[CAL][YY]_[C/P][XX]; were: 

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. C4_AVG_CAL14_C35 for a call-option for Index Delivery Period = 

calendar year 2014 at Exercise Price USD 35)

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB

Other Information 
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5.11 Dry Time Charter Option Contracts

Type of contract Standardized delivery of future option contracts on 

corresponding Contract Base of Dry Time Charter Future 

Contracts.

Style of Option 

European Option with automatic exercise and delivery of 

future on Expiration Day.

Contract base Dry Time Charter Future Contracts corresponding to the 

Expiration Day of the Dry Time Charter Delivery of Future Option 

Contracts, as specified in the Trading System and the Product 

Calendar. The following Dry Time Charter Future Contract Bases 

are available for Trading and Clearing:

CS4TC, Capesize, T/C Average

CS5TC, Capesize, T/C Average

PM4TC, Panamax, T/C Average

HS6TC, Handysize, T/C Average

SM6TC, Supramax, T/C Average 

SM10TC, Supramax, T/C Average

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day.

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation). 

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 
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Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

CS4TC_[MMM][YY]_[C/P][XX]; were: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_MAR14_C20000 for a call-option for Index Delivery 

Period = MARCH 2014 at Exercise Price USD 20000) 

Quarter: 

CS4TC_ [QQ][YY]_[C/P][XX]; were: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_Q413_C20000 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 20000) 

Half-Year: 

CS4TC_[QQ]+[QQ][YY]_[C/P][XX]; where 

- [QQ]+[QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_Q1+Q213_C20000 for a call-option for Index 

Delivery Period = First and Second Quarter in 2013 at Exercise 

Price USD 20000)

Year:
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CS4TC_ [CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_CAL14_C20000 for a call-option for Index Delivery 

Period = calendar year 2014 at Exercise Price USD 20000) 

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information 
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5.12 Dry Panamax Option Contracts

Type of contract Standardized delivery of future option contracts on corresponding 

Contract Base of Dry Panamax Futures Contracts. 

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base Dry Panamax Future Contracts corresponding to the Expiration 

Day of the Dry Panamax Delivery of Future Option Contracts, as 

specified in the Trading System and the Product Calendar. The 

following Dry Panamax Future Contract Bases are available for 

Trading and Clearing:

P1A, Panamax, T/C Transatlantic RV

P2A, Panamax, T/C Skaw Gibraltar – Far East

P3A, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation). 

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The 

Expiration Day will normally be the last Bank Day of the Index 

Delivery Period.
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Final Time for Trading Orders that are not matched at the end of exchange trading 

hours on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

P1A_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) 

and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_MAR14_C20000 for a call-option for Index Delivery 

Period = MARCH 2014 at Exercise Price USD 20000) 

Quarter: 

P1A_ [QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_Q413_C20000 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 20000) 

Year:

P1A_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_CAL16_C20000 for a call-option for Index 

Delivery Period = calendar year 2016 at Exercise Price USD 

20000) 

Strike levels New strikes are listed upon request by members and brokers.
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Clearing Venue NASDAQ Clearing AB

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5.13 Dry Panamax Average Option Contracts

Type of contract Standardized Dry Panamax delivery of future average option 

contract on corresponding Contract Base of Dry Panamax

Average Future Contracts. 

Style of Option European Option with automatic exercise and delivery of 

future on Expiration Day. 

Contract base Dry Panamax Average Future Contracts corresponding to the 

Expiration Day of the Dry Panamax Average Delivery of Future 

Option Contracts, as specified in the Trading System and the 

Product Calendar. The following Dry Panamax Average Future 

Contract Bases are available for Trading and Clearing:

P1A AVG, Panamax, T/C Transatlantic RV

P2A AVG, Panamax, T/C Skaw Gibraltar – Far East

P3A AVG, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD)

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day.

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation). 

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.
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Final Time for Clearing 

Registration 

Same as for exchange trading.

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

P1A_AVG_[MMM][YY]_[C/P][XX]; were: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_AVG_MAR14_C20000 for a call-option for Index 

Delivery Period = MARCH 2014 at Exercise Price USD 20000) 

Quarter: 

P1A_AVG_ [QQ][YY]_[C/P][XX]; were: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_AVG_Q413_C20000 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 20000) 

Year:

P1A_AVG_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_AVG_CAL16_C20000 for a call-option for Index 

Delivery Period = calendar year 2016 at Exercise Price USD 

20000)

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information 
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5.14 Tanker Option Contracts

Type of contract Standardized Tanker Delivery of Future option contracts on 

corresponding Contract Base of Tanker Future Contracts.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base Tanker Future Contracts corresponding to the Expiration Day of 

the Tanker Delivery of Future Option Contracts, as specified in the 

Trading System and the Product Calendar. The following Tanker 

Future Contract Bases are available for Trading and Clearing:

TC2USD, MR Continent-USAC, 37,000 mt

TC6USD, MR, Algeria – Euromed, 30,000 mt

TC7USD, Mr, Singapore – East Coast Australia, 30,000 mt

TC12USD, MR, West Coast India – Japan, 35,000 mt

TC14USD, MR, US Gulf – Continent, 38,000 mt

TD3USD, VLCC AG-East, 265,000 mt

TD7USD, Aframax, North Sea-Continent, 80,000 mt

TD8USD, Aframax, Kuwait – Singapore, 80,000 mt

TD20USD, Suezmax, West Africa – Continent, 130,000 mt

TC5USD, LR 1, AG – Japan, 55,000 mt

Contract Base Size Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.0001 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).
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Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

TC2USD_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. TC2USD_MAR14_C35 for a call-option for Index Delivery 

Period = MARCH 2014 at Exercise Price USD 35) 

Quarter: 

TC2USD_[QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. TC2USD_Q413_C35 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 35) 

Year:

TC2USD_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 
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- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. TC2USD_CAL14_C35 for a call-option for Index Delivery 

Period = calendar year 2014 at Exercise Price USD 35) 

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB

Other Information 
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5.15 Tanker Time Charter Option Contracts

Type of contract Standardized Delivery of Future Option contracts on 

corresponding Contract Base of Tanker Time Charter Futures 

Contract. 

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day.

Contract base Tanker Time Charter Future Contracts corresponding to the 

Expiration Day of the Tanker Time Charter Delivery of Future 

Option, as specified in the Trading System and the Product 

Calendar. The following Tanker Time Charter Future Contract 

Bases are available for Trading and Clearing:

MRA, MR Atlantic Basket, 47,000 mt

Contract Base Size

Trade Lot 

Month:1 day

Quarter: 3 days

Year: 12 days

0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.
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Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month:

MRA_[MMM][YY]_[C/P][XX] where:

- [MMM] denotes the month of the applicable Index Delivery

Period

- [YY] denotes the year of the Expiration Day (as further 

specified in the Trading System and the Product Calendar)

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. MRA_MAR16_C45 for a call-option with Index Delivery 

Period = March 2013 and Expiration Day = during March 2013 

(as further specified in the Trading System and the Product 

Calendar) at Exercise Price USD 45)

Quarter:

MRA_Q[Q][YY]_[C/P][XX] where:

- [Q] denotes the quarter (1-4) of the applicable Index Delivery 

Period

- [YY] denotes the last digits year of the Expiration Day (as 

further specified in the Trading System and the Product 

Calendar)

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. MRA_Q216_C45 for a call-option with Index Delivery Period 

= Quarter 2 2014 and Expiration Day = during 2014 (as further 

specified in the Trading System and the Product Calendar) at 

Exercise Price USD 45)

Year:

MRA_CAL[YY]_[C/P][XX]; where:

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

- [C/P] denotes whether it is a call [C] or put [P] option
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- [XX] denotes the applicable Exercise Price in USD

(E.g. MRA_CAL16_C45 for a call-option with Index Delivery 

Period = calendar year 2014 (as further specified in the Trading 

System and the Product Calendar) at Exercise Price USD 45)

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information
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5.16 Tanker Time Charter Option Contracts

Type of contract Standardized LPG Freight Delivery of Future option contracts on 

corresponding Contract Base of LPG Freight Future Contracts.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base LPG Freight Future Contracts corresponding to the Expiration Day 

of the LPG Freight Delivery of Future Option Contracts, as 

specified in the Trading System and the Product Calendar. The 

following LPG Freight Future Contract Bases are available for 

Trading and Clearing:

LPG1, VLGC Ras Tanura – Chiba, 44,000 mt

Contract Base Size Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.0001 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.
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Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

LPG1_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_OCT14_C120 for a call-option for Index Delivery 

Period = OCTOBER 2014 at Exercise Price USD 120) 

Quarter: 

LPG1_[QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_Q414_C120 for a call-option for Index Delivery Period 

= Quarter 4 2014 at Exercise Price USD 120) 

Year:

LPG1_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_CAL15_C130 for a call-option for Index Delivery 

Period = Calendar year 2015 at Exercise Price USD 130) 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB

Other Information 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 245 (264)

5.17 LPG Freight Option Contracts

Type of contract Standardized LPG Freight Delivery of Future option contracts on 

corresponding Contract Base of LPG Freight Future Contracts.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base LPG Freight Future Contracts corresponding to the Expiration Day 

of the LPG Freight Delivery of Future Option Contracts, as 

specified in the Trading System and the Product Calendar. The 

following LPG Freight Future Contract Bases are available for 

Trading and Clearing:

LPG1, VLGC Ras Tanura – Chiba, 44,000 mt

Contract Base Size Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.0001 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.
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Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

LPG1_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_OCT14_C120 for a call-option for Index Delivery 

Period = OCTOBER 2014 at Exercise Price USD 120) 

Quarter: 

LPG1_[QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_Q414_C120 for a call-option for Index Delivery Period 

= Quarter 4 2014 at Exercise Price USD 120) 

Year:

LPG1_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_CAL15_C130 for a call-option for Index Delivery 

Period = Calendar year 2015 at Exercise Price USD 130) 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 247 (264)

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB

Other Information 
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6 FERROUS CONTRACTS
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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6.1 Iron Ore Future

Type of contract Iron Ore Contract. Standardized Iron Ore Future Contract with cash 

settlement.

Contract base TSI CHN62FE, CFR China, 62% Fe Fines – Delivered Chinese Port:

i.e. the price (of 1 dry metric tonne) of Contract Base, in the 

currency of the Contract, as quoted and published by the The Steel 

Index. 

Contract base size 1000 dry metric tonne

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 

1.3 of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the 

Contract Specifications.

Term (clearing period) As identified in the Clearing System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery Period.

Final Time for Clearing 

Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available 

for trading and clearing at all times.

The Exchange and the Clearinghouse may at their sole discretion 
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decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

CHN62FE_[MMM][YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. CHN62FE_DEC15 for Index Delivery Period = December 2015)

Quarter:

CHN62FE_Q[Q][YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

(E.g. CHN62FE_Q114 for Index Delivery Period = First Quarter 2014)

Year:

CHN62FE_CAL[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. CHN62FE_CAL15 for Index Delivery Period = Calendar Year 

2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
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6.2 Iron Ore Option

Type of contract Standardized delivery of future contract on corresponding 

Contract Base of Iron Ore Future Contract.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base The Steel Index, i.e. the price (of 1 dry metric tonne) of 

Contract Base, in the currency of the Contract, as quoted and 

published by The Steel Index. The following Contract Bases is 

available for Clearing:

CHN62FE, CFR China, 62% Fe Fines – Delivered Chinese Port

Contract Base size 1 dry metric tonne

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency USD

Tick size USD 0.01

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B Section 1.5 of the Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in 

USD/dmt.

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is 

greater than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the Option Fix is 

available. 

Exercise Price The Exercise Price (i.e. strike price) is specified in the 

designation of each Series (see Series Designation).

Settlement (following Option 

Exercise)

Following Option Exercise on the Expiration Day shall be done 

in accordance with Part B Section 6.2.6.

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. The 

Expiration Day will normally be the last Bank Day of the Index 

Delivery Period.

Final Time for Clearing 

Registration

Same as for exchange trading.

Forced Termination Applicable.
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Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time.

Series shall, as specified in the Term (clearing period), be 

available for trading and clearing at all times. 

Series designation Month:

CHN62FE_[MMM][YY]_[C/P][XX] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) 

and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CHN62FE_DEC16_C100 for Call Option with Exercise 

Price 100 USD and Index Delivery Period = December 2016)

Quarter:

CHN62FE_Q[Q][YY]_[C/P][XX]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. CHN62FE_Q116_P95 for Put Option with Exercise Price 95 

USD and Index Delivery Period = First Quarter 2016)

Year:

CHN62FE_CAL[YY]_[C/P][XX]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. CHN62FE_CAL16_P95 for Put Option with Exercise Price 

95 USD and Index Delivery Period = Calendar Year 2016)

Strike levels

Primary Exchange

New strikes are listed upon request by members and brokers.

Nasdaq Oslo ASA

Clearing Venue NASDAQ Clearing AB
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6.3 Coking Coal Future

Type of contract Coking Coal Contract. Standardized Coking Coal Future Contract with 

cash settlement.

Contract base The Steel Index (TSI) Premium hard coking coal, FOB East Cost 

Australia Port, i.e. the price (of 1 dry metric tonne) of Contract Base, 

in the currency of the Contract, as quoted and published by TSI. 

Contract base size 1000 metric tonne

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 1.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (clearing 

period)

As identified in the Clearing System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for 

Clearing Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 
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specified above.

Series designation Each Series shall be designated as follows:

Month:

COKAUS[MMM]-[YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. COKAUSDEC-15 for Index Delivery Period = December 2015)

Quarter:

COKAUSQ[Q]-[YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. COKAUSQ1-15 for Index Delivery Period = First Quarter 2015)

Year:

COKAUSCAL-[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. COKAUSCAL-15 for Index Delivery Period = Calendar Year 2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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6.4 US Shredded Scrap Steel Future – USSH

Type of contract US Shredded Scrap Steel Contract. Standardized Futures Contract 

with cash settlement.

Contract base TSI US Shredded Steel Scrap Index - (ISRI Code 210 & 211)

The USD price for 1 gross ton of US Shredded Steel Scrap according to

the monthly TSI US Shredded Steel Scrap Index. 

TSI US shredded scrap index is compiled as volume-weighted average 

of first 10 days of activity each calendar month, published on 11th day 

of each month (or next US working day if 11th is not a US working 

day). 

Contract base size Month: 20 Gross Tons

Quarter: 60 Gross Tons

Trade Lot 1 (20 Gross Tons) (2240 lbs.)

Bank Day Calendar Bank Days in the United States (US) - Except for Easter Friday, Easter 

Monday and Boxing Day. 

Currency United States Dollars (USD)

Tick size USD 0.25

Contract Price As agreed by the purchaser and seller and expressed in USD per Gross 

Ton (2240 lbs.) 

Index Delivery Period Month:

TSI US Shredded Steel Scrap Index published on the 11th day of the 

relevant calendar month where the 11th is a Bank Day in the US, 

otherwise the following Bank Day in the US.

Quarter:

Upon registration as an Exchange Transaction, quarter contracts are 

automatically converted into three month contracts of equal volume in 

each of the constituent months at the same trade price which settle as 

month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 

7.1.3 of these Contract Specifications:

- Daily Fix shall be determined by the Exchange on each Bank Day 

during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 7.1.4

Settlement Cash settlement only to take place D+1 after Expiration 

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day is the 

11th of the month or the following Bank Days in the US when the 11th

is not a Bank Days in the US.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the day before (D-1) Expiration Day will be cancelled.
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Final Time for 

Clearing Registration

Same as Final Time for Trading

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

USSH[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(e.g. USSHJAN-15 for Delivery Period = January 2015)

Quarter:

USSHQ[N]–[YY]; where

- [N] – denotes the quarter number (1,2,3,4)

- [YY] denotes the calendar year (00-99)

(e.g. USSHQ3-15 for Delivery Period = Q3 2015)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 257 (264)

6.5 US Hot Rolled Coil (HRC) Future

Type of contract US HRC Contract. Standardized Steel Hot Rolled Coil Future Contract 

with cash settlement.

Contract base The Steel Index (TSI) US domestic hot rolled coil, FOB Midwest mill, 

i.e. the price (of 1 dry metric tonne) of Contract Base, in the currency 

of the Contract, as quoted and published by TSI. 

Contract base size 20 metric tonne

Trade Lot 1

Bank Day Calendar Bank Days in the UK

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 1.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (clearing 

period)

As identified in the Clearing System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for 

Clearing Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 258 (264)

specified above.

Series designation Each Series shall be designated as follows:

Month:

USHRC[MMM]-[YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. USHRCDEC-15 for Index Delivery Period = December 2015)

Quarter:

USHRCQ[Q]-[YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. USHRCQ1-15 for Index Delivery Period = First Quarter 2015)

Year:

USHRCCAL-[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. USHRCCAL-15 for Index Delivery Period = Calendar Year 2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 259 (264)

6.6 ASEAN Hot Rolled Coil (HRC) Future

Type of contract ASEAN HRC Contract. Standardized Steel Hot Rolled Coil Future 

Contract with cash settlement.

Contract base The Steel Index Hot Rolled Coil, ASEAN imports, CFR Singapore port, 

i.e. the price (of 1 dry metric tonne) of Contract Base, in the currency 

of the Contract, as quoted and published by TSI. 

Contract base size 20 dry metric tonne

Trade Lot 1

Bank Day Calendar Bank Days in the UK

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 1.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (clearing 

period)

As identified in the Clearing System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for 

Clearing Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 260 (264)

specified above.

Series designation Each Series shall be designated as follows:

Month:

ASEHRC[MMM]-[YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. ASEHRCDEC-15 for Index Delivery Period = December 2015)

Quarter:

ASEHRCQ[Q]-[YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. ASEHRCQ1-15 for Index Delivery Period = First Quarter 2015)

Year:

ASEHRCCAL-[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. ASEHRCCAL-15 for Index Delivery Period = Calendar Year 2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 261 (264)

7 RENEWABLE CONTRACTS
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 262 (264)

7.1 German Wind Index Future – RWDE (Renewables Wind DE)

Type of contract Wind Index Contract. Standardized Futures contract with cash 

settlement.

Contract base The Nasdaq Renewable Index Wind Germany NAREX-WIDE 

index point multiplied with 1 EUR per WPH according to the 

daily “NAREX-WIDE” index for the German region as calculated 

by the Calculation Agent.

Contract base size 1 WPH. Wind Production Hour.

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with 

the applicable Delivery Period.

The contract size (contract volume), expressed in WPH, will be 

a function of the applicable number of delivery hours and the 

lot size. 

Base load dailies normally vary between 23 and 25 hours. 

Base load weeks normally vary between 167 and 169 hours. 

Base load months normally vary between 672 and 745 hours. 

Base load quarters normally vary between 2159 and 2209 

hours. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1

Bank Day Calendar European Trading Calendar

Currency Euro (EUR) 

Tick size EUR 0.01 

Contract Price As agreed by the purchaser and seller and expressed in 

EUR/WPH. 

Load Base load - Covering all hours of all days in the Spot Reference

Period (00:00 – 24:00 CET). 

Spot Reference Period The applicable load hours of the calendar period as specified in 

the Series Designation and the Product Calendar.

Day:

The applicable calendar day as specified in the Series 

Designation and the Product Calendar.

Week:

The applicable calendar week (Monday - Sunday) as specified 

in the Series Designation and the Product Calendar.

Month:

The applicable calendar month as specified in the Series 

Designation and the Product Calendar. 

Quarter:

The applicable quarter as specified in the Series Designation 

and the Product Calendar.

Quarters are for three consecutive calendar months of a year: 

Q1 (Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 263 (264)

Year:

The applicable calendar year as specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A and 

Part B of the Contract Specifications: 

- Daily Fix shall be determined on each Bank Day during the 

Term, 

- Expiration Day Fix shall be determined on the Expiration Day.

(the first Bank Day following the Expiration Day if the 

Expiration Day is a non-Bank Day)

Settlement Cash settlement only. 

Daily Market Settlement in accordance with Part A of the 

Contract Specifications. On the Expiration Day the Daily 

Market Settlement will be calculated using the Expiration 

Day Fix for Average Rate Contracts.

Cascading Year:

A year contract cascade into corresponding quarter contracts 

spanning the same Spot Reference Period as the year contract

three bank days prior to the start of delivery of the year 

contract.

Quarter:

A quarter contract cascade into corresponding Month contracts 

spanning the same Spot Reference Period as the quarter

contract on the last Trading day of the quarter contract

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled. 

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time.

Three (3) yearly series shall be available for trading and 

clearing at all times.

Seven (7) quarterly series shall be available for trading and 

clearing at all times.

Six (6) monthly series shall be available for trading and 

clearing at all times.

Four (4) weekly series shall be available for trading and 

clearing at all times.

Ten (10) daily series shall be available for trading and clearing 

at all times.

The Exchange and the Clearinghouse may at their sole 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 264 (264)

discretion decide to list Contracts with a deviating product 

structure than specified above.

Series designation Each Series shall be designated as follows: 

 RWDEBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery 

Period

(E.g. RWDEBLYR-15 for Delivery Period = calendar year 2015)

 RWDEBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. RWDEBLQ2-15 for Delivery Period = 2nd quarter (April -

June 2015)

 RWDEBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. RWDEBLMJAN-15 for Delivery Period = January 2015)

 RWDEBLW[XX]-[YY]; where 

- [XX] denotes the number of the week of the Delivery Period

- [YY] denotes the calendar year (00-99) of the Delivery 

Period

(E.g. RWDEBLW12-15 for Delivery Period = week12 in 2015)

 RWDEBLD[ddmm]-[YY]; where 

- [ddmm] denotes the number of the day and number of the 

month of the Delivery Period

- [YY] denotes the calendar year (00-99) of the Delivery 

Period

(E.g. RWDEBLD0601-15 for Delivery Period = 6th January 

2015)

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information 

[end of document]
FINANSTILSYNET 

Norway 

This translation is for information purposes only. Legal authenticity remains with the official 

Norwegian version as published in Norsk Lovtidend. 

Regulations to the Securities Trading Act (Securities Trading 

Regulations) 

Translation update: December 2013 

PARTl SCOPE AND DEFINITIONS 

Chapter 1 Scope 

Section 1-1 Area of application 

These regulations provide supplementary provisions to Act of29 June 2007 No. 75 

on securities trading. 

Section 1-2 (Revoked) 

Section 1-3 Application of the Securities Trading Act to investment firms with a 

restricted range of services 

(I) Investment firms that do not hold client funds and that solely provide investment 

advice in connection with the acquisition of businesses, business strategies and the like, 

are excepted from the following provisions of the Securities Trading Act and regulations 

issued pursuant thereto: section 8-4, section 9-14, section 9-15, section 9-16, section 9-

20, section 10-2 subsection (3) nos. 1 and 2 and section 10-3. 

(2) Investment firms as mentioned in subsection (2) shall at the point in time mentioned 

in section I 0-10 issue a clear declaration to potential clients that the firm is not subject to 

the general rules for investment firms. Such firms cannot provide services in another 

EEA state under the rules of the Securities Trading Act section 9-23. 

Section 1-4 Application of the Securities Trading Act to credit institutions 

(1) Investment firms that are credit institutions are excepted from the Securities Trading 

Act section 9-10 subsections (2), ( 5) and (7) and these regulations section 9-3 to section 

9-6. 

(2) Investment firms that are banks and that only provide investment services as 

mentioned in the Securities Trading Act section 2-1, subsection (1) no. 1 and no. 5, are 

excepted from the Securities Trading Act section 9-12 and regulations made pursuant to 

this provision if the bank: 

a) is a member of the Norwegian Banks' Guarantee Fund, and 

b) does not handle clients' financial instruments or assets beyond transmitting 

settlements. 
Chapter 2 Definitions 

Section 2-1 Definition of commodity derivatives, etc. 

(1) The term 'commodity derivatives' as mentioned in the Securities Trading Act section 

2-2 subsection (5) no. 2 means: 

(a) Options, futures, swaps, forward rate agreements and all other derivative contracts 

with commodities as the underlying that are either settled financially or may be 

settled financially if one or more of the parties so desires. 

(b) Options, futures, swaps and all other derivative contracts with commodities as the 

underlying that may be settled physically, provided they are traded on a regulated 

market or a multilateral trading facility. 

(c) Options, futures, swaps and all other derivative contracts with commodities as the 

underlying which have the characteristics of other financial derivatives and which 

may be settled physically and are not for commercial purposes; see Regulation (EC) 

No. 1287/2006 Article 38 (4). In the assessment of whether the contracts have the 

characteristics of other financial derivatives, emphasis shall inter alia be placed on 

whether they are settled and cleared by recognised clearing houses or are 

encompassed by arrangements for the payment or provision of margin; see 

Regulation (EC) No. 1287/2006 Article 38 (1). 

(2) The term 'commodities' means assets as mentioned in Regulation (EC) No. 

1287/2006 Article 2 (1). 

(3) The term 'other instruments' in the Securities Trading Act section 2-2 subsection (5) 

no. 5 means: 

(a) Options, futures, swaps, forward rate agreements and all other derivative contracts 

with climate variations, freight rates, emission permits, inflation rates or other official 

economic statistics as the underlying that either shall be settled financially or may be 

settled financially if one or more of the parties so desire. 

(b) All other derivative contracts with assets, rights, obligations, indexes or measures as 

the underlying that have the characteristics of other financial derivatives. In the 

assessment of whether the contracts have the characteristics of other financial 

derivatives, emphasis shall inter alia be placed on whether the contracts are traded on 

a regulated market or on a multilateral trading facility, whether they are settled and 

cleared by recognised clearing houses or are encompassed by arrangements for the 

payment or provision of margin; see Regulation (EC) No. 1287/2006 Article 38 (3) 

and 38 (4). 

Chapter3 

Part 2 General provisions 

General rules of conduct 

I MARKET MANIPULATION 

Section 3-1 Scope of the provisions of this subchapter 
( 1) This subchapter lays down further rules concerning market manipulation and the 

reporting of suspicious transactions. 

(2) Section 3-2 applies to financial instruments which are traded, or for which admission 

to trading has been requested, on a regulated market in Norway. Section 3-2 applies 

correspondingly to actions undertaken in Norway in connection with financial 

instruments which are traded, or for which admission to trading has been requested, on a 

regulated market in another EEA state. 

(3) Section 3-4 applies to investment firms and credit institutions, including the 

employees of such undertakings. 

Section 3-2. Market manipulation 

( 1) In the assessment of whether orders to trade given or transactions undertaken 

constitute market manipulation under the Securities Trading Act section 3-8 subsection 

(2) no. 1 the following factors, among others, shall be taken into account: 

(a) whether or to what extent orders to trade given or transactions undertaken represent a 

significant proportion of the daily trading volume in the relevant financial instrument 

on the regulated market concerned, in particular when these orders or transactions 

lead to a significant change in the price of the financial instrument, 

(b) whether or to what extent orders to trade given or transactions undertaken by 

individuals with a significant buying or selling position in a financial instrument lead 

to a significant change in the price of the financial instrument or related derivatives or 

underlying assets admitted to trading on a regulated market 

( c) whether transactions undertaken lead to no change in beneficial ownership of a 

financial instrument admitted to trading on a regulated market, 

( d) whether or to what extent orders to trade given or transactions undertaken include 

position reversals in a short period and represent a significant proportion of the daily 

trading volume in the relevant financial instrument on the regulated market 

concerned, and such orders or transactions may be associated with significant 

changes in the price of a financial instrument admitted to trading on a regulated 

market, 

( e) whether or to what extent orders to trade given or transactions undertaken are 

concentrated within a short time span in the trading session and lead to a price change 

which is subsequently reversed, 

(f) whether or to what extent orders to trade given change the best bid or offer prices in a 

financial instrument admitted to trading on a regulated market, or more generally 

change the order book available to market participants, and the orders are removed 

before they are executed, and 

(g) whether or to what extent orders to trade are given or transactions are undertaken at 

or around a specific time when reference prices, settlement prices or valuations are 

calculated and lead to price changes which have an effect on such prices or 

valuations. 

(2) In the assessment of whether trading orders or transactions constitute market 

manipulation under the Securities Trading Act section 3-8 subsection (2) no. 2 the 

following factors, among others, must be taken into account: 
(a) the extent to which a person or related party of such person has disseminated 

incorrect or misleading information concerning a financial instrument before or after 

the person concerned has given orders to trade or executed transactions in the 

financial instrument, 

(b) the extent to which a person or related party of such person has prepared or 

distributed an investment recommendation concerning a financial instrument before 

or after the person concerned has given orders to trade or executed transactions in the 

financial instrument, 

(c) the investment recommendation is erroneous, biased or demonstrably influenced by 

material interests. 

Section 3-3 Accepted market practices 

In the assessment of what shall be regarded as accepted market practices, 

Finanstilsynet shall, among other things, take the following factors into account: 

(a) the level of transparency of the relevant market practice to the whole market, 

(b) the need to safeguard the operation of the market, including well-functioning market 

forces and the proper interplay of the forces of supply and demand, 

( c) the degree to which the relevant market practice has an impact on market liquidity 

and efficiency, 

( d) the degree to which the relevant practice takes into account the trading mechanism of 

the relevant market and enables market participants to react properly and in a timely 

manner to the new market situation created by that practice, 

( e) the risk inherent in the relevant practice for the integrity of directly or indirectly 

related markets in the EEA area, 

(f) the outcome of any investigation of the relevant market practice by competent 

authorities in the EEA area, in particular whether the relevant market practice 

breaches rules or regulations designed to prevent market abuse or codes of conduct, 

and 

(g) the structural characteristics of the relevant market including whether it is regulated 

or not, the types of financial instruments traded and the types of actors participating 

in the market. 

Section 3-4 Requirements for content of notification pursuant to the Securities Trading 

Act section 3-11 

(1) Notification pursuant to the Securities Trading Act section 3-1 l shall contain: 

(a) a description of the transaction, including the type of order and type of trade, 

(b) information about the reasons why the party subject to the reporting obligation 

suspects that the transaction may constitute insider trading or market manipulation, 

( c) information on the identity of the person on behalf of whom the transaction was 

carried out and of any other parties to the transaction, 

(d) information on the capacity in which the party subject to the reporting obligation 

operates (for own account or on behalf of a third party), and 
(e) any other information which may be relevant in reviewing the transaction to which 

the suspicion of insider trading or market manipulation relates. 

(2) If all the information mentioned in subsection ( 1) is not available at the time of 

notification, the notification shall include at least the reasons why the notifying person 

suspects that the transaction may constitute insider trading or market manipulation. All 

remaining information mentioned in subsection ( 1) shall be provided to Finanstilsynet as 

soon as it becomes available. 

(3) Notification pursuant to the Securities Trading Act section 3-11 may be given to 

Finanstilsynet by post, telefax, telephone or by such other means as Finanstilsynet 

determines. Finanstilsynet may require that information provided by telephone be 

followed up with written notification. 

II. INVESTMENT RECOMMENDATIONS 

Section 3-5 Scope of the provisions of this subchapter 

(1) The provisions of this subchapter apply to any person who on a professional basis 

prepares or transmits investment recommendations relating to financial instruments or the 

issuers of such which are intended for a distribution channel or the general public. For 

investment firms that prepare investment recommendations the rules of section 9-23 to 

section 9-28 shall also apply. 

(2) The rules of section 3-9 subsections ( 1) and (2) and section 3-11 subsections ( 1) and 

(2) apply only to investment recommendations that are prepared by individuals whose 

main business is to prepare such recommendations. 

(3) The rules of section 3-9 subsection (3) and section 3-11 subsections (3) and (4) apply 

only to investment recommendations that are prepared by an investment firm or a credit 

institution. 

(4) The provisions of this subchapter do not apply to investment advice as mentioned in 

the Securities Trading Act section 2-4 unless it is probable that the recommendation will 

be distributed or published and thereby regarded as an investment recommendation under 

subsection (1 ). 

(5) The provisions of this subchapter do not apply to the press where the press is subject 

to satisfactory self-regulation. 

Section 3-6 Definitions of central concepts in this subchapter 

(1) 'Person' means a natural or legal person. 

(2) 'Investment recommendation' means an analysis, report, article or other form of 

written or verbal information that recommends or suggests an investment or investment 

strategy. 

(3) 'Information that recommends or suggests an investment or investment strategy' 

means: 

(a) if the information has been prepared by a person whose main business is the 

preparation of investment recommendations: information that directly or indirectly 
expresses a specific investment recommendation concerning one or more financial 

instruments or issuers of such, for example information giving an opinion as to the 

present or future value or price of the financial instrument. 

(b) if the information was prepared by persons other that those covered by (a): 

information that directly expresses a specific investment recommendation concerning 

one or more financial instruments, for example a recommendation to buy, sell or hold 

a financial instrument. 

(4) 'Person whose main business is to prepare investment recommendations' means: 

(a) independent analysts 

(b) investment firms 

( c) credit institutions 

( d) any other person whose main business is to prepare investment recommendations, 

and 

(e) a natural person who works for a person as mentioned in (a) to (d) in an employment 

relationship or in another manner. 

( 5) 'Issuer' means the issuer of financial instruments to which an investment 

recommendation relates, directly or indirectly. 

(6) 'Financial instruments' means instruments covered by the Securities Trading Act 

section 2-2. 

(7) 'Distribution channel' means a channel through which information is, or is likely to 

become, available to a large number of persons. 

(8) 'Corporate related party' means a legal person covered by the Securities Trading Act 

section 2-5 nos. 3 to 5. 

(9) 'Investment bank services' means investment services as mentioned in the Securities 

Trading Act section 2-1 subsection (1) no. 6 and ancillary services as mentioned in the 

Securities Trading Act section 2-1 subsection (2) nos. 3 and 6. 

(10) 'Person who prepares an investment recommendation' means the natural person(s) 

who prepares the recommendation, and the legal person(s) responsible for its production. 

(11) 'Person who transmits a recommendation' means the natural person(s) and legal 

person(s) who on their own responsibility transmit a recommendation prepared by a third 

party. 

Section 3-7 Information about the person who prepares an investment 

recommendation 

Whoever prepares an investment recommendation shall ensure that the 

recommendation discloses clearly and prominently the name and job title of the natural 

persons(s) who prepared the recommendation, as well as the identity of the legal 

person(s) responsible for its production. 

Section 3-8 General requirements in relation to investment recommendations 
( 1) Whoever prepares an investment recommendation shall exercise due care to ensure 

that: 

(a) facts are clearly distinguished from interpretations, estimates, opinions and other nonfactual information, 

(b) all sources are regarded as reliable, and that any doubt about a source's reliability is 

clearly indicated, 

(c) all forecasts, price targets and price estimates are clearly labelled as such and the 

material assumptions made in producing them are clearly indicated, 

( d) the recommendation comes across as reasonable and prudent. 

(2) Whoever has prepared an investment recommendation must, upon Finanstilsynet's 

request, be able to substantiate the recommendation as reasonable and prudent. 

Section 3-9 Additional requirements in relation to investment recommendations 

prepared by a person whose main business is to prepare such recommendations 

( 1) If the person preparing an investment recommendation is a person whose main 

business is the preparation of such recommendations, that person shall, in addition to 

complying with the requirements set forth in section 3-8, exercise due care to ensure that 

the following are clearly described in the investment recommendation: 

(a) all important sources, including the relevant issuer, and whether the investment 

recommendation has been disclosed to that issuer and whether the recommendation 

has been amended following this disclosure, 

(b) any basis of evaluation or methodology used to evaluate and price a financial 

instrument or issuer or to set a price target, 

(c) the meaning of any recommendation made, such as 'buy', 'sell' or 'hold', including 

the time horizon of the investment to which the recommendation relates, 

( d) any risk associated with the recommendation, including an analysis of the relevant 

assumptions underlying the recommendation, 

(e) the planned frequency, if any, of planned updates of the recommendation and any 

major changes in the previously announced policy for coverage of the financial 

instrument or issuer, 

(f) date of the preparation and release of the recommendation, as well as the date and 

time for any price mentioned of a financial instrument, 

(g) any changes in the investment recommendation in relation to an earlier investment 

recommendation concerning the same security or issuer that have been prepared 

during the 12-month period immediately preceding its release, as well as the date of 

the earlier recommendation. 

(2) If the person preparing an investment recommendation is a person whose main 

business is the preparation of such recommendations, the recommendation shall make 

clear and prominent reference to any relevant industry standard or other self-regulation. 
(3) Investment firms and financial institutions shall, when preparing an investment 

recommendation, ensure that the supervisory authority responsible for oversight of the 

undertaking is indicated clearly in the recommendation. 

Section 3-10 General requirements for information concerning conflicts of interest 

(1) Whoever prepares an investment recommendation must clearly disclose in the 

recommendation all relationships and circumstances that may reasonably be expected to 

influence the objectivity of the recommendation. 

2) Disclosure as provided for in subsection (1) shall invariably be made in cases where: 

(a) the person preparing the investment recommendation has a material owner interest or 

other financial interest in one or more of the financial instruments to which the 

recommendation relates, 

(b) a material conflict of interest exists between the person preparing the investment 

recommendation and the issuer of one or more of the financial instruments to which 

the recommendation relates. 

(3) If a legal person is responsible for the preparation of an investment recommendation, 

disclosure as provided for in subsection (1) shall invariably include: 

(a) the nature of interests or conflicts of interest of the legal person and of corporate 

related parties that may reasonably be expected to be known to the natural persons 

preparing the recommendation, 

(b) the nature of interests or conflicts of interest of the legal person and of corporate 

related parties that are known to natural persons who have not participated in the 

preparation of the investment recommendation, provided that such persons may 

reasonably be expected to have had access to the recommendation before it was 

released or became publicly available. 

(4) This section involves no obligation to breach information barriers that have been 

established in order to avoid conflicts of interest between the divisions of an undertaking. 

Section 3-11 Additional requirements for disclosure of conflicts of interest by persons 

whose main business is to prepare investment recommendations 

( 1) If the person preparing an investment recommendation is a person whose main 

business is to prepare such recommendations, that person shall, in addition to complying 

with the requirements set forth in section 3-10, ensure that at least the following are 

clearly described in the investment recommendation: 

(a) shares in the issuer held by the person or by any corporate related party, when such 

shareholding exceeds 1/20 of the share capital or may reasonably be expected to 

influence the objectivity of the recommendation, 

(b) shares held by the issuer in the person preparing the investment recommendation or 

in any corporate related party, when such shareholding exceeds 1/20 of the share 

capital or may reasonably be expected to influence the objectivity of the 

recommendation, 

(c) other material financial interests held by the person preparing the investment 

recommendation or by any corporate related party in relation to the issuer, 
(d) whether the person preparing the recommendation or any corporate related party is a 

market maker or liquidity guarantor in the financial instruments of the issuer, 

(e) whether the person preparing the recommendation or any corporate related party has 

been lead manager or co-lead manager over the past twelve months of any publicly 

disclosed offer of financial instruments of the issuer, 

(f) whether the person preparing the investment recommendation or any corporate 

related party has provided investment banking services to the issuer of the relevant 

financial instruments over the past twelve months, provided that this would not entail 

the disclosure of confidential business or trade information, and 

(g) whether the person or any corporate related party is party to an agreement with the 

issuer relating to the production of a recommendation. 

(2) In addition to the requirements of subsection (1 ), information must be disclosed on 

what organisational and administrative arrangements, including information barriers, 

have been introduced to prevent and avoid conflicts of interest. Subsection ( 1) involves 

no obligation to breach effective information barriers that have been established in order 

to avoid conflicts of interest between the divisions of an undertaking. 

(3) Investment firms and credit institutions shall when preparing an investment 

recommendation ensure the disclosure of whether salary, fee or bonus arrangements of 

the natural and legal persons engaged in preparing the recommendation are tied to 

investment banking transactions performed by the investment firm, credit institution or 

corporate related party. Where such persons have received or purchased shares of the 

issuer prior to a public offering of such shares, this fact, and the price at which the shares 

were acquired and the date of the acquisition, shall also be disclosed. 

(4) Investment firms and credit institutions shall disclose, on a quarterly basis, the 

proportion of all investment recommendations prepared that are 'buy', 'sell', 'hold' or the 

equivalent, as well as the proportion of issuers corresponding to each of these categories 

to which the investment firm or the credit institution has supplied material investment 

banking services over the previous twelve months. 

Section 3-12 Investment recommendations of restricted scope 

Where fulfilling the requirements of section 3-9 to section 3-11 would be 

disproportionate in relation to the length of the recommendation distributed, it shall 

suffice that the recommendation includes a clear and prominent reference to the place 

where the requisite information can be easily and directly accessed by the public, for 

example the website of the entity responsible for preparing the recommendation. 

Section 3-13 Non-written investment recommendations 

Where an investment recommendation is given by non-written means, it shall, for the 

purpose of fulfilling the requirements of section 3-7 to section 3-11, suffice that the 

recommendation includes a clear and prominent reference to the place where the requisite 

information can be easily and directly accessed by the public, for example the website of 

the entity responsible for preparing the recommendation. 
Section 3-14 General requirements in relation to the dissemination of investment 

recommendations 

( 1) Whoever disseminates an investment recommendation through a distribution channel 

or to the general public shall disclose their name and any job title clearly and prominently 

in the recommendation. 

(2) Whoever disseminates an investment recommendation and makes material changes to 

the recommendation shall clearly indicate the changes made. If a change as mentioned in 

the first sentence consists of a change to the direction of the investment recommendation, 

such as a change of the recommendation to 'buy' into one to 'sell' or to 'hold' or vice 

versa, section 3-7 to section 3-10 of these regulations apply. 

(3) A legal person who disseminates an investment recommendation that has been 

changed in material respects shall have written guidelines to ensure that those receiving 

the recommendation are directed to where they can have access to the identity of the 

person who prepared the recommendation, the investment recommendation itself, and 

any disclosures of the financial interests and conflicts of interest of the persons who 

prepared the recommendation, provided that such disclosures are publicly available. 

( 4) Whoever disseminates a summary of an investment recommendation shall ensure that 

the summary is clear and not misleading. The summary shall indicate where the 

recommendation is available, and where disclosures of the financial interests and 

conflicts of interest of the persons who prepared the recommendation are to be found, 

provided that such disclosures are not included in the recommendation and are publicly 

available. 

Section 3-15 Additional requirements for investment firms, credit institutions and 

persons who work for such entities 

In addition to the requirements of section 3-14, investment firms and credit 

institutions, and natural persons who under contract of employment or otherwise work for 

such entities, shall at least ensure that: 

(a) the name of the relevant supervisory authority appears on the investment 

recommendation 

(b) the requirements of section 3-11 have been complied with, unless the person who 

prepared the investment recommendation has already released it through a 

distribution channel or to the general public 

(c) the requirements of section 3-7 to section 3-10 have been complied with, if the 

investment recommendation has been changed in material respects. 

Chapter 4 Disclosure obligation 

Section 4-1 Requirements on notifications 

(1) Notifications as mentioned in the Securities Trading Act Section 4-3 subsection (1) 

shall indicate: 

(a) the name of the issuer of the shares, 
(b) the date on which the proportion of shares held reached, exceeded or fell below the 

thresholds set in the Securities Trading Act section 4-3 subsection ( l ), 

(c) name of the entity subject to the disclosure obligation, including the name of the 

shareholder, 

( d) the number of shares the notification encompasses, 

(e) the subsequent situation with regard to voting rights, including the percentage of the 

votes and shares of the company held by the entity concerned, 

(f) what percentage of the votes and shares of the company the entity concerned holds in 

the form of rights to shares, 

(g) the circumstance that triggered the disclosure obligation and whether such 

circumstance applied to the entity concerned himself or to any related party as 

mentioned in the Securities Trading Act section 2-5, 

(h) the chain of controlled undertakings through which the shares or rights are owned, 

(i) where the notification concerns rights to shares as mentioned in the Securities 

Trading Act section 4-3 subsection (4) the notification shall also contain a description 

of the rights, including information on the date and time that the rights will or can be 

exercised and the date and time of their expiry. 

(2) If the obligation to notify under this section rests with more than one person, a joint 

notification may be submitted. Submitting a joint notification does not release the 

individual person from his responsibilities under the Securities Trading Act section 4-3 

and this section. 

(3) The issuance or withdrawal of proxies may be disclosed by notification provided the 

proxy only applies to the next general meeting and this is specified in the notification. 

Section 4-2 Voting rights attached to shares of foreign issuers having Norway as their 

home state 

Equivalent to shares and rights to shares as mentioned in the Securities Trading Act 

section 4-3 subsection (1) are - in addition to voting rights attached to shares as 

mentioned in the Securities Trading Act section 4-3 subsection (2) - voting rights that may 

be exercised pursuant to other forms of transfers of voting rights pertaining to shares of 

foreign issuers having Norway as their home state. 

Section 4-3 Other circumstances 

Under the Securities Trading Act section 4-3 subsection (1) 'other circumstances' 

compnse 

(a) entry into or termination of an agreement concerning financial collateral, 

(b) issuance or withdrawal of a proxy, 

(c) entry into an agreement pursuant to the Public Limited Companies Act section 4-2 

subsection (2), 

( d) establishment or dissolution of a group relationship pursuant to the Securities Trading 

Act section 2-5 no. 3, 
(e) entry into or cessation of binding cooperation pursuant to the Securities Trading Act 

section 2-5 no. 5, 

(f) corporate actions that alter the distribution of voting rights, 

(g) entry into or cessation of an agreement concerning transfer of voting rights as 

mentioned in section 4-2. 

Section 4-4 Exceptions in respect of holdings acquired for certain purposes 

(1) The Securities Trading Act section 4-3 does not apply to: 

(a) shares and rights to shares acquired solely to secure settlement within a period of 

three trading days after execution of the trade concerned, or 

(b) shares or rights to shares acquired or sold by a market maker where the shares or the 

rights reach, exceed or fall below the 5% threshold, provided the market maker does 

not influence the management of the company or exert pressure on the company to 

induce it to acquire the shares or the rights or to support the price. 

(2) Shares or rights to shares in the trading portfolio of an investment firm or credit 

institution shall not be included in the institution's holdings if the institution does not 

exercise the voting rights or otherwise use the voting rights to influence the management 

of the company, and the shares or the rights to shares in the trading portfolio do not 

individually exceed the 5% threshold. 

(3) A market maker who trades shares or rights to shares of an issuer having Norway as 

its home state shall, without undue delay, notify Finanstilsynet if the party concerned 

wishes to make use of the exception in subsection ( 1 )(b ). The market maker shall indicate 

the issuer to which this applies. Corresponding notification shall be given upon cessation 

of the market making activity. 

Section 4-5 Exceptions from the consolidation requirements in respect of foreign 

management companies and investment firms 

(1) The obligation to consolidate pursuant to the Securities Trading Act section 4-3 

subsection (5), see section 2-5 no. 3, does not apply to the holdings of investment firms 

and management companies from an EEA country other than Norway, as dealt with in 

Directive 2004/109/EC, Article 12(4) first paragraph and Article 12(5) first paragraph, on 

the terms and conditions set forth in the said Directive, Article 12(4) and (5), and 

Commission Directive 2007/14/EC, Article 10. 

(2) In respect of holdings of investment firms and management companies from countries 

outside the EEA, the exception in subsection (1) applies correspondingly where the 

undertaking fulfils the requirements of Directive 2004/109/EC, Article 23(6), and 

Directive 2007/14/EC, Article 23. 

Section 4-6 Nominee-registered shares of foreign issuers having No-rway as their home 

state 

( 1) Anyone who on behalf of others possesses in his own name shares issued by foreign 

companies having Norway as their home state shall comply with the disclosure 

provisions in the Securities Trading Act chapter 4 and the present regulations as if the 
party concerned were the owner of the shares. The first sentence does not alter the 

shareholder's obligation to disclose his own holdings. 

(2) Subsection (1) first and second sentence does not apply to shares held in conjunction 

with nominee registration provided the nominee is only able to exercise voting rights 

pursuant to further instructions from the shareholder, and such instructions exist in 

written or electronic form. 

Section 4-7 Equity certificates 

The provisions of the present chapter apply equally to equity certificates and rights to 

equity certificates. 

Chapter 5 Ongoing and periodic information requirement, publication, etc. 

I ONGOING INFORMATION 

Section 5-1 Delayed publication 

In the event of delayed publication pursuant to the Securities Trading Act section 5-

3, the regulated market concerned shall, without making a request, be promptly notified 

of the situation, including the background for the postponement. 

II PERIODIC INFORMATION 

Section 5-2 Statements by responsible persons 

With regard to Norwegian issuers, the board members and the manager effectively in 

charge shall issue statements pursuant to the Securities Trading Act section 5-5 

subsection (2) no. 3 and section 5-6 subsection (2) no. 3. 

Section 5-3 Information concerning transactions with related parties 

(1) Subsection (2) applies to share issuers who are required to prepare consolidated 

accounts pursuant to the Accounting Act section 3-9 subsections (1) and (2), under 

national legislation implementing Regulation (EC) No. 1606/2002 or corresponding rules 

in non-EEA countries. 

(2) With regard to significant transactions with related parties, as these are defined in 

international accounting standards in accordance with the Accounting Act section 3-9, the 

half-yearly report pursuant to the Securities Trading Act Section 5-6 subsection (4) shall 

at least provide information concerning: 

(a) related parties' transactions carried out during the first six months of the current 

financial year that have had a significant impact on the undertaking's financial 

position or profits/losses during the period, 

(b) any changes in related parties' transactions described in the last annual report that 

may have a significant impact on the undertaking's financial position or profits/losses 

during the period. 

(3) With regard to share issuers who are not required to prepare consolidated accounts, 

the half-yearly report shall at least contain information on the transactions referred to in 
Directive 78/660/EC, Article 43( 1 )(7b) of related parties as described in the international 

accounting standard for information concerning related parties. 

Section 5-4 Half-yearly financial reports by issuers who are not required to prepare 

consolidated accounts 

(1) Half-yearly financial reports by issuers who are not required to prepare consolidated 

accounts shall fulfil the requirements of this section. 

(2) The condensed balance sheet and profit and loss account shall show the individual 

headings and subtotals included in the latest annual financial report of the issuer. Further 

items shall be included if omitting them would lead to the half-yearly financial report not 

giving a true and fair view of the assets, liabilities, financial position and earnings of the 

issuer. In addition, comparative information shall be given on the balance sheet and profit 

and loss account for the same period of the preceding financial year. 

(3) The explanatory notes shall contain sufficient information for the half-yearly financial 

report to be compared with the annual accounts. The notes must also ensure that the user 

gains a correct understanding of significant quantitative changes and of the trend in the 

period concerned which are reflected in the balance sheet and the profit and loss account. 

(4) The half-yearly financial report shall contain information on operating revenues and 

operating profit/loss distributed by business area and for the same period of the preceding 

year. The figures must if necessary be reworked to enable comparison. 

(5) The half-yearly financial reports shall contain information that is essential to an 

assessment of the company's financial situation. The company shall mention all special 

factors that have had a bearing on its business and profit/loss in the relevant period, 

including seasonal fluctuations and their effect on the half-yearly profit/loss. 

Section 5-5 Quarterly reports by share issuers 

( 1) Issuers of shares shall submit quarterly reports in accordance with requirements for 

interim reporting in the international accounting standards as implemented in Norwegian 

law in accordance with the Accounting Act section 3-9 for the four quarters of the 

financial year. The quarterly report for the second quarter also comprises, with the 

additional requirements set out in the Securities Trading Act section 5-6, the issuer's halfyearly report. 

(2) Issuers who are required to prepare consolidated accounts pursuant to the Accounting 

Act Section 3-9 subsections ( 1) and (2) under national legislation implementing 

Regulation (EC) No. 1606/2002 or corresponding rules in non-EEA countries, shall use 

the international accounting standard for interim reporting when preparing quarterly 

reports. 

(3) Where the issuer is not required to prepare consolidated accounts, the quarterly report 

shall at least contain a condensed balance sheet and condensed profit and loss account 

with explanatory notes. In preparing the quarterly report, the issuer shall follow the same 

principles for recognising and measuring as when preparing annual financial reports. 

Section 5-4 applies equally to quarterly reports for issuers who are not required to prepare 

consolidated accounts. 
(4) If the quarterly financial report has been audited or reviewed by auditors, the audit or 

review shall be made public together with the quarterly financial report. If the quarterly 

financial report has not been audited or reviewed by auditors, the issuer must make a 

clear statement to that effect in the report. 

(5) Quarterly reports shall be made public in accordance with the Securities Trading Act 

section 5-12 as soon as possible after the end of the quarter, but at the latest two months 

after. The Securities Trading Act section 5-12 subsection (2) applies equally to quarterly 

reports. The issuer shall ensure that quarterly reports remain available to the public for at 

least five years. 

Section 5-6 Exceptions in respect of half yearly reporting 

(1) Issuers founded before 1 July 2005 (the date of entry into force of Directive 

2003/71/EC) who only have debt instruments guaranteed by the Norwegian state 

admitted to trading on a regulated market are excepted from the Securities Trading Act 

section 5-6. 

(2) Finanstilsynet may make exceptions from the Securities Trading Act Section 5-6 for 

issuers founded before the date of entry into force of the Prospectus Directive who only 

have debt instruments guaranteed by a Norwegian municipality or county municipality 

admitted to trading on a regulated market. 

Section 5-7 Issuers from non-EEA states having Norway as their home state 

(1) Finanstilsynet may by administrative decision provide that issuers from non-EEA 

states having Norway as their home state shall be deemed to fulfil the requirements 

mentioned in the Securities Trading Act: 

(a) Section 5-5 subsection (2) no. 2 where the issuer is required under the law of the third 

country to fulfil requirements equivalent to those set out in Directive 2007/14/EC, 

Article 13, 

(b) Section 5-6 subsection (4) where the issuer is required under the law of the third 

country to fulfil requirements equivalent to those set out in Commission Directive 

2007 /14/EC, Article 14, 

(c) Section 5-5 subsection (2) no. 3 and section 5-6 subsection (2) no. 3 where the issuer 

is required under the law of the third country to fulfil requirements equivalent to 

those set out in Directive 2007 / l 4/EC, Article 15, 

(d) Section 5-5 subsection (3) first and second sentences where the issuer is required 

under the law of the third country to fulfil requirements equivalent to those set out in 

Directive 2007/14/EC, Article 17, 

( e) Section 5-5 subsection (3) third sentence where the issuer is required under the law of 

the third country to fulfil requirements equivalent to those set out in Directive 

2007/14/EC, Article 18. 

(2) The Securities Trading Act section 5-8(a) applies to issuers from non-EEA states 

having Norway as their home state. Finanstilsynet may by administrative decision 

provide that such issuers shall be deemed to fulfil the requirements mentioned in the 

Securities Trading Act section 5-8(a) where the issuer is required under the law of the 
third country to fulfil requirements equivalent to those set out in Directive 2004/25/EC, 

Article 10. 

(3) The Accounting Act section 3-3(b) applies to issuers from non-EEA states having 

Norway as their home state. A regulated market may except issuers from non-EEA states 

having Norway as their home state from the obligation under the first sentence in cases 

where the issuer is subject to an equivalent requirement under the law of its home state or 

under the listing requirements of an authorised market place outside the EEA on which 

the issuer's securities are also quoted. The management report shall in such case state 

where the account thereof is publicly available. A foreign requirement shall in no case be 

deemed equal to the Accounting Act section 3-3(b) if it does not include a consistency 

check corresponding to that provided for by the Auditors Act section 5-1 first paragraph. 

Section 5-8 Equity certificates 

The provisions of this chapter apply equally to equity certificates. 

Section 5-9 Requirements as to public disclosure of information under the Securities 

Trading Act 

(l) Public disclosure of information under the Securities Trading Act Section 5-12 shall 

as far as possible take place simultaneously in Norway and other EEA countries. 

(2) Information as mentioned in subsection (l) shall be made public via media that can 

reasonably be expected to ensure that the information reaches the general public across 

the entire EEA. 

(3) Annual and interim reports as mentioned in the Securities Trading Act section 5-5 and 

section 5-6 and in regulations made pursuant to those provisions may be published in the 

media by notice indicating the internet page at which the information is available. Such 

notice must indicate an internet page other than the internet page of the regulated market 

concerned to which information under the Securities Trading Act section 5-12 subsection 

( l) is to be sent for storage. 

(4) The issuer shall ensure that information as mentioned in subsection (1) is sent to the 

media in a manner that ensures communication security, minimises the risk of data 

disruption and unauthorised access and that provides certainty as to the source of the 

information. 

(5) Information mentioned in subsection (1) must be sent to the media in a manner that 

clearly identifies the issuer, the subject matter of the information and the time and date of 

the transmission. Furthermore, it should be clearly stated that the information is subject to 

disclosure pursuant to the Securities Trading Act Section 5-12. 

(6) The issuer shall be able, upon request by Finanstilsynet, to provide the following 

information: 

(a) name(s) of the person(s) who sent the information to the media, 

(b) confirmation that the security requirements of subsection ( 4) are complied with, 

( c) the time and date the information was sent to the media 

( d) the medium used to send the information, and 
(e) any restrictions imposed on the information by the issuer. 

Section 5-10 Public disclosure of choice of home state 

In instances where the issuer has chosen Norway as its home state, see the Securities 

Trading Act section 5-4 subsection (4), the choice must be published in the same manner 

as mentioned in the Securities Trading Act section 5-12. 

Section 5-11 Other recognised accounting principles equivalent to IFRS 

(1) The following accounting standards are deemed to conform to international 

accounting standards adopted under Regulation (EC) No 1606/2002 for the preparation of 

annual financial reports, half-yearly financial reports and quarterly financial reports: 

(a) IFRS, provided the notes to the financial statements contain an explicit and 

unreserved statement of compliance with all requirements of international accounting 

standards in accordance with IAS 1 Presentation of Financial Statements, or 

(b) the generally accepted accounting principles (GAAP) of Japan, or 

(c) the generally accepted accounting principles (GAAP) of the USA. 

(2) For financial years ending before 31 December 2014, issuers from non-EEA countries 

having Norway as their home state may prepare annual financial reports, half-yearly 

financial reports and quarterly financial reports under the generally accepted accounting 

principles (GAAP) of China, Canada, South Korea or India. 

(3) The EEA Agreement Annex IX No. 29e (Regulation (EC) No. 1569/2007 and 

Regulation (EU) No. 310/2012) establishing a mechanism for the determination of 

equivalence of accounting standards applied by third country issuers of securities shall 

apply as regulations with such adjustments as are required by Annex IX, Protocol 1 to the 

Agreement and the Agreement in general. 

Chapter 6 Mandatory bid obligation and voluntary bids in connection with 

takeovers 

I. REQUIREMENT AS TO GUARANTEE UPON SUBMISSION OF A MANDA TORY BID 

Section 6-1 Requirements on the guarantor 

A guarantee for settlement in connection with a mandatory bid may only be posted 

by a financial institution that is authorised to conduct business in Norway. The guarantor 

may not be a company in the same group as the bidder. 

Section 6-2 Principal liability guarantees 

(1) A guarantee shall be a principal liability guarantee or a guarantee that gives 

equivalent or better security for settlement. The guarantee must be posted in favour of the 

shareholders who accept the mandatory bid and must be posted as security for correct 

settlement. 
(2) A shareholder who has accepted in full or in part settlement in a form other than cash 

shall be entitled to demand cash settlement under the guarantee based upon the cash 

alternative the bidder is require to give, if the agreed settlement does not take place. 

(3) The guarantee declaration may be given in Norwegian, Danish, Swedish or English. If 

English is used, the declaration must include the Norwegian term "selvskyldnergaranti". 

Section 6-3 Guarantee amount 

( 1) The guarantee amount shall at a minimum correspond to the amount obtained by 

multiplying the total number of shares of the company that is the subject of the bid by the 

bid price. To the amount thereby obtained shall be added an amount corresponding to 

four weeks' late payment interest on the amount; see Act of 17 December 1976 No. 100 

on late payments etc. 'Bid price' means, in those cases where settlement is also offered in 

a form other than money, the cash alternative that the offeror is required to give. 

(2) If the company considers seeking a write-down of the guarantee when the period of 

the bid expires, this shall be indicated in the guarantee declaration. 

Section 6-4 Norwegian law 

The guarantee shall be regulated by Norwegian law, and this shall be made clear in 

the guarantee declaration. 

Section 6-5 Multiple guarantors 

The total guarantee amount may be apportioned between one or more financial 

institutions. It shall in such cases be possible to raise a claim against any guarantor with 

suspensory effect for all guarantors, and this must be clear from the offer document and 

guarantee declaration. It may however be requested in the guarantee declaration or the 

offer document that claims be directed to a particular guarantor who will be responsible 

for the practical coordination of incoming claims. 

Section 6-6 Time limits and guarantee period 

The guarantee must have been issued at the latest simultaneously with the 

presentation of the bid and be valid during the period of the bid, the settlement period and 

for a period of four weeks from expiry of the time limit for settlement. It shall be possible 

to bring claims under the guarantee during four weeks from the expiry of the time limit 

for settlement. In cases where the period of the bid according to the offer document can 

be extended by the offeror, the guarantee declaration shall make it clear that the time 

limit for raising claims under the guarantee will be automatically extended by the same 

margm. 

Section 6-7 Approval 

The text of the guarantee shall be approved by the takeover supervisory authority and 

must contain a precise specification of the guarantor, offeror, name of the company that 

has issued the shares, dated offer document, the conditions for making claims under the 

guarantee and any requirements imposed as to documentation, the place where claims are 

to be delivered under the guarantee stating the postal and visiting addresses and the time 

limit for reporting claims under the guarantee stating date and time. If claims under the 
guarantee must be presented in writing or other formal requirements apply, they must be 

indicated explicitly. 

Section 6-8 Publishing in the offer document 

A copy of the guarantee declaration shall be incorporated in the offer document. 

Section 6-9 Forwarding of guarantee declaration to the supervisory authority 

The original guarantee declaration or a confirmation from the guarantor shall be sent 

to the takeover supervisory authority prior to the dispatch of the off er document. 

Section 6-10 Write-down of guarantee 

(1) The takeover supervisory authority may upon application accept a reduction of the 

guarantee by the following amounts: 

(a) the final amount paid for shares purchased under the bid, including a corresponding 

portion of the amount set aside for late payment interest, based on information on 

how many shares were accepted for transfer under the bid 

(b) the final amount paid for shares documented as purchased outside the bid during the 

period of the bid, including a corresponding portion of the amount set aside for late 

payment interest and 

( c) an amount corresponding to the number of shares for which acceptances do not exist, 

including a corresponding portion of the amount set aside for late payment interest, 

however such that a margin remains for any disputed or unclear acceptances of 

approximately I 0% of this amount. In special cases the margin may be lowered. 

Requests for write-downs of that part of the guarantee that encompasses shares for 

which acceptances do not exist may be sent at the earliest two days after expiry of the 

acceptance period. 

(2) Such reduction presupposes that the takeover supervisory authority deems the 

information to be satisfactorily documented and that the remaining guarantee amount will 

provide satisfactory security. 

(3) The following must at a minimum appear on the application: 

(a) number of acceptances received 

(b) any shares purchased outside the bid 

( c) the amount by which the guarantee is sought to be reduced, calculated pursuant to 

subsection (l)(a) to (c) 

( d) a listing showing the total number of accepted shares 

( e) late payment interest for 4 weeks calculated on the total sum outstanding on the 

guarantee after the write-down 

(f) a statement of any rejected or disputed acceptances. 

In addition, a copy must be submitted of an on-screen printout from the Norwegian 

Central Securities Depository showing the number of shares accepted as at the date from 

which the write-down is to be effective. The information must be confirmed by the 

financial institution responsible for settlement in connection with the bid. 
( 4) The original guarantee declaration will be returned by the takeover supervisory 

authority subject to submission of a new declaration based upon the written-down 

guarantee amount. 

(5) The takeover supervisory authority may pursuant to the Securities Trading Act 

Section 6-15 levy a fee on the bidder to cover expenses incurred on processing the 

application for write-down of the guarantee amount. 

II. MANDATORY BID OBLIGATION UPON THE ACQUISITION OF RIGHTS OR OTHER 

INTERESTS ATTACHED TO SHARES 

Section 6-11 Mandatory bid obligation upon actual acquisition 

( 1) Where the acquisition of the right to become the owner of shares must be considered 

to be actual acquisition of the shares, the stock exchange may impose a mandatory bid 

obligation on the party who through such acquisition receives the right to become the 

owner of shares that together with the other shares of the party concerned represent more 

than 1/3 of the votes of a stock exchange listed company. 

III. TAKEOVER BIDS WITH LINKS TO MORE THAN ONE STATE 

Section 6-12 Introductory provisions 

(1) These regulations set out further rules concerning takeover bids as mentioned in the 

Securities Trading Act section 6-23. 

(2) 'Takeover supervisory authority' means the takeover supervisory authority as defined 

in the Securities Trading Act section 6-4. 

(3) 'Bid' means a bid falling within the scope of the Securities Trading Act chapter 6. 

Section 6-13 Territorial application and supervisory authority 

(1) Where a company with its registered office in Norway has been admitted to trading 

on a regulated market in Norway, supervision of the bid will be conducted by the 

Norwegian supervisory authority. The Securities Trading Act applies to such bids. 

(2) Where a company with its registered office in Norway has not been admitted to 

trading on a regulated market in Norway, but has been admitted to trading on a regulated 

market in another EEA state, supervision of the bid will be conducted by the takeover 

supervisory authority of the state where the regulated market to which the company has 

been admitted to trading is located, except as otherwise provided in section 6-14 

subsection ( 1 ). 

(3) Subsection ( 1) shall, except as otherwise provided in section 6-14 subsection (2), 

apply correspondingly to takeover bids for: 

1. a company with its registered office in an EEA state other than Norway whose shares 

or other securities that are comparable to shares have not been admitted to trading on 

a regulated market in the EEA state in which the company has its registered office, if 
a) the company's shares or other securities that are comparable to shares have only 

been admitted to trading on a Norwegian regulated market 

b) the company's shares or other securities that are comparable to shares have been 

admitted to trading on regulated markets in several EEA states, if admission to 

trading first took place in Norway, 

c) the company's shares or other securities that are comparable to shares have been 

admitted to trading simultaneously on a Norwegian regulated market and on one 

or more regulated markets in other EU/EEA states, provided the company notifies 

the Norwegian takeover supervisory authority and the relevant regulated market 

on the first day of trading that it has chosen the Norwegian takeover supervisory 

authority, or 

d) the company's shares or other securities that are comparable to shares were as at 

20 May 2006 already admitted to trading on several regulated markets and the 

admission to trading occurred simultaneously, provided the company notifies the 

Norwegian takeover supervisory authority and the relevant regulated market on 

the first day of trading that it has chosen the Norwegian supervisory authority, 

unless the relevant competent authorities have through an agreement prior to 20 

June 2006 established that a different competent authority shall have the 

responsibility in relation to the bid. 

2. a company with its registered office in a state outside the EEA area whose shares 

have been admitted to trading on a Norwegian regulated market, unless the takeover 

supervisory authority has granted a dispensation pursuant to the Securities Trading 

Act Section 6-23 subsection (3). 

Section 6-14 Choice of law for bids with links to more than one EU/EEA state 

(1) For bids mentioned in section 6-13 subsection (2), the following applies: 

1. matters of a legal nature related to information to employees of the company and 

company law questions, including questions concerning the thresholds at which 

mandatory bid obligations are triggered, possible exemptions from the obligation to 

present a bid and exceptions from the mandatory bid obligation, will be dealt with 

under Norwegian law, 

2. matters of a legal nature related to the bidding process, including matters concerning 

the compensation offered in connection with the bid, and in particular the bid price, 

the bid procedure, information on the bidder's decision to present a bid, the content 

of the offer document and publication of the bid, will be dealt with under the rules of 

the EU/EEA state to which the regulated market to which the company's shares or 

other securities that are comparable to shares have been admitted to trading belongs, 

and will be monitored by the takeover supervisory authority of that state. 

(2) For bids coming under section 6-13 subsection (3), the following applies: 

1. matters of a legal nature related to the bidding process, including questions 

concerning the compensation offered in connection with the bid, and in particular the 

bid price, the bid procedure, information on the bidder's decision to present a bid, the 

content of the offer document and publication of the bid, will be dealt with under 
Norwegian law. 

2. matters of a legal nature related to information to employees of the company and 

company law questions, including matters concerning the thresholds at which 

mandatory bid obligations are triggered, possible exemptions from the obligation to 

present a bid and exceptions from the mandatory bid obligation, will be dealt with 

under the rules of the EU/EEA state in which the company has its registered office, 

and be monitored by the takeover supervisory authority of that state. 

Chapter 7 Prospectus requirements for public offerings and admission to trading 

I. EXCEPTIONS FROM THE OBLIGATION TO PREPARE A PROSPECTUS 

Section 7-1 Professional investors 

(1) The exception from the prospectus obligation for offers addressed to professional 

investors, see the Securities Trading Act section 7-4, no. 8, applies to offers that are 

addressed to investors who are deemed to be professional pursuant to section 10-2 to 

section 10-5 of these regulations. 

Section 7-2 Securities admitted to trading on another regulated market 

The provisions of the Securities Trading Act Section 7-3 do not apply in connection 

with admission to trading of securities that have already been admitted to trading on 

another regulated market provided the following conditions have been met: 

(a) the securities, or securities in the same class, have been listed for more than 18 

months, 

(b) for securities that were admitted to trading on a regulated market for the first time 

after 1 July 2005 ( entry into force of Directive 2003/71/EC), an approved prospectus 

must have been prepared in connection with admission to trading on the second 

market that was made available to the public in accordance with Directive 

2003/71/EC, Article 14. 

( c) for securities that are not subject to the provision of (b) and that were admitted to 

trading for the first time after 30 June 1983, a prospectus must have been prepared 

that was approved in accordance with the requirements of Directive 80/390/EEA or 

Directive 2001/34/EC, 

( d) the ongoing obligations in connection with listing on the second regulated market 

must be met, 

( e) the person requesting admission to trading of securities on a regulated market with 

reference to this exception provision shall prepare a summary to be made available to 

the general public in a language as mentioned in the Securities Trading Act section 7-

17, 

(f) the summary mentioned in (e) shall be made available to the general public in 

Norway in accordance with the rules of the Securities Trading Act section 7-19, and 

(g) the content of the summary mentioned in (e) conforms to the Directive's Article 5 

No. 2. The summary shall state where the latest prospectus is available and where 
financial information that the issuer publishes in compliance with the provisions 

concerning ongoing obligations is available. 

Section 7-2a Certificates of deposit 

The Securities Trading Act section 7-3 does not apply to the admission to trading on a 

Norwegian regulated market of bonds and money market instruments with a term below 

12 months and with a denomination of at least EUR 100,000. 

Section 7-2b Bonds issued by county municipalities or municipalities 

The Securities Trading Act section 7-3 does not apply to the admission to trading on a 

Norwegian regulated market of bonds issued by a county municipality or municipality. 

II IMPLEMENTATION OF PROSPECTUS CONTROL 

Section 7-3 Orders, etc. 

As a part of its control of prospectuses, Finanstilsynet may: 

(a) impose a disclosure obligation on the issuer, offeror or persons seeking admission to 

trading, and persons in their employment who have a determinative influence or are 

subject to a determinative influence, 

(b) impose a disclosure obligation on auditors and management of the issuer, offeror or 

persons seeking admission to trading, as well as financial intermediaries, 

(c) temporarily prohibit the issuer from implementing an offer for up to 10 business days 

if there are reasonable grounds to believe that the prospectus rules have been violated, 

or 

( d) prohibit announcements for up to 10 business days if there are reasonable grounds to 

suppose that the prospectus rules have been violated. 

Section 7-4. Publication etc. 

A list of prospectuses that have been approved during the past 12 months shall be 

available at Finanstilsynet's website. The list shall state how a prospectus was made 

available to the public and where it may be obtained. 

Section 7-5 to section 7-12 (Revoked as of 1 May 2010) 

III INFORMATION IN PROSPECTUSES 
Section 7-13 Drawing up of EEA prospectuses etc - implementation of Regulation (EC) 

No. 809/2004 

(1) EEA Agreement Annex IX No. 29ba (Regulation (EC) No. 809/2004 implementing 

Directive 2003/71/EC of the European Parliament and the Council as regards information 

in prospectuses as well as the format, incorporation by reference and publication of such 

prospectuses and dissemination of advertisements, as amended by Regulation (EC) No. 

1787/2006, Regulation (EC) No. 211/2007), Regulation (EC) No. 1289/2008, Regulation 

(EC) No. 311/2012, Regulation (EC) No. 486/2012 and Regulation (EC) No. 862/2012 

shall apply as regulations with such adjustments as are required by Annex IX, Protocol 1 

to the Agreement and the Agreement in general. 

(2) EEA prospectuses shall contain such information as is required pursuant to 

Regulation (EC) No. 809/2004; see subsection (1). 

Section 7-14 Information in prospectuses requiring registration 

( 1) Prospectuses to be registered pursuant to the Securities Trading Act section 7-10 

(prospectuses requiring registration) shall contain information indicating the procedure 

for determining the price and number of securities to be offered or a maximum price. 

Such information may however be omitted if the investors are given the right to withdraw 

any acceptances within a set period after the publication of the price. The period may not 

be shorter than two days. 

(2) Prospectuses requiring registration shall at a minimum contain the following 

information: 

(a) Identity of those who have prepared the prospectus. 

The name, organisation number or date of birth, and any job title of those who 

are responsible for the prospectus must be stated. 

(b) Information about the offeror, including: 

1) name, registered office and organisation number 

2) legal form of organisation and date of founding 

3) purpose and main business 

4) equity capital 

5) the rules for conversion, exchange or subscription of convertible bonds, 

exchangeable bonds and bonds with stock acquisition rights 

6) authority to increase capital or repurchase own shares 

7) last annual financial statements, and interim financial statements released after the 

end of the preceding financial year 

8) pro forma figures presented for the last interim period and the last financial year if 

the offeror has been merged, demerged, acquired an undertaking of a size 

corresponding to that of the offeror, or sold or wound up the major part of its 

business after the end of the preceding financial year, and such information is 

essential to an understanding of the future business 
9) conditions of material significance to the offeror' s business that have arisen after 

the end of the preceding financial year 

10) the offeror's administration, management and supervisory body (stating name, 

address and position) if shares issued by the offeror are being offered or 

admission to trading of such is being sought. 

( c) Information on the offer/securities, including: 

1) type and quantity 

2) rights associated with the securities 

3) withholding tax on dividends 

4) the date from which the securities give the right to dividends 

5) acceptance period 

6) guarantors 

7) restrictions on the securities' transferability, including which markets they may be 

traded in 

8) clearing house (bank) 

9) settlement period 

10) whether the securities are to be registered in a securities register and who shall be 

the account controller for the issuer. 

(3) Where offers for subscription or purchase apply to securities guaranteed by one or 

more legal persons, information as mentioned in subsection (2)(b) shall also be given in 

respect of the guarantors. The same applies to issuers when the issuer of shares or bonds 

is a party other than the offeror of bonds or purchase rights. 

(4) For offers for subscription or purchase ofconvertible bonds, exchangeable bonds, 

bonds with stock acquisition rights, or purchase rights, information must be given 

indicating the type of share or bond they give rights to, as well as the conditions for 

conversion, exchange or subscription. 

(5) It must be stated on the front page of the prospectus that the prospectus has been 

registered with the Register of Business Undertakings for reasons of public verifiability, 

but that neither the competent prospectus authority nor other public authority has 

undertaken any form of control of the prospectus. 

IV BASE PROSPECTUSES 

Section 7-15 Prospectuses drawn up as base prospectuses 

( 1) Prospectuses the preparation of which is required pursuant to the Securities Trading 

Act section 7-7 (see section 7-2 and section 7-3), may be drawn up as base prospectuses 

if the offer or application for admission to trading relates to 

a) non-equity securities issued as a part of an issue programme as further defined in 

subsection (2) or 

b) non-equity securities issued continuously or repeatedly by financial institutions where 
1) pursuant to law the proceeds of the issue of the securities are to be placed in assets 

that provide sufficient cover for obligations relating to the securities up to 

maturity 

2) upon the insolvency of the issuer the capital is able to cover the principal and 

interest due, see also Regulations of 23 April 2003 No. 549 concerning 

notification and announcement upon the reorganisation and winding up of credit 

institutions. 

(2) 'Issue programme' means a plan which permits the issue of non-equity securities, 

including purchasing rights or subscription rights (warrants), that are of a similar type 

and/or class, provided such issues take place continuously or repeatedly within a 

specified issue period. 

(3) 'Securities issued continuously or repeatedly' means expansions of securities series or 

at least two separate issues of securities of a similar type and/or class within a period of 

12 months. 

(4) Base prospectuses are subject to the rules for prospectuses in the Securities Trading 

Act chapter 7 and regulations pursuant thereto except as otherwise provided by this 

subchapter. 

Section 7-16 Content of base prospectuses 

A base prospectus shall contain all relevant information on the issuer and the 

securities that are being offered or for which admission to trading is sought, see the 

Securities Trading Act Section 7-13, as well as meet the content requirements for base 

prospectuses as set out in these regulations section 7-13, see Regulation (EC) No. 

809/2004. A base prospectus may also encompass supplements pursuant to Section 7-17 

and final conditions pursuant to Section 7-18. 

Section 7-17. Supplements to base prospectuses 

The Securities Trading Act Section 7-15 applies correspondingly. 

Section 7-18 Final conditions 

(1) Final conditions in connection with an offer or admission to trading may appear in the 

base prospectus, in a supplement to the base prospectus or be distributed separately. 

(2) If the final conditions for an offer do not appear in the base prospectus or a 

supplement thereto, information on the conditions for each offer must be distributed to 

the investors and forwarded to the supervisory authority as soon as possible, and if 

possible before the start of the period of the offer. 

(3) If the offer price and the number of securities offered do not appear in the base 

prospectus, in a supplement thereto or in the final conditions, the criteria and/or the 

conditions for the determination of these elements must appear in the base prospectus, a 

supplement thereto or the final conditions. For the offer price a maximum price may 

alternatively be indicated. 

Section 7-19 Validity of base prospectuses 
(1) Base prospectuses prepared in connection with issue programmes, see section 7-15 

subsection (l)(a), have a validity of up to 12 months. 

(2) Base prospectuses prepared in connection with non-equity securities that are issued 

continuously or repeatedly by credit institutions, see section 7-15 subsection ( 1 )(b ), are 

valid until the period of issue of the securities has expired. 

V SIMPLIFIED REQUIREMENTS 

Section 7-20 Subscription rights issues 

Simplified requirements for subscription rights issues are laid down in section 7-13 

subsection (1): see Commission Regulation (EC) No. 809/2004 Article 26a; see Article 2 

No. 13. 

Section 7-21 Companies with low market value 

( 1) Simplified requirements for companies with low market value are laid down in 

section 7-13 subsection (1); see Commission Regulation (EC) No. 809/2004 Article 26b. 

(2) By companies with low market value pursuant to subsection (1) is meant issuers that 

are listed on a regulated market and had an average market value below EUR 

100,000,000 calculated on the basis of annual closing prices over the last three calendar 

years. 

Section 7-22 Small and medium enterprises 

(1) Simplified requirements for small and medium enterprises are set out in section 7-13 

subsection (1); see Commission Regulation (EC) No. 809/2004 Article 26b. 

(2) By small and medium enterprises pursuant to subsection (1) is meant issuers which 

according to their last approved annual financial statements meet at least two of the 

following requirements: 

(a) average number of employees below 250 

(b) a balance sheet total not exceeding EUR 43,000,000 

(c) an annual net turnover not exceeding EUR 50,000,000. 

Section 7-23 Credit institutions 

(1) Simplified requirements for credit institutions, see the Securities Trading Act section 

2-3 subsection (2), are set out in section 7-13; see Commission Regulation (EC) No. 

809/2004 Article 26c. 

Chapter 8 Own account trading 

Section 8-1 Exception from the prohibition against trading in derivatives etc. 
The prohibition against issuing, or trading for own account in, financial instruments as 

mentioned in the Securities Trading Act section 8-2 subsection (1) first sentence does not 

encompass: 

(a) disposal of subscription rights to shares and equity certificates on the basis of a 

pre-emptive right, see the Private Limited Companies Act section 10-4, the Public 

Limited Companies Act section 10-4 and the Financial Institutions Act section 

2b-24, 

(b) disposal of warrants as mentioned in the Private Limited Companies Act section 

11-12 and the Public Limited Companies Act section 11-12, provided that such 

warrants were acquired on the basis of a pre-emptive right, and 

(c) options on shares and equity certificates in another company in the same group as 

the employer undertaking and rights to shares and equity certificates in the 

employer undertaking or other company in the same group as the employer 

undertaking when the options and rights are issued by this undertaking. 

Section 8-2 Exception from the prohibition against disposal of financial instruments 

earlier than 12 months after the acquisition 

The provision concerning a lock-in period of 12 months in the Securities Trading Act 

section 8-2 subsection ( 1) third sentence does not apply: 

(a) upon disposal of shares as a result of an offer to purchase all shares in a company 

that was made to all the shareholders on the same terms, provided the shares were 

acquired before the offer was made public, 

(b) to employees and officers of investment firms that only provide investment 

services in connection with financial instruments as mentioned in the Securities 

Trading Act section 2-2 subsection (5) no. 2, and 

( c) upon disposal of shares and equity certificates in the employer undertaking or 

other company in the same group as the employer undertaking, where the shares 

and the equity certificates are acquired as a result of the exercise of options or 

subscription rights programmes for the employees, provided the shares and equity 

certificates are disposed of within 30 days after the employee received them. 

Part 3 Investment firms 

Chapter9 Authorisation, conditions and cross-border activity etc. 

I. DEFINITIONS ETC. 

Section 9-1 Definitions 

For the purpose of part 3 of these regulations: 

a) distribution channels means distribution channels as defined in section 3-6 subsection 

(7). 

b) durable medium means a device on which the client may store personally addressed 
information, such that the infonnation is available in unaltered form for as long as it 

is appropriate. 

c) associated person: 

1) any board member, partner or the like, member of the management or tied agent 

of the investment firm, 

2) any board member, partner or the like or member of the management of a tied 

agent of the investment firm, 

3) any employee of the investment firm or tied agent of the investment firm, and any 

other natural person whose services are placed at the disposal of and that are 

controlled by the investment firm or a tied agent of the investment finn and who 

participates in the firm's provision of investment services, or 

4) any natural person who is directly involved in the provision of services to the 

investment firm or tied agent of the investment firm under an agreement on 

outsourcing of the firm's investment services. 

d) financial analysts means associated persons who prepare the content of investment 

analyses 

e) undertaking group means a group of undertakings of which the investment firm 

forms part that consists of a parent company, subsidiaries and entities in which the 

parent company or subsidiaries have ownership interests, as well as entities that are 

managed on a unified basis as mentioned in Directive 83/349/EC, Article 12 (1). 

f) outsourcing means an arrangement based upon a service provider carrying out tasks 

that would otherwise have been performed by the investment firm itself. 

g) securities financing means lending or borrowing of financial instruments, repurchase 

or reverse repurchase transactions, buy/sell back or sell/buy back transactions as 

defined in Regulation (EC) No. 1287/2006, Article 2 (10). 

h) senior management means the person or persons participating in the actual 

management of the investment firm; see the Securities Trading Act section 9-9 

subsection (1). 

i) active portfolio management means investment services as mentioned in the 

Securities Trading Act section 2-1 subsection (1) no. 4. 

Section 9-2 Requirements as to medium for delivery of information to clients 

( 1) Where in part 3 of these regulations it is required that information to the client be 

given in writing, such information shall be given on paper unless the client gives his 

consent to the information being given using another durable medium. 

(2) Investment firms may give information as mentioned in section 10-10 to section 10-

15 and section 10-27 subsection (2) on a website page if the infonnation is not addressed 

to the client personally, and: 

(a) the client has given an email address to the investment firm 

(b) the client expressly consents to the information being given on a website page 

(c) the client is informed electronically of the website's internet address, as well as where 
on the website page the information may be found, and 

(d) the information is updated and continually available on the website page as long as 

the client may reasonably be expected to need the information. 

II OBLIGATION OF ACQUIRER TO GIVE NOTIFICATION OF COMPANY 

SHAREHOLDERS 

Section 9-3 Scope of the provisions of this subchapter 

This subchapter applies to investment firms which are not credit institutions. 

Section 9-4 Purpose 

The provisions of this chapter 9 subchapter II shall put the supervisory authorities in 

a position to assess whether a shareholder is deemed fit to ensure sound and prudent 

management of the investment firm, as mentioned in the Securities Trading Act section 

9-10. The supervisory authority shall be given the possibility to maintain oversight over 

large shareholders in the firm in order to prevent an owner from abusing his position and 

his influence over the business activities of the firm. 

Section 9-5 Definitions 

(1) In this chapter 9 subchapter II 'qualifying holding' means any direct or indirect 

holding in an investment firm which 

( a) represents at least 10 per cent of the share capital or the voting rights, or 

(b) otherwise makes it possible to exercise substantial influence over the management of 

the firm. 

(2) In this context shares owned by persons or undertakings connected to the shareholder, 

see the Securities Trading Act Section 2-5, rank on a par with shares owned by such 

shareholder. 

Section 9-6 Obligation to notify changes in shareholder structure 

( 1) The acquisition of a qualifying holding in an investment firm that is not a credit 

institution may only take place after the acquirer has notified Finanstilsynet thereof in 

advance. 

(2) Subsection (1) applies correspondingly to any increase in a qualifying holding 

whereby the acquirer's portion of the share capital or voting rights in the firm reaches or 

exceeds 20 per cent, 33 per cent or 50 per cent of the share capital or the investment firm 

will otherwise be regarded as the acquirer's subsidiary. 

(3) The provisions of subsections (1) and (2) apply equally where disposal causes the size 

of a holding to fall below the thresholds mentioned. 

( 4) Acquisition of rights to shares is not covered by this section, unless the rights confer 

substantial influence over the company. 

(5) Upon making notification pursuant to this section, the acquirer shall state the 

following: 
(a) where the shareholder is a natural person; 

1) name, national identity number and address, 

2) the shareholder's work activity and board appointments over the past three years, 

3) whether the shareholder has been subject to fit-and-proper testing in Norway or 

another EEA state in the course of the last year, and confirmation of the same, 

4) the shareholder's proportion of the shares and voting rights in the company, in per 

cent, 

(b) where the shareholder is a legal person: 

1) name, organisation number and address 

2) name of any shareholder who owns directly or indirectly 10 per cent or more of 

the legal person, 

3) names and addresses of the board members and management, 

4) proportions of the shares and voting rights in the investment firm, in per cent, 

5) whether the shareholder is under supervision in Norway or another EEA state, and 

confirmation of the same. 

(6) Finanstilsynet may under any circumstances request further information and 

documentation beyond that mentioned in subsection (5)(a) and (b ). 

(7) An investment firm shall without undue delay make notification to Finanstilsynet 

should it become aware that someone upon acquisition or disposal of assets of the firm 

exceeds or falls below the thresholds stated in subsection (2). 

(8) An investment firm shall each year inform Finanstilsynet of shareholders with a 

qualifying holding in the firm, also of the size of such holdings. 

III GENERAL REQUIREMENTS AS TO THE ORGANISATION OF THE BUSINESS 

Section 9-7 General organisational requirements 

(1) Investment firms must at all times ensure that they: 

(a) have documented decision-making procedures and an organisational set-up that 

makes functions and areas of responsibility clear, 

(b) make persons associated with the firm aware of procedures that apply within their 

individual areas of responsibility, 

(c) have internal control procedures that ensure that decisions and the firm's internal 

procedures are complied with at all levels in the firm 

(d) hire employees who have the requisite competence and knowledge, 

( e) have an effective system for reporting and disseminating relevant information inside 

the firm, 

(f) ensure that persons who perform several tasks for the investment firm perform each 

of these in accordance with good business practices. 
(2) The investment firm shall have procedures and systems for management of 

information that ensure the requisite security and confidentiality. 

(3) Investment firms shall have an appropriate business continuity plan that aims to 

safeguard or restore important data and functions and the provision of investment 

services in the event of system failure. 

( 4) Investment firms shall monitor and regularly assess the firm's systems, internal 

control functions and arrangements established in accordance with subsections (1) to (3), 

and initiate measures to remedy any shortcomings. 

Section 9-8 Verification of compliance 

(1) Investment firms shall have policies and procedures to identify any risk of failure of 

the firm to fulfil its obligations under the Securities Trading Act and regulations made 

pursuant to the Securities Trading Act. The firm shall initiate preventive measures and 

procedures to limit such risks and enable Finanstilsynet to conduct supervision of the 

firm. 

(2) Investment firms shall have an effective and independent control function which 

shall: 

(a) check that the firm is fulfilling its obligations under subsection (1), 

(b) regularly assess whether the policies, procedures and measures mentioned are 

sufficiently effective, 

( c) assess any measures initiated to remedy non-compliance with the body of rules, and 

(d) provide advice and guidance on the investment firm's obligations under the Securities 

Trading Act to the firm's management, employees and others who provide 

investment services on behalf of the firm. 

(3) In order to ensure that the control function is able to discharge its assigned tasks in an 

effective and independent manner, the investment firm must ensure that: 

(a) the control function has the requisite authority, expertise, resources and access to 

relevant information 

(b) an employee is appointed with primary responsibility for the firm's control function 

and for reporting to the firm's management as mentioned in section 9-12 subsection 

(2) 

(c) persons involved in the firm's control function are not involved in the provision of 

the services or functions under their oversight, and 

(d) the remuneration of persons involved in the firm's control function is not determined 

in a manner that affects, or is liable to affect, their objectivity. 

Section 9-9 Risk management 

(1) An investment firm shall ensure that it: 

(a) has appropriate policies and procedures for risk management to identify risks 

associated with its activities, systems and processes, 

(b) establishes relevant risk exposure limits, 
(c) has effective risk management procedures in light of the firm's risk exposure limits, 

(d) monitors compliance with the firm's policies and procedures for risk management, 

( e) monitors the adequacy of measures taken by the firm to remedy any shortcomings in 

its policies and procedures and ensures that they are maintained, 

(2) An investment firm shall have an independent risk management function with the 

following tasks: 

(a) to ensure compliance with the policies and procedures mentioned in subsection (1), 

and 

(b) to give advice and report on the firm's risk management as mentioned in section 9-12 

subsection (2). 

Section 9-10 Internal audit 

An investment firm shall have an independent internal audit unit. The internal audit 

shall: 

(a) have an audit plan enabling it to assess whether the firm's systems, internal controls 

and procedures are sufficient and effective 

(b) give recommendations on the basis of the assessments made under (a), 

( c) check that the recommendations are followed, and 

( d) report on the results of the internal audit's procedures as mentioned in section 9-12 

subsection (2) 

Section 9-11 Aqjustments and exceptions in consideration of the nature, extent and 

complexity of the activities 

( 1) A firm shall adapt the requirements set out in section 9-7 subsection ( 1) and section 9-

8 subsection (1) to the firm's nature, extent and complexity. 

(2) A firm may omit to fulfil the requirements of section 9-8 subsection (3)(c) and (d), 

section 9-9 subsection (2) and section 9-10 if the firm can demonstrate that the 

requirements are not in reasonable proportion to the firm's nature, extent and complexity. 

In addition, the following conditions shall apply: 

(a) Exceptions from the requirement of section 9-8 subsection (3)(c) and (d) require that 

the control function remain effective. 

(b) Exceptions from the requirement of section 9-9 subsection (2) require in addition that 

policies and procedures for risk management be sufficient and effective. 

Section 9-12 Responsibilities of the management 

(1) The responsibility for ensuring that the firm complies with its obligations under the 

Securities Trading Act and regulations made pursuant to the Securities Trading Act lies 

with the senior management of the investment firm. The management shall assess and 

regularly review the arrangements and procedures initiated to fulfil the company's 

obligations, and initiate measures to remedy any shortcomings. If appropriate, the 

investment firm shall ensure that its board is subject to corresponding obligations. 
(2) The senior management and the board shall receive written reports on the investment 

firm's compliance with statutes and regulations, risk management and internal auditing 

on a regular basis, (see section 9-8 subsection (3)(b), section 9-9 subsection (2)(b), and 

section 9-10( d). Such reports shall specify inter alia whether preventive measures have 

been initiated in order to remedy any shortcomings. The management shall receive such 

reports at least once a year. 

Section 9-13 Handling of appeals 

( 1) An investment firm shall have clear and available procedures enabling it to process 

complaints from non-professional clients in a proper and expeditious manner. 

(2) An investment firm shall be able to document such complaints and the procedure 

employed. 

IV OUTSOURCING 

Section 9-14 Conditions for outsourcing 

(1) An investment firm that outsources important operational functions or the provision 

of investment services retains the full responsibility for such activity. The investment 

firm shall in this respect ensure that the outsourcing: 

(a) does not entail delegation of the responsibility incumbent upon the senior 

management of the investment firm, 

(b) does not entail changes in the investment firm's obligations to its clients, 

(c) does not change significant assumptions upon which the investment firm's licence 

was based. 

(2) An investment firm shall exercise due care upon entering into or terminating an 

agreement on outsourcing. When outsourcing, an investment firm is under a particular 

obligation to: 

(a) take adequate measures if the contractor fails to perform the assignment sufficiently 

efficiently or the assignment is in other respects not performed in accordance with 

law and regulations 

(b) have the expertise required to supervise, and manage the risk associated with, the 

outsourced activities in an effective manner, 

(c) ensure that the outsourcing contract can be terminated by the investment firm without 

detriment to the continuity and quality of the services provided to its clients, 

( d) ensure that the contractor has the requisite competence, capacity and the licences 

required to perform the relevant tasks, 

( e) ensure that the contractor performs the tasks in an efficient manner and that the 

investment firm has suitable procedures for assessing the execution of the tasks, 

(t) ensure that the contractor conducts supervision of the outsourced functions and 

manages the risk associated with the assignment, 

(g) ensure that the contractor notifies the investment firm of changes or events that may 

significantly affect the contractor's ability to perform the outsourced tasks, 
(h) ensure that the contractor is required to cooperate with relevant supervisory 

authorities, 

(i) ensure that the investment firm, its auditors and Finanstilsynet have actual access to 

information connected with the outsourced activities and to the premises of the 

contractor, and that Finanstilsynet has the possibility to conduct supervision, 

(j) ensure that the contractor treats confidential information concerning the investment 

firm or its clients in the proper manner, 

(k) ensure that the investment firm and the contractor have a preparedness plan for 

continued activity in the case of unforeseen events and carry out regular testing of the 

contractor's back-up procedures if relevant to the outsourced activities. 

(3) The rights and obligations of the investment firm and the contractor shall be regulated 

in a written agreement. 

Section 9-15 Supplemental conditions for outsourcing when the supplier is domiciled in 

a third country 

(1) The investment service 'active portfolio management' for non-professional clients 

may only be outsourced to a contractor whose home state is outside the EEA provided 

Finanstilsynet has been notified in advance. Such outsourcing may take place if 

Finanstilsynet does not, within a reasonable period after receiving the notification, put 

forward objections or prohibit the outsourcing. 

(2) Notification under subsection (1) is not necessary where the investment firm satisfies 

itself that: 

(a) the contractor has a licence or is registered to provide the relevant service and is 

subject to satisfactory supervision, and 

(b) satisfactory cooperation on supervision has been established between Finanstilsynet 

and the contractor's supervisory authority 

V MEASURES FOR THE PROTECTION OF CLIENT ASSETS 

Section 9-16 Protection of clients' financial instruments and assets 

Investment firms that safekeep financial instruments and assets on behalf of clients 

shall: 

(a) maintain updated registers and accounts which at all times differentiate between the 

assets of the different clients, and between the assets of the clients and the firm's own 

assets, 

(b) regularly reconcile internal registers and accounts with corresponding registers and 

accounts with a third party that safekeeps client assets, 

( c) ensure that financial instruments that are safekept with a third party are kept separate 

from the firm's or the third party's financial instruments and that this is clear from the 

accounts and registers of the third party, 

(d) ensure that the investment firm's funds are not deposited in a client account, 
( e) maintain internal procedures to limit the risk of client assets being lost or reduced in 

consequence of misuse, deficient administration, deficient registration or negligence. 

Section 9-17 Safekeeping of clients' .financial instruments 

( 1) Financial instruments in the safekeeping of an investment firm on behalf of its clients 

may be deposited on account with a third party. The investment firm shall exercise 

sufficient care in selecting such a third party and regularly assess the third party and its 

arrangements for the safekeeping and protection of the clients' financial instruments. The 

investment firm shall have a particular eye to qualifications and reputation, in addition to 

rules and market practice that might negatively affect the client's rights. 

(2) In the case of deposition in states where depositing of financial instruments is subject 

to special regulation or oversight, the investment firm shall ensure that the instruments 

are deposited with a third party that is subject to such regulation or supervision. 

(3) Deposition of clients' financial instruments with a third party whose home state is 

outside the EEA that has no deposition rules is only permitted where: 

(a) the financial instrument or the investment service connected with the financial 

instrument necessitates deposition in the state concerned, or 

(b) the financial instruments are in safekeeping on behalf of a professional client who 

requests in writing that the investment firm deposit the instruments in the relevant 

state. 

Section 9-18 Safekeeping of client funds 

(l)An investment firm that accepts client funds shall immediately place them in client 

accounts in: 

(a) a central bank, 

(b) a credit institution licensed in accordance with Directive 2006/48/EC, 

(c) a bank licensed in a non-EEA state, or 

( d) an approved money market fund, unless the client has made a reservation against this. 

(2) 'Approved money market fund' means a securities fund licensed under national rules 

implementing Directive 85/611/EC (the UCITS Directive), or that is subject to 

supervision and has been awarded a licence under national rules in an EEA state, and that 

fulfils the following conditions: 

(a) the fund's primary investment goal is to preserve the net value of its assets, 

(b) the fund shall solely invest in high-quality money market instruments with a maturity 

or residual maturity of up to 397 days or with periodic interest rate adjustment that 

accords with such a maturity and with a weighted average maturity of up to 60 days. 

The fund may in addition invest in deposits in credit institutions in order to achieve 

the fund's goals, and 

( c) redemption of shares in the fund shall entail disbursement of moneys on the same day 

or the day after the demand for redemption is presented. 
(3) A money market instrument is of high quality, see subsection (2) no. 2, when it has 

the highest credit rating from all approved rating agencies that have evaluated the 

instrument. A money market instrument that has not been credit rated shall not be 

deemed to be of high quality. 'Approved rating agency' means an agency that regularly 

and on a professional basis evaluates money market funds and is an approved rating 

agency under the provisions of Regulations of 14 December 2006 No. 1506 on capital 

requirements for commercial banks, savings banks, finance companies, financial holding 

companies, investment firms and management companies for securities funds etc (Capital 

Requirements Regulations). 

(4) Investment firms that do not deposit their client funds in a central bank shall exercise 

sufficient care in selecting a credit institution, bank or money market fund. The 

investment firm shall regularly assess the credit institution, bank or money market fund 

and the arrangements for the safekeeping of the funds. The investment firm shall have a 

particular eye to qualifications and reputation in addition to rules and market practices 

that might negatively affect the rights of the clients. 

Section 9-19 Use of clients'financial instruments 

(1) An investment firm may not enter into an agreement on securities financing 

connected with financial instruments that the firm has in safekeeping on behalf of clients 

or otherwise utilise the financial instruments of clients for the firm's own account or the 

accounts of other clients, unless the client has expressly given their consent in advance to 

such and further conditions for such use have been agreed. A non-professional client shall 

give advance consent in writing or make use of a corresponding mechanism. 

(2) An investment firm may not enter into an agreement on securities financing 

connected with financial instruments that the firm has in safekeeping on behalf of clients 

in an collective account with a third party, or otherwise utilise the financial instruments 

of clients that are in safekeeping in such accounts for the firm's own account or the 

accounts of other clients, unless at least one of the following conditions has been fulfilled 

in addition to the conditions set out in subsection (1): 

(a) all clients who have financial instruments that are stored in the collective account 

have given their express advance consent in accordance with subsection (1 ), or 

(b) the investment firm has systems and control procedures ensuring that only financial 

instruments belonging to clients who have given express advance consent in 

accordance with subsection (1) are used in this manner. 

(3) In order to ensure that any losses may be distributed correctly, the investment firm's 

registers shall contain information on clients who have given their consent with respect to 

subsection (1) and the number of financial instruments utilised that belong to each one of 

these clients. 

Section 9-20 Declaration by external auditor 

The firm's external auditor shall at least once each year report to Finanstilsynet on 

the extent to which the investment firm's procedures for the protection of its client assets 

are in accordance with the Securities Trading Act section 9-11 subsections (3) and ( 4) 

and the provisions in the present regulations section 9-16 to section 9-19. 
VI RETENTION OF DOCUMENTATION 

Section 9-21 Requirements as to period of retention 

(1) An investment firm shall retain the documentation required under the Securities 

Trading Act and regulations made pursuant to the Securities Trading Act for at least 5 

years. 

(2) Documents showing the respective obligations and rights of the investment firm and 

the client in connection with an agreement to provide services, or the conditions for such, 

shall also be retained for the duration of the client relationship. To the extent that 

Finanstilsynet finds it necessary for the purpose of discharging its supervisory functions, 

Finanstilsynet may in special cases order the investment firm to retain documentation as 

mentioned for a longer period. 

(3) In the event of revocation of the investment firm's licence to provide investment 

services, documentation under subsection (1) shall be retained until the five-year period 

has expired. 

Section 9-22 Requirements as to medium for retaining information 

Information as mentioned in section 9-21 subsection (1) shall be retained in a medium 

that: 

(a) allows Finanstilsynet at all times to gain access to the information and reconstruct the 

main phases of the investment firm's processing of each transaction, 

(b) enables corrections or other changes to the information to appear, including the 

content of the information before any corrections or changes, and 

(c) renders it impossible to manipulate or change the information in an illegitimate 

manner. 

VII CONFLICTS OF INTEREST 

Section 9-23 Conflicts of interest that may be harmful to clients 

Investment firms shall identify possible conflicts of interest that may arise in the 

business operations and that may be to the detriment of the client. The investment firm 

shall at a minimum assess whether the firm, an associated person or a person who is 

connected to the firm through direct or indirect ownership: 

(a) could achieve a financial gain or avoid a financial loss at the expense of the client, 

(b) has a different interest than the client as regards the result of the provision of the 

investment service or the execution of the transaction, 

( c) has financial or other grounds to prioritise the interests of another client or other 

groups of clients ahead of the client's interests 

( d) conducts the same type of activity as the client, or 

( e) will be remunerated for providing the investment service to the client from a person 

other than the client in the form of money, goods or services beyond the standard 

commission for the service. 
Section 9-24 Policy on conflicts of interest 

(1) Investment firms shall have a written policy for handling conflicts of interest. Such 

policy shall be adapted to the firm's size and organisation as well as the nature, extent 

and complexity of its activities. Regard shall be had to circumstances of which the firm is 

or should have been aware and which may give rise to conflicts of interest connected 

with other companies in the undertaking group. 

(2) The policy shall at a minimum include: 

(a) an indication of conditions that may involve conflicts of interest connected with the 

individual investment services performed by or on behalf of the firm and that may 

involve a real risk of impairment of the client's interests, and 

(b) an indication of procedures to be followed and measures to be initiated to handle such 

conflicts of interest. 

(3) Procedures and measures as mentioned in subsection (2)(b) shall be suited to ensuring 

that associated persons who participate in activities involving a conflict of interest under 

subsection (2)(a) do so with the necessary degree of independence. The procedures and 

measures shall take into consideration the firm's, including the undertaking group's, size 

and activities, as well as the degree of risk of harm to the client's interests. In order to 

ensure the necessary independence, the investment firm shall assess the need for, inter 

alia: 

( a) procedures for the proper exchange of information between different parts of the 

firm, 

(b) special oversight of associated persons who primarily conduct activities for or 

provide services to clients who may have conflicting interests, or clients who may 

have interests that conflict with the firm's own interests, 

( c) removal of direct linkage between the salaries of associated persons who perform 

different types of activities if conflicts of interest may arise between such activities, 

( d) measures to prevent or limit the possibility that improper influence may be exerted on 

an associated person's performance of investment services or ancillary services, and 

(e) measures to prevent or oversee an associated person's simultaneous or subsequent 

participation in specific investment services or ancillary services if such participation 

is liable to impair the handling of conflicts of interest. 

(4) If the introduction and implementation of procedures and measures under subsection 

(3) fails to ensure a sufficient degree of independence, the investment firm shall initiate 

such further or alternative measures as are necessary and appropriate to achieve such 

independence. 

Section 9-25 Information to clients 

If the implementation of measures under section 9-24 and the Securities Trading Act 

section 9-11 subsection (I) no. 2 is not sufficient to safeguard client interests in a 

satisfactory manner, the firm shall inform the client of possible conflicts of interest, see 

the Securities Trading Act section I 0-10 subsection (2). Information shall be given in 

writing and be sufficiently detailed for the client to make an informed choice with regard 
to the investment service or the ancillary service to which the conflict of interest relates. 

The information shall take into account the expertise, knowledge and experience of the 

client. 

Section 9-26 Documentation of services and activities that give rise to harmful conflicts 

of interests 

Investment firms shall document which investment services and ancillary services 

have been performed or are being performed by or on behalf of the firm where a conflict 

of interest has arisen or may arise, and which invo Ive a real risk of harm to the interests 

of one or more clients. 

Section 9-27 Investment analysis 

(1) 'Investment analysis' means a recommendation as mentioned in section 3-6 

subsection (2) that has been prepared by the investment firm and which: 

(a) is designated or described as an investment analysis or equivalent term, or which has 

otherwise been presented as an objective or independent explanation of the conditions 

encompassed by the recommendation, and 

(b) is not regarded as investment advice under the Securities Trading Act section 2-4 

subsection (1). 

(2) When an investment firm prepares an investment recommendation that is not covered 

by subsection ( 1 ), the recommendation shall be termed marketing material and contain a 

clear statement to the effect that the recommendation was not prepared in accordance 

with the rules regulating investment analyses. A corresponding explanation shall be given 

when such marketing material is presented orally. 

(3) The rules on investment recommendations in section 3-6 to section 3-15 otherwise 

apply. 

Section 9-28 Further organisational requirements for investment firms that prepare and 

distribute investment analyses 

(1) This section applies to investment firms that prepare or commission the preparation of 

investment analyses as mentioned in section 9-27 subsection (1) if the analysis is to be 

disseminated to the firm's clients or to the general public, or there are reasonable grounds 

to presume that such dissemination will take place. The section does not apply to 

investment firms that only disseminate others' investment analyses to clients or the 

general public, and the following conditions are met: 

(a) the investment analysis was not prepared by a company in the same undertaking 

group as the investment firm 

(b) the investment firm does not significantly change the recommendations in the 

investment analysis, 

( c) the investment recommendation is not presented as if it had been prepared by the 

investment firm, and 

( d) the investment firm checks that the party who has prepared the analysis is subject to 

requirements corresponding to those set out in the present regulations concerning 
investment analyses or has established policies that contain such requirements. 

(2) An investment firm shall ensure that measures established under section 9-24 are 

implemented in relation to financial analysts who participate in the preparation of the 

investment analysis and other associated persons with areas of responsibility or business 

interests that may come into conflict with the interests of the persons to whom the 

investment analysis is disseminated. 

(3) An investment firm shall in addition have policies and procedures to ensure: 

(a) that financial analysts and associated persons with a knowledge of 

1) the probable date of the publication of the investment analysis 

2) content of the investment analysis that is not available to the clients or the general 

public, or 

3) content of the investment analysis that cannot easily be inferred from publicly 

available information, 

may not trade on their own account or on others' account (including the investment 

firm's account) in the financial instruments encompassed by the investment analysis, 

or in any derivative financial instrument, before the recipients of the investment 

analysis have had a reasonable opportunity to trade on the basis of it. This does not 

apply to ordinary market making activities performed in good faith or to the 

execution of unsolicited client orders. 

(b) that financial analysts and associated persons involved in the preparation of the 

investment analysis are made aware of the rules on own account trading in the 

Securities Trading Act chapter 8, 

(c) that the investment firm, financial analysts and other associated persons who are 

involved in preparing the content of the investment analyses do not receive 

remuneration from persons who have a special interest in the main content of the 

analysis, 

( d) that the investment firm, financial analysts and relevant persons involved in the 

preparation of investment analyses do not offer issuers advantageous investment 

analyses, and 

(e) that parties other than financial analysts are not permitted to review a draft version of 

an investment analysis in order to check factual information in the analysis prior to its 

dissemination, with the exception of a review performed to ensure compliance with 

the firm's legal obligations. This only applies if the investment analysis contains a 

recommendation or price target. 

(4) 'Derivative financial instrument' in subsection (3) means a financial instrument the 

price of which is closely linked to changes in the price of another financial instrument 

dealt with in an investment analysis, and which contains a derivative element based on 

this other financial instrument. 

VIII NORWEGIAN INVESTOR COMPENSATION SCHEME 

Section 9-29 Members 
The following shall be members of the Norwegian Investor Compensation Scheme: 

(a) investment firms licensed under the Securities Trading Act section 9-1 to provide 

investment services as mentioned in the Securities Trading Act section 2-1 subsection 

(1) nos. 1 to 7, and 

(b) management companies for securities funds licensed under Act of25 November 2011 

No. 44 on securities funds (Securities Funds Act) section 2-1 subsection (2), see 

subsection (1), to provide investment services as mentioned in the Securities Trading 

Act section 2-1 subsection (1) no. 4. 

Section 9-30 Foreign firms with a branch in Norway 

(1) An investment firm which establishes a branch in Norway under the Securities 

Trading Act section 9-24 is not required to be a member of the Scheme insofar as 

coverage of the branch's activities in Norway is concerned. Such firm may, in respect of 

the branch's activities in Norway, join the Scheme as a supplement to the investor 

compensation scheme in the branch's home state if the latter scheme is not deemed to 

give the branch's clients coverage equal to that available under the Norwegian scheme. In 

such case, the principles of Annex II to Directive 97/9/EC shall apply. The same applies 

to management companies for securities funds as mentioned in the Securities Funds Act 

section 3-3 that establish branches in Norway and are licensed by their home state 

authorities to provide investment services as mentioned in the Securities Trading Act 

section 2-1 subsection (1) no. 4. 

(2) An investment firm which establishes a branch in Norway under the Securities 

Trading Act section 9-25 shall be a member of the Norwegian Investor Compensation 

Scheme insofar as coverage of the branch's activities is concerned. Finanstilsynet may 

consent to the branch not being required to be a member of the Scheme if the branch's 

activities in Norway are covered by a satisfactory compensation scheme. Section 9-44 

applies regardless of whether or not the branch is exempt from the requirement to post 

collateral. The same applies to management companies for securities funds as mentioned 

in the Securities Funds Act section 3-4 that establish branches in Norway and are licensed 

by their home state authorities to provide investment services as mentioned in the 

Securities Trading Act section 2-1 subsection (1) no. 4. 

Section 9-31 Purpose, organisation, articles of association etc. of the Scheme. 

(1) The Compensation Scheme shall, in the event of a member's insolvency, see section 

9-37, provide cover for claims arising from that member's handling of client assets and 

financial instruments, see section 9-32. 

(2) The Scheme is a legal person in its own right. No member has a proprietary right to 

any portion of the Scheme's assets. Neither bankruptcy nor composition proceedings may 

be instituted against the Scheme. 

(3) The Scheme's highest authority is its general meeting; see section 9-45. The Scheme 

is managed by a board of directors; see section 9-46. The Scheme shall have articles of 

association that are approved by the Ministry of Finance. Changes to the articles of 

association shall also be approved by the Ministry of Finance. 
(4) The Scheme may impose a reporting requirement on its members and order such 

documents and information to be submitted as are necessary for the Scheme to compute 

fees, expenses on guarantees or for coverage of claims, or that the Scheme otherwise 

deems to be necessary for its activities. Finanstilsynet's duty of confidentiality does not 

prevent Finanstilsynet from providing information as mentioned to the Scheme. 

Section 9-32 Coverage by the Scheme 

The Scheme shall cover claims arising from a member's inability to repay money or 

return financial instruments as mentioned in the Securities Trading Act section 2-2 

subsection (1) and which are safekept, administered or managed by the member on behalf 

of clients in connection with investment and ancillary services. 

Section 9-33 Size of the Scheme 

The Scheme's total own funds must constitute at least NOK 50 million. 

Section 9-34 Members' fees 

(1) The members shall each year pay a fee to the Scheme, unless the Scheme's capital 

according to the latest annual financial statements exceeds the minimum required by 

section 9-33. The members shall pay a fee to cover the Scheme's annual expenses, unless 

the minimum requirement in section 9-33 has been reached and the Scheme's returns or 

fees from new members pursuant to section 9-36 at least cover such annual expenses. 

(2) Each member pays an annual fee that comprises 0.8 per cent of the member's total 

revenues from investment and ancillary services in the preceding year, a minimum of 

NOK 25,000 and a maximum of NOK 500,000. 'Total revenues from investment and 

ancillary services' means, for investment firms, item 4.1.30 - Sum ofrevenues from 

investment services and ancillary services - in the quarterly return for investment firms 

and, for management companies for securities funds, item 2.1.04 - Revenues from active 

portfolio management and item 2.1.05 - Revenues from ancillary services shown in the 

quarterly return for management companies for securities funds. The date for payment of 

the fee shall be determined in the articles of association of the Scheme. 

(3) Finanstilsynet may decide that members as mentioned in section 9-29(a) with a 

licence to provide investment services under the Securities Trading Act section 2-1 

subsection (1) no. 4 and members as mentioned in section 9-29(b) shall pay a lower fee 

than that set out in subsection (2) insofar as assets managed on behalf of professional 

clients are concerned. 

( 4) The board of the Scheme may set lower fees for a particular year if it is clear that the 

receipts pursuant to such a fee will suffice for the Scheme's minimum requirement under 

section 9-33 to be met. 

(5) For a branch as mentioned in section 9-30 subsection (1) a fee shall each year be paid 

to the Scheme calculated with a basis in the principles in Annex II to Directive 97 /9/EC. 

(6) If the Scheme's capital is insufficient in the event that claims are brought against the 

Scheme, the members are obligated to cover the excess such that such that their liability 

is in the first instance pro rata, subsidiarily joint and several. The individual member's 
pro rata liability is calculated using the method and the distribution key described in 

subsection (2). 

Section 9-35 Provision of guarantee 

(1) If the Scheme's capital falls below NOK 50 million, the Scheme shall ensure that the 

difference is covered by a principal liability guarantee. 

(2) Expenses for the said guarantee will be apportioned annually among the members and 

be calculated using the method and the distribution key described in section 9-34 on the 

basis of the member's share of the total revenues from investment and ancillary services 

in the preceding year. 

(3) Guarantees under this section may only be provided by: 

(a) undertakings as mentioned in Act of 10 June 1988 No. 40 on Financing Activity and 

Financial Institutions section 1-4 first subsection nos. 1 to 3, 

(b) corresponding undertakings that have their head office in, have been granted a licence 

to conduct business in, and are subject to supervision by the competent authority of, 

another EEA state, 

( c) corresponding undertakings which have their head office in, have been granted a 

licence to conduct business in, and are subject to supervision by the competent 

authority of, a state outside the EEA area, provided settlement under such guarantee 

has the same assurance as settlement under a guarantee provided by an undertaking as 

mentioned in (a) and (b). 

Section 9-36 Changes to membership 

(1) A new member shall pay a fee pursuant to section 9-34 for its first four years of 

operation even if the Scheme has attained its minimum own funds pursuant to section 9-

33. 

(2) A member shall also pay full fees for the operating year in which its membership 

ceases. Remitted fees are not reimbursed to withdrawing members. 

Section 9-37 Financial incapacity 

(1) Financial incapacity shall be deemed to have arisen where a composition with 

creditors (binding on all creditors) or liquidation proceedings are initiated against a 

member. The same applies where a credit institution licensed as an investment firm is 

placed under public administration; see the Guarantee Schemes Act, chapter 4. 

(2) For members as mentioned in section 9-30 subsection (1 ), financial incapacity shall 

be deemed to have arisen when the Scheme has been informed by the authorities of the 

home state of a 'determination' or 'ruling' as mentioned in Directive 97 /9/EC, Article 2, 

No.2. 

(3) For members as mentioned in section 9-30 subsection (2), financial incapacity shall 

be deemed to have arisen where processes corresponding to a composition with creditors 

(binding on all creditors) or liquidation proceedings are initiated in the investment firm's 

home state. The Scheme has an unlimited right to check that the requirements mentioned 
have been met and otherwise to check a client's rights in relation to the Scheme's own 

norms and procedures before it disburses compensation. 

Section 9-38 Coverage of claims and exceptions for individual clients 

(1) The Scheme shall, where a member is financially incapacitated as described in section 

9-37, provide coverage for claims as mentioned in section 9-32 arising in connection with 

the performance of investment services as mentioned in section 9-29, and/or ancillary 

services as mentioned in the Securities Trading Act section 2-1 subsection (2) no. 1 or the 

Securities Funds Act section 2-1 subsection (3) no. 2. Even where a member has returned 

its licence or had it revoked, the Scheme's liability will encompass claims as mentioned 

in section 9-32 which arose prior to such return or revocation. 

(2) For Norwegian members the Scheme shall also cover claims related to activities 

performed under the Securities Trading Act section 9-23 or the Securities Funds Act 

sections 3-1 and 3-2, as well as activities engaged in by branches outside the EEA area, 

except as otherwise provided by Finanstilsynet. 

(3) The Scheme will not cover claims arising out of transactions on which unappealable 

final criminal judgments have been delivered in respect of money laundering. 

(4) Claims from the following clients will not be covered: 

(a) financial institutions, credit institutions, insurance companies and investment firms, 

(b) securities funds and other collective management undertakings, 

( c) pension funds, 

( d) companies in the same group as the member institution, 

(e) clients that are responsible for or have benefited from circumstances affecting the 

member when such conditions have caused the member's financial difficulties or 

contributed to a worsening of the member's financial situation. 

Section 9-39 Size of coverage 

(1) Coverage is provided for up to NOK 200,000 per client in the event of financial 

incapacity as mentioned in section 9-37. 

(2) Where multiple clients utilise the member's services together, each shall be covered 

in accordance with subsection (1). Unit holders in legal persons as mentioned in section 

9-38 subsection (4)(b) shall not be regarded as multiple clients who are utilising the 

member's services together. 

Section 9-40 Announcement and period allowed for reporting claims 

The Scheme shall in an appropriate manner inform the clients that a member is 

financially incapacitated as described in section 9-37. Client claims must be filed with the 

Scheme within five months of such announcement. A client who fails to submit his claim 

within this period forfeits his right to coverage. If the client has been prevented from 

filing a claim by the deadline, a new five-month period will begin to run once the 

impediment has ceased. 

Section 9-41 Settlement 
(1) The Scheme shall pay claims filed by the individual client as soon as possible and at 

the latest three months after the legitimacy and size of the claim have been established. In 

special cases, Finanstilsynet may extend the time limit by up to three months. 

(2) Coverage for losses of financial instruments shall be established with reference to the 

instruments' market value at the time financial incapacity as described in section 9-37 

arose. Coverage for cash and cash equivalents shall include any interest accrued up to the 

point at which financial incapacity as described in section 9-37 arose. 

(3) If a client with a holding in the member is indicted for a criminal offence in 

connection with money laundering, the compensation scheme, regardless of the above 

deadline, shall suspend all disbursements pending an unappealable final judgment. 

(4) Disputes concerning the Scheme's decisions may be appealed to Finanstilsynet 

pursuant to the Public Administration Act chapter VI. Disputes about whether a claim 

comes under the scheme and about the right to coverage under the scheme may be heard 

in a court of law. 

Section 9-42 Non-fulfilment of member obligations 

(1) Where a member fails to fulfil its obligations under the Securities Trading Act section 

9-12, provisions laid down in this subchapter and pursuant to these provisions, the 

Scheme shall inform Finanstilsynet thereof. The Scheme and Finanstilsynet shall 

cooperate in taking appropriate measures to ensure that the member fulfils its obligations. 

Subject to Finanstilsynet's consent a member may, with at least 12 months' notice, be 

warned of possible exclusion from the Scheme. If a member, by the end of the said 

period, still fails to fulfil its obligations and Finanstilsynet has given its express consent, 

the Scheme may decide that the member concerned shall be excluded from the Scheme. 

The Scheme's liability will encompass claims as mentioned in section 9-32 arising before 

the date of exclusion. 

(2) Where a branch established pursuant to section 9-30 subsection (1) fails to fulfil its 

obligations as mentioned in subsection (1), the authorities of the host state must be 

notified. Measures shall be taken corresponding to those under subsection (I), including 

possible exclusion of the branch from the scheme. The clients shall be informed that the 

supplemental coverage has lapsed and from what date. The Scheme's liability will 

encompass claims as mentioned in section 9-32 arising before the date of exclusion. 

Section 9-43 Rights of the Scheme to subrogate the rights of the clients 

Where the Scheme disburses compensation, the Scheme shall have the right to 

subrogate the rights of the clients in relation to the bankruptcy estate, claims in a 

composition with creditors (binding on all creditors) or claims in relation to a credit 

institution where a decision has been adopted to impose public administration, to the 

extent that the client has received full coverage for his claim against the member. 

Section 9-44 Obligation to inform clients 

A member shall, before doing business with a client, inform the client about the 

Norwegian Investor Compensation Scheme, including applicable amounts, coverage and 

scope. For firms that have established a branch in Norway, corresponding information 
about the insurance scheme that is relevant to the branch shall be given in Norwegian in 

an easily comprehensible form. Information under this section may be given by means of 

electronic communication if the client so desires. 

Section 9-45 General meeting 

(1) At the general meeting each member of the Scheme has one representative and one 

vote. A decision at the general meeting requires a majority of the votes cast, except as 

otherwise provided in the articles of association. Decisions concerning the adoption and 

alteration of the articles of association require the consent of at least two-thirds of the 

votes cast. 

(2) The general meeting adopts the articles of association for the Scheme, elects members 

and alternates to the board and establishes instructions for the board. 

(3) The annual report and financial statements shall be considered by the general meeting. 

The annual report and financial statements shall be subject to audit. 

Section 9-46 Board 

(1) The Scheme shall have a board consisting of five members. Four members and five 

alternates are elected by the general meeting. Finanstilsynet appoints one member and an 

alternate. 

(2) The elected members and alternates are appointed for a term of two years. The board 

elects its chairman and vice-chairman to serve for one year at a time. 

(3) In the composition of the board, emphasis shall be given to achieving a balanced 

representation of members of different sizes and types. 

( 4) The Board shall draw up articles of association for the Scheme and any amendments 

to the articles of association which shall be submitted to the general meeting for adoption. 

(5) At least three members must vote in favour of a proposal in order for the board's 

decision to be valid. 

(6) Minutes shall be kept of the board's meetings. Finanstilsynet may demand submission 

of the minutes of the board of the Scheme. 

IX CAPITAL STRUCTURE ETC 

Section 9-47 Exception.from the statutory requirement as to initial capital 

( 1) Investment firms licensed to provide investment services mentioned in the Securities 

Trading Act section 2-1, subsection (1) nos. 1, 4 and 5, shall have initial capital 

amounting to at least EUR 125,000 in Norwegian currency. 

(2) Notwithstanding subsection (1), an investment firm confined to providing investment 

services as mentioned in the Securities Trading Act section 2-1 subsection (1) nos. 1 and 

5 and not authorised to handle clients' financial instruments or assets may have initial 

capital amounting to at least EUR 50,000 in Norwegian currency. The requirement as to 

initial capital may in such cases be met by contracting liability insurance. The liability 

insurance shall amount to at least EUR 1 million in Norwegian currency per insured 
event. The total coverage under the liability insurance during the course of a year may 

none the less be limited to a maximum of at least EUR 1.5 million in Norwegian 

currency. Finanstilsynet may adjust the guarantee amounts with reference to the 

consumer price index. 

Section 9-48 Composition of initial capital 

Paid-in share capital, a share premium reserve and other equity capital are regarded as 

initial capital. 

Section 9-49 Capital requirements 

Rules concerning capital requirements are set out in Regulations of 1 June 1990 No. 

435 on the calculation of own funds of financial institutions, clearing houses and 

investment firms, Regulations of22 October 1990 No. 875 on minimum capital 

requirements for financial institutions and investment firms, Regulations of 22 June 2000 

No. 632 on minimum capital requirements in respect of market risk etc. for credit 

institutions and investment firms and Regulations of 14 December 2006 No. 1506 on 

capital requirements for commercial banks, savings banks, finance companies, financial 

holding companies, investment firms and management companies for securities funds 

(Capital Requirements Regulations). 

Section 9-50 Large exposures 

Regulations of 10 December 1997 No. 1388 on the reporting of large exposures of 

credit institutions and investment firms and Regulations of 22 December 2006 No. 1615 

on large exposures of credit institutions and investment firms apply to large exposures. 

Section 9-51 Consolidation 

Rules concerning consolidation are set out in Regulations of 31 January 2007 No. 

121 on the application of capital adequacy rules on a consolidated basis etc. 

Chapter 10 Investment firms' business activity 

I. CLASSIFICATION OF CLIENTS 

Section 10-1 Client categories 

(1) Investment firms shall categorise their clients as, respectively: 

(a) non-professional clients, 

(b) professional clients, see section l 0-2, or 

(c) eligible counterparties, see Securities Trading Act section 10-14 subsection (2). 

(2) Investment firms shall inform their clients in writing of which category they belong 

to, of their right to request a different categorisation and of the significance categorisation 

has for the level of investor protection. 

(3) Investment firms may on their own initiative or at the request of a client, in general or 

in the individual case, treat a professional client or an eligible counterparty as a nonprofessional client, or an eligible counterparty as a professional client. 
(4) If a professional client or an eligible counterparty requests to be treated as a nonprofessional client, and the investment firm consents to this, the investment firm and the 

client shall enter into a written agreement to such effect. The agreement shall specify 

whether it applies generally or in respect of one or more particular transactions, 

investment services or types of product. 

(5) Investment firms shall have written internal policies and procedures for the 

categorisation of clients. Professional clients are responsible for keeping the investment 

firm continuously informed of any changes that may affect their classification. If the 

investment firm becomes aware that the client no longer fulfils the conditions for 

categorisation as a professional client, the investment firm shall take appropriate action. 

Section 10-2 Professional clients 

The following clients are deemed to be professional in relation to all investment 

services and financial instruments: 

(a) eligible counterparties as mentioned in the Securities Trading Act section 10-14 

subsection (2), 

(b) legal persons who meet at least two of the following three requirements as to the size 

of the undertaking: 

1) balance sheet total amounting to at least EUR 20,000,000 in Norwegian currency, 

2) annual net turnover amounting to at least EUR 40,000,000 in Norwegian 

currency, 

3) own funds amounting to at least EUR 2,000,000 in Norwegian currency, and 

( c) other institutional investors whose main business is to invest in financial instruments, 

including special purpose vehicles. 

Section 10-3 Eligible counterparties 

(1) In addition to eligible counterparties as mentioned in the Securities Trading Act 

section l 0-14 subsection (2), professional clients as mentioned in the present regulations 

section 10-2(b) will be regarded as eligible counterparties. 

(2) A legal person that fulfils at least two of three criteria as mentioned in section 10-4 

may request to be treated as eligible counterparties in relation to investment services or 

transactions in respect of which the party concerned is categorised as professional. 

(3) An investment firm shall obtain from the client express confirmation that he consents 

to being treated as an eligible counterparty. Such confirmation may be obtained in a 

general agreement or in connection with individual transactions. 

Section 10-4 Non-professional clients who may request to be treated as professionals 

A non-professional client may ask to be treated as a professional client provided at 

least two of the following three criteria are satisfied: 

(a) the client has carried out transactions of significant size in the relevant market at an 

average frequency of 10 per quarter over the previous four quarters, 

(b) the size of the client's financial portfolio (cash deposits and financial instruments) 
exceeds EUR 500,000 in Norwegian currency, 

(c) the client is working or has worked in the financial sector for at least one year in a 

position that requires a knowledge of the relevant transactions or investment services. 

Section 10-5 Requirements on procedure for waiving protection as non-professional 

(1) Upon request, as mentioned in section 10-4: 

(a) the client shall notify the investment firm in writing that he wishes to be treated as a 

professional, either generally or in respect of a particular investment service or 

transaction, or type of transaction or product, 

(b) the investment firm must give the client a clear written warning of the investor 

protection and investor compensation rights the client stands to lose, and 

(c) the client must state in writing, in a separate document from the contract, that he is 

aware of the consequences of losing such protection. 

(2) Before deciding to accept any request for waiver, the investment firm must take all 

reasonable steps to ensure that the client requesting to be treated as a professional client 

meets the requirements stated in section 10-4. 

(3) The investment firm may only accept a request as mentioned in section 10-4 if it can 

establish with reasonable certainty that the client has the requisite experience, knowledge 

and expertise to make investment decisions in respect of relevant investment services, 

financial instruments or transactions, and is aware the risks associated with them. 

Section 10-6 Classification of existing clients 

(1) An investment firm shall, no later than upon its first contact with established clients 

after these regulations have gone into effect, inform the clients whether they are classified 

as non-professional clients, professional clients or eligible counterparties. 

(2) Investment firms which upon entry into force of these regulations have categorised 

their existing clients in accordance with these regulations are not required to undertake a 

new categorisation. The clients must none the less be informed of the conditions for 

categorisation. 

Section 10-7 Effects of the distinction between eligible counterparties, professional 

clients and non-professional clients 

(1) The following provisions do not apply to professional clients: 

(a) section 10-9, section 10-10, section 10-12 subsection (1), section 10-13 subsections 

(2) and (4), section 10-14 subsections (1) to (3) and subsection (6), section 10-15, 

(b) section 10-20, 

( c) section l 0-21 subsection (1) no. 2, section 10-21 subsections (2), ( 5), ( 6), (7) and (8), 

section 10-22 subsections (2) to ( 6), section 10-23, 

( d) section l 0-27 subsections (2) and (3), 

(f) section l 0-28 subsection (1 )( c ). 
(2) In assessing whether the provision of investment advice and active portfolio 

management for a professional client is appropriate, see section 10-16, the investment 

firm may presume that such clients has sufficient experience and knowledge as 

mentioned in section 10-16 subsection ( 1 )( c) in relation to the products, services and 

transactions in respect of which he has been classified as professional and that he is 

financially in a position to handle risk as mentioned in subsection (l)(b). 

(3) In the assessment of whether the provision of investment services other than 

investment advice and active portfolio management to a professional client is appropriate, 

see section 10-17, the investment firm may presume that such client has the necessary 

experience and knowledge as mentioned in section 10-17 in relation to the investment 

services, transactions or products in respect of which the client is classified as a 

professional. 

( 4) For eligible counterparties the following provisions, in addition to the provisions 

mentioned in subsection ( 1 ), do not apply in respect of the provision of investment 

services as mentioned in the Securities Trading Act section 2-1 subsection (1) nos. l to 3: 

(a) section 10-11, section 10-13 subsections (l), (3) and (5), section 10-14 subsections 

(4) and (5), 

(b) section l 0-17 to section 10-19, 

( c) section l 0-21 subsection (l) no. 1 and subsection (3) and section 10-24, 

( d) section l 0-25, section 10-26 and section l 0-27 subsection ( 1 ), 

(e) section 10-28 subsection (l)(a) and (b), subsections (2) and (3), section 10-29 and 

section 10-30, 

unless the eligible counterparty concerned so requests. 

II REMUNERATION FROM PARTIES OTHER THAN THE FIRM'S CLIENTS 

Section 10-8 Remuneration from parties other than the firm's clients 

( 1) An investment firm may in connection with its provision of investment services or 

ancillary services only receive remuneration from or provide remuneration to persons 

other than clients where: 

(a) the client is informed in writing, prior to the provision of the service, of the type and 

value of the remuneration, or the method of calculation if the value cannot be fixed, 

and 

(b) the remuneration is likely to improve the quality of the service to the client and will 

not impair the firm's obligation to attend to the client's interests in the best manner 

possible. 

(2) Subsection (l) does not apply to actual expenses that enable or are necessary to carry 

out the investment service, including costs on depository banks, marketplaces, securities 

registers, clearing houses and legal support. Such expenses must, depending on their 

nature, not give rise to conflicts with the firm's obligation to act honestly, fairly and 

professionally in accordance with the best interests of its clients. 
(3) An investment firm may give information as mentioned in subsection (l)(a) in the 

form of a summary, if the investment firm undertakes to provide supplementary 

information at the client's request. 

III INFORMATION OBLIGATIONS OF INVESTMENT FIRMS TO CLIENTS 

Section 10-9 Marketing material etc. 

( 1) All forms of information, including marketing information, addressed to the firm's 

existing or potential clients shall: 

(a) contain the name of the investment firm, 

(b) not highlight potential benefits of an investment service or a financial instrument 

without also giving balanced information on the relevant risks, 

( c) be adapted to the level of knowledge of the relevant client group and 

( d) be formulated such that important declarations, warnings etc. appear in a clear and 

prominent manner. 

(2) If the information contains a comparison of investment services or ancillary services, 

financial instruments or persons who provide investment services or ancillary services: 

(a) the comparison must be relevant and presented in a reasonable and balanced manner, 

(b) the sources of the information in the comparison must be stated, and 

( c) the key data and assumptions employed must be described. 

(3) If information is given indicating the historical return of a financial instrument, a 

financial index or an investment service, the investment firm must ensure that: 

(a) such information is not the most prominent element in the information material, 

(b) the information includes relevant information on returns over the preceding five years 

or over the shorter period during which the financial instrument has been offered, the 

financial index has been established or the investment service has been offered. 

Return shall be stated for whole twelve-month periods, 

( c) the reference period and the source of the information are clearly indicated, 

(d) a clear warning is given that historical return is not a reliable indicator of future 

return, 

( e) if the information is based on amounts in a currency other than that used in the 

country where the client resides, the currency shall be stated along with a warning 

that the return may vary as a result of fluctuating exchange rates, and 

(f) if the information is based upon gross return, the effect of fees, commissions or other 

expenses is stated. 

( 4) If information mentioned in subsection ( 1) contains data or references to a simulated 

historical return the information shall relate to a financial instrument or a financial index 

and the following requirements must be met: 

(a) the simulated historical return must be based upon the actual historical return of one 

or more financial instruments or one or more financial indexes that correspond to or 
underlie the relevant financial instrument, 

(b) the conditions in subsection (3)(a), (b), (c), (e) and (f) shall be met for the actual 

historical return in (a), and 

( c) a clear warning shall be given that the figures refer to a simulated historical return 

and that historical return is not a reliable indicator of future return. 

(5) If the information mentioned in subsection (1) contains data concerning future return, 

the following applies: 

(a) the information must not be based upon or refer to simulated historical return, 

(b) the information shall be based upon reasonable assumptions supported by objective 

data, 

( c) if the information is based upon gross return, information shall be given on the effects 

of fees, commissions or other expenses, and 

(d) a clear warning must be given that such prognoses cannot be used as reliable 

indicators of future return. 

( 6) If reference is made to a particular tax effect, it shall be clearly indicated that the tax 

effect depends upon the situation of the individual client and may change in the future. 

(7) The name of a competent authority may not be used in a manner indicating that the 

authority recommends or approves the investment firm's products or services. 

(8) Information in the investment firm's marketing material must accord with information 

given to clients in connection with the provision of investment services or ancillary 

services. 

(9) Information as mentioned in section 10-12 to section 10-15 shall be included in 

marketing material that contains an offer from an investment firm to enter into an 

agreement concerning a financial instrument or to provide investment services or 

ancillary services when the offer to the client is accompanied by a reply form or 

instructions on how to respond to the offer. This does not apply if the client, in order to 

be able to respond to the offer or invitation, is referred to other documents that contain 

the information following from section 10-12 to section 10-15. 

Section 10-10 Information to clients prior to entry into agreement 

(1) In good time before an investment firm enters into an agreement on the provision of 

investment services or ancillary services, or before the actual provision of such services if 

such occurs before entry into an agreement, the investment firm must inform existing and 

potential clients of the conditions of the agreement. The client shall at the same time 

receive information as mentioned in section 10-12. The information must be given in 

writing or on a website page if the conditions in section 9-2 subsection (2) are met. 

(2) The information stated in subsection (1) may be given immediately after an 

agreement has been entered into where: 

(a) the agreement at the client's request was entered into using remote communication 

that prevented the firm from giving the information earlier, or 
(b) the firm, independently of whether Act of21 December 2000 No. 105 on information 

requirements and right of cancellation etc. in relation to remote sales and sales 

outside a fixed sales location section 7a is applicable, treats a non-professional client 

as a "consumer" under this provision. 

Section 10-11 Information to clients prior to provision of the respective investment 

services etc. 

( 1) Before an investment firm provides an investment service or ancillary service, 

existing and potential clients shall receive in good time the information that follows from 

section 10-12 to section 10-15. Section 10-10 subsection (l) last sentence and subsection 

(2) apply correspondingly. 

(2) The investment firm shall within a reasonable period notify significant changes in the 

information given pursuant to section 10-12 to section 10-15. Notification of changes 

shall be in writing if the information was originally given in writing. 

Section 10-12 Information about the investment firm and its services 

(l) The investment firm must give the following information about the firm and its 

services to clients if it is relevant: 

(a) the name of the investment firm, its address and other relevant contact information so 

that the clients can communicate efficiently with the firm, 

(b) the languages the client may use when contacting the firm, 

( c) the communication methods that may be used, including for the transmission and 

receipt of orders, 

( d) that the firm has the requisite licence, as well as the name and address of the authority 

that has granted the licence, 

(e) if the investment firm conducts its activities through a tied agent, this shall be 

indicated together with the country in which the agent is registered, 

(f) a description of the reports the firm shall provide to the client pursuant to the 

Securities Trading Act section 10-11 subsection (8) and the present regulations 

section 10-21 to section l 0-24, and how often and when such reports shall be given, 

(g) a brief description of the measures taken by the investment firm in connection with 

the firm's safekeeping of financial instruments and assets for the client, including any 

membership in security schemes, and 

(h) a brief description of the investment firm's policy on conflicts of interest as 

mentioned in section 9-24. The client may request a more detailed description. The 

description shall be in writing. 

(2) An investment firm that provides active portfolio management services shall provide 

information that enables the client to assess the firm's management results. The 

information may be given in the form of an independent measure, for example a 

reference index, that is adapted to the client's investment objectives and the financial 

instruments included in the client's portfolio. 
(3) In addition to subsection (2), investment firms that offer active portfolio management 

are required to indicate: 

(a) how and how often the value of the financial instruments included in the client's 

portfolio is calculated, 

(b) any outsourcing of the discretionary management of all or parts of the client's 

portfolio, 

(c) a specification of the measure (reference index or the like) that the return on the 

client's portfolio is to be compared with, 

(d) the types of financial instruments that may be included in the client's portfolio, and 

the types of transactions that can be carried out with such instruments, including any 

investment restrictions, and 

( e) the investment measures and the risk level to be reflected in the discretionary 

portfolio management, including any specific limitations. 

Section 10-13 Information about actual financial instruments and investment strategies 

( 1) An investment firm shall provide information about the financial instruments and 

proposed investment strategies, including appropriate guidance and warnings about the 

risks associated with investments in the instruments concerned or the proposed strategies. 

The description shall, when relevant in relation to the type of instrument concerned and 

the client's expertise and level of knowledge, include the following: 

(a) the risk associated with the relevant types of instruments, including an explanation of 

the effects of loan financing, either directly or in connection with the use of financial 

instruments, as well as the risk of losing the entire investment, 

(b) the volatility of the price of such instruments and any limitations on the available 

market for such types of instruments, 

(c) whether the transaction in the relevant instruments involves actual or potential 

obligations for the client, additional to the cost of acquiring the instruments, and 

(d) any margin requirements or similar obligations that apply to that type of instrument. 

(2) An investment firm that provides information on a financial instrument that is 

encompassed by a public offering pursuant to the Securities Trading Act chapter 7 shall 

inform the client where and when the prospectus will be available. 

(3) If a financial instrument consists of two or more different financial instruments or 

services, and the total risk is higher than the risk associated with the individual 

components, the investment firm shall provide a comprehensive description of the 

instrument's individual components and how the individual components affect the risk. 

( 4) If a financial instrument has been guaranteed by a third party, the information on the 

guarantee and the guarantor shall be sufficiently detailed to enable the client to make a 

reasonable evaluation of the guarantee. 

(5) Key information for securities funds created under national rules that implement 

Directive 2009/65/EC (the UCITS Directive) Article 78 fulfil the information 
requirements of subsections ( l) to ( 4) and the Securities Trading Act section 10-11 

subsection (2) no. 2 concerning information about the financial instruments. 

Section 10-14 Jnformation about safekeeping of clients' .financial instruments and assets 

( 1) Where financial instruments or funds are deposited with a third party on behalf of an 

investment firm, the investment firm shall inform existing and potential clients thereof 

and of the investment firm's liability for the third party's acts and omissions, and of the 

consequences for the client if the third party becomes insolvent. 

(2) Where a client's financial instruments are deposited in a collective account with a 

third party, the investment firm shall clearly inform the client that financial instruments 

are safekept in such an account and of the attending risks. 

(3) If the client's financial instruments are safekept by a third party that is not subject to 

rules requiring separation of client assets from the investment firm's and the third party's 

own financial instruments, the investment firm shall clearly state the risks that this 

involves. 

( 4) If the safekeeping of financial instruments or assets is such that rules outside the EEA 

area are applicable, the investment firm shall state this and that the client's rights to the 

assets may deviate from what applies within the EEA. 

(5) The client shall be informed if the investment firm has a security interest or other 

right of retention, including a set-off right, connected to the client's financial instruments, 

or assets and the applicable conditions. The same applies in respect of any rights of the 

third party who safekeeps the client's financial instruments or assets on behalf of the 

firm. 

(6) In good time before an investment firm enters into an agreement on securities 

financing connected with financial instruments that the firm is safekeeping for a client, or 

is otherwise using the instruments for its own or another client's account, the firm shall 

give the client written information about the firm's obligations when using the 

instruments, including the conditions for their return and associated risks. 

Section 10-15 Jnformation about costs and fees 

(1) An investment firm shall give existing and potential clients the following information 

about costs and fees: 

(a) the total costs the client shall pay for the individual financial instrument, the 

investment service or ancillary service. The remuneration to the investment firm shall 

be specified separately. If the expenses cannot be specified precisely, the basis for the 

calculation shall stated to enable the client to check the calculation, 

(b) if parts of the expenses under (a) are paid in foreign currency, the currency, exchange 

rates and fees shall be stated, 

( c) that expenses may accrue, including taxes, on the transactions or investment service 

that have not been paid or imposed by the investment firm, and 

( d) payment conditions or conditions for other services. 
(2) Simplified prospectuses for securities funds created pursuant to national rules 

implementing Directive 85/611/EC (the UCITS Directive) Article 28 meet the 

information requirement under subsection ( 1) and the Securities Trading Act section 10-

11 subsection (2) no. 4 concerning expenses and fees. 

IV OBTAINING INFORMATION ABOUT A CLIENT'S EXPERIENCE ETC 

Section 10-16 Suitability test 

( 1) In order to test the suitability of investment advice and active portfolio management, 

see the Securities Trading Act section 10-11 subsection ( 4 ), the investment firm shall 

obtain from the client or the potential client information that enables the firm to assess 

whether the individual transactions encompassed by the investment advice or the active 

portfolio management meet the following criteria: 

(a) they are in accordance with the client's investment goals, 

(b) they are such that the client is in a position financially to manage the risk, and 

(c) they are such that the client has the necessary experience and knowledge to 

understand the risk involved. 

(2) When, in accordance with subsection (1), an investment firm obtains information 

about a client's financial position, the information shall, provided it is relevant, contain 

details of the client's income, assets, including liquid assets, investments and real estate 

as well as his normal financial obligations. 

(3) When, in accordance with subsection (1), an investment firm obtains information 

about a client's investment objectives, the information shall contain details of the client's 

investment horizon, risk willingness, risk profile and aim of the investment. 

( 4) Where, for the purposes of providing investment advice or active portfolio 

management, an investment firm does not receive the information required pursuant to 

the Securities Trading Act section 10-11 subsection ( 4 ), the firm shall not provide active 

portfolio management or give advice to the client in relation to investment services or 

financial instruments. 

Section 10-17 Appropriateness test 

In order to test the appropriateness of providing investment services other than 

investment advice and active portfolio management, see the Securities Trading Act 

section 10-11 subsection (5), an investment firm shall decide whether or not the client has 

the necessary experience and knowledge to understand the risk associated with the 

product sought by or offered to him or the investment service concerned. 

Section 10-18 Information for use with suitability and appropriateness tests 

( 1) Where an investment firm pursuant to section 10-16 and section 10-17 obtains or 

requests information about a client's knowledge and experience, the information shall 

insofar as it is relevant in relation to the client's classification cover the following 

conditions: 

( a) the types of services, transactions and financial instruments of which the client has 
knowledge, 

(b) The nature, number and frequency of the client's transactions in financial instruments 

and the period during which they were carried out, and 

(c) the client's education and work experience. 

(2) The investment firm shall not encourage a client to omit to give the information 

required under section 10-16 and section 10-17. 

(3) The investment firm may take a basis in the client information obtained unless the 

firm knows or ought to know that the information is obviously out of date, imprecise of 

incomplete. 

Section 10-19 Non-complex financial instruments 

Financial instruments may be deemed to be non-complex pursuant to the Securities 

Trading Act section 10-11 subsection ( 6) no. 1, if they: 

(a) are not covered by the Securities Trading Act section 2-2 subsection (I) no. 4 or 

subsection (2) no. 3, 

(b) can be quickly disposed of, redeemed or otherwise realised at a publicly available 

market price or prices that are made available or confirmed through systems for 

valuation that are independent of the issuer, 

( c) do not involve an actual or potential obligation for the client that exceeds the cost of 

acquiring the instrument, and 

(d) sufficient information about the instrument's characteristics is publicly available and 

can be expected to be easily understood by an average non-professional client such 

that the client is able to make a well-informed assessment of whether the transaction 

should be carried out. 

Section 10-20 Agreements with clients 

Investment firms that provide investment services other than investment advice to a 

new client for the first time after these regulations enter into force shall enter into a 

framework agreement with the client. The agreement shall be entered into in writing or 

other durable medium, and shall set out the investment firm's and the client's rights and 

obligations. The obligations of the parties may be described by references to other 

documents. 

V REPORTING TO CLIENTS 

Section 10-21 Order corifirmation upon transmission 

( 1) An investment firm that has executed an order on behalf of a client shall: 

(a) immediately give the client the most significant information connected with the 

execution of the order in writing, and 

(b) as soon as possible and at the latest on the first business day after execution, send the 

client written confirmation that the order has been executed. If the investment firm 

receives confirmation from a third party, it shall be sent to the client at the latest on 
the first business day after the investment firm received the order 

confirmation/contract note. 

(2) Subsection (1 )(b) does not apply if the order confirmation/contract note contains the 

same information as is immediately forwarded to the client by another firm. 

(3) Subsection (l)(a) and (b) does not apply to clients' orders connected with these 

clients' agreements concerning mortgage loans financed by the issuance of bonds. In 

such cases a transaction report shall be sent simultaneously with the conditions for the 

mortgage loan, and at the latest one month after the execution of the order. 

(4) The investment firm shall, in addition to complying with the requirements in 

subsections (1), (2) and (3), provide information about the status of the order if the client 

so requests. 

(5) For orders connected with a client's investment in securities funds that are executed 

periodically, the investment firm shall meet the requirements set out in subsection ( 1 )(b ), 

or provide the information following from subsection (6) at least every six months. 

(6) The order confirmation sent by the investment firm to the client under subsection 

( 1 )(b) shall, if possible and relevant, contain the following details: 

(a) identification of the reporting firm, 

(b) the client's name or other designation, 

( c) trade date, 

(d) time of the trade, 

( e) order type, 

(f) trading system, 

(g) information identifying the financial instrument, 

(h) buy/sell indicator, 

(i) type of order if other than buy/sell, 

(j) quantity, 

(k) unit price, 

(l) total remuneration, 

(m) total size of commissions and fees etc. and a specification of the individual elements 

if the client so requests, 

(n) the client's responsibility for settling the transaction, including deadlines for payment 

or delivery, and account information if such information has not already been given 

to the client, and 

( o) whether the investment firm itself, a person in the firm's undertaking group or other 

client of the investment firm was the client's counterparty in the trade, the client shall 

be informed thereof, unless the order was executed through a trading system that 

enables anonymous trading. 
(7) Where the order is executed in parts, the investment firm may, when complying with 

the informational requirement of subsection (6)(k), choose to inform the client of the 

price of the individual part or the average price. If the firm states an average price, the 

firm shall, when the client so requests, state the price for each individual part. 

(8) The investment firm may provide the information mentioned in subsection (6) by 

using standard codes, provided it simultaneously explains the codes that are used. 

(9) This provision does not apply to active portfolio management. 

Section 10-22 Reporting obligations in the provision of an active portfolio management 

investment service 

( 1) In the case of active portfolio management, the investment firm shall give each 

individual client a periodic overview of the management performed on behalf of that 

client. This does not apply if the client receives such an overview from another firm. The 

overview shall be in writing. 

(2) A periodic overview as mentioned in subsection ( 1) shall contain the following 

information: 

(a) name of the investment firm, 

(b) name or other indication of the client's accounts, 

(c) report on the content of the portfolio and its valuation, including further details about 

the individual financial instruments, their fair value, cash holdings at the start and end 

of the reporting period and the portfolio's return in the period, 

(d) the client's total expenses accrued during the reporting period with specification the 

management fee and the overall expenses incurred on order execution and, where 

relevant, an indication that a more detailed breakdown of expenses can be provided 

upon request, 

(e) a comparison of the portfolio's return in the reporting period with the reference index, 

if any, agreed between the investment firm and the client, 

(f) total dividends, interest and other disbursements to the client's portfolio received in 

the reporting period, 

(g) other corporate events of significance to the rights attached to the financial 

instruments included in the client's portfolio, and 

(h) information following from section 10-21 subsection (6)(c) to (l) for each individual 

transaction executed in the reporting period. This does not apply if the client chooses 

to receive such information after each individual transaction; see subsection (5). 

(3) The investment firm shall provide clients with information as mentioned in subsection 

(1) every sixth month unless: 

(a) the client requests that the overview be given every third month, 

(b) the client chooses to receive information on executed transactions for each individual 

transaction. In such case the overview shall be provided at least once a year, or 

(c) the active portfolio management agreement between the investment firm and the 

client opens the way for a loan-financed portfolio, either directly or by the use of 
financial instruments. In such case the overview shall be provided at least once a 

month. 

(4) The investment firm shall inform the client of his rights under subsection (3)(a). The 

exception in subsection (3)(b) shall not apply to transactions in financial instruments 

encompassed by the Securities Trading Act section 2-2 subsection (1) no. 4 or subsection 

(2)( C ). 

(5) The client is entitled to receive information on executed transactions in respect of 

every single transaction in the portfolio. In such case the investment firm shall, once the 

transaction has been executed, give the client significant information about the 

transaction in writing immediately. 

(6) If a client as mentioned in subsection (5) is a non-professional client, the investment 

firm shall at the latest on the first business day after the execution send the client 

confirmation of the execution together with information as mentioned in section 10-21 

subsection ( 6). If the investment firm receives confirmation of an executed order from a 

third party, such confirmation shall be forwarded to the client at the latest on the first 

business day after the firm received the confirmation from the third party. This does not 

however apply if the confirmation contains the same information as will immediately be 

sent to the client by another firm. 

Section 10-23 Requirements as to reporting of losses in respect of order execution and 

active portfolio management services 

(1) An investment firm that executes an order involving uncovered positions that may 

give rise to future obligations shall, in addition to complying with the requirements 

following from section 10-21, also report losses that exceed any limit set in advance. 

(2) An investment firm that executes transactions on behalf of a client in connection with 

active portfolio management shall in addition to complying with the requirements 

following from section 10-22, also report potential losses that exceed a limit set in 

advance. 

(3) Reporting as mentioned in subsections (1) and (2) must be carried out at the latest at 

the end of the business day on which the limit has been exceeded, or if the limit is 

exceeded on a day that is not a business day, at the latest at the end of the following 

business day. 

Section 10-24 Account statements of clients' financial instruments and assets 

( 1) An investment firm that safekeeps financial instruments or assets on behalf of clients 

shall at least once each year send each client an account statement showing which 

financial instruments and assets the firm is safekeeping on behalf of the client. This does 

not apply if such account statement is provided in other periodic reporting. The 

information shall be in writing. 

(2) Subsection (1) does not apply to credit institutions whose home state is within the 

EEA insofar as deposits in accounts in the institution are concerned. 

(3) Account statement as mentioned in subsection (1) shall contain: 
(a) information on all financial instruments and funds safekept by the investment firm on 

behalf of the client at the end of the reporting period, 

(b) the extent to which the client's financial instruments or assets have been the object of 

securities financing, and 

( c) the extent to which the client has had revenues as a result of his financial instruments 

or assets having been the object of securities financing, and the basis for such 

earnings. 

(4) Where the return on one or more unsettled transactions is included in the value of the 

client's portfolio, information to be given under subsection (3)(a) shall be based either on 

the trading or settlement date provided that the same basis is used consistently for all 

unsettled transactions on the account statement. 

(5) An investment firm that safekeeps financial instruments or funds and which provides 

an active portfolio management investment service on behalf of a client may include the 

account statement given under subsection (1) in the periodic overview that shall be given 

to the client under section 10-22 subsection (1 ). 

VI BEST EXECUTION 

Section 10-25 Execution of orders on terms most favourable to the client 

(1) An investment firm shall, when executing a client order, give weight to the following 

criteria to determine the relative weight of the factors stated in the Securities Trading Act 

section 10-12 subsection (1 ): 

(a) the client's characteristics, including whether the client is categorised as nonprofessional or professional, 

(b) the nature of the order, 

( c) characteristics of the financial instruments included in the order, and 

(d) characteristics of the trading systems where the order can be entered. 

(2) In this section and in section 10-27 'trading system' means a regulated market, MTF, 

systematic internaliser, market maker or other liquidity guarantor or entity with its home 

state outside the EEA that performs corresponding functions. 

(3) If an order or part of an order is executed pursuant to specific instructions from a 

client, this is regarded as best execution under the Securities Trading Act section 10-12 

subsection ( 1 ). 

( 4) In the execution of an order on behalf of a non-professional client, the best possible 

result is determined on the basis of the total remuneration payable by the client in 

connection with the execution of the order. In the calculation of the total remuneration, 

regard shall be had to the price of the financial instrument and the cost of order execution 

that include the client's total direct costs in connection with execution, including fees for 

the use of the trading system, clearing houses and securities registers as well as other 

costs and fees to a third party involved in execution of the order. 
(5) In order to ensure the best results for the client when the order can be executed in 

several trading systems, and in order to compare the results that can be achieved for the 

client in the different trading systems mentioned in the investment firm's policy on order 

execution, the investment firm shall take into account its own commissions and costs that 

are incurred by executing the order on the different trading systems. 

( 6) The commissions of the investment firm shall not be formulated in such a way as to 

subject some trading systems to unfair differential treatment. 

Section 10-26 Best results for active portfolio management and receipt and transmission 

of orders 

(1) An investment firm shall implement the measures mentioned in subsections (2) to (6) 

when: 

(a) the firm in connection with active portfolio management places orders for execution 

with another firm, or 

(b) the firm in connection with the receipt and transmission of orders transmits an order 

for execution to another firm. 

(2) An investment firm shall implement every reasonable measure to obtain the best 

possible result for the client with reference to the factors mentioned in the Securities 

Trading Act section 10-12 subsection (1 ). The relative weight of the factors shall be 

determined in accordance with the criteria mentioned in these regulations section 10-25 

subsections (1) and (4). 

(3) An investment firm is deemed to have fulfilled its obligation under subsection (1) to 

the extent that an order is placed or transmitted in accordance with specific instructions 

from a client. 

(4) An investment firm shall have a policy to ensure compliance with subsection (2) The 

policy shall for each type of financial instrument the firm trades in specify the entities 

with which it places or to which it transmits orders. The firm shall ensure that the 

specified entities have efficient procedures, systems and arrangements that ensure that the 

firm can fulfil its obligations under this provision. Investment firms shall provide 

appropriate information on their policies to their clients. 

(5) An investment firm shall regularly monitor the policy established pursuant to 

subsection ( 4) to check its effectiveness, including in particular the results of order 

execution achieved by the entities specified in the policy, and see to necessary 

improvements. 

( 6) An investment firm shall assess the policy established pursuant to subsection ( 4) 

annually, or when changes occur of significance to the firm's continued ability to achieve 

the best results for the client. 

Section 10-27 Order execution policy 

(1) An investment firm shall annually evaluate its policy on order execution established 

pursuant to the Securities Trading Act section 10-12 subsection (2), including the firm's 

systems, procedures and arrangements for order execution. Such assessment shall also be 
carried out in the event of a change of significance to the firm's continued ability to 

achieve the best possible results for the clients in terms of the trading systems specified in 

the policy. 

(2) The investment firm shall in good time before the provision of services give clients 

comprehensive information on its order execution policy, including: 

(a) an account of the firm's weighing up of the criteria mentioned in the Securities 

Trading Act section 10-12 subsection ( 1 ), see the present regulations section 10-25 

subsections ( 1) and ( 4 ), or an account of the investment firm's weighing up process, 

(b) a list of the trading systems that the firm deems to be suitable for obtaining the best 

results in the execution of orders, and 

( c) a clear and prominent warning that specific instructions from a client may result in 

the investment firm's inability to implement the policy of ensuring the best result for 

the client. 

(3) The information mentioned in subsection (2) shall be given in writing or on a website 

page provided the conditions in section 9-2 subsection (2) are met. 

VII HANDLING OF CLIENT ORDERS 

Section 10-28 Handling of orders 

(1) An investment firm shall in the execution of orders ensure that: 

(a) orders are registered and allocated immediately and accurately, 

(b) comparable client orders are executed immediately and in the chronological order in 

which they were received, unless the nature of the order or the prevailing market 

conditions make this impossible or they are in conflict with the client's interests, and 

( c) the client is informed of any significant problems in executing the order as soon as 

the firm has become aware of such problems. 

(2) An investment firm that is responsible for checking or carrying out settlement of 

executed orders shall initiate all reasonable measures to ensure that the client's financial 

instruments or assets received in connection with the settlement are immediately 

transferred to the account of the client concerned. 

(3) An investment firm may not misuse information on non-executed orders and shall 

initiate all reasonable measures to prevent individuals associated with the firm from 

misusing such information. 

(4) Finanstilsynet may exempt investment firms from the obligation to publish limit 

orders as mentioned in the Securities Trading Act section 10-13 subsection (2). 

Section 10-29 Order aggregation 

( 1) An investment firm may not execute a client order together with another client order 

or a transaction on its own account (aggregation), unless: 

(a) it is improbable that aggregation in general will be to the detriment of the client, 

(b) each client is apprised that aggregation may be to his detriment with respect to a 
specific client order, and 

(c) the investment firm has an effective policy for the distribution of non-executed 

aggregated orders, and these precisely indicate the conditions for reasonable 

allocation of aggregated orders and transactions, including the significance that order 

volume and price has for the allocation and processing of partially executed orders. 

(2) An investment firm that aggregates a client order with other client orders where the 

aggregated order is only partially executed shall distribute the relevant trades in 

accordance with its policy on order allocation. 

Section 10-30 Allocation of trades 

(1) In the aggregation of transactions for its own account with one or more client orders, 

an investment firm shall not allocate the actual trades in a way that harms client interests. 

(2) An investment firm that aggregates a client order with a transaction on its own 

account where the aggregated order is only partially executed shall prioritise the client's 

order in the allocation. If the investment firm establishes that the transaction could not be 

executed on equally good terms without such aggregation, the investment firm may none 

the less allocate the transaction on pro rata basis in accordance with its policy on order 

allocation; see section 10-29 subsection (l)(c). 

(3) An investment firm shall in its order allocation policy as mentioned in section 10-29 

subsection ( 1 )( c) establish procedures to prevent transactions on own account that are 

aggregated with client orders from being reallocated in a manner detrimental to client 

interests. 

VIII VOICE RECORDINGS 

Section 10-31 Documentation 

( 1) An investment firm shall voice record all telephone conversations in connection with 

its provision of investment services as mentioned in the Securities Trading Act section 2-

1 subsection ( 1) nos. 1 to 6. 

(2) An investment firm shall establish satisfactory procedures for documentation of 

communication though other communication channels where such channels are used in 

connection with the provision of investment services as mentioned in subsection ( 1 ). 

Section 10-32 Retrieval of documentation 

(1) Voice recordings shall at a minimum be retrievable using the following search 

criteria: 

(a) Incoming and outgoing telephone number 

(b) Time of the telephone call, and 

(c) Employee of the firm who carried out the telephone call. 

(2) Documentation of communication through other communication channels shall at a 

minimum be retrievable using the following search criteria: 

(a) The customer's identity 
(b) Time of communication and 

(c) Employee of the firm who carried out the communication. 

Section 10-33 Retention of documentation 

(1) Voice recordings and other documentation as mentioned in section 10-31 shall be 

retained for at least three years reckoned from the date the recording was made or the 

documentation received. 

(2) Finanstilsynet may in special cases order an investment firm to retain voice 

recordings and documentation as mentioned in section 10-31 and section 10-32 beyond 

the period stated in subsection (1 ). 

(3) Satisfactory retention procedures shall be employed. 

Section 10-34 Information requirement 

(1) Upon the establishment of any client relationship, the investment firm shall inform the 

client in writing: 

(a) that voice recordings are made of all telephone calls covered by section 10-31 

subsection ( 1 ), 

(b) that documentation of communication through communications channels other than 

telephone in connection with the provision of investment services is also retained, 

( c) that the retention period is at least three years, and 

( d) that the sound recording may be retrieved using particular criteria. The criteria that 

may be used for retrieval shall be specified separately. 

(2) Information as mentioned in subsection (1) may be given in information as mentioned 

in section 10-10. 

Section 10-35 Right of inspection 

Investment firms shall establish internal procedures for employees' and employee 

representatives' access to information as mentioned in section 10-31. The procedures 

shall at least indicate what official purposes and what procedures shall permit such 

access. 

IX TRANSACTION REPORTING 

Section 10-36 Scope 

The provisions of section 10-37 to section 10-39 apply to investment firms licensed under 

the Securities Trading Act section 9-1 and branches of foreign investment firms; see the 

Securities Trading Act section 9-24 subsection (1). However, the said provisions do not 

apply to transactions performed by branches of Norwegian investment firms in another 

EEA state, see the Securities Trading Act section 9-23. 

Section 10-37 Reportable transactions 
(1) 'Transaction to be reported under the Securities Trading Act section 10-18' means 

any purchase or sale, on behalf of a client or for the own account of a party subject to the 

reporting obligation, of: 

(a) any financial instrument quoted on a regulated market, and 

(b) any derivative with a financial instrument quoted on a regulated market as the 

underlying. 

The reporting obligation applies regardless of whether the transaction was performed on a 

regulated market. 

(2) Finanstilsynet may by regulations make further provision concerning reportable 

transactions. 

Section 10-38 Customer identification 

Transaction reports shall contain the following data on the client: eleven-digit personal 

identity number, business enterprise organisation number, D-number1 or, if the client has 

no such number, another unique identification code. 

Section 10-39 Identification of financial instruments 

Transaction reports shall contain the following data in order to identify and classify the 

financial instrument concerned: 

(a) International Securities Identification Number (ISIN) pursuant to ISO 6166, or 

(b) Alternative Instrument Identifier (All) as further determined by Finanstilsynet. 

X SYSTEMATIC INTERNALISATION 

Section 10-40 Systematic internalisation 

Further rules on systematic internalisation are set out in Commission Regulation (EC) 

No. 1287/2006; see section 15-1. 

XI PUBLICATION OF INFORMATION ON EXECUTED TRANSACTIONS 

Section 10-41 Publication of information on executed transactions 

Further rules on the publication of information on executed transactions are set out in 

Commission Regulation (EC) No. 1287/2006; see section 15-1. 

XII TIED AGENTS 

1 , A five-digit "D-number" is assigned to foreign nationals not holding a Norwegian personal identity 

number who wish to register with the Br0nn0ysund Register Centre. 
Section 10-42 Restrictions on the use of tied agents, requirement of agreement in writing 

etc. 

( 1) An investment firm may not enter into agent agreements covering more than 50 per 

cent of the number of persons permanently employed by the firm. This does not apply 

where the tied agent is a credit institution or insurance company. 

(2) A tied agent may only offer services on behalf of an investment firm from one place 

of business. This does not apply where the tied agent is a credit institution or insurance 

company. 

(3) An agreement between an investment firm and a tied agent shall be in writing and 

shall regulate the following matters: 

(a) the agreement shall ensure a right of instruction over the tied agent with regard 

to the performance of all business undertaken by the agent on behalf of the investment 

firm, 

(b) the agreement shall ensure that the agreement can be terminated with 

immediate effect if the obligations of the Securities Trading act section 10-16 subsection 

(2) second to fourth sentence are not complied with, 

( c) it shall be possible for the investment firm to terminate the agreement without 

adversely affecting the continuity and quality of the services provided to the customers, 

( d) the agreement shall ensure that the agent informs the investment firm of 

changes or events that may noticeably affect the agent's possibility to carry out business 

on the investment firm's behalf, and 

( e) the agreement shall ensure that the investment firm, its auditor and 

Finanstilsynet have actual access to information related to the business undertaken by the 

agent on behalf of the investment firm and to the agent's premises. 

(4) The first paragraph does not apply to management companies for securities funds. 

Section 10-43 Qualification requirements on tied agents et al. 

Before an investment firm uses a tied agent, the investment firm shall ensure that the 

general manager or any other person in the agent business who is effectively in charge of 

the business as tied agent, meets the requirements of the Securities Trading Act section 9-

9 subsection (1) concerning relevant qualifications and professional experience, and has 

otherwise not displayed improper conduct giving reason to presume that the position or 

office will not be discharged in a satisfactory manner. 

Section 10-44 Employees' right to engage in other business activity etc. 

The Securities Trading Act section 10-3 applies to employees of an investment firm's tied 

agents. 

Section 10-45 Tied agents' right to engage in other business activity 

(1) A tied agent may not carry on other business activity unless such activity is naturally 

related to the performance of investment services, with the exception of activity covered 

by other legislative acts included in the EEA Agreement, Annex IX on financial services. 
(2) The Securities Trading Act section 10-2 subsection (3) applies to tied agents. 

Section 10-46 Registration of tied agents 

(1) A register as mentioned in the Securities Trading Act Section 10-16 subsection (3) 

shall contain the information stipulated by Finanstilsynet at any time. 

(2) A tied agent may not undertake business activity on behalf of an investment firm 

before the agent is registered in a register as mentioned in subsection ( 1 ). 

Chapter 11 Operation of multilateral trading facilities 

Section 11-1 Operation of multilateral trading facilities 

Further rules on the operation of multilateral trading facilities are set out in 

Commission Regulation (EC) No. 1287/2006; see section 15-1. 

Part 4 Clearing and settlement of transactions in financial instruments 

Chapter 12 Set-off of certain financial instruments 

Part 5 Supervision, sanctions, etc. 

Chapter 13 Supervision 

Chapter 13 section 13-1, section 13-2, section 13-3, section 13-4, section 13-5, section 13-6, section 13-7, 

section 13-8, section 13-9 and section 13-10 enter into force on l January 2008. Section 13-11 to section 

13-14 enter into force on the date prescribed by the ministry. 

I. SUPERVISION OF ISSUERS' ONGOING INFORMATION REQUIREMENT 

Section 13-1 Supervision of compliance with the Securities Trading Act sections 5-2 

and 5-3 

Supervision of compliance with the Securities Trading Act section 5-2 and section 5-

3 shall be exercised by a regulated market. 

II OVERSIGHT OF THE FINANCIAL REPORTING OF STOCK EXCHANGE LISTED 

ISSUING UNDERTAKINGS 

Section 13-2 Issuing undertakings 

(1) The provisions of subchapter II apply to issuers of transferable securities which are 

traded or for which admission to trading has been requested on a regulated market in the 

EEA with Norway as their home state; see the Securities Trading Act section 5-4. 

(2) The provisions of subchapter II do not apply to the state, Norges Bank, municipalities, 

county municipalities, municipal and county municipal undertakings and inter-municipal 

compames. 
Section 13-3 Financial reporting 

The present regulations apply to financial reporting in the form of: 

a. annual financial statements and management reports 

b. interim financial statements 

c. pro forma figures and corresponding statements with additional information in 

prospectuses approved by the competent prospectus authority or registered in the 

Register of Business Undertakings in accordance with the Securities Trading Act 

chapter 7. 

Section 13-4 Oversight of financial reporting 

(1) Finanstilsynet shall establish arrangements for the selection of undertakings and 

documents as mentioned in section 13-3 that are to be subject to examination. 

(2) Finanstilsynet shall arrange its inspections with a view to identifying significant 

reporting anomalies. 

Section 13-5 Submissions to Finanstilsynet 

(1) Documents as mentioned in section 13-3, as well as the board's proposal for annual 

financial statements, management report, declarations by persons responsible at the issuer 

and the audit report shall be sent to Finanstilsynet as soon as they are available. 

Objections by the corporate assembly and the supervisory board to the management 

board's proposal shall also be sent to Finanstilsynet as soon as they are available, see 

Securities Trading Act section 5-5 subsection (7). 

(2) Finanstilsynet will make further requirements as to reporting by issuers for the 

purpose of selection pursuant to section 13-4 subsection ( 1 ). 

(3) The documents shall be sent to Finanstilsynet by electronic means. 

Section 13-6 Information requirement 

Finanstilsynet may require information as mentioned in the Securities Trading Act 

section 15-2 subsection (7) to be disclosed orally or in writing within a set period. 

Finanstilsynet may require documents to be submitted, including technically retained 

information and printouts from storage media. 

Section 13-7 Obligation to report suspicion that financial reporting does not give a true 

and fair view 

Notification as mentioned in the Securities Trading Act section 15-2 subsection (7), 

shall be given in writing and contain the name and position of the notifier, as well as an 

account of why the notifier considers that the issuer undertaking's financial reporting 

does not give a true and fair view as required by the relevant rules for financial reporting. 

Section 13-8 Measures to ensure correct financial reporting etc. 

If the financial reporting in documents is not in accordance with the law or 

regulations, Finanstilsynet may order the issuer undertaking to: 

a) change its future accounting practices, 
b) correct errors in the next report, giving information about the circumstance in notes to 

the accounts, and 

c) to publicly disclose additional information by notification to the stock exchange or by 

other means. 

Section 13-9 Presentation of new annual financial statements and a new management 

report 

If the financial reporting in the annual financial statements or the annual accounts 

deviates significantly from that required by law or regulations, Finanstilsynet may order 

the issuer undertaking to submit new annual financial statements and/or a new annual 

report within a set period. 

Section 13-10 Cumulative daily fine 

The Financial Supervision Act section 10 second subsection on a cumulative daily 

fine applies equally to orders made pursuant to section 13-8 and section 13-9. 

Section 13-11 Appeal board 

( 1) An appeal board shall be appointed to resolve appeals against decisions pursuant to 

the Securities Trading Act section 15-1 subsection (3 ), see these regulations section 13-8, 

section 13-9 and section 13-1 O; the Securities Trading Act section 15-2 subsection (7), 

see these regulations section 13-5, section 13-6 and section 13-7, and the Securities 

Trading Act section 15-7 subsection (5). 

(2) The appeal board may in an appeal case try all aspects of the decisions that are the 

subject of appeal. 

Into force on the date prescribed by the ministry. 

Section 13-12 Composition of the appeal board 

( 1) The appeal board shall consist of five members with personal alternates who are 

appointed by the ministry for a four-year period. Upon first-time appointment, three 

members will be appointed for four years and two members for two years, while all 

alternates will be appointed for two years. The board shall have a chairperson and a 

deputy chairperson. The board shall be composed in such a way as to ensure a high level 

of accounting and legal competence. 

(2) If both a member and his/her personal alternate are prevented from attending, the 

chairman will summon one of the other alternates. The appeal board is quorate if at least 

four of the persons summoned appear. 

(3) In the absence of the chairperson the work of the appeal board will be headed by the 

deputy chairperson, alternatively by a member. 

Into force on the date prescribed by the ministry. 

Section 13-13 Case handling 

(1) Cases before the appeal board are considered under the rules of the Public 

Administration Act chapter VI with the following changes and additions: 
(2) Appeals shall be submitted in writing. An appeal shall contain a complete account of 

errors in the application of the law, in the facts or in the handling of the case that are 

alleged to exist in the decision that is being appealed. Where it is alleged that 

Finanstilsynet's decision has an incorrect or deficient basis in facts, the appeal shall 

contain a comprehensive and complete account of the facts that the appellant believes 

should be taken as a basis. If such an account has been given to Finanstilsynet at a prior 

stage, reference may be made thereto. Where the decision of Finanstilsynet and the 

appeal board involve an exercise of judgement, the appeal should cite those factors that 

the appellant considers to be of significance in the exercise of such judgement. 

(3) The appeal board shall in the prescribed manner resolve the matter on the basis of the 

case documents that are available when it receives the appeal. If special grounds exist the 

appeal board may decide to hold an oral hearing. The appeal board will decide which 

parts of the case are to be examined orally. The appeal board may call upon the parties 

and witnesses to give evidence to the appeal board directly. 

( 4) Decisions and rulings concerning the preparation of a case by the appeal board will be 

made by the board's chairperson or, on the chairperson's authority, by one of the other 

members. 

Into force on the date prescribed by the ministry. 

Section 13-14 Compensation and coverage of expenses 

The ministry will establish the compensation payable to the appeal board members 

and make decisions concerning the board's secretariat. Finanstilsynet may establish that 

the expenses on compensation to the appeal board members and the secretariat as well as 

other expenses that accrue in connection with the appeal should be met by the appellant 

in the event that the appeal board decides against the appellant. 

Into force on the date prescribed by the ministry. 

III TRAFFIC DATA 

Chapter 14 Supervision of investment firms with their head office in another EEA 

state 

Section 14-1 Scope 

The provisions of this chapter apply to investment firms licensed to provide 

investment services in Norway pursuant to the Securities Trading Act section 9-1 or 

section 9-25, and firms that conduct activities through a branch pursuant to section 9-24. 

Section 14-2 Reporting 

Firms as mentioned in section 14-1 are required each quarter to complete and submit 

to Finanstilsynet the quarterly report that is appended to these regulations. The report 

shall be completed in the manner prescribed by the relevant guide issued by 

Finanstilsynet. 

Section 14-3 Deadline for submission 
The quarterly report shall be sent to Finanstilsynet by the following deadlines 

First quarter: 

Second quarter: 

Third quarter: 

Fourth quarter: 

30 April 

30 July 

30 October 

30 January 

Chapter 15 Implementation of Commission Regulation (EC) No.1287/2006 

Section 15-1 Implementation of Commission Regulation (EC) No. 1287/2006 

EEA Agreement Annex IX No. 3 lbac (Commission Regulation (EC) No. 

1287/2006) implementing Directive 2004/39/EC of the European Parliament and of the 

Council as regards recordkeeping obligations for investment firms, transaction reporting, 

market transparency, admission of financial instruments to trading, and defined terms for 

the purposes of that Directive applies as regulations with such adjustments as follow from 

Annex IX, Protocol 1 to the Agreement and the Agreement in general. 

Part 6 Effective date and changes in other regulations 

Chapter 16 Commencement 

Section 16-1 Commencement 

(l) Chapters l, 2, 3, 7, 9, 10, 14, section 15-1, chapters 16 and 17 of the present 

regulations enter into force on 1 November 2007. Chapters 4, 5, 6, section 13-1, section 

13-2, section 13-3, section 13-4, section 13-5, section 13-6, section 13-7, section 13-8, 

section 13-9 and section 13-10 of these regulations enter into force on 1 January 2008, 

nonetheless such that section 5-2 to section 5-8 and section 5-11 are effective for 

accounting periods starting on 1 January 2008 or later. Section 13-11 to section 13-14 of 

the regulations will enter into force at a date determined by the ministry. 

(2) The following regulations are abolished as from 1 November 2007: 

- Regulations of 26 September 1996 No. 948 on investment firms' own account 

trading as an element in a firm's normal asset management, including notification of 

such trading, 

- Regulations of 26 September 1996 No. 950 on investment firms' obligation to keep 

a record of orders received and executed 

- Regulations of 14 October 1996 No. 985 on investment firms' initial capital 

- Regulations of 18 March 1997 No. 1053 on quarterly reports for investment firms 

- Regulations of 7 November 1997 No. 1149 on entry into force and transitional 

provisions for Act of 19 June 1997 No. 79 on securities trading 

- Regulations of 18 December 2002 No. 1685 on issuance requirements in connection 

with investment firms' trading in listed call warrants and put warrants without the 

agency of a clearing house 
- Regulations of7 march 2003 No. 289 on investment firms' outsourcing 

- Regulations of 9 July 2003 No. 954 on investment firms' obligation to make 

notification of their shareholders 

- Regulations of 7 November 2003 No. 1322 on investment firms' obligation to voice 

record orders received and to retain documentation of orders received 

- Regulations of 1 July 2005 No. 783 on the preparation and dissemination of 

investment recommendations etc 

- Regulations of 1 July 2005 No. 785 on market abuse and reporting of suspicious 

transactions 

- Regulations of 9 December 2005 No. 1422 on information in prospectuses 

- Regulations of 9 December 2005 No. 1423 on the implementation of prospectus 

control 

- Regulations of 9 December 2005 No. 1424 on exceptions from the prospectus 

requirement 

- Regulations of 9 December 2005 No. 1425 on transitional rules in connection with 

changes in prospectus rules in the Securities Trading Act chapter 5 

- Regulations of22 December 2005 No. 1672 on the Norwegian Investor 

Compensation Scheme 

- Regulations of 20 December 2006 No. 1561 on authorised marketplaces for 

transferable securities 

- Regulations of 8 June 2007 No. 602 on base prospectuses. 

Decision of 6 December 2006 No. 1679 on delegation of authority to Finanstilsynet 

pursuant to the Securities Trading Act section 8-12 subsection (3) is revoked as of the 

same date. 

(3) The following regulations are revoked as of 1 January 2008: 

- Regulations of 15 December 1997 No. 1307 on requirements as to guarantee when 

presenting a mandatory bid 

- Regulations of 18 December 2002 No. 1613 on investment firms' exemption from the 

obligation to disclose large shareholdings 

- Regulations of 13 October 2005 No. 1198 on oversight of listed issuer undertakings' 

financial reporting 

Chapter 17 Amendments to other regulations 

Section 17-1 Amendments to other regulations 

From 1 November 2007 the following amendments will be made to other 

regulations: -
Effective Date: 7 April 2014

General Terms

Trading Rules

Commodity Derivatives

Issued by NASDAQ OMX Oslo ASA 
Trading Rules - General Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 2 (14)

TABLE OF CONTENTS

I. General Terms

1 Introduction 3

2 Interpretation, Definitions and Abbreviations 3

3 Approval of Exchange Members 4

4 Membership Requirements 5

4.1 Exchange Trading Eligibility 5

4.2 Information Obligations 5

4.3 Authorisation of Individuals 6

4.4 Representations and Warranties 6

5 Fees and Settlement 7

6 Market Makers 8

7 Non-Compliance 8

8 Liabilities and Force Majeure 9

8.1 Force Majeure 9

8.2 Exclusion of Liability 10

8.3 Indemnity 10

8.4 Sole Remedy and Exclusion of Consequential Loss 10

9 Market Information Services 11

10 Proprietary Rights to Trade Information 11

11 Confidentiality and Information Sharing 11

12 Communication 13

13 Miscellaneous 13

13.1 Transfer of Rights 13

13.2 Third Party Rights 13

13.3 Severability 13

13.4 Binding Effect of Determinations 13

13.5 Non-waiver of Rights 14

14 Choice of Law and Arbitration 14

II. Trading Agreements

A. Exchange Membership Agreement

B. Non-Clearing Membership Agreement

C. Block Broker Membership Agreement

III. Trading Appendices

1. Definitions (joint with Clearing Rules)

2. Contract Specifications (joint with Clearing Rules)

3. Trading and Clearing Schedule (joint with Clearing Rules)

4. Trading Procedures

5. ETS User Terms

6. Market Conduct Rules (joint with Clearing Rules)

7. Fee List (joint with Clearing Rules)
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1 INTRODUCTION 

1.1 The Exchange is a Norwegian public limited company authorised by the Norwegian Ministry 

of Finance as an exchange (regulated market) and supervised by the Financial Supervisory 

Authority of Norway, and offers trading facilities for Exchange Members in Exchange Listed 

Products.

1.2 All Exchange Transactions are automatically and mandatorily subject to Clearing, with the 

Clearinghouse acting as central counterparty in each corresponding Clearing Transaction.

Exchange Members (other than an Exchange Member being a Block Broker Member) must 

be either an Account Holder with the Clearinghouse or (in respect of Non-Clearing 

Members) a GCM Client of a General Clearing Member.

1.3 The Trading Rules are a set of private law agreements applying to the Exchange and 

Exchange Members in respect of Exchange Trading in Exchange Listed Products and 

relevant activities, consisting of these General Terms and the Trading Appendices. The 

Trading Rules are supplemented by the relevant Trading Agreement(s) entered into by 

each Exchange Member.

1.4 These General Terms are supplemented by the relevant Trading Appendixes and the Trading 

Agreements. The Contract Specifications shall prevail in case of conflict.

Certain restrictions in respect of U.S. persons

1.5 Restricted Swaps may not be transacted on the Exchange or entered as a Block Trade, EFS 

or EFP by or for the account of a U.S. Person or a person located in the United States, nor 

may any transactions be solicited, negotiated, executed or booked within the United States. 

Each time an Exchange Member or an Exchange Trader submits a Restricted Swaps to the 

Exchange, the Exchange Member or the Exchange Trader is deemed to represent to the 

Exchange, based on its reasonable belief, that: (1) the Restricted Swaps was solicited, 

negotiated executed and booked outside the United State; (2) the Exchange Member itself 

or the Exchange Trader and, if different, the relevant Account Holder or person in whose 

name the Account Holder carries the account for which the Restricted Swaps has been 

submitted (“beneficiary”), is not a U.S. Person and is not located in the United States; and 

(3) the Exchange is a permissible exchange venue to which the Restricted Swaps may be 

submitted under all relevant laws applicable to the Exchange Member or the beneficiary.

For the purposes of this Section 1.5, (1) “United States” shall mean the United States of 

America, its states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and any 

other territory or possession of the United States government or any enclave of the United 

States government or its agencies or instrumentalities; and (2) “U.S. Person” has the 

meaning for such term provided in the United States Commodity Futures Trading 

Commission’s (“CFTC”) Interpretive Guidance and Policy Statement Regarding Compliance 

with Certain Swap Regulations (78 CFR 45292 (July 26, 2013); and (3) “Restricted Swap” 

means any agreement, contract or transaction defined in Section 1a(47) of the Commodity 

Exchange Act (“CEA”) and/or in CFTC Rule 1.3(xxx).

2 INTERPRETATION, DEFINITIONS AND ABBREVIATIONS

2.1 Capitalized terms in the Trading Rules shall have the meanings assigned to them in the 

Definitions (Trading Appendix 1) or as otherwise defined in the individual Trading

Appendixes or in the text body of the Trading Rules. Terms combining several defined 

terms shall, unless otherwise defined herein, be understood as a combined reference to 

such terms and the meaning of the combination term shall be construed accordingly.

2.2 References to a person or entity include a body corporate, an unincorporated association of 

persons or any other legal entity or natural person. References to a party include 

references to the rightful successors or assignees (immediate or otherwise) or nominees of 

that party.

2.3 References to any law or statute include amendments, consolidations, re-enactments and 

replacements of it. Unless otherwise specified, references to any law or statute are to the 
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laws and statutes of Norway, save that references to “applicable law” shall mean the laws 

and regulations applicable under any relevant jurisdiction, including any order or judgment 

or other decisions of any competent court or Regulatory Body in accordance with such laws 

or regulations at the relevant place and time.

2.4 References to points in time refer to Central European Time unless otherwise specified and 

all time references apply summer savings time when applicable. Time is specified in the 24-

hour format and dates are in the little-endian date format (i.e. day-month-year). 

References to days, weeks and months are, unless otherwise specified, references to 

calendar days, weeks and months. A calendar week starts on Monday and ends on Sunday. 

A quarter spans three consecutive calendar months, and the first quarter starts on the first 

day of the calendar year.

2.5 Any words importing the singular shall admit the plural where the context admits and vice 

versa. Any words importing the neutral gender shall include the feminine gender and the 

masculine gender (in respect of a natural person).

2.6 The term “including” shall mean "including without limitation", and variations of the word 

shall have the same effect.

2.7 Any reference to the Exchange having a right to make a decision or termination or to form 

any opinion or judgment shall unless as otherwise stated mean that the Exchange has the 

right to exercise its sole and unfettered discretion in doing so.

2.8 References to communications in writing shall unless otherwise specified include fax, e-mail 

and communications through the ETS.

3 APPROVAL OF EXCHANGE MEMBERS

3.1 Only entities found by the Exchange to be so qualified shall be permitted as Exchange

Members. For the purpose of determining whether any applicant is qualified, the Exchange

may establish minimum requirements (per membership category), examine the legal 

status, experience and other information relating to any applicant or Exchange Member, 

and may take such other steps as it may deem necessary to ascertain the facts bearing 

upon the question of qualification. 

3.2 Any entity desiring to become an Exchange Member shall submit an application in such form 

as shall be prescribed by the Clearinghouse. 

3.3 Applicants shall ensure that all applicable information that is furnished by or on behalf of it in 

connection with the application process is true, accurate and complete in every material 

respect as of the date it is furnished to the Exchange. Applicants shall additionally 

endeavour to inform the Exchange about all other circumstances relevant to the Exchange’s 

assessment of the information furnished, unless such information is of general nature and it 

can be reasonably assumed that the Exchange is already aware of the relevant issues. All 

information supplied shall be provided in English unless the Exchange approves the use of 

another language.

3.4 Except as otherwise agreed in writing or as set out in the Trading Rules, the applicant and 

the Exchange shall cover their own incurred costs relating to the application process, 

including costs for external services as procured by either party. Refused membership shall 

not entitle the applicant to make any claim for indemnification or compensation for any 

reason whatsoever, nor shall any cost or loss arising from any delay or error in the 

application procedures result in any liability for the Exchange.

3.5 Applicants shall provide the Exchange with information on the applicant’s legal status, 

financial soundness, organisation, level of competence and other matters as the Exchange 

deems relevant and appropriate to consider its fitness for membership, including further 

evidence for the Exchange to verify the authenticity or correctness of any information 

submitted. All such information requested from the applicant shall be provided free of 

charge to the Exchange.

3.6 Applicants shall, if so requested by the Exchange and without cost to the Exchange, provide 

a legal opinion satisfactory to the Exchange on such issues as the Exchange considers 

appropriate to consider its fitness for membership, including that the applicant is legally 
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entitled to undertake the relevant Exchange Transactions under applicable law, signatory 

powers and signing procedures relating to the applicant, and generally that the Exchange 

Agreements and all other legal arrangements with the Exchange (and the Clearinghouse) 

will be valid and legally binding on the applicant if accepted as a member.

3.7 The Exchange may decide to waive any of the requirements towards individual applicants. 

The Exchange may furthermore set additional terms and conditions for membership for 

individual applicants where the Exchange deems that it has just cause for doing so, 

including any terms and conditions that may follow from legislation in the jurisdictions 

where the applicant is domiciled and/or operates or from extraordinary properties of the 

individual applicant.

3.8 The Exchange will inform applicants about the outcome of the application process in writing. 

If approved, the applicant and the Exchange shall then sign and execute the relevant 

Trading Agreements (together with applicable third parties if mandated by the individual 

arrangements).

3.9 Following the due execution of the applicable Trading Agreements and other necessary 

arrangements, the Exchange will the applicant will get access to Exchange Trading subject 

to its compliance with the applicable terms and conditions of the Trading Rules.

3.10 The Exchange may nominate the Clearinghouse to process any membership application on 

behalf of the Exchange. Information provided to the Exchange may, if relevant, be 

forwarded to and used by the Clearinghouse for the purposes of evaluating the applicant 

for membership with the Exchange, and vice versa,, and after having been accepted as 

Exchange Member its continued membership, with the Exchange.

4 MEMBERSHIP REQUIREMENTS

4.1 Exchange Trading Eligibility

4.1.1 Exchange Trading is available for eligible Exchange Members in Exchange Listed Products as 

set out in the Contract Specifications.

4.1.2 Exchange Trading shall be performed in accordance with the Trading Procedures, the Market 

Conduct Rules, Block Trade Facility Procedures and the ETS User Terms.

4.1.3 In order to be eligible for Exchange Trading, an Exchange Member (other than those 

Exchange Members who are Block Broker Members) must at the time that each Order and 

Exchange Transaction is registered:

a. be a Clearing Member with the Clearinghouse meeting the Clearinghouse’s

requirements for Clearing of the relevant Exchange Listed Product; or 

b. be authorised by a General Clearing Member as its GCM Client (in case of a NonClearing Members), and the General Clearing Member must meet the Clearinghouse’s

requirements for Clearing of the relevant Exchange Listed Product; and

c. not have its access to Exchange Trading or the Trading System suspended or 

terminated in accordance with these Trading Rules; and

d. hold one or more Trading Accounts for registration of Exchange Transactions in its own 

name.

4.2 Information Obligations

4.2.1 The Exchange may at any time request for and obtain information on the compliance, 

organization and technical systems, level of experience and competence level of the 

Exchange Member. Each Exchange Member shall ensure that the Exchange promptly upon 

request receives such information as the Exchange in its reasonable discretion may request 

in order for the Exchange to assess the eligibility and status of the Exchange Member at all 

times, even where such information is held by third parties. The Exchange may require a 

legal opinion or similar on such issues if this, in the reasonable opinion of the Exchange, is 

required. All such information shall be provided free of charge to the Exchange.
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4.2.2 An Exchange Member shall immediately notify the Exchange in writing of the occurrence of 

any of the following events or as soon as the Exchange Member finds it likely that any of

the following events may occur:

a. any Non-Compliance Event under the Trading Rules 

b. any disciplinary, criminal, or regulatory proceedings related to Trading and Clearing 

activities involving the Exchange Member, its Exchange Traders, its board of directors 

or employees involved in Exchange Trading;

c. any Default Event or Insolvency Event under the Clearing Rules, including any breach 

of the representations and warranties from the Exchange Member;

d. any merger, de-merger, or other business re-organisation of the Exchange Member 

affecting the organization of its trading unit(s) involved in Exchange Trading, including 

change of management where the management is not replaced by substantially 

equivalent qualified person(s);

e. any material changes to its business which may affect its Exchange Trading or its 

membership with the Exchange;

f. any other matter relating to it of which an Exchange Member acting in good faith 

would reasonably expect to be of interest to the Exchange in relation to Exchange

Trading and its position as an Exchange Member.

4.3 Authorisation of Individuals

4.3.1 An Exchange Member shall upon request from the Exchange appoint one or more 

individual(s) as its Contact Person(s). By agreeing to become a Contact Person, an 

individual agrees to be bound by the duties and responsibilities of a Contact Person and to 

be subject to, and comply with, all applicable provisions of the Trading Rules.

4.3.2 The appointment of each Contact Person is subject to the approval of the Exchange, not to 

be unreasonably withheld. The Exchange may suspend or withdraw its approval if a Contact 

Person is deemed unfit by the Exchange.

4.3.3 A Contact Person shall be authorised in the name of the Exchange Member to sign all 

instruments, to give instructions, to submit Orders, enter into Exchange Transactions, to 

claim Trading errors and to perform such other duties as may be required under the 

Trading Rules and to generally transact all requisite business in connection with the 

operations on the Exchange under the Trading Rules. 

4.3.4 A Contact Person may appoint other individuals as Exchange Traders to submit Orders and 

conduct Exchange Trading on behalf of the Exchange Member in accordance with the 

Trading Rules, and to handle Trading errors connected to such activities. The Contact 

Person may also revoke or amend any such appointments by written notice. The Exchange 

may suspend or withdraw such individual’s rights if the individual is deemed unfit by the 

Exchange.

4.3.5 All rights and authorisations granted under this Section 4.3 are non-exclusive and persons 

sharing the same rights are authorised to exercise such rights individually and 

independently of each other in all matters. 

4.3.6 Unless otherwise agreed in writing with the Exchange, all appointments, amendments and 

withdrawals under this Section 4.3 must be in writing and on such format as the Exchange 

may prescribe from time to time.

4.4 Representations and Warranties

4.4.1 The Exchange Member represents and warrants to the Exchange on each date on which an 

Exchange Transaction is entered into that: 

a. Power. It has the power to perform its obligations under the Trading Rules and each 

Exchange Transaction;

b. Status. It is duly organised and validly existing under the laws of the jurisdiction of its 

organisation or incorporation (and, if relevant under those laws, is of good standing) 

and, that it meets the conditions for membership stated in the Trading Rules;

c. Organisation. It is properly staffed and organised to enable it to carry out, and its 

personnel have the necessary competence and knowledge for Exchange Transactions;
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d. Risk Assumption. It is aware of and understands the characteristics of the Products 

and the risks related thereto, and it has entered into the Exchange Transactions to 

which it is a party after a full opportunity to review their terms and conditions, and has 

a sufficient understanding of those terms and conditions and of their risks, and is 

capable of assuming those risks;

e. No Violation or Conflict. The execution, delivery and performance of the relevant 

Trading Agreements and of Exchange Transactions do not violate or conflict with any 

applicable law or any provision of its constitutional documents applicable to the 

Exchange Member or any of its assets, or any contractual restriction binding on or 

affecting it or any of its assets;

f. Required Authorisations. All Required Authorisations under applicable law have 

been obtained and are in full force and effect, and all conditions of any Required 

Authorisations have been complied with, and there are no further licences or filings 

with or other acts by or in respect of any Regulatory Body or competent court that are 

required to be obtained, made or done by the Exchange Member in connection with 

Trading or Clearing, nor is it necessary in order to ensure the validity or enforceability 

of the Transaction that the Transaction, the Trading Rules or any Clearing Agreement 

are filed, registered or recorded by the Exchange Member in any public office;

g. Obligations Binding. Its obligations under each Exchange Transaction and the 

Trading Rules constitute legal, valid and binding obligations of the Exchange Member, 

enforceable in accordance with their respective terms subject to applicable law

affecting creditors’ rights generally and to equitable principles of general application;

h. Compliance. No Non-Compliance Event, or event that with notice or lapse of time or 

both would constitute a Non-Compliance Event, has occurred with respect to it and no 

such event would occur as a result of its entering into or performing its obligations 

under the Trading Rules;

i. No Litigation. No litigation, arbitration or administrative suit or proceeding at law or 

in equity or before any court, tribunal, governmental body, agency, official or 

arbitrator is pending or, so far as it is aware, threatened against it that would, if 

adversely determined, result in a material adverse change in its financial condition or 

its ability to perform its obligations under the Trading Rules, or that is likely to affect 

the legality, validity or enforceability against it of the Trading Rules or its ability to 

perform its obligations there under;

j. Principal. Except when acting on behalf of Clearing Clients or GCM Clients it has 

negotiated, entered into and executed the Exchange Transaction as principal (and not 

as agent or in any other capacity, fiduciary or otherwise);

k. Accurate Information. All applicable information that is furnished in writing by or on 

behalf of the Exchange Member which is identified as being subject to or connected to 

the Trading Rules (including any information submitted in the membership application 

process) is, as of the date it is furnished to the Exchange, true, accurate and complete 

in every material respect; and

l. No Encumbrances. The Exchange Member shall deliver to the Exchange any

deliverables under the Trading Rules free and clear of all liens, security interests, 

claims and encumbrances or any interest in or to them by any person, except where in 

favour of the Exchange or the Clearinghouse.

5 FEES AND SETTLEMENT

5.1 Fees related to Exchange Trading shall be invoiced in accordance with the Fee List.

5.2 For Exchange Members that are also Account Holders of the Clearinghouse, settlement of 

fees for membership and Exchange Transactions shall be carried out through the 

Clearinghouse in accordance with the Clearing Rules. 

5.3 For Non-Clearing Members settlement of fees for membership and Exchange Transactions 

will be settled through their General Clearing Member in accordance with the Clearing 

Rules.

5.4 For Block Broker Members settlement of fee for membership and Exchange Transactions 

shall be carried out through the Clearinghouse in accordance with the applicable rulebook.
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6 MARKET MAKERS

6.1 An Exchange Member may be approved as Market Maker, in which case the Exchange 

Member and the Exchange shall sign a Market Maker Agreement.

6.2 Market Maker Spread, Market Maker Volume and Market Maker Hours follow from the 

relevant Market Maker Agreement. The Exchange shall upon request make such 

information available to Exchange Members.

7 NON-COMPLIANCE 

7.1 A Non-Compliance Event exists if an Exchange Member in the reasonable opinion of the 

Exchange:

a. is in breach of any of its obligations or representations under the Trading Rules; or

b. fails to comply with any reasonable and valid instruction from the Exchange in respect 

of Exchange Trading, including any instructions from Market Surveillance pursuant to 

the Market Conduct Rules; 

c. is subject to a Default Event under the Clearing Rules; 

d. is in breach of applicable law and such breach affects, or will affect, the Exchange 

Member’s ability to comply with the Trading Rules.

7.2 A Material Non-Compliance Event exists in relation to an Exchange Member if in the 

reasonable opinion of the Exchange:

a. the Non-Compliance event is caused by the Exchange Members breach of the

requirements of Section 4.1 of these General Terms;

b. the Non-Compliance event entails a material breach of any of the Exchange Member’s 

obligations or representations under the Trading Rules, which either cannot be 

remedied or have not been remedied within fifteen (15) calendar days following 

written notice from the Exchange, and such breach indicates that the Exchange 

Member is unfit for further Exchange Trading or no longer qualifies as an Exchange 

Member;

c. the persistence of a Non-Compliance Event may materially affect the Exchange 

Member’s ability to comply with the Trading Rules and/or applicable law and such NonCompliance Event is not remedied within fifteen (15) calendar days after the Exchange

having sent written notice to the Exchange Member; or

d. the Non-Compliance Event is caused by the negligence, wilful default or fraud of the 

Exchange Member, and such Non-Compliance Event is not remedied within fifteen (15) 

calendar days after the Exchange having sent written notice to the Exchange Member.

7.3 In addition to Section 7.2, a Material Non-Compliance Event is deemed to exists in relation to 

a Non-Clearing Member if its associated General Clearing Member:

a. is subject to a Default Event under the Clearing Rules; 

b. ceases to be a General Clearing Member, or has its membership terminated or 

suspended for any reason; or

c. notifies the Exchange or the Clearinghouse that the Non-Clearing Member is no longer 

authorised as a GCM Client of the General Clearing Member. 

7.4 The Exchange may for as long as a Non-Compliance Event or Material Non-Compliance Event 

persists suspend an Exchange Member from Trading with immediate effect. Upon 

suspension all Orders by the Exchange Member will be paused or cancelled, and the 

Exchange Member will be unable to register further Orders or enter into new Exchange 

Transactions. During suspension, the Exchange Member may only carry out Exchange 

Trading following approval by the Exchange.

7.5 The Exchange may terminate an Exchange Membership Agreement due to a Material NonCompliance Event if such Material Non-Compliance Event in the opinion of the Exchange 

makes the Exchange Member unsuitable as a continued Exchange Member.
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7.6 An Exchange Member may, in case of suspension of termination of its membership by the 

Exchange, file a complaint with the Exchange Appeal Committee, subject to further rules in 

the Exchange Act. Such filing implies a stay on the termination, however the Exchange 

reserves the right to uphold any suspension until such time as the Exchange’s decision is 

overturned or the Exchange otherwise deems that the suspension can be lifted.

8 LIABILITIES AND FORCE MAJEURE

8.1 Force Majeure

8.1.1 If a Force Majeure Event prevents a party to these Trading Rules from performing any 

obligation under these Trading Rules at the prescribed time in whole or in part, the time for 

performance of such obligation shall be suspended for as long as the Force Majeure Event 

persists, subject to Section 8.1.3. Other parties shall be entitled to suspend their 

obligations towards the affected party accordingly.

8.1.2 If a Force Majeure Event prevents an Exchange Member from amending or withdrawing an 

Order the Exchange Member shall nevertheless be bound by such Order and any Exchange 

Transaction resulting from it. The Exchange may, during the same Bank Day and provided 

that all Exchange Members involved so agrees, cancel or amend an Exchange Transaction

which the Exchange deems would not have been entered into in absence of a Force 

Majeure Event.

8.1.3 A party shall only be entitled to claim relief due to a Force Majeure Event under this Section 

8.1 if the party:

a. complies with Sections 8.1.4 or 8.1.5 (as applicable); and

b. continues to seek to perform its obligations under the Trading Rules to the best of its 

abilities.

8.1.4 An Exchange Member seeking relief under Section 8.1.1 shall:

a. notify the Exchange as soon as practically possible after it becomes aware (or should

reasonably have become aware) of the Force Majeure Event, reasonably evidencing 

that a Force Majeure Event has occurred; and

b. as soon as practically possible provide to the Exchange a non-binding estimate of the 

likely effect on the performance of its obligations and the extent and expected duration 

of its inability to perform its obligations under the Trading Rules, and shall provide 

reasonable updates, when and if available, of the extent and expected duration of the 

Force Majeure Event; and

c. on request promptly provide all further information required by the Exchange to 

determine whether a Force Majeure Event has occurred and/or information in relation 

to affected Exchange Transactions; and

d. promptly take such actions in respect of Exchange Transactions and Orders registered 

as the Exchange deems reasonably necessary or desirable in light of the Force Majeure 

Event.

8.1.5 The Exchange shall, as soon as practically possible after it becomes aware of a Force Majeure 

Event affecting the Exchange, notify all Exchange Members of the Force Majeure Event and, 

to the extent then available, provide a non-binding estimate of the likely effect on the 

performance of its obligations and the extent and expected duration of its inability to 

perform its obligations under these Trading Rules. The Exchange shall use all commercially 

reasonable efforts to mitigate the effects of the Force Majeure Event and shall, during the 

continuation of the Force Majeure Event provide Exchange Members with reasonable 

updates, when and if available, of the extent and expected duration of the Force Majeure 

Event.

8.1.6 A party to these Trading Rules that is subject to a Force Majeure Event shall not, subject to 

its compliance with this Section 8.1, be liable for any loss or damage caused by such 

party’s non-performance of its other obligations under these Trading Rules, and a party 

may not use any claim relating to such loss or damages as grounds for set-off or 

withholding of its obligations towards another party. 
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8.2 Exclusion of Liability

8.2.1 The parties shall not be liable for any loss or damage that may arise as a result of any act 

governed by the Trading Rules, provided that the party has not acted negligent or 

intentional.

8.2.2 Save as explicitly set out in these Trading Rules, the Exchange shall have no liability to any 

Exchange Member in connection with performance or non-performance of its obligations 

under these Trading Rules to the extent such performance or non-performance is a result 

of:

a. the occurrence of any Non-Compliance Event in relation to the Exchange Member;

b. any delay or failure by the Exchange Member in the performance of its obligations to 

the Exchange;

c. the Exchange acting or relying on any communication in accordance with Section 12.4;

d. the performance or non-performance of any party or entity other than the Exchange

(or its nominees) under the Trading Rules;

e. any suspension, interruption, temporary unavailability or fault occurring in the 

provision of the Trading System except where such circumstances have been caused 

by the wilful or negligent conduct of the Exchange;

f. any loss or damage whatsoever and howsoever caused arising in connection with the 

use of information or services acquired or accessed by Exchange Members through use 

of the Trading System;

g. any loss or damage in connection with the availability, functionality or accessibility of 

any system employed by the Exchange Member to access the Trading System, 

including the availability of telecommunication lines leased by the Exchange Member; 

or

h. the Exchange complying with applicable law.

8.3 Indemnity

8.3.1 Without prejudice to all other rights and remedies available to the Exchange, but provided 

that the Exchange shall not be permitted to recover twice for the same loss, each Exchange 

Member (the ”indemnifying Exchange Member”) shall, on demand by the Exchange, 

indemnify the Exchange against any cost, loss or liability incurred by the Exchange as a 

result of the following:

a. the occurrence of any Non-Compliance Event in relation to the indemnifying Exchange 

Member;

b. a delay or failure by the indemnifying Exchange Member in the performance of its 

obligations to the Exchange, except where such performance has been delayed or 

prevented as a result of a Force Majeure Event and subject to Section 8.1;

c. investigating, defending and/or paying any claim brought against the Exchange by any 

person for whom the indemnifying Exchange Member has agreed to submit an Order 

or enter into an Exchange Transaction; and

d. investigating, defending and/or paying any claim brought against the Exchange by any 

other Exchange Member or third party, directly or indirectly as a result of (i) any 

breach by the indemnifying Exchange Member of the Trading Rules; (ii) the Exchange

complying with any court order or other legal or regulatory process in any action 

brought by or with respect to the indemnifying Exchange Member; (iii) the Exchange's 

proper provision of its services to the indemnifying Exchange Member.

8.4 Sole Remedy and Exclusion of Consequential Loss

8.4.1 Save as provided separately in the Trading Appendices, the rights under Sections 7 and 8

are in full and final satisfaction of the rights of the non-defaulting party if a NonCompliance Event occurs.

8.4.2 Save as expressly provided in the Trading Rules, no party shall be liable to any other party 

for any indirect or consequential loss (including, but not limited to, loss of business, loss of 

profits, trading losses, loss of opportunity and loss of use) howsoever suffered or incurred 
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or for any special, punitive or exemplary damages save in the case of deliberate and 

intentional misconduct by a party.

9 MARKET INFORMATION SERVICES

9.1 The Exchange shall continuously throughout a Bank Day supply Exchange Members with 

information of all Orders and Exchange Transactions registered in the ETS. Exchange 

Trading is anonymous and the identities of the applicable Exchange Members shall not be 

disclosed.

9.2 Trade Information will be made available through the ETS and such other information 

facilities as the Exchange in its sole discretion decides, and consideration for such 

information service is included in the membership fees unless otherwise set out in the Fee 

List.

10 PROPRIETARY RIGHTS TO TRADE INFORMATION

10.1 Whenever an Exchange Member provides data relating to Orders or Exchange Transactions 

to the Exchange;

a. such data, as provided by the Exchange Member in its original format, shall belong to 

the Exchange Member; and

b. the Exchange Member irrevocably grants to the Exchange a perpetual, non-exclusive, 

royalty-free licence (which shall survive the termination of any Trading Agreement) to 

include such data in the Trade Information and to use such data for whatever purpose 

in accordance with these Trading Rules. The Exchange shall treat the identity of the 

Exchange Member as confidential in accordance with Section 11.

10.2 Exchange Members shall, except as permitted pursuant to these Trading Rules or as may be 

permitted by mandatory provisions of applicable law or other written agreement with or 

written authorisation from the Exchange:

a. use any Trade Information received only in the ordinary course of business as it 

relates to its Exchange Trading, and not cause any unauthorized third party to access

or use the Trade Information except where such third party is assisting the Exchange 

Member in relation to its Exchange Trading and is subject to restrictions that are no 

less strict than those applying to the Exchange Member in respect of Trade 

Information; 

b. ensure that its relevant employees, agents, independent contractors and other 

recipients of Trade Information do not act in violation of the Exchange or its licensors 

rights to the Trade Information; and

c. take all such reasonable steps which shall from time to time be necessary, in the 

reasonable opinion of the Exchange, to protect the rights of the Exchange or its 

licensors in the Trade Information.

10.3 All copyright and other intellectual property rights or proprietary rights of whatever nature 

contained in the Trade Information (including, for the avoidance of doubt, all database 

rights and similar rights whether or not protected by law) are and shall at all times remain, 

as between the Exchange and the Exchange Members, the property of the Exchange. The 

Exchange shall be entitled to use, copy, adapt, sub-license, supply, sell, distribute, assign, 

transfer, rent, lease, charge or otherwise deal with Trade Information as it deems fit at all 

times. 

11 CONFIDENTIALITY AND INFORMATION SHARING

11.1 Except as otherwise set forth herein all information and data received by the Exchange from 

Exchange Members, including information relating to Transactions and information 

pertaining to the legal or financial status of the Exchange Member and its membership 

eligibility or business in general, will be treated as confidential by the Exchange. 
Trading Rules - General Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 12 (14)

11.2 Notwithstanding Section 11.1, but subject to applicable and mandatory law:

a. the duty of confidentiality shall not extend to information which is or becomes public 

through no breach of the Exchange’s confidentiality obligations hereunder, which the 

Exchange already possessed at the time of reception without any obligation of 

confidentiality, or which the Exchange receives from a third party through no breach of 

the third party’s confidentiality obligations towards the Exchange Member;

b. the Exchange may share information with the Clearinghouse relating to Exchange 

Members, provided that the relevant Exchange Member has an obligation the Clearing 

Rules (as Account Holder) to disclose such information to the Clearinghouse or the 

provision of such information is necessary for the Clearinghouse’s operations pursuant 

to the Clearing Rules;

c. the Exchange may share information relating to Exchange Transactions of a NonClearing Member, or any Non-Compliance of the Non-Clearing Member, with its 

General Clearing Member;

d. the Exchange may share information relating to Block Trades of an Exchange Member, 

or any Non-Compliance of such Exchange Member relating to Block Trades, with the 

relevant Block Broker Member(s), if any;

e. the Exchange may share information with any other person or entity advising or 

assisting the Exchange in its operations, provided that such persons and entities are 

subject to a corresponding duty of confidentiality and shall only use the information for 

such purposes;

f. the Exchange may share any information as the Exchange deems to be required by 

applicable law, provided that the Exchange Member should be notified thereof to the 

extent allowed and practicable; and 

g. the Exchange shall not be required to keep confidential the fact that an Exchange 

Member is a member of the Exchange or its applicable membership category.

11.3 The Exchange may enter into information-sharing agreements or other arrangements or 

procedures with other market operators or clearing organizations for the purpose of market 

surveillance of the Exchange Listed Products, or contracts or instruments related to the 

Exchange Listed Products, provided that the receiving entity is subject to materially similar 

confidentiality obligations and other restrictions as those of the Exchange in respect of the 

disclosed information. As part of any such arrangements or procedures the Exchange may:

a. provide market surveillance reports to other market operators or clearing 

organizations;

b. share information and documents concerning current and former Exchange Members 

with other market operators or clearing organizations; 

c. share information and documents concerning ongoing and completed investigations 

with other market operators or clearing organizations; and/or 

d. require its Exchange Members to provide information and documents to the Exchange 

at the request of other market operators or clearing organizations with which the 

Exchange has entered into such arrangements. 

11.4 The Exchange may enter into any arrangement with any entity or body (including any 

Regulatory Bodies, any market operator or clearing organization) if the Exchange (i) 

believes that such entity or body exercises a legal or regulatory function under any law or 

regulation, or a function comprising or associated with the enforcement of a legal or 

regulatory function, or (ii) considers such arrangement to be in furtherance of the 

Exchange’s purpose or duties under applicable law. The Exchange may disclose to any 

entity information concerning or associated with an Exchange Member or other entities that 

the Exchange believes is necessary and appropriate in exercising a legal or regulatory 

function (including, without limitation, information concerning any aspect of any clearing 

activity or business concerning the Exchange), whether or not a formal arrangement 

governing the disclosure exists or a request for information was made.
Trading Rules - General Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 13 (14)

12 COMMUNICATION

12.1 Communications between the Exchange and Exchange Members shall be in English, unless as 

otherwise agreed between the individuals communicating.

12.2 Any notice to be given under the Trading Rules shall be in writing and shall be delivered or 

sent by fax or email. If addressed to the Exchange the notice shall be sent to the relevant 

address(es) and number(s) specified on the Exchange’s website at any time . If addressed 

to the Exchange Member the notice shall be sent to the relevant address or telephone 

number or e-mail address specified by that Exchange Member in writing as may be 

changed by confirmed notice to and from the Exchange. The Exchange and Exchange 

Members may communicate via the Trading System. The Exchange may also communicate 

via its standard website for matters pertaining to the Trading Rules.

12.3 Notices shall be deemed to have been given (in the case of fax or email communication) on 

the date on which they are sent or (in the case of other communications) on the date of 

delivery to the appropriate address. 

12.4 The Exchange shall be entitled to act and otherwise rely upon any communication (whether 

or not in writing) which purports and which the Exchange believes in good faith:

a. to have been issued by or on behalf of an Exchange Member; or

b. to have been approved by an individual who is authorised by that Exchange Member, 

and which (in the case of an electronic communication) satisfies the requirements of 

any applicable requirements of the Exchange in relation to the security and integrity of 

information which is transmitted electronically.

13 MISCELLANEOUS

13.1 Transfer of Rights

13.1.1 Save as explicitly set out herein, the rights of an Exchange Member under the Trading

Rules are not assignable or otherwise transferable without the prior written consent of the 

Exchange.

13.1.2 An exchange membership may be transferred to another entity in connection with a merger 

or other business combination where such transfer of membership is approved by the 

Exchange, as well as any other transfer approved by the Exchange.

13.2 Third Party Rights

13.2.1 Save as explicitly set out herein, no entity who is not an Exchange Member or the 

Exchange shall confer any benefit on, or give any right to enforce any provisions of the 

Trading Rules to any person. 

13.3 Severability

13.3.1 If at any time any provision of the Trading Rules becomes illegal, invalid or unenforceable 

in any respect under the law of any jurisdiction, neither the legality, validity or 

enforceability of the remaining provisions of the Trading Rules nor the legality, validity or 

enforceability of such provision under the law of any other jurisdiction shall in any way be 

affected or impaired thereby.

13.4 Binding Effect of Determinations

13.4.1 Any good faith certification or determination by the Exchange of a rate or amount under 

the Trading Rules shall, in the absence of manifest error, be conclusive evidence of the 

matters to which it relates.

13.4.2 Any good faith estimate made by the Exchange in accordance with the Trading Rules shall, 

in the absence of manifest error, be binding on all Exchange Members affected thereby.

13.4.3 In any proceedings arising out of or in connection with the Trading Rules, the entries made 

in the accounts maintained by the Exchange for an Exchange Member will be prima facie 

evidence of the matters to which they relate.
Trading Rules - General Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 14 (14)

13.5 Non-waiver of Rights

13.5.1 No failure of a party to exercise, nor any delay on its part in exercising, any of its rights (in 

whole or in part) under the Trading Rules shall operate as a waiver of the party's rights or 

remedies upon that or any subsequent occasion.

14 CHOICE OF LAW AND ARBITRATION

14.1 The Trading Rules and all disputes arising out of them are subject to Norwegian law without 

regard to its conflict of laws provisions. The application of the United Nations Convention on 

Contracts for the International Sale of Goods (CISG) is expressly excluded.

14.2 Any dispute between the parties concerning the understanding of the Trading Rules or any 

dispute arising from any acts or omissions governed by them shall be decided by 

arbitration in Oslo pursuant to the Norwegian Arbitration Act.

[end of document]
Effective Date: 25 April 2016

Trading Appendix 1 / Clearing Appendix 1

Definitions

Commodity Derivatives

Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 2 (20)

DEFINITIONS

Account Holder means any person holding one or more Clearing Accounts in its 

own name for registration of Clearing Transactions with the 

Clearinghouse, and includes all General Clearing Members, 

Clearing Members and Clearing Clients and where applicable FIN 

Clearing Members.

Affiliate shall in relation to a person mean any legal entity or other 

business organisation anywhere in the world in which the 

applicable person or its ultimate parent company holds a 25% 

(twenty-five per cent) or higher equity interest whether directly 

or indirectly, and whether the interest is shares, debetures or 

otherwise, voting or non- voting.

Allocation Deadline means the time specified in the Trading and Clearing Schedule, 

marking the deadline for when all Transactions in an Intraday 

Account must be allocated to another Clearing Account.

Allowance means an EU Allowance (EUA), an EU Aviation Allowance (EUAA), 

a Certified Emissions Reduction (CER), and/or an Alternative 

Allowance as further specified in the Contract Specifications.

Allowance Contract means a Contract whose Contract Base is directly correlated to 

Allowances pursuant to the Contract Specifications. 

Allowance Settlement means the settlement of an Allowance Contract in accordance 

with Section 3.3 in Part B of the Contract Specifications.

Approved Settlement Bank means a bank which is approved as a settlement bank by the 

Clearinghouse and is identified as such in the List of the Approved 

Settlement Banks, Clearing Appendix 11. 

Average Rate Future means a Contract specified as such in the Contracts Specifications 

and which is subject to Daily Market Settlement, for the purchase 

and sale of a particular quantity of an asset or the cash 

equivalent of the asset against a Contract Base or Fix, at a 

predetermined price at a specified future time or time period. Any 

combination term incorporating “Average Rate Future” shall, 

unless otherwise defined herein, be understood as referring to 

Average Rate Future Contracts in addition to any other terms 

designated by such combination. The Average Rate Future 

contract is tradable in the Spot Reference Period. On the 

Expiration Day the Daily Market Settlement will be calculated 

using the Expiration Day Fix for Average Rate Contracts.

Average Rate Option means a Contract specified as such in the Contract Specifications 

for the potential purchase and sale of a specific quantity of a 

Contract Base (as set out in the Contract Specifications) at a 

stipulated future date, and according to which the Option Holder, 

against payment of the Option Premium, has the right, but not 

the obligation, to buy (in case of a call) or to sell (in case of a 

put) such quantity of the Contract Base against payment of the 

Option Exercise Price. Any combination term incorporating 

“Option” shall, unless otherwise defined herein, be understood as 

referring to Option Contracts in addition to any other terms 

designated by such combination. The Average Rate Option 

contract is tradable in the Spot Reference Period. On the 

Expiration Day the Option Exercise Settlement will be calculated 

using the Option Fix for Average Rate Option Contracts.

Bank Day means a day (other than a Saturday or Sunday), on which 

commercial banks in Norway, or such other country specified in 

the Contract Specifications of the relevant Product, are generally 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 3 (20)

open for business. 

Base Collateral Requirement means the Clearinghouse’s initial requirement for Collateral from 

an Account Holder, to be posted before Clearing may commence.

The Base Collateral Requirement will be quoted in such currency 

as agreed between the Clearinghouse and the Account Holder.

Base Currency means any of DKK, EUR, GBP, NOK, SEK or USD as may be 

chosen by an Account Holder in respect of any of its Margin 

Requirement Account and linked Collateral Custody Accounts.

Block Broker Member means a person (other than the Exchange) being party to a valid 

and effective Block Broker Membership Agreement.

Block Broker Membership

Agreement

means a sign–on agreement, substantially corresponding to 

Trading Agreement C, between the Exchange and another party, 

granting the other party the right to access the Block Trade 

Facility to enter Block Trade(s) as an Exchange Member.

Block Trade means a Transaction organised and executed in relation to Block 

Trade Contracts pursuant to the Trading Rules.

Block Trade Contract means an Exchange Listed Product designated by the Exchange 

as eligible for trading as a Block Trade pursuant to the Trading 

Rules (but excluding, for the avoidance of doubt, EFPs, EFSs and 

Non Exchange Transactions).

Block Trade, EFP and EFS 

Clearing Procedures

means Clearing Appendix 14.

Block Trade Facility means the facility established by the Exchange which permits 

Exchange Members to organise and submit Transactions in 

relation to the trading of Block Trade Contracts, EFPs and EFSs

pursuant to the Trading Rules.

Cascading means that the Open Positions in a Series are transformed into 

Open Positions in one or more other Series as specified in the 

Contract Specifications.

Cash Collateral means Collateral in the form of cash in a Permitted Currency. 

Cash Collateral Bank 

Account

means a bank account designated by an Account Holder, opened 

and held at an Approved Settlement Bank with respect to a 

Permitted Currency.

Cash Excess Amount means the amount of Cash Collateral in a Permitted Currency that 

an Account Holder has notified to the Clearinghouse that it wishes 

to keep in respect of a Margin Requirement Account on its linked 

Collateral Custody Account.

Cash Optimization Account means a notional account created by the Clearinghouse for an 

Account Holder which allows for the aggregation of payments due 

to or from such Account Holder across each of its Clearing 

Accounts as further set out in Section 6.4 of the General Terms.

Cash Optimization Service means the service provided by the Clearinghouse, in accordance 

with section 6.4 of the General Terms.

Cash Settlement means the due settlement of a Clearing Transaction through 

payment of the Cash Settlement Amount, as calculated in 

accordance with the Clearing Rules incl. the Contract 

Specifications. 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 4 (20)

Cash Settlement Amount means the amount calculated in accordance with the Clearing 

Rules incl. the Contract Specifications in order to settle a Clearing 

Transaction by payment by one contracting party to the other.

Cash Settlement Report means the data produced by the Clearinghouse and made 

available to each Account Holder in respect of each Margin 

Requirement Account outlining the Cash Settlement Amount to be 

paid in respect of each Clearing Transaction to which Cash 

Settlement applies.

CET means the local time in Oslo, Norway.

Clearing means a clearing-by-novation process where the Clearinghouse 

enters into the Transaction as central counterparty pursuant to 

the Clearing Rules, and thus becomes Counterparty to the 

Account Holders involved, including all processes relating to the 

registration of a Clearing Transaction and the subsequent 

novation, margining, netting, settlement, delivery or any other 

services or processes carried out pursuant to or as a direct 

consequence of the Clearing Transaction by a Counterparty until 

such time as settlement and/or delivery has been performed and 

the Counterparties’ obligations against each other have been 

finally discharged in accordance with the Clearing Rules.

Clearing Account means an Account Holder’s account with the Clearinghouse for 

registration of Clearing Transactions. References to a Clearing 

Account shall be deemed to include the associated Intraday 

Account and all associated Clearing Portfolios where relevant. 

Clearing Agreements means the template agreements specified as such in the Table of 

Contents of the General Terms of the Clearing Rules, or a sign-on 

agreement with individual Account Holders or Collateral Providers 

based upon such template document, or such other document to 

the same effect as the Clearinghouse in its discretion has agreed 

to substitute any of the foregoing.

Clearing Appendices means the documents specified as such in the Table of Contents 

of the General Terms of the Clearing Rules. 

Clearing Client means a person (other than the Clearinghouse) being party to a 

valid and effective Clearing Client Agreement in capacity as such.

Clearing Client Agreement means a sign-on agreement, in substantially the format of 

Clearing Agreement C, between a Clearing Member, the 

Clearinghouse and another party, establishing the rights and 

obligations of the other party as Clearing Client and the rights 

and obligations of the Clearing Member as its Client 

Representative.

Clearing Complaint Deadline means the time specified in the Trading and Clearing Schedule, 

marking the deadline for when a complaint must be filed with the 

Clearinghouse.

Clearing Confirmation means a confirmation from the Clearinghouse to the General 

Clearing Member(s) and/or Clearing Member(s) involved, that the 

Clearinghouse will provide Clearing of a Transaction. In case of 

Exchange Transactions entered into through the ETS or MTS, the 

Transaction Confirmation from the Exchange also serves as a 

Clearing Confirmation.

Clearing Listed Products means Products that are admitted for Clearing, but which are not 

necessarily Exchange Listed Products. The individual Contract 

Specification specifies whether a Product is a Clearing Listed 

Product or an Exchange Listed Product or both.
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 5 (20)

Clearing Member means a person (other than the Clearinghouse) being party to a 

valid and effective Clearing Membership Agreement.

Clearing Membership 

Agreement

means a sign-on agreement, in substantially the format of 

Clearing Agreement B, between the Clearinghouse and another 

party, providing the other party with access to Clearing as a 

Clearing Member.

Clearing Portfolio means a sub-account to a Clearing Account containing 

information relating to a set of the Clearing Transactions 

registered to that Clearing Account.

Clearing Request means a request for Clearing of a Transaction, as set out in 

Section 4 of the General Terms of the Clearing Rules. 

Clearing Rules means the Clearinghouse’s rules for Clearing of Transactions in 

Exchange Listed Products and Clearing Listed Products consisting 

of the General Terms and the Clearing Appendices, as may be 

amended from time to time and includes, where relevant, the FIN 

Clearing Rules.

Clearing System means the Clearinghouse’s system for registration and processing 

of Clearing Transactions and Clearing Requests as further defined 

in the Clearing System User Terms.

Clearing System User Terms means Clearing Appendix 5.

Clearing Transaction means a Transaction that is registered and approved for Clearing 

by way of a Clearing Confirmation. 

Clearinghouse means NASDAQ OMX Clearing AB, a Swedish company with reg. 

no 556383-9058 in the Swedish company register, acting through 

its Norwegian branch NASDAQ OMX Oslo NUF with reg. no 

994 583 352 in the Norwegian company. 

Clearinghouse Business Day means each day the Clearinghouse is open for business as set out 

on the Clearing House website.

Clearinghouse Opening 

Hours

means 07:00 CET until 19:00 CET, or such other time as 

designated by the Clearinghouse from time to time. 

Client means any client (including any NCM) of a General Clearing 

Member or, where applicable, any client of a Clearing Member, 

however for the avoidance of doubt not including Clearing Clients.

Client Clearing Account means a Clearing Account of a General Clearing Member or, 

where applicable, a Clearing Member, which has been designated 

as a Client Clearing Account, to which only Client Transactions

may be allocated and registered. A Client Clearing Account is 

either an Omnibus Account or an Individual Client Segregated 

Account.

Client Representative means a General Clearing Member or Clearing Member being 

party to one or more valid and effective Clearing Client 

Agreement(s) in capacity as such.

Client Transaction means a Transaction that a General Clearing Member, Clearing 

Member or Client Representative registers for Clearing on behalf 

of a Client or Clearing Client respectively, and which between the 

General Clearing Member, Clearing Member or Client 

Representative and the Client or Clearing Client (as applicable) is 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 6 (20)

on the account and risk of the Client or Clearing Client.

Close-Out Transaction means a Clearing Transaction to be (wholly or partially) off-set 

against an Open Position in the same Series.

CMS System means the Clearinghouse application that enables Account 

Holders to view and administer Collateral and Settlement with 

respect to their accounts with the Clearinghouse.

Collateral means assets in the form of cash in the Permitted Currencies 

and/or the eligible securities, as specified in the Collateral List 

from time to time. 

Collateral Custody Account means an account opened by an Account Holder with the 

Clearinghouse in accordance with the Collateral Custody Account 

Agreement for provision of Collateral. 

Collateral Custody Account 

Agreement 

means an agreement between the Clearinghouse and an Account 

Holder setting out the terms and conditions for the Collateral 

Custody Account. 

Collateral Deficiency means the amount equal to the shortfall of the Collateral Sum 

against the Margin Requirement.

Collateral List means Clearing Appendix 10 setting out Collateral approved by 

the Clearinghouse and provisions regarding valuation of such 

collateral, as amended from time to time. 

Collateral Provider means in relation to Bank Guarantees the issuer of such 

Collateral, and in relation to other Collateral the Account Holder. 

Collateral Receipt Cut-Off 

Time

means the time set out in the Procedures by which the 

Clearinghouse must receive Cash Collateral and Non-Cash 

Collateral in order for such Cash Collateral and Non-Cash 

Collateral to be taken into account for the determination of the 

Collateral Sum prior to the operation of the Cash Optimization 

Service.

Collateral Sum means the value of Collateral provided in respect of a Margin 

Requirement Account at a specific time valued in accordance with 

the Collateral List.

Collateral Surplus means the amount equal to the excess of the Collateral Sum over 

the Margin Requirement.

Combination Order means an Order to concurrently buy and/or sell Contracts in two 

or more different Series.

Contact Person means a natural person (not a legal entity) appointed and 

authorised as such in accordance with the Trading Rules (in 

respect of Trading) and/or the Clearing Rules (in respect of 

Clearing). 

Contract means an agreement giving rise to rights and obligations in an 

Exchange Listed Product or Clearing Listed Product.

Contract Base means the asset or other value (underlying property) on which a 

Product, including all resulting Contracts, is based as specified in 

the Contract Specifications. In case of Option Contracts the 

Contract Base refers to the specific asset(s) that an Option 

Contract conveys the right to buy (in the case of a call) or sell (in 

the case of a put).

Contract Price or Price means the cash value price agreed for each Contract in a 

Transaction, which the Buyer is obligated to pay and the Seller is 

entitled to receive, expressed in the relevant currency and 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 7 (20)

excluding VAT and Relevant Taxes. Any combination term 

incorporating “Price” shall, unless otherwise defined herein, be 

understood as referring to the applicable Contract Price in 

addition to any other terms designated by such combination.

Contract Specifications means the joint Trading Appendix 2 and Clearing Appendix 2 and, 

where relevant, Clearing Appendix 2A, as applicable to each 

Product.

Contract Time means, in respect of Block Trades, the point in time where the 

seller and the buyer enter into the original transaction that is to 

be entered on to the Exchange via the Block Trade Facility, and in 

respect of EFP or EFS, the point in time when the seller and the 

buyer entered into the original transaction that is to be cancelled 

and replaced with an EFP or EFS, and in respect of all other 

transactions, the point in time where the seller and the buyer 

enter into a Transaction, regardless of the form or format used to 

facilitate such agreement. In respect of Clearing Transactions, 

Contract Time refers to the relevant time of the original 

Transaction that is subject to Clearing.

Contract Volume means the trade lot volume of each Contract, as expressed in the 

applicable measurement unit of the applicable Product (e.g. MW 

for Electricity Contracts).

Co-Operating Exchange NASDAQ OMX Stockholm AB

Counterparty means the buying or selling party in a Clearing Transaction (as 

applicable), and includes the Clearinghouse acting as central 

counterparty in all Clearing Transactions.

Daily Cash Settlement means a Cash Settlement between the Clearinghouse and 

Account Holders for the Daily Cash Settlement Amount.

Daily Cash Settlement 

Amount

means the Cash Settlement Amount applicable to each relevant 

Bank Day in accordance with Section 6.2 of the General Terms of 

the Clearing Rules.

Daily Contracts means contracts that cover one day or parts of the relevant day.

Daily Fix means the closing price in each Series calculated for each Bank 

Day in accordance with Section 4.4 in Part A of the Contract 

Specifications.

Daily Market Settlement means a daily mark-to-market Cash Settlement to be performed 

between the Counterparties in accordance with Section 5.1 in Part 

A of the Contract Specifications.

Default Event is defined in Section 8.1.1 of the General Terms of the Clearing 

Rules.

Default Fund means the member sponsored default fund administered by the 

Clearinghouse, as further specified and defined in the Default 

Fund Rules.

Default Fund Custody 

Account

has the meaning ascribed to “Custody Account” in the Default 

Fund Rules.

Default Fund Rules means Clearing Appendix 9 relating to the governance, terms and 

conditions of the Default Fund, including appurtenant 

documentation and arrangements as applicable to each relevant 

Account Holder.

Default Notification means the default notification procedures available online at 

http://www.nasdaqomx.com/europeanclearing/nordicclearingtoda
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 8 (20)

Procedures y/riskanddefaultmanagement/defaultfund/proceduresagreements

policypapers/.

Delivery means the delivery and receipt of an asset (other than cash) in 

furtherance of the Counterparties’ respective obligations under a 

Clearing Transaction in accordance with the Clearing Rules (as 

may be further specified in respect of each type of asset).

Delivery Day means the calendar day specified in the Contract Specifications 

by which Delivery shall take place under a Contract.

Delivery Period means the time period following the Expiration Day, when a Spot 

Reference Settlement and Expiry Market Settlement shall be 

conducted as specified in the Contract Specifications.

Delivery Point means the designated and approved point of Delivery for a 

Counterparty in respect of its reception or delivery of an asset 

other than cash (whether tangible or intangible) which is to be 

Delivered under and in accordance with the Clearing Rules, 

including any registries and repositories where such assets are 

kept and/or maintained.

DKK or Danish Krone means Danish Krone, being the lawful currency of Denmark. 

References to øre in respect of DKK currency shall equal 1/100 

DKK.

DS Future Contract or 

DS Future

means a Contract specified as such in the Contract Specifications 

for the purchase and sale of a particular quantity of an asset or 

the cash equivalent of the asset’s value against a Contract Base 

or Fix, at a predetermined price at a future time or time period. 

Any combination term incorporating “DS Future” shall, unless 

otherwise defined herein, be understood as referring to DS Future 

Contracts in addition to any other terms designated by such 

combination.

Electricity Contract means a cash-settled Contract whose value is linked to a Contract 

Base quoted for electric power pursuant to the Contract 

Specifications.

El-Cert or Electricity 

Certificate

means any Electricity Certificate unit representing one (1) 

Electricity certificate issued for each (1) MWh of electricity 

produced from renewable energy sources.

El-Cert or Electricity 

Certificate Contract

means a Contract whose Contract Base is directly correlated to 

El-Certs pursuant to the Contract Specifications.

El-Cert or Electricity 

Certificate Settlement

means the settlement of an El-Cert Contract in accordance with 

Section 4.4 in Part B of the Contract Specifications.

Electricity Price Area 

Differential or EPAD

means a contract specified as such in the Contract Specifications, 

and is the price difference, in the currency of the contract, for 1 

MWh of electricity between the daily Elspot System Price for the 

Nordic region or the Phelix German System price for the German 

Austrian region and the applicable Area Price (as specified in the 

Series Designation).

End of Day Margin Delivery 

Time

11.00 CET

End of Day Margin 

Determination 

means the calculation of the Margin Requirement and Collateral 

Sum undertaken by the Clearinghouse at the end of each 

Clearinghouse Business Day.

Error Correction Deadline means the time specified in the Trading and Clearing Schedule, 

when corrections of Transaction errors at latest must be effected 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 9 (20)

by the Exchange, upon which the registration of Transactions with 

the Clearinghouse becomes final.

EMIR means Regulation (EU) No 648/2012 of the European Parliament 

and of the Council of 4 July 2012 on OTC derivatives, central 

counterparties and trade repositories.

EMIR Individual Segregated 

Account

means an account meeting the requirements for individual client 

segregation pursuant to Article 39(3) of EMIR.

EMIR Omnibus Account means an account meeting the requirements for omnibus client 

segregation pursuant to Article 39(2) of EMIR.

ETS or EMP means the Exchange’s computerised system for registration and 

processing of Orders and Exchange Transactions, as further 

defined in the ETS User Terms.

ETS User Terms means Trading Appendix 5.

EUR or Euro means the lawful currency of the Member States of the European 

Union that adopt the single currency in accordance with the 

Treaty establishing the European Community, as amended by the 

Treaty on the European Union. References to a “cent” in respect 

of Euro currency shall equal 1/100 EUR.

EUR Contract means a Contract that is traded in EUR currency pursuant to the 

Contract Specifications and that is traded and cleared on a 

Norwegian trading calendar pursuant to the Trading and Clearing 

Schedule. Any combination term incorporating “EUR” shall, unless 

otherwise defined herein, be understood as referring to EUR 

Contracts in addition to any other terms designated by such 

combination.

EURIBOR means the interest rate for Euro deposits for a period of one 

month that appears on Reuters Page EURIBOR01 (or such other 

screen display or service as may replace it for the purpose of 

displaying the interest rates for Euro deposits offered in the eurozone) as at 11.00 a.m. CET on the relevant due day, and where 

the amount or any part of it remains overdue one month after the 

due day such interest rate as appears on such page for such 

deposits as at such time as at the day one month after the due 

day and thereafter as at monthly intervals until the amount is no 

longer overdue; or if no such interest rate appears on Reuters (or 

such replacement), the arithmetic mean (rounded upwards to 3 

decimal places) of the rates per annum at which each of not less 

than two major banks in the Euro-zone interbank market quoted 

that they were offering Euro deposits in an amount comparable 

with that overdue amount to major banks in the Euro-zone inter 

bank market for a period of one month as at 11.00 a.m. CET on 

the due day or as at the day one month after the due day or as at 

monthly intervals thereafter as the case may be.

European Trading Calendar means trading calendar open for trading on all days from Monday 

throughout Friday besides Jan1, Good Friday, Easter Monday, Dec 

24-26 and Dec31.

Exchange means NASDAQ OMX Oslo ASA, a public limited company with 

company number 965 662 952 in the company register of 

Norway.

Exchange Act means the Norwegian Act on Exchanges of 29 June 2007 No 74, 

including any regulations pursuant to the act.

Exchange Appeal Committee means a committee independent of the Exchange appointed by 

the Ministry of Finance, which is an appeal committee for 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 10 (20)

decisions made by the Exchange as further specified in the 

Exchange Act.

Exchange of Future for 

Physical or

EFP

means a Transaction designated by the Exchange as eligible for 

trading as an EFP pursuant to the Trading Rules (but excluding, 

for the avoidance of doubt, Block Trades, EFSs and Non Exchange 

Transactions). 

Exchange of Future for 

Swap or

EFS

means a Transaction designated by the Exchange as eligible for 

trading as an EFS pursuant to the Trading Rules (but excluding, 

for the avoidance of doubt, Block Trades, EFPs and Non Exchange 

Transactions). 

Exchange Listed Product means any Product admitted by the Exchange for Exchange 

Trading, and includes Block Trade Contracts. The individual 

Contract Specification specifies whether a Product is an Exchange 

Listed Product and whether such Product is a Block Trade 

Contract. Exchange Listed Products are always Clearing Listed

Products.

Exchange Member means a person (other than the Exchange) being party to a valid 

and effective Exchange Membership Agreement, Non-Clearing 

Membership Agreement or Block Broker Membership Agreement.

Exchange Membership 

Agreement

means a sign-on agreement, substantially corresponding to 

Trading Agreement A, between a the Exchange and another 

party, granting the other party access to Exchange Trading as an 

Exchange Member.

Exchange Opening Hours means 07:45 CET until 19:00 CET, or such other time as 

designated by the Exchange from time to time. 

Exchange Trader means a natural person (not a legal entity) appointed and 

authorised by an Exchange Member in accordance with the 

Trading Rules. 

Exchange Trading means Trading in an Exchange Listed Product carried out by an 

Exchange Member through the Trading System.

Exchange Transaction or

Exchange Trade

means a Transaction that is entered into through the Trading 

System, including for the avoidance of doubt Block Trades, EFPs 

and EFSs, and excludes its corresponding Clearing Transaction 

unless specifically stated.

Exercise Price means the price set in the Contract Specifications for an Option 

Series, which shall be applied in the Option Exercise Settlement 

(commonly referred to as “strike price”).

Expiration Day means a day specified in relation to each applicable Series to be 

the final day for Exchange Trading in that Series, triggering the 

Settlements and possible Option Exercises as further provided for 

in the Contract Specifications

Expiration Fix means the closing price in each Series calculated on the 

Expiration Day in accordance with Section 4.4 in Part A of the 

Contract Specifications.

Expiry Market Settlement means a method of Cash Settlement to be performed between 

the Counterparties in accordance with Section 5.2 in Part A of the 

Contract Specifications.

Exposure Limit means the maximum exposure that an Account Holder may have 

in respect of a certain Margin Requirement Account, as set by the 

Clearinghouse from time to time. An Account Holder’s exposure is 

calculated in accordance with the model applied by the 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

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Clearinghouse from time to time.

Exposure Limit Check means, in respect of a Clearing Request received by the 

Clearinghouse, a check carried out by the Clearinghouse that an 

Account Holder’s exposure that will result from the approval of 

such Clearing Request does not exceed such Account Holder’s 

Exposure Limit.

Extraordinary Margin 

Requirement

means an amount calculated by the Clearinghouse at any time in 

relation to a Margin Requirement Account as required to be 

provided to cover risks in registered Clearing Transactions in 

accordance with Section 5.5 of the General Terms of the Clearing 

Rules.

Fee List means the joint Trading Appendix 7 and Clearing Appendix 7.

FIN Clearing Rules means the Clearing Rules of NASDAQ OMX Derivatives Markets 

governing certain clearing operations carried out by NASDAQ 

OMX Clearing AB. 

FIN Clearing Member means a person who is a ‘Clearing Member’ or ‘Customer’ under 

the FIN Clearing Rules.

FIN Clearing Rules means the Clearing Rules of NASDAQ OMX Derivatives Markets 

governing certain clearing operations carried out by NASDAQ 

OMX Clearing AB.

FIN Exchange Member means a person who is an ‘Exchange Member’ under the FIN

Exchange Rules.

FIN Exchange Rules means the Exchange Rules of NASDAQ OMX Derivatives Markets 

governing certain trading operations carried out by NASDAQ OMX 

Stockholm AB.

Financial Contract means a Contract that is subject to Cash Settlement only. Any 

combination term incorporating “Financial” shall, unless otherwise 

defined herein, be understood as referring to Financial Contracts 

in addition to any other terms designated by such combination.

Fish Pool Rulebook means the rulebook for trading at Fish Pool ASA, as may be 

amended from time to time.

Force Majeure Event means the occurrence of an event which (i) is outside the 

reasonable control of the affected party and (ii) which prevents 

such party from performing one or more of its obligations under 

the Trading Rules or the Clearing Rules and (iii) such event or the 

impact of such event on the party's performance of relevant 

obligation(s) could not reasonably have been overcome or have 

been prevented by such party within the time allowed for 

performance of the relevant obligation(s). For the purposes of 

this definition, acts of God or the public enemy, acts of a civil or 

military authority, terrorist or other criminal action, civil unrest, 

embargoes, fire, flood, labour dispute, unavailability or restriction 

of computer or data processing facilities, or unavailability or 

restriction of settlement systems or of bank transfer systems, 

shall normally be deemed to be outside the reasonable control of 

a party, provided that the party has otherwise acted with such 

prudence and care as could reasonably be expected of that party.

Freight Contract means a cash-settled Contract whose value is linked to a Contract 

Base quoted for freight pursuant to the Contract Specifications. 

Fuel Oil Contract means a cash-settled Contract whose value is linked to a Contract 

Base quoted for fuel oil pursuant to the Contract Specifications. 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 12 (20)

Futures Contract or Future means a Contract specified as such in the Contract Specifications, 

and which is subject to Daily Market Settlement, for the purchase 

and sale of a particular quantity of an asset, or the cash 

equivalent of the asset against a Contract Base or Fix, at a 

predetermined price at a specified future time or time period. Any 

combination term incorporating “Futures” shall, unless otherwise 

defined herein, be understood as referring to Futures Contracts in 

addition to any other terms designated by such combination

GBP or Pounds Sterling means Great Britain Pound, being the lawful currency of the 

United Kingdom. References to pence in respect of GBP currency 

(including “GBp” and “GBX”) means pence sterling = 1/100 GBP.

GBP Contract means a Contract that is traded in GBP currency and that is 

traded and cleared on a UK trading calendar or a European 

Trading Calendar pursuant to the Contract Specifications. Any 

combination term incorporating “GBP” shall, unless otherwise 

defined herein, be understood as referring to GBP Contracts in 

addition to any other terms designated by such combination.

General Clearing Member or

GCM

means a person (other than the Clearinghouse) being party to a 

valid and effective General Clearing Membership Agreement.

General Clearing 

Membership Agreement

means a sign-on agreement, substantially corresponding to 

substantially corresponding to Clearing Agreement A, between 

the Clearinghouse and another party, providing the other party

with access to Clearing as a General Clearing Member.

General Terms means a document titled as such, with standard terms for Trading 

or Clearing constituting a part of either the Trading Rules or the 

Clearing Rules respectively.

Give Up means a request by an Account Holder to transfer a Clearing 

Transaction in whole or in part to the Clearing Account(s) of a 

different Account Holder. 

Hedge Transaction means a Transaction that in the Clearinghouses opinion reduces 

the market risk of an Open Position. A Hedge Transaction need 

not be a Close-Out Transaction.

House Account means any Clearing Account of a General Clearing Member or 

Clearing Member which is not a Client Clearing Account.

Individual Client Segregated 

Account (ICA)

means a Clearing Account of a General Clearing Member or, 

where applicable, a Clearing Member, which has been designated 

as an Individual Client Segregated Account, to which only Client 

Transactions that reflect equivalent transactions made between 

such member and an individual Client that has opted for such 

account may be allocated and registered.

Insolvency Event is defined in Section 8.6 of the General Terms of the Clearing 

Rules.

Instrument means any standardized contract, instrument or other facility, 

whether physically or cash settled, whether cash settled or 

physically settled, and whether in the form of a Futures Contract, 

DS Future Contract, Option Contract or other type of facility, 

through which (or through the acquisition of which) a person may 

enter into contracts that are eligible for clearing with the 

Clearinghouse as central counterparty.

Intraday Account means a General Clearing Member’s or Clearing Member’s 

Clearing Account for interim registration of Clearing Transactions. 

An Intraday Account is part of either a House Account or a Client 

Clearing Account, see section 3.3.7 of the General Terms of the 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 13 (20)

Clearing Rules. 

Intraday Margin 

Requirement

means the determination by the Clearinghouse of a Margin 

Requirement at a time during the Clearinghouse Business Day 

other than in connection with the End-of-Day Margin 

Determination in accordance with Section 5.5 of the General 

Terms of the Clearing Rules.

LIBOR means the interest rate for a period of one month that appears on 

Reuters Page LIBOR01 (or such other screen display or service as 

may replace it for the purpose of displaying the interest rates for 

pounds sterling deposits offered in the United Kingdom) as at 

11.00 a.m. GMT on the relevant due day, and where the amount 

or any part of it remains overdue one month after the due day 

such interest rate as appears on such page for such deposits as at 

such time as at the day one month after the due day and 

thereafter as at monthly intervals until the amount is no longer 

overdue; or if no such interest rate appears on Reuters (or such 

replacement), the arithmetic mean (rounded upwards to 3 

decimal places) of the rates per annum at which each of not less 

than two major banks in the London interbank market quoted 

that they were offering pounds sterling deposits in an amount 

comparable with that overdue amount to major banks in the 

London-zone interbank market for a period of one month as at 

11.00 a.m. GMT on the due day or as at the day one month after 

the due day or as at monthly intervals thereafter as the case may 

be. 

Locked Currency Limit means a minimum amount of Cash Collateral in each Permitted 

Currency, as determined by the Clearinghouse, that must be 

retained in the Collateral Custody Account at all times.

Loss means an amount that a Counterparty reasonably determines in 

good faith to be its total losses and costs (or gain, in which case 

expressed as a negative number) in connection with the 

termination of Transactions under the Clearing Rules in respect of 

an Insolvency Event or Default Event, including any loss of 

bargain, cost of funding (based on the actual costs of the 

Counterparty whether or not greater than market costs) or, at its 

election but without duplication, loss or cost incurred as a result 

of its terminating, liquidating, obtaining or re-establishing any 

hedge or related trading position (or any gain resulting from any 

of them). Loss includes losses and costs (or gains) in respect of 

any payment or Delivery required to have been made and not 

made on or before the termination day. The Counterparty may 

(but need not) determine its Loss by reference to quotations of 

average relevant rates or prices from two or more leading brokers 

in the trading market who are independent of the Clearinghouse.

Manual Exercise means the Option Exercise pursuant to an Exercise Order from an 

Option Holder, in accordance with the Contract Specifications.

Margin Requirement means an amount calculated by the Clearinghouse as the sum of 

each margin component (including any applicable Base Collateral 

Requirement and any margin component in connection with an 

Extraordinary Margin Requirement having been issued by the 

Clearinghouse from time to time), as determined in respect of all 

Clearing Transactions recorded on the Clearing Account(s) 

associated with a particular Margin Requirement Account.

Margin Requirement 

Account

means an account for calculation of the Margin Requirement in 

respect of Clearing Transactions recorded on the Clearing 

Account(s) associated with it.
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 14 (20)

Margin Requirement Report means the data produced by the Clearinghouse and made 

available to each Account Holder in respect of each Margin 

Requirement Account setting out the Margin Requirement, the 

Collateral Sum and the Collateral Surplus or Collateral Deficiency 

for that Margin Requirement Account.

Market Conduct Rules means joint Trading Appendix 6 and Clearing Appendix 6.

Market Maker means an Exchange Member who has undertaken towards the 

Exchange to quote binding Bids and Offers in Exchange Listed 

Products as further specified in the applicable Market Maker 

Agreement.

Market Maker Agreement means an agreement entered into between the Exchange and 

another party, entitling and obliging the other party to act as 

Market Maker.

Market Maker Hours means time interval during Opening Hours when Market Makers 

are required to quote Orders in the relevant Series.

Market Maker Spread means the maximum quotable net spread for Bids and Offers for 

a Market Maker in a Series at any time.

Market Maker Volume means the minimum contract volume to be quoted by a Market 

Maker in a Series at any time.

Market Surveillance means the unit of the Exchange responsible for monitoring 

compliance with the Market Conduct Rules and such other 

matters as set out in the Market Conduct Rules.

Material Default Event is defined in Section 8.1.2 of the General Terms of the Clearing 

Rules.

Material Non-Compliance

Event

is defined in Section 7.2 of the General Terms of the Trading

Rules.

Membership Requirements means Clearing Appendix 8.

Month Contract means contracts that cover one calendar month or parts of the 

relevant month.

Monthly Settled means contracts that cover one calendar month or parts of the 

relevant month.

MTS or MPS means the Exchange’s telephone based service for Exchange 

Trading.

Natural Gas Contract means a cash-settled Contract whose value is linked to a Contract 

Base quoted for natural gas pursuant to the Contract 

Specifications. 

Net Position see Open Position.

NOK or Norwegian Krone means Norwegian Krone, being the lawful currency of Norway. 

References to øre in respect of NOK currency shall equal 1/100 

NOK.

NOK Contract means a Contract that is traded in NOK currency pursuant to the 

Contract Specifications and that is traded and cleared on a 

Norwegian trading calendar pursuant to the Trading and Clearing 

Schedule. Any combination term incorporating “NOK” shall, 

unless otherwise defined herein, be understood as referring to 

NOK Contracts in addition to any other terms designated by such 

combination.
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 15 (20)

Non-Cash Collateral means any Collateral other than Cash Collateral. 

Non-Clearing Member or

NCM

means a person (other than the Exchange) being party to a valid 

and effective Non-Clearing Membership Agreement.

Non-Clearing Membership 

Agreement

means a sign-on agreement, substantially corresponding to 

Trading Agreement A, between the Exchange and another party, 

granting the other party access to Exchange Trading as a NonClearing Member.

Non-Compliance Event is defined in Section 7.1 of the General Terms of the Trading 

Rules.

Non Exchange Clearing 

Procedures

means Clearing Appendix 4.

Non Exchange Trading means Trading (other than Third Party Exchange Trading) that is 

carried out outside the Trading System but for the avoidance of 

doubt does not include Block Trades, EFPs or EFSs.

Non Exchange Trading 

Broker

means a person which has entered into a Non Exchange Trading 

Broker Agreement with the Clearinghouse for reporting of Non 

Exchange Transactions for Clearing on behalf of Account Holders 

(but not as Account Holder)

Non Exchange Trading 

Broker Agreement

means an agreement to be entered into between the 

Clearinghouse and another person (the Non Exchange Trading 

Broker) in accordance with Clearing Agreement F.

Non Exchange Transaction means a Transaction entered into through Non Exchange Trading 

and designated by the Clearinghouse as eligible for Clearing as a 

Non Exchange Transaction pursuant to the Clearing Rules but 

excluding, for the avoidance of doubt, Third Party Exchange 

Transactions.

Omnibus Account means a Clearing Account of a General Clearing Member or, 

where applicable, Clearing Member, which has been designated 

as an Omnibus Account, to which only Client Transactions that 

reflect equivalent transactions made between such member and 

such group of its Clients that have opted for such account may be 

allocated and registered.

Open Interest means the aggregated net balance of Open Positions in a Series, 

as registered by the Clearinghouse.

Open Position or Net 

Position

means a net position created by aggregating and netting all 

purchase or sales Transactions in a Series within the same 

Clearing Account, as calculated and notified by the Clearinghouse 

to the Account Holder.

Opening Hours means the time interval during a Bank Day when Exchange 

Transactions and/or Clearing Requests relating to a Series are 

received and processed by the Exchange and/or the 

Clearinghouse , as further specified in the Trading and Clearing 

Schedule and the Contract Specifications.

Opposite Positions means offsetting Transactions in the same Series.

Option Contract or Option means a Contract specified as such in the Contract Specifications 

for the potential purchase and sale of a specific quantity of a 

Contract Base (as set out in the Contract Specifications) at a 

stipulated future date, and according to which the Option Holder, 

against payment of the Option Premium, has the right, but not 

the obligation, to buy (in case of a call) or to sell (in case of a 

put) such quantity of the Contract Base against payment of the 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 16 (20)

Option Exercise Price. Any combination term incorporating 

“Option” shall, unless otherwise defined herein, be understood as 

referring to Option Contracts in addition to any other terms 

designated by such combination.

Option Exercise or Exercise means an Option Holder’s exercise of its rights under an Option 

Contract, either through Automatic Option Exercise or Manual 

Option Exercise.

Option Exercise Settlement

or Exercise Settlement

means the Settlement in accordance with Section 5.5 in Part A, 

Sections 5.6 and 5.7 in Part B of Appendix 2 of the Contract 

Specifications or Sections 1.6 or 2.6 in Part B of Appendix 2A of 

the Contract Specifications.

Option Exercise Time or 

Exercise Time

means the time when an Option Exercise must be exercised in 

order to become effective, and will become effective in case of 

Option Exercise, pursuant to the Contract Specifications. 

Option Fix means a price calculated on the Expiration Day for each Option 

Series in accordance with Section 4.5 of Part A of the Contract 

Specifications, to be used for Automatic Option Exercise 

purposes.

Option Holder or Option 

Buyer

means the party to an Option Contract who is entitled to perform 

an Option Exercise (i.e. to buy and receive the Contract Base in 

case of a Call Option and to sell and deliver the Contract Base in 

case of a Put Option) against payment of the Option Exercise 

Price.

Option Premium means the Contract Price payable from the Option Holder to the 

Option Writer under an Option Contract.

Option Premium Settlement

or Premium Settlement

means the Option Holder’s payment of the Option Premium to the 

Option Writer in accordance with Section 4.4 in Part A of the 

Contract Specification.

Option Settlement means Premium Settlement and Option Exercise Settlement.

Option Writer or Option 

Seller

means the party to an Option Contract who is obliged, in case of 

an Option Exercise, to perform its rights and obligations under 

the Option Contract (i.e. to sell and deliver the Contract Base in 

case of a Call Option and to buy and receive the Contract Base in 

case of a Put Option) against receipt of the Option Exercise Price.

Order means an offer to sell or buy an Exchange Listed Product that an 

Exchange Member registers in ETS or calls in to MTS. 

Payments Report means the data produced by the Clearinghouse and made 

available to each Account Holder setting out the net payment due 

in each relevant Permitted Currency pursuant to the Cash 

Optimization Service.

Pending Settlement means Settlements calculated by the Clearinghouse that is not 

due at the current time.

Permitted Currency means the currencies which the Clearinghouse accepts as 

Collateral pursuant to the Collateral List.

Power of Attorney means a power of attorney authorizing an Approved Settlement 

Bank to execute payment instructions issued by the 

Clearinghouse on the designated Cash Collateral Bank Account(s). 

Prenovation Check means, in respect of a Clearing Request received by the 

Clearinghouse, a check carried out by the Clearinghouse that the 

Account Holder has sufficient Collateral in the relevant Custody 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 17 (20)

Account(s) to cover the Margin Requirement that will result from 

the approval of such Clearing Request.

Principal Trading means an Exchange Member's Trading through one or more 

Principal Transactions.

Principal Transaction means a Transaction entered into by an Account Holder at its own 

account and risk.

Procedures means the document which, alongside the Clearing Rules, sets 

out the details of the Cash Optimization Service and its 

operational process, including, but not limited to, the form and 

manner at which Collateral is to be provided to the Clearing 

house. Such document shall be made available on the 

Clearinghouse website.

Product Calendar means a listing of the specific terms for each Series (dates, 

volume, trading period, Series Specification etc), as from time to 

time may be updated, amended and published on the Exchange’s 

website and/or through the ETS. 

Product means an Instrument for Exchange Listed Products or Clearing 

Listed Products. References to any individual Product (or 

Instrument) shall be deemed to comprise all Series and Contracts 

based on the same individual Contract Specifications, even 

though certain terms such as Delivery Day and/or Delivery Period 

and/or the Expiration Day may differ.

Quarterly Contracts means contracts that cover one calendar quarter or parts of the 

relevant quarter.

Quotation List means Part C of the Contract Specifications.

Registration means the process leading to a Transaction being deemed 

registered and created as a Clearing Transaction pursuant to the 

Clearing Rules, and “Registered” shall be construed accordingly.

Registration Error means, in respect of Non Exchange Clearing, that the registered 

Clearing Transaction does not conform to the Clearing Request or 

that a Clearing Request has not been Registered in accordance 

with the Non Exchange Clearing Procedures.

Regulatory Body means any governmental or regulatory body with jurisdiction over

the Exchange and/or the Clearinghouse under applicable law.

Relevant Tax means any present or future tax, levy, impost, duty, charge, 

assessment or fee of any nature (including interest or penalties) 

that is imposed by any government or other taxing authority 

directly in respect of any payment or transfer request under the 

Trading Rules and/or the Clearing Rules other than stamp, 

registration, documentation or similar tax. Relevant Tax does not 

include, without limitation, income tax, taxes on Allowances or 

the activities giving rise to Allowances or taxes imposed generally 

on a Counterparty’s business, or Value Added Tax.

Required Authorisations means all governmental and other licences, authorisations, 

permits, consents, contracts and other approvals (if any) that are 

required to enable the party to fulfil any of its obligations under 

the Trading Rules and/or the Clearing Rules.

Risk Currency means the agreed currency (either Euro, NOK, Pounds Sterling, 

SEK, DKK or USD, depending on the Account Holder’s choice) in 

which the Margin Requirements for a Clearing Account are made.
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 18 (20)

Seasonal Contracts means contracts that cover two quarter contracts; Summer 

Season is defined as Apr1 throughout and including Sep30 and 

Winter Season is defined as Oct1 throughout and including 

Mar31.

Security Settlement System means a Security Settlement System under Norwegian Law 

pursuant to the Norwegian Payment Systems Act of 17 December 

1999 no 95 (implementing EU Directive 98/26/EC on Settlement 

Finality in Payment and Securities Systems), as may be amended 

from time to time.

SEK or Swedish Krona means the Swedish Krona, being the lawful currency of Sweden. 

Reference to öre in respect of SEK currency shall equal 1/100 

SEK.

SEK Contract means a Contract that is traded in SEK currency pursuant to the 

Contract Specifications and that is traded and cleared on a 

Norwegian trading calendar pursuant to the Trading and Clearing 

Schedule. Any combination term incorporating “SEK” shall, unless 

otherwise defined herein, be understood as referring to SEK 

Contracts in addition to any other terms designated by such 

combination.

Series means all Contracts based upon the same Product, which have 

the same contractual terms except for the Contract Price (i.e. 

same Delivery Period, Term etc) and which share the same Series 

Specification.

Series Specification means the alphanumeric identifier assigned to a Series in the ETS 

and/or the Clearing System.

Settlement means that cash payment is made and received between the 

Counterparties, against Delivery and receipt of the relevant asset 

where applicable, in fulfilment of the Counterparties’ respective 

obligations pursuant to one or more Clearing Transactions.

Settlement Day means the Bank Day when the relevant Settlement shall take 

place for a Series pursuant to the Contract Specifications.

Spot Reference Fix Means a price determined on each day of the Delivery Period and 

the Spot Reference Period in respect of applicable Products, by 

reference to the value of the Contract Base on that day as set out 

in Section 4.2 in Part A of the Contract Specifications.

Spot Reference Settlement means a method of Cash Settlement to be performed between 

the Counterparties in accordance with Section 5.3 in Part A of the 

Contract Specification.

Spread means the difference between the best bid price and the best 

offer price in a Series registered in the ETS at the relevant time.

Standard Exercise means the exercise of an Option Contract on the Expiration Day

by the Clearinghouse on behalf of an Option Holder in accordance 

with the Contract Specifications.

Supplemental default rules 

for Clearing Transactions 

recorded on Client Clearing

Accounts

means Clearing Appendix 12 setting out rules regarding, among 

other things, porting of Clearing Transactions registered on Client 

Clearing Accounts in connection with a Material Default Event in 

respect of an Account Holder. 

Surplus Cash Collateral means that amount of Cash Collateral in a particular Permitted 

Currency that is in excess of the amount required to meet all 

obligations arising in respect of that Permitted Currency for that 

Collateral Custody Account, as determined in accordance with the 
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 19 (20)

Procedures.

Take Up means a Clearing Request in the form of an acceptance of a 

request for Give Up.

Tick Size means the minimum price step when increasing or decreasing the 

price of an Order in the ETS.

Third Party Exchange means an exchange (other than, for the avoidance of doubt, the 

Exchange or the Co-Operating Exchange) which has entered into 

an agreement with the Clearinghouse for trades entered into on 

such exchange to be cleared through the Clearinghouse. 

Third Party Exchange 

Transaction Clearing 

Procedures

means Clearing Appendix 15.

Third Party Exchange 

Trading

means the process of the buyer and seller entering into a Third 

Party Exchange Transaction on a Third Party Exchange.

Third Party Exchange 

Transaction

means a Transaction that is entered into on a Third Party 

Exchange, and excludes its corresponding Clearing Transaction 

unless specifically stated.

Trade Information means any aggregated information on Orders and Transactions 

registered with or called in or reported to the Exchange and/or 

the Clearinghouse, in raw or enhanced form, including Daily Fix

and other index values, daily volume, open balance and historical 

information on such matters.

Trade Repository means a trade repository registered in accordance with Article 55 

of EMIR or recognised in accordance with section Article 77 of 

EMIR.

Trade Lot or Lot Size means the minimum Contract Volume of each Product, as 

specified for the relevant Series as set out in the Contract 

Specifications. The volume of each Order must be divisible into 

whole Trade Lots.

Trading means the process of the buyer and seller entering into a 

Transaction by Exchange Trading, Third Party Exchange Trading

or Non Exchange Trading.

Trading Account means an Exchange Member’s account with the Exchange for 

registration of Exchange Transactions.

Trading Agreements means a template agreements specified as such in the Table of 

Contents of the Trading Rules, or a sign-on agreement based 

upon such template document, or such other document to the 

same effect, as the Exchange in its discretion has agreed to 

substitute any of the foregoing.

Trading and Clearing 

Schedule

means the joint Trading Appendix 3 and Clearing Appendix 3.

Trading Appendices means the documents specified as such in the Table of Contents 

of the General Terms of the Trading Rules.

Trading Procedures means Trading Appendix 4.

Trading Rules means the rules issued by the Exchange in respect of Exchange 

Trading in Exchange Listed Products consisting of the General 

Terms and the Trading Appendices, as may be amended from 

time to time and includes, where relevant, the FIN Exchange 

Rules.
Trading Appendix 1 / Clearing Appendix 1 - Definitions

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 20 (20)

Trading System means the ETS and/or the MTS and/or the Block Trade Facility, as 

the context requires.

Transaction means any agreement for one or more Contracts entered into as 

an Exchange Transaction, a Third Party Exchange Transaction or 

Non Exchange Transaction, and includes any corresponding

Clearing Transaction(s).

Transaction Confirmation means the Exchange’s confirmation of Exchange Transactions to 

an Exchange Member in ETS or by MTS or through the Block 

Trade Facility.

Transaction Volume means the aggregated Contract Volume of a single Transaction.

UKLT means the local time in London. 

USD or US$ means the United States Dollar, being the lawful currency of the 

United States of America. Reference to cent in respect of USD 

currency shall equal 1/100 USD.

USD Contract means a Contract that is traded in USD currency pursuant to the 

Contract Specifications and that is traded and cleared on a United 

Kingdom or a United States trading calendar pursuant to the 

Trading and Clearing Schedule. Any combination term 

incorporating “USD” shall, unless otherwise defined herein, be 

understood as referring to USD Contracts in addition to any other 

terms designated by such combination.

Value Added Tax or VAT means any value added tax imposed in an applicable jurisdiction,, 

or any replacement or other tax levied by reference to value 

added to a transaction. 

Violation Charge means the fee that the Exchange may charge in the event of a 

breach of the Market Conduct Rules, as further specified in the 

Market Conduct Rules.

Week End Contracts means contracts that cover one week end normally Saturday and 

Sunday. However, Week End Contracts can also include Fridays 

and/or Mondays if these days are Bank holidays.

Weekly Contracts means contracts that cover one calendar week normally Monday 

throughout and including Sunday.

Working Day Week 

Contracts

means normally a contract including Monday throughout and 

including Friday, however Monday and/or Friday can be excluded 

if bank holidays.

Yearly Contracts means contracts that cover one calendar year normally Jan1 

throughout and including Dec31.

[end of document]
Effective Date: 24 January 2017

Trading Appendix 2 / Clearing Appendix 2

Contract 

Specifications

Commodity Derivatives

Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
INDEX

PART A – General Provisions ............................................................................................ 5

1 Application.........................................................................................................6

2 Products and Contracts........................................................................................6

3 Listing of Products ..............................................................................................7

4 Determination of Contract Base and Fix .................................................................7

5 Contract Events ................................................................................................10

PART B – Special Provisions Relating to Certain Product Types...................................... 14

1 Electricity Contracts ..........................................................................................15

2 Natural Gas Contracts .......................................................................................17

3 Allowance Contracts ..........................................................................................19

4 Swedish and Norwegian Electricity Certificates (El-Certs) Contracts.........................25

5 Freight and Fuel Oil Contracts ............................................................................30

6 Ferrous Contracts .............................................................................................32

7 REnewables Contracts .......................................................................................35

PART C – Quotation List ................................................................................................. 36

1 Electricity Contracts ..........................................................................................37

2 Natural Gas Contracts .......................................................................................40

3 Allowance Contracts ..........................................................................................42

4 Swedish and Norwegian Electricity Certificates (El-Certs) Contracts.........................42

5 Freight and Fuel Oil Contracts ............................................................................42

6 Ferrous Contracts .............................................................................................43

7 RENEWABLE Contracts ......................................................................................44

PART D – Individual Contract Specifications .................................................................. 45

1 Electricity Contracts ..........................................................................................46

1.1 Belgian Power Monthly DS Future - EBEM ............................................................47

1.2 Dutch Power Monthly DS Future – ENLM ..............................................................50

1.3 French Electricity Futures: EFRF..........................................................................53

1.4 French Power Monthly DS Future - EFRM .............................................................55

1.5 German Electricity Base Year DS Future – EDEBLYR-[YY] .......................................58

1.6 German Electricity Base Year Future – EDEFUTBLYR-[YY].......................................60

1.7 German Electricity Base Quarter DS Future – EDEBLQ[Q]-[YY] ...............................62

1.8 German Electricity Base Quarter Future – – EDEFUTBLQ[Q]-[YY] ............................64

1.9 German Electricity Base Month DS Future – EDEBLM[MMM]-[YY] ............................66

1.10 German Electricity Base Month Future - EDEFUTBLM[MMM]-[YY] ............................68

1.11 German Electricity Base Average Rate Month future – EDEAFUTBLM[MMM]- [YY] ......70

1.12 German Electricity Base Week Future – EDEBLW[ww]-[YY] ....................................72

1.13 German Electricity Base Day Future – EDEBLD[DDMM]-[YY]...................................74

1.14 German Electricity Peak Year DS Future – EDEPLYR-[YY] .......................................76

1.15 German Electricity Peak Year Future - EDEFUTPLYR-[YY] .......................................78

1.16 German Electricity Peak Quarter DS Future – EDEPLQ[Q]-[YY] ...............................80

1.17 German Electricity Peak Quarter Future - – EDEFUTPLQ[Q]-[YY] .............................82

1.18 German Electricity Peak Month DS Future – EDEPLM[MMM]-[YY] ............................84

1.19 German Electricity Peak Month Future - EDEFUTPLM[MMM]-[YY].............................86

1.20 German Electricity Peak Week Future – EDEPLW[WW]-[YY]....................................88

1.21 German Electricity Base DS Future Year Option - EDEBL[C/P]YR[Y][MMMY]-[XX] ......90

1.22 German Electricity Base Future Year Option - EDEFUTBL[C/P]YR[Y][MMMY]-[XX]......93

1.23 German Electricity Base DS Future Quarter Option – EDEBL[C/P]Q[QY][MMMY]-[XX] 96

1.24 German Electricity Base Future Quarter Option – EDEFUTBL[C/P]Q[QY][MMMY]-[XX] 98

1.25 German Electricity Base DS Future Month Option – EDEBL[C/P]M[MMMY][MMMY]-[XX]100

1.26 German Electricity Base Future Month Option – EDEFUTBL[C/P]M[MMMY][MMMY]-[XX]102

1.27 German Electricity Base Average Month Option –EDEAFUTBL[C/P]M[MMMY]-[XX] ... 104

1.28 German EPAD Electricity Base Year Future – EDE[AA][FUTBLYR-[YY]..................... 106

1.29 German EPAD Electricity Base Quarter Future – EDE[AA][FUTBLQ-[QQ-YY] ............ 108

1.30 German EPAD Electricity Base Month Future – EDE[AA][FUTBLM[MMM-YY] ............ 110

1.31 German Power Monthly DS Future – EDEM......................................................... 112

1.32 Italian Power Monthly DS Future – EITM ............................................................ 115

1.33 Nordic Electricity Base Year DS Future – ENOYR-[YY] .......................................... 117

1.34 Nordic Electricity Base Quarter DS Future – ENOQ[Q]-[YY] .................................. 119

1.35 Nordic Electricity Base Month DS Future – ENOM[MMM]-[YY]................................ 121

1.36 Nordic Electricity Base Year Future – ENOFUTBLYR-[YY] ...................................... 123
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1.37 Nordic Electricity Base Quarter Future – – ENOFUTBLQ[Q]-[YY] ............................ 125

1.38 Nordic Electricity Base Average Rate Month Future - ENOAFUTBLM[MMM]-[YY]....... 127

1.39 Nordic Electricity Base Week Future – ENOW[WW]-[YY]....................................... 129

1.40 Nordic Electricity Base Day Future – ENOD[DDMM]-[YY] ...................................... 131

1.41 Nordic Electricity Base DS Future Year Option – ENO[C/P]YR[Y][MMMY]-[XX]......... 133

1.42 Nordic Electricity Base DS Future Quarter Option – ENO[C/P]Q[QY][MMMY]-[XX] ... 135

1.43 Nordic Electricity Base Average Rate Month Future Option –ENOAFUTBL[C/P]M[MMMY]-

[XX] 137

1.44 Nordic Electricity Base Future Year Option - ENOFUTBL[C/P]YR[Y][MMMY]-[XX] ..... 139

1.45 Nordic Electricity Base Future Quarter Option – ENOFUTBL[C/P]Q[QY][MMMY]- ...... 141

1.46 Nordic E Electricity Base Year DS Future – SY[AAA]-[YY] ..................................... 143

1.47 Nordic EPAD Electricity Base Quarter DS Future – SY[AAA]Q[QQ-YY] .................... 146

1.48 Nordic EPAD Electricity Base Month DS Future – SY[AAA][MMM-YY] ...................... 149

1.49 Nordic EPAD Electricity Base Week Future – SY[AAA]W[WW]-[YY] ........................ 152

1.50 Nordic EPAD Electricity Base Year Future – SY[AAA]FUTBLYR-[YY] ........................ 154

1.51 Nordic EPAD Electricity Base Quarter Future – SY[AAA]FUTBLQ-[Q]- [YY] .............. 157

1.52 Nordic EPAD Electricity Base Average Rate Month Future – SY[AAA]AFUTBLM[MMM]-

[YY] 160

1.53 Spanish Power Monthly DS Future - EESM.......................................................... 163

1.54 UK Electricity Base Season Future – EUKBLS[S/W]-[YY] ...................................... 165

1.55 UK Electricity Base Quarter Future – EUKBLQ[Q]-[YY] ......................................... 167

1.56 UK Electricity Base Month Future – EUKBLM[MMM]-[YY] ...................................... 169

1.57 UK Electricity Base Week Future – EUKBLW[WW]-[YY] ........................................ 171

1.58 UK Power Monthly DS Future - EUKM ................................................................ 173

2 Natural Gas Contracts ..................................................................................... 176

2.1 Belgian Zeebrugge Natural Gas Monthly DS Future – ZEEM .................................. 177

2.2 Dutch TTF Natural Gas Monthly DS Future - TTFM ............................................... 179

2.3 French PEG NORD Natural Gas Monthly DS Future - PNOM................................... 182

2.4 French TRS Natural Gas Monthly DS Future – TRSM ............................................ 184

2.5 German Gaspool Natural Gas Monthly DS Future - GPOM..................................... 186

2.6 German NCG Natural Gas Monthly DS Future - NCGM.......................................... 188

2.7 UK NBP Natural Gas Monthly DS Future - NBPM.................................................. 191

3 Allowance Contracts ........................................................................................ 194

3.1 EUA Day Future – NED[DDMM-YY] .................................................................... 195

3.2 EUA Future – NE[MMMY].................................................................................. 197

3.3 EUA Option – NE[C/P][MMMY]-[XX] .................................................................. 199

4 Swedish and Norwegian Electricity Certificates (El-Certs) Contracts....................... 201

4.1 Electricity Certificates (El-Cert) Day Future SEK – ELCSEKD[DDMMM-YY] .............. 202

4.2 Electricity Certificates (El-Cert) DS Future SEK – ELCSEK[MMM-YY] ...................... 204

5 Freight and Fuel Oil Contracts .......................................................................... 206

5.1 Dry Capesize Future........................................................................................ 207

5.2 Dry Time Charter Future .................................................................................. 209

5.3 Dry Panamax Future – 7 days .......................................................................... 212

5.4 Dry Panamax Future – average of all days ......................................................... 214

5.5 Fuel Oil (Asia-Pacific) Future ............................................................................ 216

5.6 Fuel Oil (European) Future ............................................................................... 218

5.7 Tanker Future................................................................................................. 220

5.8 Tanker Time Charter Future ............................................................................. 222

5.9 LPG Freight Future .......................................................................................... 224

5.10 Dry Capesize Option Contracts ......................................................................... 226

5.11 Dry Time Charter Option Contracts ................................................................... 228

5.12 Dry Panamax Option Contracts ......................................................................... 231

5.13 Dry Panamax Average Option Contracts............................................................. 234

5.14 Tanker Option Contracts .................................................................................. 236

5.15 Tanker Time Charter Option Contracts............................................................... 239

5.16 Tanker Time Charter Option Contracts............................................................... 242

5.17 LPG Freight Option Contracts............................................................................ 245

6 FERROUS CONTRACTS..................................................................................... 248

6.1 Iron Ore Future .............................................................................................. 249

6.2 Iron Ore Option .............................................................................................. 251

6.3 Coking Coal Future.......................................................................................... 253

6.4 US Shredded Scrap Steel Future – USSH ........................................................... 255

6.5 US Hot Rolled Coil (HRC) Future ....................................................................... 257

6.6 ASEAN Hot Rolled Coil (HRC) Future.................................................................. 259
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7 RENEWABLE CONTRACTS ................................................................................ 261

7.1 German Wind Index Future – RWDE (Renewables Wind DE) ................................. 262
PART A – GENERAL PROVISIONS
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1 APPLICATION

1.1 This document is a joint appendix under Trading Rules and Clearing Rules, and contains 

general specifications applicable to Products that are Exchange Listed and Clearing Listed.

Deviations from the provisions contained in the general part of the Contract Specifications

may occur in relation to individual Products and are, if applicable, set forth in the relevant 

contract specifications.

1.2 The Contract Specifications consist of four parts:

Part A General Provisions; containing terms applicable to all Products (as applicable)

Part B Special Provisions Relating Certain Products; containing terms generally applicable 

to one or more Products, including:

- Electricity Contracts

- Gas Contracts

- Allowance Contracts

- Electricity Certificates Contracts

- Freight Contracts and Fuel Oil Contracts

- Ferrous Contracts

- Renewable Contracts

Part C Quotation List; containing an overview of the Products that are Exchange Listed 

and Clearing Listed from time to time and the listing pattern for such Products.

Part D Individual Contract Specifications; containing terms applicable to the individual 

Products.

1.3 In case of conflict between the individual parts of the Contract Specifications they shall 

have priority in the following order (from best to lowest): D, C, B, A. 

1.4 In case of conflict between the Contract Specifications and other provisions of the Trading 

Rules and/or the Clearing Rules, which cannot be resolved through ordinary principles of 

interpretation, the Contract Specifications shall prevail.

1.5 As a supplement to the Quotation List, the Product Calendar and the ETS contains listing 

terms applicable to individual Series such as the Term and contract volumes. The Product 

Calendar shall be made available to all Exchange Members and Account Holders in an 

appropriate format (to be decided by the Exchange) with such means of publication as the 

Exchange decides. Access to the ETS is subject to the ETS User Terms.

2 PRODUCTS AND CONTRACTS

2.1 Basis for Contracts

2.1.1 The Contract Specifications of each Product form the basis for all Contracts in Exchange 

Listed Products and Clearing Listed Products. The parties to a Contract acquire rights and 

obligations in accordance with the Contract Specifications for the applicable Product and/or 

Series, as may also be supplemented by other parts of the Trading Rules and/or the 

Clearing Rules. 

2.1.2 The Counterparties may not invoke other rights and obligations against each other than

those following from the applicable Contract Specifications and the Trading Rules and/or 

the Clearing Rules as applicable.
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2.2 Parties to Contracts

2.2.1 The parties to Contracts may be referred to as purchaser and seller, or by other terms in 

certain contracts. For example, the purchaser under an Options Contract may be referred 

to as the Option Holder and the seller as the Option Issuer or Option Writer. 

2.2.2 In Exchange Transactions the parties will be the individual Exchange Members and/or 

Account Holders involved. The Clearinghouse will act as central counterparty to the original 

purchaser and seller in all Clearing Transactions, and the original purchaser and seller will 

maintain their role as purchaser or seller (as applicable) towards the Clearinghouse as 

central Counterparty in the corresponding Clearing Transactions. Further rules relating to 

the creation of Clearing Transactions are set out in the General Terms of the Clearing 

Rules.

2.3 Availability

2.3.1 The availability of any Product or Series is subject to their individual Term, Opening Hours, 

and technical availability of the applicable Contract in the Trading System and/or the 

Clearing System.

2.3.2 The Term for each Series is identified in the Quotation List by reference to its First Bank 

Day and Expiration Day. 

3 LISTING OF PRODUCTS

3.1 Exchange Listed Products

3.1.1 Exchange Listed Products are available for Exchange Trading. The Exchange decides which 

Products and Series shall be listed, and thus admitted as Exchange Listed Products. 

3.1.2 The Exchange may admit new Exchange Listed Products by issuing Contract Specifications 

with standard terms for the relevant Product, subject to the requirements of the Exchange 

Act. New Series in Exchange Listed Products are listed in accordance with the Contract 

Specifications for the applicable Product and the Quotation List.

3.1.3 The Exchange may through written notice to Exchange Members suspend one or more 

Exchange Listed Products, or individual Series, from Exchange Trading if special 

circumstances so require.

3.1.4 The Exchange may through written notice to Exchange Members stop further Exchange 

Trading in and de-list an Exchange Listed Product, or any individual Series, if:

a. there are at least ten (10) consecutive Bank Days without any Open Positions in the 

Exchange Listed Product or Series; 

b. an Exchange Listed Product or Series no longer complies with the applicable 

requirements of the Exchange Act or other applicable laws; or

c. any other special circumstances so require and de-listing is allowed under the 

Exchange Act. 

3.1.5 Exchange Listed Products are subject to mandatory Clearing. The Exchange will notify the 

Clearinghouse of all Exchange Transactions registered in the Trading System, by sending 

an electronic notice with the terms of the Contract and the Exchange Members involved, 

whereby the Clearinghouse will register Clearing Transactions in accordance with the 

Clearing Rules.

4 DETERMINATION OF CONTRACT BASE AND FIX

4.1 Contract Base

4.1.1 The Contract Base for each applicable Product is listed in its individual Contract 

Specifications, by reference to either an underlying Product or an external contract base 

(including other products, indexes and instruments).

4.1.2 The Exchange takes no responsibility for the correctness of any Contract Base reference 

which the Exchange does not itself determine, but will apply such Contract Base as quoted 

by the relevant Contract Base issuer pursuant to the Contract Specifications. 
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4.1.3 In case the Contract Base for a Product ceases to exist the Exchange may by providing 

fourteen (14) days prior written notice replace the original Contract Base with any 

successor reference, provided that such new reference in the reasonable view of the 

Exchange is directly equivalent and/or successor to the original Contract Base for all 

relevant purposes of the related Product(s). In case of mere changes to the name of the 

Contract Base or its issuer the “new Contract Base shall always be deemed a direct 

equivalent.

4.2 Spot Reference Fix

4.2.1 A Spot Reference Fix shall be determined for all Products that are subject to Spot Reference 

Settlement, Daily Market Settlement or Expiry Monthly Market Settlement in the Spot 

Reference Period. A Spot Reference Fix will normally be set on each day of the Delivery 

Period and the Spot Reference Period in respect of applicable Products, by reference to the 

value of the Contract Base on that day. The value of the Contract Base, and consequently 

the Spot Reference Fix, shall be determined through the methodology described by the 

relevant issuer of the applicable Contract Base to which the Spot Reference Fix refers. 

4.2.2 The Exchange and the Clearinghouse shall ensure adequate access to any Contract Base

used as Spot Reference Fix, so as enable the Exchange and the Clearinghouse to use such 

Spot Reference Fix as prescribed by the Clearing Rules and/or the Trading Rules. The 

Exchange and/or the Clearinghouse will on each Bank Day make available to the applicable 

Exchange Members and/or Account Holders the Spot Reference Fix used for each applicable 

Series.

4.2.3 The following applies where a Product relates to a Spot Reference Fix which is not an 

Exchange Listed Product, or where the Spot Reference Fix is quoted by another entity than 

the Exchange or the Clearinghouse:

a. The Exchange and the Clearinghouse shall be entitled to act and otherwise rely upon 

any Spot Reference Fix which purports to be the correct Spot Reference Fix and which 

the Exchange and/or the Clearinghouse believe in good faith is correct. 

b. In the event that the Spot Reference Fix is amended following the Clearinghouse’s use 

of that Spot Reference Fix for Settlement the Clearinghouse may perform a corrective 

Settlement based on the updated Spot Reference Fix. 

c. In the event that the Spot Reference Fix is not determined and/or made available to 

the Clearinghouse or the Exchange at the relevant time, the following shall apply to 

any affected Series: 

(i) The Exchange may decide to suspend trading at the Exchange for all Series which 

are not in the Delivery Period at that time. 

(ii) The Clearinghouse shall apply the Spot Reference Fix of the previous Bank Day in 

the Expiry Market Settlement and Spot Reference Settlements.

(iii) If the Spot Reference Fix is not made available to the Clearinghouse on two (2) or 

more consecutive Bank Days, the Clearinghouse shall either (a) apply the latest 

relevant Spot Reference Fix; or (b) apply an alternative price set by the Exchange 

or a relevant market operator which the Clearinghouse deems to be a satisfactory 

alternative to the Spot Reference Fix. 

d. The Clearinghouse may, in the event that it is unlikely that publication of the Spot 

Reference Fix will be resumed, decide to execute a final Spot Reference Settlement for 

the remaining Delivery Period using the average Contract Price reference for the 

relevant period. This price shall also be used for Expiry Market Settlement provided 

that the relevant Series is not at the time in its Delivery Period. 

e. If the Clearinghouse determines that major changes have occurred or are to occur in 

the procedures for how the Spot Reference Fix is calculated which in the 

Clearinghouse’s opinion significantly and unexpectedly changes the relevance of this 

Spot Reference Fix, or that the relevant Spot Reference Fix is no longer reliable as 

reference for the relevant Contract(s), the Clearinghouse may choose to invoke the 

procedures described in subsection (a) or (c) items (i) and (ii) above. 

f. Any Spot Reference Fix which is to be determined by the Exchange and/or the 

Clearinghouse under this Section 4.2.3 shall be determined on a “best effort basis” and 
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the results of such determinations shall be final and undisputable provided that the 

Exchange and/or Clearinghouse has acted in good faith. 

4.3 Index

4.3.1 An Index shall be determined for all Products where an Index is used to calculate the 

Expiration Day Fix or Option Fix. An Index will normally be set on each Bank Day of the 

Index Delivery Period in respect of applicable Products, by reference to the value of the 

Contract Base on that day. The value of the Contract Base, and consequently the Index, 

shall be determined through the methodology described by the relevant Index Provider. 

4.3.2 The Clearinghouse shall ensure adequate access to any Contract Base used as Index, so as 

to enable the Clearinghouse to use such Index as prescribed by the Clearing Rules. The 

Clearinghouse will on each Index Day make available to the applicable Account Holders the 

Index used for each applicable Series.

4.3.3 The following applies where a Product relates to an Index which is not an Exchange Listed 

Product, or where the Index is quoted by another entity than the Clearinghouse:

a. The Clearinghouse shall be entitled to act and otherwise rely upon any Index which 

purports to be the correct Index and which the Clearinghouse believe in good faith is 

correct. 

b. In the event that the Index is amended following the Clearinghouse’s use of that Index 

for Settlement the Clearinghouse may perform a corrective Settlement based on the 

updated Index. 

c. In the event that the Index is not determined and/or made available to the 

Clearinghouse at the relevant time, the Clearinghouse shall either (i) apply the latest 

relevant Index; or (ii) apply an alternative price set by the Clearinghouse or a relevant 

market operator which the Clearinghouse deems to be a satisfactory alternative to the 

Index. 

d. The Clearinghouse may, in the event that it is unlikely that publication of the Index will 

be resumed, decide to effect Close-Out Transactions of Contracts that use the Index as 

a Contract Base, or Contract where a Future Contract is the Contract Base and such 

Future Contract use the Index as a Contract Base. The Close-Out Transactions will be 

registered with a Contract Price that is equal to the Daily Fix of the Bank Day previous 

to the Bank Day when the decision to effect Close-Out Transactions was made. 

e. If the Clearinghouse determines that major changes have occurred or are to occur in 

the procedures for how the Index is calculated/set which in the Clearinghouse’s 

opinion significantly and unexpectedly changes the relevance of this Index, or that the 

relevant Index is no longer reliable as reference for the relevant Contract(s), the 

Clearinghouse may choose to invoke the procedures described in subsection (a) or (c) 

above. 

f. Any Index which is to be determined by the Clearinghouse under this Section 4.3.3

shall be determined on a “best effort basis” and the results of such determinations 

shall be final and undisputable provided that the Clearinghouse has acted in good 

faith.

4.4 Daily Fix

4.4.1 The Exchange determines a Daily Fix for each Series on each Bank Day, applying the rules 

set out below unless otherwise is specified under Part B Special Provision of these Contract 

Specifications.

4.4.2 The Daily Fix for Exchange Listed Products shall, unless otherwise specified in the Contract 

Specifications, be the last Exchange Transaction price registered in ETS or for Monthly DS 

Futures the last registered Block Trade at a point in time selected at random within the five 

(5) minutes period specified in the Trading and Clearing Schedule. If this price falls outside 

the Spread at the time selected, the Daily Fix will be the average of this Spread.

4.4.3 If no Exchange Transactions were registered in ETS the relevant Bank Day, the Daily Fix 

shall be the average of the Spread registered in ETS at the time selected under Section 

4.4.2. 
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4.4.4 If no Exchange Transactions or Orders are registered, or only buy Orders or only sell 

Orders were registered in ETS the relevant Bank Day, the Exchange will calculate a 

theoretical Daily Fix.

4.4.5 Where the Exchange has duel listed Futures and DS Futures with the same reference, the 

Exchange may in its sole discretion use either the Futures or the DS Futures Exchange 

Transactions and / or Orders to set a Daily Fix applicable to both the Futures and DS 

Futures.

4.4.6 In the event of a suspension of ETS lasting the remaining Bank Day, the Exchange may 

determine a Daily Fix for the Exchange Listed Products in accordance with Sections 4.4.2 -

4.4.5 on the basis of the Orders and Exchange Transactions registered at the time of 

suspension.

4.4.7 Notwithstanding Sections 4.4.2 - 4.4.5, the Exchange may calculate a theoretical Daily Fix 

if the Exchange believes that the registered prices or Orders are manipulated or in any 

other way influenced so that they do not reflect the market value of the Series. The 

Exchange shall inform the Exchange Members of such events.

4.4.8 The Clearinghouse may set a different Daily Fix if the Clearinghouse determines that the 

Daily Fix established by the Exchange is not reflective of current market value. In the event 

of any conflict arising due to the setting of a Daily Fix by both the Exchange and the 

Clearinghouse, the Daily Fix set by the Clearinghouse will prevail.

4.5 Expiration Day Fix

4.5.1 The Exchange determines an Expiration Day Fix for each Series on its Expiration Day

applying the same methodology as for the Daily Fix in Section 4.4, and in accordance with 

the Trading and Clearing Schedule.

4.5.2 The Clearinghouse may calculate a theoretical Expiration Day Fix if the Clearinghouse has 

cause to believe that the Expiration Day Fix has been manipulated or in any other way 

influenced so that it does not reflect the market value of the Series. The Clearinghouse 

shall inform the Clearing Members and the Exchange of its decision in such cases. In case 

the Expiration Day Fix is recalculated and updated by the Exchange following such notice, 

the Clearinghouse shall apply the updated Expiration Day Fix.

4.6 Option Fix

4.6.1 The Exchange determines an Option Fix for each Option Series on its Expiration Day using 

the same methodology as for the Expiration Day Fix in relation to the applicable Option 

Exercise Time and Section 4.5 regarding Expiration Day Fix applies accordingly.

5 CONTRACT EVENTS

5.1 Daily Market Settlement 

5.1.1 Series with Daily Market Settlement (as specified in the Contract Specifications) that have 

Open Positions will on each Bank Day from the Open Position was created and until the first 

Bank Day following the Expiration Day be subject to Daily Market Settlement pursuant to 

this Section 5.1. Section 5.7 applies with respect to closed-out positions.

5.1.2 The Clearinghouse shall calculate the Daily Market Settlement for each Clearing Account by 

adding up and off-setting (netting) all Daily Market Settlement amounts payable by or due 

to the Account Holder and in accordance with the following:

a. The first Bank Day after the Clearing Transaction was registered, the seller shall pay 

the buyer any positive difference between the Daily Fix on the day of the Transaction 

and the Futures Price, and the buyer shall pay the seller any negative differences.

b. Every subsequent Bank Day, including the Expiration Day, the seller shall pay the 

buyer any positive difference between the Daily Fix the latest Bank Day and the Daily 

Fix on the preceding Bank Day, and the buyer shall pay the seller any negative 

differences.

c. The first Bank Day after the Expiration Day, the seller shall pay the buyer any positive 

difference between the Expiration Day Fix and the Daily Fix on the preceding Bank 

Day, and the buyer shall pay the seller any negative differences.
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5.1.3 The Daily Market Settlement shall be included in the Daily Cash Settlement on the relevant 

Bank Day, including any amounts calculated and due under Section 5.7.2.

5.2 Expiry Market Settlement 

5.2.1 Series with Expiry Market Settlement (as specified in the Contract Specifications) that have 

Open Positions at the end of the Expiration Day, and that are not subject to (further) 

Cascading, will on each Bank Day of the Delivery Period be subject to Expiry Market 

Settlement pursuant to this Section 5.2. Section 5.7 applies with respect to closed-out 

positions.

5.2.2 The Clearinghouse shall calculate the Expiry Market Settlement amount for each applicable 

Series for each Clearing Account on the Expiration Day using the Expiration Day Fix. The 

buyer shall be allocated and pay any negative difference between the Expiration Day Fix 

and the Contract Price to the seller (i.e. if the Expiration Day Fix is lower than the Contract 

Price), while the seller shall be allocated and pay any positive difference to the buyer (i.e. if 

the Expiration Day Fix is higher than the Contract Price). 

5.2.3 The Expiry Market Settlement amount for each Series shall be divided into equal 

instalments, covering the Delivery Period. The instalments shall be included in the relevant 

Daily Cash Settlement Amount on the Bank Day which they become due.

5.2.4 The Clearinghouse shall on each Bank Day prior to the Expiration Day calculate a 

preliminary Expiry Market Settlement amount in each applicable Series with an Open 

Position by adding up and off-setting (netting) any amounts payable under Sections 5.2.3

and 5.7.3, except that the Daily Closing Price on the applicable Bank Day shall be used 

instead of the Expiration Day Fix in such calculations. Preliminary Expiry Market Settlement 

shall be reported to the Account Holder, but the amounts are not binding and set-off 

(payment netting) will not take place until the final Expiry Market Settlement has been 

calculated by the Clearinghouse in accordance with Sections 5.2.1 - 5.2.3.

5.3 Expiry Monthly Market Settlement for Monthly DS Futures

5.3.1 Series with Expiry Monthly Market Settlement (as specified in the Contract Specifications) 

that have Open Positions at the end of the Expiration Day will on each Monthly Settlement 

Day of the Delivery Period be subject to Expiry Monthly Market Settlement pursuant to this 

Section 5.3.

5.3.2 The Clearinghouse shall calculate the Expiry Monthly Market Settlement amount for each 

applicable Series for each Clearing Account. The Expiry Monthly Market Settlement shall be 

calculated as the sum of the Expiry Market Settlement and Spot Reference Settlement. .

5.3.3 The Expiry Monthly Market Settlement amount for each Series shall be included in the 

relevant Daily Cash Settlement Amount on the Monthly Settlement Day. 

5.3.4

5.4 Spot Reference Settlement 

5.4.1 Series with Spot Reference Settlement (as specified in the Contract Specifications) that 

have Open Positions at the end of the Expiration Day will on each day of the Delivery Period 

be subject to Spot Reference Settlement pursuant to this Section 5.4. 

5.4.2 The Clearinghouse shall for each Clearing Account, using the Spot Reference Fix, calculate 

the Spot Reference Settlement amount for each applicable Series for each day of the 

Delivery Period for which a Spot Reference Fix is available. 

5.4.3 The buyer shall pay the seller the positive difference between the Expiration Day Fix and 

the Spot Reference Fix (i.e. if the Expiration Day Fix is higher than the Spot Reference Fix), 

and the seller shall pay to the buyer the corresponding negative difference (i.e. if the 

Expiration Day Fix is lower than the Spot Reference Fix).

5.4.4 The Spot Reference Settlement shall be included in the relevant Daily Cash Settlement 

Amount on the Bank Day they become due.

5.4.5 Section 5.7 applies accordingly to Spot Reference Settlements.

5.5 Option Premium Settlement 

5.5.1 The Option Holder shall pay the Option Writer the Option Premium, calculated and 

administered by the Clearinghouse.
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5.5.2 The Premium Settlement shall be included in the Daily Cash Settlement Amount on the first 

Bank Day following the day on which the applicable Option Contract is registered as a 

Clearing Transaction, including any amounts calculated under Section 5.7.5.

5.6 Option Exercise Settlement

5.6.1 Open Positions in Option Series (as specified in the Contract Specifications) at the Option 

Exercise Time will be subject to Option Exercise and Settlement pursuant to this Section 

5.6, unless otherwise set out in the individual Contract Specifications.

5.6.2 Option Exercise takes place by either Standard Exercise or by Manual Exercise:

a. Standard Exercise means that the Clearinghouse, on the Expiration Day and on behalf 

of the Account Holder, effectuates Option Exercise with respect to the Contract which, 

in the Clearinghouse's opinion, has a certain minimum real value. Standard Exercise 

takes place automatically if the applicable thresholds for Standard Exercise (as 

specified in the Contract Specifications) are met and Manual Exercise is not invoked.

b. Manual Exercise takes place through the Account Holder (or its authorised nominee) 

sending an Exercise Order to the Clearinghouse in writing or via its electronic 

connection to the Clearing System, in which case the Options Contract will be either 

exercised or non-exercised (as applicable) regardless of whether the conditions for 

Standard Exercise are met or not. Manual Exercise requests are otherwise governed by 

the provisions of the respective contract specification. 

c. Where a notice of Manual Exercise is not received by the Clearinghouse within the time 

and in the manner stated in the relevant contract specification, the Clearinghouse will 

effectuate Standard Exercise on behalf of the Account Holder if the conditions for 

Standard Exercise are met, and the Account Holder is obliged to accept Standard 

Exercise without further recourse or claim towards the Clearinghouse except for 

Settlement and/or Delivery as applicable in relation to the individual Contract(s).

5.6.3 Following Option Exercise, a new Clearing Transaction reflecting the Contract Base of the 

Option Contract is automatically and immediately registered to the Option Holder’s and the 

Option Writer’s applicable Clearing Accounts. The Option Holder will be registered as buyer 

of the Contract Base in respect of a call Option, and as seller in respect of a put Option. The 

Option Writer will be registered with the opposite position. The Exercise Price of the Option 

Contract will be registered as the Contract Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base will take place in accordance with the applicable rules for 

the Contract Base. 

5.6.4 In case of Option Exercise of an Option Contract, the Clearinghouse randomly selects 

corresponding Contracts within certain volume intervals in respect of which the 

Clearinghouse in turn demands exercise vis-à-vis another Account Holder who has an 

opposite position in the applicable Series. Applicable Account Holders will be notified by the 

Clearinghouse. Account Holders that are subject to a Delivery undertaking as a result of 

Option Exercise must ensure that sufficient delivery capacity exists with respect to the 

relevant Deliverable Instrument.

5.6.5 Where a suspension of trading or corresponding measures has been decided upon by the 

Exchange or other marketplace, and where the decision relates to the Contract Base, 

Manual Exercise may not take place until the measure has ceased to apply. The 

Clearinghouse may also decide in other cases that the time for Option Exercise shall be

postponed if, in the Clearinghouse's opinion, the pricing of the Contract Base is unreliable.

In the event of an impediment to Exercise in accordance with the foregoing, Option

Exercise shall be carried out as soon as the impediment ceases and Option Exercise may 

take place.

5.7 Close-Outs

5.7.1 An Account Holder may close-out Open Positions by entering into a Close-Out Transaction, 

whereby the Opposite Positions are netted and a new Open Position is created. Close-Out 

Transactions are deemed to take place against the first registered opposite Open Position 

(“first in, first out”) unless otherwise decided by the Clearinghouse.

5.7.2 An Account Holder performing a Close-Out Transaction in a Series that is subject to Daily 

Market Settlement shall pay or receive (as applicable) the difference between the Contract 

Price in the Close-Out-Transaction and the Daily Fix for the applicable Series on the 
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preceding Bank Day. Settlement shall be carried out as part of the Daily Cash Settlement 

on the next Bank Day.

5.7.3 An Account Holder performing a Close-Out Transaction in a Series that is subject to Expiry

Market Settlement shall pay or receive (as applicable) the difference between the Contract 

Price in the initial Transaction and the Contract Price in the Close-Out Transaction. 

Settlement shall be carried out in the Expiry Market Settlement and the Settlement Day 

shall remain unaltered. 

5.7.4 Settlement for Close-Out Transactions in Series that are neither subject to Daily Market 

Settlement nor Expiry Market Settlement is be carried out pursuant to the normal 

settlement procedures for that Series.

5.7.5 Settlement for Close-Out Transactions in Option Contracts shall be carried out as part of 

the Premium Settlement in accordance with Section 5.5.

5.8 Cascading

5.8.1 Open Positions in Series with Cascading are subject to mandatory Cascading on the 

Expiration Day as specified in the Contract Specifications. 

5.8.2 Cascading means that the Open Positions in a Series are transformed into Open Positions in 

one or more other Series as specified in the Contract Specifications. Cascaded series will 

normally span the same Delivery Period as the original Series (e.g. by a year Series being 

transformed to four quarter Series spanning the same year).

5.8.3 Unless otherwise set out in the individual Contract Specifications:

a. the Clearinghouse will automatically exercise Cascading for Open Positions in an 

applicable Series on the Expiration Day;

b. the Contract Price for resulting Contracts after Cascading will be the Expiration Day Fix

for Contracts that are subject to Daily Market Settlement (i.e. futures), and the 

original Contract Price for Contracts that are subject to Expiry Market Settlement (i.e. 

DS Futures); 

c. the total volume of the resulting Contracts will be the same as for the cascaded 

Contract, distributed across the resulting Contracts; and

d. the resulting Contracts will replace the cascaded Contract and the cascaded Contract 

shall terminate.
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PART B – SPECIAL PROVISIONS RELATING TO CERTAIN PRODUCT TYPES
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1 ELECTRICITY CONTRACTS

1.1 General

1.1.1 This Part B Section 1 shall apply to any Contract where the Contract Base is based on 

Electricity (each an “Electricity Contract”).

1.2 Specific Definitions

1.2.1 The following product-specific definitions apply for Electricity Contracts:

Area Price means, for the applicable time of reference, the price of one 

(1) MWh of electric power for the applicable Electricity Area.

Day-Ahead Auction Means an auction for delivery of electricity for each hour of 

the next day

Day-Ahead Market Means a venue for the trading of electricity supply offers and 

demand bids for each hour of the next day

Electricity Area means a geographical area in which Nord Pool Spot AS 

organises electricity power trading with physical delivery and 

which is allocated a separate bidding area in the Nordic 

“Elspot” market (including any renamed or successor market 

as determined by the Exchange). Individual Electricity Areas 

are quoted on a point-reference basis and refers to the 

Electricity Area in which the relevant point of reference at 

any applicable time resides.

Expiry Monthly Market 

Settlement

means a method of Cash Settlement to be performed 

between the Counterparties in accordance with Section 5.3 in 

Part A of the Contract Specifications.

GME means Gestore dei Mercati Energetici- GME – manages the 

Italian Electricity Day-Ahead Market.

Load means the hours and/or days of the Delivery Period during 

which Delivery under a Series shall take place (in case of 

physically settled Contracts), or during which Delivery of the 

Contract Base is deemed to take place (in case of cash 

settled Contracts).

Monthly Settlement 

Day

means the Bank Day specified in the individual Contract 

Specifications when the Expiry Monthly Market Settlement 

takes place.

N2EX means Nord Pool’s UK power market, operating the dayahead trading and clearing.

National Single Price means National Single Price (PUN): average of Zonal Prices in 

the Italian Day-Ahead Market, weighted for total purchases 

and net of purchases for Pumped-Storage Units and of 

purchases by Neighbouring Countries’ Zones.

MW means megawatts, a unit of electricity equalling one million 

(1,000,000) Watts, and “MWh” means the energy generated 

or consumed at a constant rate of one (1) MW for the 

duration of one (1) hour. Variations of other SI-unit prefixes 

such as “GW (gigawatt)” and “TW (terrawatt)” shall be 

construed accordingly.

OMIE means OMI-Polo Español S.A. (OMIE) manages the daily and 

intraday markets for the whole of the Iberian Peninsula 

Spot Reference Period means each day of the relevant Series designation. The Daily 

Market Settlement continues in the Spot Reference Period 

with Expiration Day Fix for Average Rate Future on the 
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Expiration Day, in accordance with the Contract 

Specifications.

 

1.3 Expiration Day Fix for Average Rate Future

For the Average Rate Futures the Exchange determines an Expiration Day Fix on the 

Expiration Day (first Bank Day following the Expiration Day if the Expiration Day is a nonBank Day) by using the time weighted average of the applicable Spot Reference Fixes 

published in the Spot Reference Period by the issuer of the relevant Contract Base.

1.4 Option Fix for Average Rate Option

For the Average Rate Option the Exchange determines an Option Fix for each Option Series 

on the Expiration Day (first Bank Day following the Expiration Day if the Expiration Day is a 

non- Bank Day) by using the time weighted average of the applicable Spot Reference Fixes 

published in the Spot Reference Period by the issuer of the relevant Contract Base.

1.5 Margin Calculations

The following applies for calculation of Margin Requirements for Electricity Contracts 

(please refer to the General Terms of the Clearing Rules for general provisions):

a. Preliminary Expiry Market Settlement for the remaining deliverable part of a DS Future

Contract is included in the liquidation cost.

b. For Clearing Accounts consisting of sales and purchase of DS Future Contracts covering 

in aggregate the same Delivery Period and combined as further specified by the 

Clearinghouse (risk neutral positions), the scenario risk is zero.

c. The Clearinghouse may also require an additional margin (delivery margin) to cover 

funding costs on payment obligations of the Account Holder. 

d. The Margin Requirement and Expiry Market Settlement will be adjusted every Bank 

Day to reflect the Spot Reference Settlement and/or Expiry Market Settlement for the 

remaining deliverable part of Future Contracts and DS Future Contracts.

e. A margin component covering pending settlement for Futures Contracts and DS Future

Contracts may be calculated. The margin component will be a part of the Margin 

Requirement, as specified by the Clearinghouse.
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2 NATURAL GAS CONTRACTS

2.1 General

2.1.1 This Part B Section 2 shall apply to any Contract where the Contract Base is based on 

Natural Gas Contracts (each a “Natural Gas Contract”).

2.2 Specific Definitions 

2.2.1 The following product-specific definitions apply for Natural Gas Contracts:

Back Month Contracts [means contracts covering 05:00 UKLT the start date till and 

including 04:59 UKLT the immediately following calendar day 

after the end of the month.

Day-Ahead Midpoint means Midpoint of bid and offer spread of daily ICIS Heren 

price assessment of Day-Ahead price.

Following Business Day 

Convention

Means when in case any settlement payment dates falls on a 

holiday the payment date is rolled to the next business day.

Front Month Contracts Means contracts covering 05:00 UKLT the first calendar day 

of the month till and including 04:59 UKLT the immediately 

following calendar day after the end date.

Gas Day means the time period between 06:00:00 UKLT (inclusive) 

on a calendar day and 06:00:00 UKLT (exclusive) on the 

following day, regardless of any changes to or from Daylights 

Savings Time during the period. 

References to a “day” shall, in relation to a Natural Gas 

Contract and where the context requires a “Gas Day”, be 

deemed as a reference to the day on which the applicable 

Gas Day starts, and references to a “week” or “month” etc 

shall be construed accordingly.

Gaspool means a Virtual Trading Point for sale and Purchase of 

natural gas in Germany

ICIS Heren means a UK based company that provides independent 

pricing information for the global energy markets

NBP Means a National Balancing Point which is a virtual trading 

location for the sale and purchase UK natural gas

NCG Means NetConnect Germany which is a Virtual Trading Point 

for sale and Purchase of natural gas in Germany

PEG NORD means point d'échange de gaz – Nord is a Virtual Trading 

Point for sale and Purchase of natural gas in France

therm or th means a unit of heat energy equal to one hundred thousand 

(100,000) British thermal units. Variations including prefix 

multiples such as “Dth” (dekatherm), “MDth (thousand 

decatherms)” and “MMDth (million decatherms)” shall be 

construed accordingly.

TRS means Trading Region South (TRS) is a Virtual Trading Point 

for sale and Purchase of natural gas in France

TTF means the Title Transfer Facility (TTF) is a virtual trading 

point for natural gas in the Netherlands

Weekend Midpoint means Midpoint of bid and offer spread of daily ICIS Heren 

price assessment of weekend price
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Zeebrugge means ZeeBrugge is a physical hub for sale and purchase of 

Belgian natural gas

2.3 Margin Calculations

The following applies for calculation of Margin Requirements for Natural Gas Contracts 

(please refer to the General Terms of the Clearing Rules for general provisions):

a. Preliminary Expiry Market Settlement for the remaining deliverable part of a DS Future

Contract is included in the liquidation cost.

b. The Margin Requirement and Expiry Market Settlement will be adjusted every Bank 

Day to reflect the Spot Reference Settlement and/or Expiry Market Settlement for the 

remaining deliverable part of Future Contracts and DS Future Contracts.

c. A margin component covering pending settlement for Futures Contracts and DS Future

Contracts may be calculated. The margin component will be a part of the Margin 

Requirement, as specified by the Clearinghouse.
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3 ALLOWANCE CONTRACTS

3.1 General

3.1.1 This Part B Section 3 shall apply to any Contract where the Contract Base is based on 

Allowances (each an “Allowance Contract”).

3.1.2 Exchange Transactions or Clearing Transactions in Allowance Contracts requires the 

appointment of an Allowance Account in the Union Registry to be used as Delivery Point.

The Allowance Account of the Account Holder shall add the Allowance Account of the 

Clearinghouse to its Trusted Account List.

3.2 Specific Definitions

3.2.1 The following product-specific definitions apply for Allowance Contracts:

Allowance means any EUA.

Allowance Account 

Allowance Delivery

means a Trading or Person Holding Account with a Trusted 

Account List of an Account Holder or the Clearinghouse in the

Union Registry pursuant to the Registry Regulations that may 

be used to record the issue, holding, transfer, acquisition, 

surrender, cancellation, and replacement (as applicable) of 

Allowances and as Delivery Point under the Clearing Rules.

means the Delivery of an volume of Allowances to a 

Counterparty’s Delivery Point in accordance with Section 3.4 

below.

Allowance Force 

Majeure Event

is defined in Section 3.4 below.

Allowance Registry means the Union Registry established pursuant to the 

Registry Regulations for the purpose of registering the issue, 

holding, transfer, acquisition, surrender, cancellation, and 

replacement of Allowances, and which is approved by the 

Clearinghouse for the purpose of Allowance Delivery. 

Allowance Settlement 

Schedule

means the schedule for Settlement and Delivery of 

Allowances as set out in Section 3.3 below.

EU ETS or EU Emissions 

Trading Scheme

means 

(I) for the trading period 2008-2012, the provisions of 

Directive 2003/87/EC, as amended by Directive 

2004/101/EC and Directive 2008/101EC; and

(ii) for the trading period 2013 onwards, the Directive 

2009/29/EC and Directive 2008/101/EC of the 

European Parliament and of the Council amending 

Directive 2003/87/EC so as to include aviation 

activities in the scheme for greenhouse gas emission 

allowance trading within the Community.

both as may be amended from time to time, and includes 

any acts and regulations issued by the European Union in 

relation to the EU ETS (including any national 

implementations).

EUA or European Union 

Allowance

means a type of emissions unit (or carbon credits) 

representing one (1) metric tonne of carbon dioxide 

equivalent (1 tCO2) under Directive 2003/87/EC of the EU 

ETS (see the “allowance” definition).

Initiation of Allowance means an initiation to transfer Allowances from the Account 
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Delivery

Non-Eligible Allowance

Person Holding Account

Registry Regulations 

Trading Account

Transfer

Trusted Account List

Holders Allowance Account to the Clearinghouse`s Allowance 

Account as prescribed by the Union Registry whereby each 

Initiation of Allowance Delivery shall be confirmed by the 

Account Holder as prescribed by the Clearinghouse.

means any Allowance as listed in Section 3.5.1 below (and 

references to any “eligible” Allowance shall mean any 

Allowance which is not a Non-Eligible Allowance).

means a Person Holding Account according to the Registry 

Regulation.

means the EU Commission Regulation (EC) No 1193/2011 of 

18 November 2011 establishing the Union Registry as may 

be amended from time to time, and includes any acts and 

regulations issued by the European Union in relation to it 

(including any national implementations).

means a Trading Account according to the Registry 

Regulation.

means the transfer of Allowances from one Allowance 

Account to another.

means a Trusted Account List to a Person Holding Account or 

a Trading Account according to the Registry Regulation.

Union Registry means the Allowance Registry established pursuant to 

Registry Regulations, EU Commission Regulation No 

1193/2011 of 18 November 2011.

3.3 Allowance Settlement Schedule

3.3.1 Regardless of which Allowance Account the Account Holder holds in the Union Registry, the 

following settlement schedule applies to the Settlement and Delivery of Allowances, where

“D” denotes the Expiration Day of the applicable Series and “+ x” denotes the number of 

Bank Days (“x”) following D. Unless as otherwise set out below, applicable times follow 

from the Trading and Clearing Schedule.

D by 19:00 CET Deadline for Initiation of Allowance Delivery obligations due 

for Delivery on D for net selling Account Holders.

D+1 by 10:00 CET

1

D+1 by 11:00 CET

Deadline for Allowance Delivery to the Clearinghouse 

Settlement Day for net buyers. The net buyer must have 

collateral equal to the net settlement amount.

D+3 by 16:00 CET Deadline for the Clearinghouse to perform Allowance 

Delivery to net buyers.

D+3 Settlement Day for net sellers. Subject to the seller’s 

fulfilment of its Allowance Delivery obligations payments are 

due from the Clearinghouse as part of the Daily Cash 

Settlement.

3.4 Allowance Delivery

3.4.1 Account Holders must at its own cost establish, appoint and maintain such Delivery Points 

and appurtenant arrangements as may be required by it to perform its Delivery obligations 

under the Clearing Rules, prior to entering into any Clearing Transactions in Products where 

such Delivery may be required. The Clearinghouse may issue a list of eligible Delivery 

Points.

 

1

An Initiation of Allowance Delivery between 16:00 19:00 CET will be registered on the Allowance 

Account of the Clearinghouse at 10:00 CET on D+1.
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The following delivery arrangements must be established: 

a) To be eligible to trade and clear allowances spot contracts the Account Holder must 

establish and maintain a Trading Account with a Trusted Account List.

b) To be eligible to trade and clear allowances futures, DS Future and option contracts 

the Account Holder must establish and maintain a Trading or Person Holding Account with a 

Trusted Account List.

3.4.2 The Clearinghouse will specify the applicable volume of Allowances due for Allowance 

Delivery and the Delivery Point prior to end of clearing hours no later than on the 

Expiration Day of each Series.

3.4.3 A Counterparty that has an Allowance Delivery obligation shall no later than the applicable 

time as per Section 3.3.1:

a. make a request to the Union Registry for the transfer of the applicable volume of 

Allowances to the applicable Delivery Point (and include any information required for 

the Allowance Delivery to be accepted under the EU ETS); and 

b. for Account Holders; notify the Clearinghouse that the a request pursuant to (a) above 

has been submitted to the Registry.

3.4.4 If an Account Holder fails to procure an Allowance Delivery to the Clearinghouse, and the 

Clearinghouse is unable to meet its obligation to procure an Allowance Delivery to the 

buyer after having used its best efforts, the Clearinghouse may decide that the Transaction 

shall be settled in cash for the relevant volume of Allowances. The Clearinghouse may in 

this event either:

a. carry out a partial and proportional Cash Settlement for all relevant buyers; 

b. cash settle specific Transactions for purchase of (in total) the relevant volume of 

Allowances upon consent from buyers; or 

c. by random choice decide which other Clearing Transactions for purchase of (in total) 

the relevant Series that shall also be cash settled. The Clearinghouse shall in its 

discretion calculate the Cash Settlement Amounts. The Clearinghouse’s decision to 

settle in cash according to this Section 3.4.4 shall not be deemed as a Default Event. 

The Clearinghouse is, notwithstanding anything to the contrary stated in the Clearing 

Rules, not liable for any Excess Emissions Penalty, resulting from its decision to settle 

in cash according to this clause. 

3.5 Non-Eligible Allowances

3.5.1 The following Allowances are not accepted for Allowance Delivery from or to the 

Clearinghouse:

a. Allowances that are not delivered with full and valid title, free and clear of all liens, 

security interests, claims and encumbrances or any interest in or to them by any 

person (except where in favour of the receiving Counterparty, or as otherwise 

permitted by these Clearing Rules); 

b. Allowances that have been, or are alleged to be, deprived from their rightful owner by 

unlawful means, irrespective of whether a bona fide (good faith) acquisition would be 

possible;

c. Allowances that have already been surrendered for compliance within the EU ETS, or 

that are not eligible for compliance under the EU ETS on the relevant Expiration.

d. Allowances for which Clearing would entail a breach by the Clearinghouse and/or the 

Exchange of any applicable trade sanction, embargo or similar restriction passed by 

the United Nations Security Council, the Council of the European Union, the United 

States Office of Foreign Assets Control, or any other governmental authority having 

jurisdiction over the Clearinghouse and/or the Exchange; 

e. CERs related to 

(i) nuclear projects;

(ii) land use or land use change projects;
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(iii) forestry projects; or 

(iv) hydroelectric or hydro dam power generation projects with a capacity exceeding 

20 MW (i.e. “large hydro” projects).

f. Any other Allowances which the Exchange and/or the Clearinghouse deems are 

unsuitable for Exchange Trading or Clearing, and which are set out in a list of ineligible 

Allowances which has been published and notified to Account Holders at least 14 

(fourteen) days in advance of the relevant Expiration Day.

3.5.2 The Exchange and the Clearinghouse may by 14 (fourteen) days written notice to Account 

Holders set additional criteria for eligible Allowances, and consequently amend Section

3.5.1, to the extent necessary due to changes to the EU ETS or other applicable law, or to 

ensure the fair and orderly settlement, price formation and integrity of the Allowance 

Contracts. 

3.5.3 If the Clearinghouse deems that any volume of Allowances received from an Account 

Holder (or parts thereof) is a Non-Eligible Allowance:

a. the relevant Account Holder will be deemed to have failed its Allowance Delivery

obligation in relation to the applicable volume of Allowances and the Clearinghouse 

shall promptly inform the Account Holder thereof;

b. the Clearinghouse shall be entitled to exercise any of its rights towards the Account 

Holder pursuant to the Clearing Rules in respect of the failed Allowance Delivery, and 

this Section 3.5 is in addition to the Clearinghouse’s rights in relation to any Default 

Event resulting thereof;

c. the Clearinghouse may quarantine such volume of Allowances pending further 

investigations, in which case beneficial ownership to the volume of Allowances shall 

remain with the Account Holder but the Clearinghouse shall be deemed to have been 

granted full discretion and control in respect of the applicable volume of Allowances

and any rights arising from it, and shall be allowed to keep such volume of Allowances

in the Clearinghouse’s Allowance Account(s) for such purpose for as long as it desires 

subject to subsection (d) below; 

d. the Clearinghouse shall, unless the volume of Allowances is quarantined, return the 

volume of Allowances to the originating Allowance Account of the Account Holder if the 

Clearinghouse deems that the relevant volume of Allowances is not Non-Eligible

Allowances; 

e. the Clearinghouse may deliver any quarantined volume of Allowances to the 

authorities (in which case the Clearinghouse shall have no further responsibility or 

liability for the applicable volume of Allowances), and shall be allowed to perform any 

other acts, if the Clearinghouse deems this necessary for the Clearinghouse to comply 

with applicable law; 

f. the Account Holder shall indemnify and hold harmless the Clearinghouse for all losses 

and costs incurred as a result of being delivered such volume of Allowances, provided 

that it is finally determined that the volume of Allowances is a Non-Eligible Allowance; 

and

g. provided that the Clearinghouse has acted in good faith the Clearinghouse shall have 

no responsibility to the Account Holder for the Account Holder’s (or any other entity’s) 

inability to utilize the applicable volume of Allowances, and shall not be liable for any 

direct or indirect loss resulting from the Clearinghouse’s actions as prescribed above. 

3.5.4 In the event that an Account Holder receives an Allowance from the Clearinghouse which it 

believes to be a Non-Eligible Allowance, the Account Holder can make a complaint to the 

Clearinghouse before 14:00 CET on the first Bank Day following the day on which the 

applicable Allowance Delivery was performed by the Clearinghouse, provided that in order 

for such complaint to be valid:

a. the Account Holder shall, within the aforesaid deadline, contact the Clearinghouse by 

telephone and send a written complaint by e-mail to clearing@nasdaqomx.com; and

b. in the complaint detail the disputed Allowances and the reasons for the complaint to a 

reasonable extent, and as soon as possible thereafter include reasonable supportive 

evidence so as to reasonably enable the Clearinghouse to investigate the matter 

further; and
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c. as soon as possible perform a reverse Allowance Delivery to the Clearinghouse of the 

disputed Allowances and document such Allowance Delivery to the Clearinghouse. 

3.5.5 If the buying Account Holder makes a complaint after the deadline set out in Section 3.5.4, 

but which is otherwise deemed valid by the Clearinghouse, the Clearinghouse may until the 

tenth (10th) Bank Day following the applicable Allowance Delivery, in its sole discretion and 

following the request of the buying Account Holder, decide to make a claim towards the 

Account Holder who was seller of the relevant Allowances. The buying Account Holder’s 

exclusive right and remedy towards the Clearinghouse in case of such claim shall be to 

receive the valid Allowances or amounts successfully recovered from the selling Account 

Holder, provided that the Clearinghouse shall have a right of reimbursement of any costs 

incurred by it in recovering such Allowances or amounts, and may charge a minimum 

complaint fee of EUR 5,000 (five thousand). 

3.5.6 In cases where there is evidence to support that a seller has acted in bad faith, then 

notwithstanding any time limit Section 3.5.5 shall apply to the extent permitted by 

applicable law (and subject to statutory limitations etc).

3.5.7 This Section 3.5 states the Counterparties’ exclusive rights and remedies in respect of NonEligible Allowances.

3.6 Allowance Force Majeure

3.6.1 In addition to and without prejudice to the regular definition of and appurtenant provisions 

relating to Force Majeure Events, the following shall be deemed an “Allowance Force 

Majeure Event”.

a. Any changes to the EU ETS, or any other rules, procedures and guidance of a Relevant 

Authority with which a Counterparty is required or expected to comply in order to 

trade and clear Allowances pursuant to the Trading Rules and/or the Clearing Rules 

(whether made at the direction of any government, governmental body, regulator, 

competent authority or otherwise); or

b. The adoption of, or any change in, any applicable law after the date on which a 

Transaction is entered into, or due to the promulgation of, or any change in, the 

interpretation by any court, tribunal or regulatory authority with competent jurisdiction 

of any applicable law after that date; 

in both cases having the consequence that it becomes unlawful (other than as a result of a 

breach by the relevant Party of the provisions in the Clearing Rules) for a Counterparty to 

perform any absolute or contingent obligation to make a payment or delivery or to receive 

a payment or delivery in respect of that Transaction or to comply with any other material 

provision of the Clearing Rules relating to that Transaction (illegality). 

3.6.2 Notwithstanding Section 3.6.1:

a. any circumstance where there are insufficient Allowances in the relevant Allowance 

Account to effectuate an Allowance Delivery, whether caused by a low or nonallocation of Allowances from an EU member state or non-member state, or the failure 

of a Counterparty to procure sufficient Allowances to meet its delivery obligations, 

shall not constitute an Allowance Force Majeure Event; and

b. any foreseeable unavailability of the Union Registry or the national administrator 

according to the Registry Regulations will not be deemed an Allowance Force Majeure 

event.

3.6.3 If the inability to make or receive an Allowance Delivery due to an Allowance Force Majeure 

Event lasts for more than ten (10) Bank Days the Clearinghouse may at any time thereafter 

in its sole discretion decide that the relevant net Transaction(s) shall be settled in cash. The 

Clearinghouse shall make a good faith calculation of the relevant Cash Settlement 

Amounts.

3.6.4 If the inability to make or receive an Allowance Delivery due to an Allowance Force Majeure 

Event lasts for more than ten (10) Bank Days, and the relevant Delivery Time in respect of 

which such net Transaction falls due is less than ten (10) Bank Days prior to the latest 

trading time under the EU ETS, then the other Counterparty may by notice in writing 

terminate the relevant net volume of Allowances, in which case the corresponding Clearing 

Transactions (or parts thereof), as chosen by the Clearinghouse, shall terminate. The seller 

shall promptly refund to the buyer any amount that may already have been received from 
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the buyer in respect of any such volume of Allowances, together with any interest payable 

in accordance with the Clearing Rules, and the Counterparties shall have no liability to each 

other arising out of or in connection with such volume of Allowances (or part of it).

3.6.5 The Clearinghouse may, if an Allowance Force Majeure Event is likely to effect a substantial 

part of the unsettled Clearing Transactions in Allowance Contracts at any time, temporarily 

suspend the affected Counterparties’ obligations and/or invoke alternative arrangements, 

or implement such other similar measures as it deems necessary and appropriate in order 

to mitigate the effects of such circumstances and to ensure the fair and orderly settlement, 

price formation or integrity of any Contract, taking into account the reasonably anticipated 

interests of all affected Counterparties.

3.7 Margin Calculations

3.8 The following applies for calculation of Margin Requirements for Allowance Contracts

(please refer to the General Terms of the Clearing Rules for general provisions):

a. The Clearinghouse will, with respect to Account Holders with payment obligations 

becoming due, with effect from the first Bank Day following the Expiration Day in a 

Series, call for a margin component equivalent to the Cash Settlement Amount 

calculated for each relevant Clearing Account as part of the Margin Requirement.

b. The Clearinghouse shall credit the seller of Allowance Contracts with any Allowances 

that have been pre-delivered applying a reasonable value as decided by the 

Clearinghouse. 

c. The Clearinghouse may decide to increase the Margin Requirement prior to the 

Expiration Day.
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4 SWEDISH AND NORWEGIAN ELECTRICITY CERTIFICATES (EL-CERTS) CONTRACTS

4.1 General

4.1.1 This Part B Section 4 shall apply to any Contract where the Contract Base is based on 

Electricity Certificate (each an “Electricity Certificates or El-Cert Contract”).

4.1.2 Exchange Transactions or Clearing Transactions in El-Cert Contracts requires the 

appointment of an El-Cert Account to be used as Delivery Point.

4.2 Specific Definitions

4.2.1 The following product-specific definitions apply for El-Cert Contracts:

El-Cert or Electricity 

Certificates

means any Electricity Certificate unit representing one (1) 

Electricity certificate issued for each (1) MWh of electricity 

produced from renewable energy sources.

El-Cert Account means the account of an Account Holder or the 

Clearinghouse in an El-Cert Registry that may be used to 

record the issue, holding, transfer, acquisition, surrender, 

cancellation, and replacement (as applicable) of El-Certs and 

as Delivery Point under the Clearing Rules

El-Cert Delivery means the Delivery of a volume of El-Certs to a 

Counterparty’s Delivery Point in accordance with Section 4.4 

below.

El-Cert Force Majeure 

Event

is defined in Section 4.6 below.

El-Cert Registry means a registry established pursuant to the Swedish and 

Norwegian Electricity Certificate System for the purpose of 

registering the issue, holding, transfer, acquisition, 

surrender, cancellation, and replacement of El-Certs, and 

which is approved by the Clearinghouse for the purpose of 

El-Cert Delivery (CESAR operated by Svenska Kraftnät in 

Sweden and NECS operated by Statnett in Norway).

El-Cert Settlement 

Schedule

means the schedule for Settlement and Delivery of El-Certs 

as set out in Section 4.3 below.

Initiation of El-Cert

Delivery

means an initiation to effect a Transfer submitted by the 

seller to the Clearinghouse`s El-Cert Account as prescribed 

by the El-Cert Registry whereby each Initiation of El-Cert

Delivery shall be confirmed by the Account Holder as 

prescribed by the Clearinghouse.

Non-Eligible El-Cert

Swedish and Norwegian 

Electricity Certificate 

System

means any El-Cert as listed in Section 4.5.1 below (and 

references to any “eligible” El-Cert shall mean any El-Cert 

which is not a Non-Eligible El-Cert).

means the joint Swedish and Norwegian Electricity Certificate 

System that came into force on 1st of January 2012

(i) as per the Swedish law on electricity certificates 

(2011:1200 lag om elcertifikat), the Swedish Energy 

Agency’s regulations and general guidelines for certificates 

(STEMFS 2011:4); and

(ii) and as per the Norwegian law on electricity certificates 

24.06.2011 nr. 39 (Lov om elsertifikater) 

both as may be amended from time to time, and 

includes any national implementations in relation to the joint 

system).
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Swedish and Norwegian 

Electricity Certificate

means a El-Cert or Electricity Certificates 

4.3 El-Cert Settlement Schedule

4.3.1 Regardless of which El-Cert Account the Account Holder holds in the El-Cert Registry the 

following settlement schedule applies to the Settlement and Delivery of El-Certs, where “D” 

denotes the Expiration Day of the applicable Series and “+ x” denotes the number of Bank 

Days (“x”) following D. Unless as otherwise set out below, applicable times follow from the 

Trading and Clearing Schedule.

D by19:00 CET Deadline for El-Cert Delivery obligations due for Delivery on 

D for net selling Account Holders.

D+1 by 11:00 CET Settlement Day for net buyers. The net buyer must have 

collateral equal to the net settlement amount.

D+3 by 20:00 CET Deadline for the Clearinghouse to perform El-Cert Delivery to 

net buyers.

D+3 Settlement Day for net sellers. Subject to the seller’s 

fulfillment of its El-Cert Delivery obligations payments are 

due from the Clearinghouse as part of the Daily Cash 

Settlement.

4.4 El-Cert Delivery

4.4.1 Account Holders must at its own cost establish, appoint and maintain such Delivery Points 

and appurtenant arrangements as may be required by it to perform its Delivery obligations 

under the Clearing Rules, prior to entering into any Clearing Transactions in Products where 

such Delivery may be required. The Clearinghouse may issue a list of eligible Delivery 

Points.

The following delivery arrangements must be established: 

a. To be eligible to trade and clear El-Cert contracts the Account Holder must establish 

and maintain an El-Cert Account by the El-Cert Registry.

4.4.2 The Clearinghouse will specify the applicable volume of El-Certs due for El-Cert Delivery 

and the Delivery Point prior to end of clearing hours no later than on the Expiration Day of 

each Series.

4.4.3 A Counterparty that has an El-Cert Delivery obligation shall no later than the applicable 

time as per Section 4.3.1:

a. make an El-Cert Delivery to the Clearinghouse`s El-Cert Account in the El-Cert Registry in 

Sweden (CESAR) of the applicable volume of El-Certs to the applicable Delivery Point; and 

b. for Account Holders; notify the Clearinghouse that the El-Cert Delivery pursuant to (a) 

above has been submitted to the El-Cert Registry.

4.4.4 If an Account Holder fails to procure an El-Cert Delivery to the Clearinghouse, and the 

Clearinghouse is unable to meet its obligation to procure an El-Cert Delivery to the buyer 

after having used its best efforts, the Clearinghouse may decide that the Transaction shall 

be settled in cash for the relevant volume of El-Certs. The Clearinghouse may in this event 

either:

a. carry out a partial and proportional Cash Settlement for all relevant buyers; 

b. cash settle specific Transactions for purchase of (in total) the relevant volume of ElCerts upon consent from buyers; or 

c. by random choice decide which other Clearing Transactions for purchase of (in total) 

the relevant Series that shall also be cash settled. The Clearinghouse shall in its 

discretion calculate the Cash Settlement Amounts. The Clearinghouse’s decision to 

settle in cash according to this Section 4.4.4 shall not be deemed as a Default Event. 

The Clearinghouse is, notwithstanding anything to the contrary stated in the Clearing 

Rules, not liable for any excess El-Certs penalty, resulting from its decision to settle in 

cash according to this clause. 
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4.5 Non-Eligible El-Certs

4.5.1 The following El-Certs are not accepted for El-Cert Delivery from or to the Clearinghouse:

a. El-Certs that are not delivered with full and valid title, free and clear of all liens, 

security interests, claims and encumbrances or any interest in or to them by any 

person (except where in favour of the receiving Counterparty, or as otherwise 

permitted by these Clearing Rules); 

b. El-Certs that have been, or are alleged to be, deprived from their rightful owner by 

unlawful means, irrespective of whether a bona fide (good faith) acquisition would be 

possible;

c. El-Certs that have already been surrendered for compliance within the Swedish and 

Norwegian Electricity Certificate System or that are not eligible for compliance under 

the system on the relevant Expiration Day.

d. El-Certs for which Clearing would entail a breach by the Clearinghouse and/or the 

Exchange of any applicable trade sanction, embargo or similar restriction passed by

the United Nations Security Council, the Council of the European Union, the United 

States Office of Foreign Assets Control, or any other governmental authority having 

jurisdiction over the Clearinghouse and/or the Exchange; 

e. Any other El-Certs which the Exchange and/or the Clearinghouse deems are unsuitable 

for Exchange Trading or Clearing, and which are set out in a list of ineligible El-Certs 

which has been published and notified to Account Holders at least 14 (fourteen) days 

in advance of the relevant Expiration Day.

4.5.2 The Exchange and the Clearinghouse may by 14 (fourteen) days written notice to Account 

Holders set additional criteria for eligible El-Certs, and consequently amend Section 4.5.1,

to the extent necessary due to changes to the Swedish and Norwegian Electricity 

Certificate System or other applicable law, or to ensure the fair and orderly settlement, 

price formation and integrity of the El-Cert Contracts. 

4.5.3 If the Clearinghouse deems that any volume of El-Certs received from an Account Holder 

(or parts thereof) is a Non-Eligible El-Cert:

a. the relevant Account Holder will be deemed to have failed its El-Cert Delivery 

obligation in relation to the applicable volume of El-Certs and the Clearinghouse shall 

promptly inform the Account Holder thereof;

b. the Clearinghouse shall be entitled to exercise any of its rights towards the Account 

Holder pursuant to the Clearing Rules in respect of the failed El-Cert Delivery, and this 

Section 4.5 is in addition to the Clearinghouse’s rights in relation to any Default Event 

resulting thereof;

c. the Clearinghouse may quarantine such volume of El-Certs pending further 

investigations, in which case beneficial ownership to the volume of El-Certs shall 

remain with the Account Holder but the Clearinghouse shall be deemed to have been 

granted full discretion and control in respect of the applicable volume of El-Certs and 

any rights arising from it, and shall be allowed to keep such volume of El-Certs in the 

Clearinghouse’s El-Cert Account(s) for such purpose for as long as it desires subject to 

subsection (d) below; 

d. the Clearinghouse shall, unless the volume of El-Certs is quarantined, return the 

volume of El-Certs to the originating El-Cert Account of the Account Holder if the 

Clearinghouse deems that the relevant volume of El-Certs is not Non-Eligible El-Certs; 

e. the Clearinghouse may deliver any quarantined volume of El-Certs to the authorities 

(in which case the Clearinghouse shall have no further responsibility or liability for the 

applicable volume of El-Certs), and shall be allowed to perform any other acts, if the 

Clearinghouse deems this necessary for the Clearinghouse to comply with applicable 

law; 

f. the Account Holder shall indemnify and hold harmless the Clearinghouse for all losses 

and costs incurred as a result of being delivered such volume of El-Certs, provided that 

it is finally determined that the volume of El-Certs is a Non-Eligible El-Cert; and

g. provided that the Clearinghouse has acted in good faith the Clearinghouse shall have 

no responsibility to the Account Holder for the Account Holder’s (or any other entity’s) 
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inability to utilize the applicable volume of El-Certs, and shall not be liable for any 

direct or indirect loss resulting from the Clearinghouse’s actions as prescribed above. 

4.5.4 In the event that an Account Holder receives an El-Cert from the Clearinghouse which it 

believes to be a Non-Eligible El-Cert, the Account Holder can make a complaint to the 

Clearinghouse before 14:00 CET on the first Bank Day following the day on which the 

applicable El-Cert Delivery was performed by the Clearinghouse, provided that in order for 

such complaint to be valid:

a. the Account Holder shall, within the aforesaid deadline, contact the Clearinghouse by 

telephone and send a written complaint by e-mail to clearing@nasdaqomx.com; and

b. in the complaint detail the disputed El-Certs and the reasons for the complaint to a 

reasonable extent, and as soon as possible thereafter include reasonable supportive 

evidence so as to reasonably enable the Clearinghouse to investigate the matter 

further; and

c. as soon as possible perform a reverse El-Cert Delivery to the Clearinghouse of the 

disputed El-Certs and document such El-Cert Delivery to the Clearinghouse. 

4.5.5 If the buying Account Holder makes a complaint after the deadline set out in Section 4.5.4,

but which is otherwise deemed valid by the Clearinghouse, the Clearinghouse may until the 

tenth (10th) Bank Day following the applicable El-Cert Delivery, in its sole discretion and 

following the request of the buying Account Holder, decide to make a claim towards the 

Account Holder who was seller of the relevant El-Certs. The buying Account Holder’s 

exclusive right and remedy towards the Clearinghouse in case of such claim shall be to 

receive the valid El-Certs or amounts successfully recovered from the selling Account 

Holder, provided that the Clearinghouse shall have a right of reimbursement of any costs 

incurred by it in recovering such El-Certs or amounts, and may charge a minimum 

complaint fee of EUR 5,000 (five thousand). 

4.5.6 In cases where there is evidence to support that a seller has acted in bad faith, then 

notwithstanding any time limit Section 4.5.5 shall apply to the extent permitted by 

applicable law (and subject to statutory limitations etc).

4.5.7 This Section 4.5 states the Counterparties’ exclusive rights and remedies in respect of NonEligible El-Certs.

4.6 El-Cert Force Majeure

4.6.1 In addition to and without prejudice to the regular definition of and appurtenant provisions 

relating to Force Majeure Events, the following shall be deemed an “El-Cert Force 

Majeure Event”.

a. Any changes to the Swedish and Norwegian Electricity Certificate System, or any other 

rules, procedures and guidance of a Relevant Authority with which a Counterparty is 

required or expected to comply in order to trade and clear El-Certs pursuant to the 

Trading Rules and/or the Clearing Rules (whether made at the direction of any 

government, governmental body, regulator, competent authority or otherwise); or

b. The adoption of, or any change in, any applicable law after the date on which a 

Transaction is entered into, or due to the promulgation of, or any change in, the 

interpretation by any court, tribunal or regulatory authority with competent jurisdiction 

of any applicable law after that date; 

in both cases having the consequence that it becomes unlawful (other than as a result of a 

breach by the relevant Party of the provisions in the Clearing Rules) for a Counterparty to 

perform any absolute or contingent obligation to make a payment or delivery or to receive 

a payment or delivery in respect of that Transaction or to comply with any other material 

provision of the Clearing Rules relating to that Transaction (illegality). 

4.6.2 Notwithstanding Section 3.6.1:

a. any circumstance where there are insufficient El-Certs in the relevant El-Cert Account to 

effectuate an El-Cert Delivery, whether caused by a low or non-allocation of El-Certs from

the Swedish and Norwegian Electricity Certificates System or the failure of a Counterparty 

to procure sufficient El-Certs to meet its delivery obligations, shall not constitute an ElCert Force Majeure Event; and
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b. any foreseeable unavailability of the El-Cert Registry will not be deemed an El-Cert 

Force Majeure event for Account Holders having their El-Cert Holding Account with that 

El-Cert Registry.

4.6.3 If the inability to make or receive an El-Cert Delivery due to an El-Cert Force Majeure Event 

lasts for more than ten (10) Bank Days the Clearinghouse may at any time thereafter in its 

sole discretion decide that the relevant net Transaction(s) shall be settled in cash. The 

Clearinghouse shall make a good faith calculation of the relevant Cash Settlement 

Amounts.

4.6.4 If the inability to make or receive an El-Cert Delivery due to an El-Cert Force Majeure Event 

lasts for more than ten (10) Bank Days, and the relevant Delivery Time in respect of which 

such net Transaction falls due is less than ten (10) Bank Days prior to the latest trading 

time under the Swedish and Norwegian Electricity Certificate System, then the other 

Counterparty may by notice in writing terminate the relevant net volume of El-Certs, in 

which case the corresponding Clearing Transactions (or parts thereof), as chosen by the 

Clearinghouse, shall terminate. The seller shall promptly refund to the buyer any amount 

that may already have been received from the buyer in respect of any such volume of ElCerts, together with any interest payable in accordance with the Clearing Rules, and the 

Counterparties shall have no liability to each other arising out of or in connection with such 

volume of El-Certs (or part of it).

4.6.5 The Clearinghouse may, if an El-Cert Force Majeure Event is likely to effect a substantial 

part of the unsettled Clearing Transactions in El-Cert Contracts at any time, temporarily 

suspend the affected Counterparties’ obligations and/or invoke alternative arrangements, 

or implement such other similar measures as it deems necessary and appropriate in order 

to mitigate the effects of such circumstances and to ensure the fair and orderly settlement, 

price formation or integrity of any Contract, taking into account the reasonably anticipated 

interests of all affected Counterparties.

4.7 Margin Calculations

4.7.1 The following applies for calculation of Margin Requirements for El-Cert Contracts (please 

refer to the General Terms of the Clearing Rules for general provisions):

a. The Clearinghouse will, with respect to Account Holders with payment obligations 

becoming due, with effect from the first Bank Day following the Expiration Day in a 

Series, call for a margin component equivalent to the Cash Settlement Amount 

calculated for each relevant Clearing Account as part of the Margin Requirement.

b. The Clearinghouse shall credit the seller of El-Cert Contracts with any El-Certs that 

have been pre-delivered applying a reasonable value as decided by the Clearinghouse. 

c. The Clearinghouse may decide to increase the Margin Requirement prior to the 

Expiration Day.
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5 FREIGHT AND FUEL OIL CONTRACTS

5.1 General

5.1.1 This Part B Section 5 shall apply to any Contract where the Contract Base is based on 

either Freight or Fuel Oil Contracts (each an “Freight Contract” or “Fuel Oil Contract”).

5.2 Specific Definitions

5.2.1 The following product–specific definitions apply for the Contracts stated in 5.1.1:

Baltic Exchange the Baltic Exchange Limited or any successor thereto

Dry Future Contract a dry contract in a Product, as applicable

Dry Option Contract a dry option contract in a Product, as applicable

Fuel Oil Contract a fuel oil contract in a Product, as applicable

Tanker Future Contract a tanker contract in a Product, as applicable

Tanker Option Contract a tanker option contract in a Product, as applicable

LPG Freight Future 

Contract

a LPG freight contract in a Product, as applicable

LPG Freight Option 

Contract

a LPG freight option contract in a Product, as applicable

Index of each Contract Base published by an Index Provider

Index Day a day on which the Index Provider publishes an Index

Index Delivery Period the first Index Day of the relevant month contract(s) to Last 

Index Day of the relevant month contract(s)

Index Provider Baltic Exchange or Platts 

Platts Platts Clean Tanker Wire, Platts Market Scan - Market on 

Close (MOC), or any successor thereto.

Forced Termination an at-random termination of a Contract in the event that a

Material Default Event has occurred to an Account Holder (a 

“Defaulter”) and the Clearinghouse is not able to enter into 

Close-Out Transactions.

5.3 Determination of Daily Fix

5.3.1 The Exchange determines a Daily Fix for each Series on each Bank Day, applying the rules 

set out in Trading and Clearing Appendix 2 Contract Specification Section A section 4.4.2 as 

applicable.

5.3.2 If no Exchange Transactions are registered in ETS the relevant Bank Day, the Exchange will 

calculate a theoretical Daily Fix based on the closing prices from applicable market price 

providers. 

5.3.3 Notwithstanding Section 5.3.1 and 5.3.2, the Exchange may calculate a theoretical Daily 

Fix if the Exchange believes that the registered prices or Orders are manipulated or in any 

other way influenced so that they do not reflect the market value of the Series. The 

Exchange shall inform the Exchange Members of such events.

5.3.4 The Clearinghouse may set a different Daily Fix if the Clearinghouse determines that the 

Daily Fix established by the Exchange is not reflective of current market value. In the event 

of any conflict arising due to the setting of a Daily Fix by both the Exchange and the 

Clearinghouse, the Daily Fix set by the Clearinghouse will prevail.
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5.4 Expiration Day Fix – Average of all Index Days

5.4.1 The Clearinghouse determines an Expiration Day Fix on the final Bank Day of the Index 

Delivery Period by using the average of the applicable Indices published in the Index 

Delivery Period by the Index Provider.

5.5 Option Fix – Average of all Index Days

5.5.1 The Clearinghouse determines an Option Fix for each Option Series on its Expiration Day 

using the same methodology as for the 5.4.1 Expiration Day Fix – Average of all Index 

Days in relation to the applicable Option Exercise Time.

5.6 Option Exercise Settlement - Delivery of Future 

5.6.1 Following Option Exercise, a new Clearing Transaction reflecting the Contract Base of the 

Option Contract is automatically and immediately registered to the Option Holder’s and the 

Option Writer’s applicable Clearing Accounts. The Option Holder will be registered as buyer 

of the Contract Base in respect of a call Option, and as seller in respect of a put Option. The 

Option Writer will be registered with the opposite position. The Exercise Price of the Option 

Contract will be registered as the Contract Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base will take place in accordance with the applicable rules for 

the Contract Base.

5.7 Forced Termination of Options

5.7.1 Where expressly stated in the Contract Specification the Clearinghouse may effectuate

Forced Termination of an Option Contract in accordance with the terms of the relevant 

Contract Specification. 

Procedure for Forced Termination of Options

5.7.2 If the Clearinghouse is not able to effect Close-out Transactions for all or some of the 

Defaulter’s Contracts, the Clearinghouse may effectuate Forced Termination.

5.7.3 Account Holders who hold opposite positions in Contracts bought or sold by the Defaulter, 

may be subject to Forced Termination of Contracts for all or part of the positions at a 

Forced Termination Contract Price0 calculated in the model applied by the Clearinghouse

from time to time. The Clearinghouse shall in this event at random select Buyer(s) or 

Seller(s) in the relevant Contracts for termination of their Contracts, and organise and 

perform Premium Settlement. The Clearinghouse will select in increments of 5 lots until the 

Defaulter’s position is closed out. The selection is with replacement, so one Account Holder

can be selected more than once.

5.7.4 An Account Holder who is selected for Forced Termination, shall be informed immediately 

following the decision by the Clearinghouse to effect Forced Termination through oral and 

written electronic or facsimile communication to the Contact Person. Information is 

considered delivered by the Clearinghouse upon attempt to contact the Contact Person by 

phone and sending written information.

5.8 Margin Calculations

5.8.1 The following applies for calculation of Margin Requirements for Freight and Fuel Oil

Contracts (please refer to the General Terms of the Clearing Rules for general provisions):

a. A margin component covering pending settlement for Freight and Fuel Oil Contracts may be 

calculated. The margin component will be a part of the Margin Requirement, as specified by 

the Clearinghouse.
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6 FERROUS CONTRACTS

6.1 US SHREDDED SCRAP STEEL CONTRACTS

6.1.1 General

This Part B Section 1 shall apply to any Contract where the Contract Base is based on US 

Shredded Scrap Contracts.

6.1.2 Specific Definitions

 The following product–specific definitions apply for the Contracts stated in 7.1.1:

US Shredded Scrap 

Steel Contract

an US Shredded Scrap contract in a Product, as applicable

Gross Ton A unit of weight measurement equivalent to 2240 imperial 

pounds

Index of each Contract Base published by an Index Provider

Index Day The day on which the Index Provider publishes an Index

Index Delivery Period The 11th Day of the relevant month contract or else the 

following US Bank Day whenever the 11th is a non US Bank 

Day.

Index Provider TSI

The Steel Index or TSI the Steel Index Limited or any successor thereto

6.1.3 Determination of Daily Fix

a. The Exchange determines a Daily Fix for each Series on each Bank Day, applying the 

rules set out in Trading and Clearing Appendix 2 Contract Specification Section A section 

4.4.2, 4.4.3 and 4.4.5 as applicable.

b. If no Exchange Transactions or Orders are registered in ETS the relevant Bank Day, the 

Exchange will calculate a theoretical Daily Fix based on the closing prices from applicable 

market price providers. 

c. The Clearinghouse may set a different Daily Fix if the Clearinghouse determines that the 

Daily Fix established by the Exchange is not reflective of current market value. In the 

event of any conflict arising due to the setting of a Daily Fix by both the Exchange and 

the Clearinghouse, the Daily Fix set by the Clearinghouse will prevail.

6.1.4 Expiration Day Fix 

The Clearinghouse determines an Expiration Day Fix based upon a single monthly index published 

by the Index Provider on the final Bank Day of the Index Delivery Period which is the 11th day of 

the relevant contract month if this is a US Bank Day otherwise on the following US Bank Day.

6.2 IRON ORE CONTRACTS

6.2.1 General

This Part B Section 1 shall apply to any Contract where the Contract Base is based on Iron 

Ore Contracts.

6.2.2 Specific Definitions

The following product–specific definitions apply for the Contracts stated in 7.2.1:

Iron Ore Futures 

Contract

an iron ore contract in a Product, as applicable

Iron Ore Options 

Contract

an iron ore option contract in a Product, as applicable

Index of each Contract Base published by an Index Provider
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Index Day a day on which the Index Provider publishes an Index

Index Delivery Period the first Index Day of the relevant month contract(s) to Last 

Index Day of the relevant month contract(s)

Index Provider TSI

The Steel Index or TSI the Steel Index Limited or any successor thereto

Forced Termination an at-random termination of a Contract in the event that a 

Material Default Event has occurred to an Account Holder (a 

“Defaulter”) and the Clearinghouse is not able to enter into 

Close-Out Transactions.

6.2.3 Determination of Daily Fix

The Clearinghouse will for each Series on each Bank Day set a theoretical Daily Fix based 

on the closing prices from applicable market price providers.

6.2.4 Expiration Day Fix – Average of all Index Days

The Clearinghouse determines an Expiration Day Fix on the final Bank Day of the Index 

Delivery Period by using the average of the applicable Indices published in the Index 

Delivery Period by the Index Provider.

6.2.5 Option Fix – Average of all Index Days

The Clearinghouse determines an Option Fix for each Option Series on its Expiration Day 

using the same methodology as for the 5.4.1 Expiration Day Fix – Average of all Index 

Days in relation to the applicable Option Exercise Time.

6.2.6 Option Exercise Settlement – Delivery of Futures

Following Option Exercise, a new Clearing Transaction reflecting the Contract Base of the 

Option Contract is automatically and immediately registered to the Option Holder’s and the 

Option Writer’s applicable Clearing Accounts. The Option Holder will be registered as buyer 

of the Contract Base in respect of a call Option, and as seller in respect of a put Option. The 

Option Writer will be registered with the opposite position. The Exercise Price of the Option 

Contract will be registered as the Contract Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base will take place in accordance with the applicable rules for 

the Contract Base.

6.2.7 Forced Termination of Options

Where expressly stated in the Contract Specification the Clearinghouse may effectuate 

Forced Termination of an Option Contract in accordance with the terms of the relevant 

Contract Specification. 

6.2.8 Procedure for Forced Termination of Options 

a. If the Clearinghouse is not able to effect Close-out Transactions for all or some of the 

Defaulter’s Contracts, the Clearinghouse may effectuate Forced Termination.

b. Account Holders who hold opposite positions in Contracts bought or sold by the Defaulter, 

may be subject to Forced Termination of Contracts for all or part of the positions at a 

Forced Termination Contract Price calculated in the model applied by the Clearinghouse

from time to time. The Clearinghouse shall in this event at random select Buyer(s) or 

Seller(s) in the relevant Contracts for termination of their Contracts, and organize and 

perform Premium Settlement. The Clearinghouse will select in increments of 5 lots until 

the Defaulter’s position is closed out. The selection is with replacement, so one Account 

Holder can be selected more than once.

c. An Account Holder who is selected for Forced Termination, shall be informed immediately 

following the decision by the Clearinghouse to effect Forced Termination through oral and 

written electronic or facsimile communication to the Contact Person. Information is 

considered delivered by the Clearinghouse upon attempt to contact the Contact Person by 

phone and sending written information.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 34 (264)

6.2.9 Margin Calculations

a. The following applies for calculation of Margin Requirements for Iron Ore Contracts 

(please refer to the General Terms of the Clearing Rules for general provisions):

A margin component covering pending settlement for Iron Ore Contracts may be 

calculated. The margin component will be a part of the Margin Requirement, as specified 

by the Clearinghouse.

6.3 DISCLAIMER AND LIMITATIONS FOR THE STEEL INDEX AND TSI

The TSI and The Steel Index (“PLATTS Index”) is a product of PLATTS, a division of McGraw 

Hill Financial, Inc., and has been licensed for use by (the “Exchange” and the “Clearing 

house”). “Platts”, “TSI” and “The Steel Index” (the “PLATTS Marks”) are trademarks of 

PLATTS, its affiliates and/or its licensors and have been licensed for use by the Exchange and 

the Clearinghouse. The Licensee Agreement (“Exchange Contract”) is not sponsored, 

endorsed, sold or promoted by PLATTS or its affiliates or licensors. PLATTS, its affiliates and 

licensors make no representation or warranty, express or implied, regarding Exchange 

Contract or regarding the advisability of investing in securities or commodities generally or 

the ability of the PLATTS Index to track general market performance or commodity price 

movements, nor do they have any liability for any errors or omissions in, or interruptions of, 

the PLATTS Index or Exchange Contract. PLATTS's, its affiliates’ and licensors’ only 

relationship to the Exchange with respect to the PLATTS Index is the licensing of the PLATTS 

Index and of certain trademarks, service marks and/or trade names of PLATTS, and/or its 

affiliates or licensors. The PLATTS Index is determined, composed and calculated by PLATTS 

without regard to the Exchange or the Exchange Contract. PLATTS, its affiliates and 

licensors have no obligation to take the needs of the Exchange or any clients or users of the 

Exchange Contract into consideration in determining, composing or calculating the PLATTS 

Index. PLATTS, its affiliates and licensors have no obligation or liability in connection with 

the creation, development, preparation, marketing, sale and/or trading of the Exchange 

Contract. 

PLATTS, ITS AFFILIATES AND LICENSORS DO NOT GUARANTEE THE ADEQUACY, ACCURACY, 

TIMELINESS OR COMPLETENESS OF THE PLATTS INDEX OR ANY DATA INCLUDED THEREIN 

OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN 

COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. 

PLATTS, ITS AFFILIATES AND LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR 

LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. PLATTS, ITS AFFILIATES 

AND LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM 

ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE 

OR AS TO RESULTS TO BE OBTAINED BY THE EXCHANGE, CLIENTS OR USERS OF THE 

EXCHANGE CONTRACT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE PLATTS 

INDEX OR EXCHANGE CONTRACT OR WITH RESPECT TO THE PLATTS MARKS, THE PLATTS 

INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN 

NO EVENT WHATSOEVER SHALL PLATTS, ITS AFFILIATES AND/OR ITS THIRD PARTY 

LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR 

CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, 

TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE 

POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR 

OTHERWISE.”
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 35 (264)

7 RENEWABLES CONTRACTS

7.1 RENAWABLES CONTRACTS

7.1.1 General

This Part B Section 1 shall apply to any Contract where the Contract Base is based on a 

Nasdaq Renewable Index (each a “Renewable Contract”).

7.1.2 Specific Definitions

The following product-specific definitions apply for Renewable Contracts:

Load means the hours of the Delivery Period during which Delivery 

of the Contract Base is deemed to take place.

Wind Production Hour

or WPH

means a unit of wind generated at a constant rate for the 

duration of the respective German Wind Index Future –

RWDE period.

Spot Reference Period means each day of the relevant Series designation. The Daily 

Market Settlement continues in the Spot Reference Period 

with Expiration Day Fix on the Expiration Day, in accordance 

with the Contract Specifications. 

7.1.3 Expiration Day Fix – average of all days

1.3.1 The Clearinghouse determines an Expiration Day Fix on the Expiry date (first Bank Day 

following the Expiry date if the Expiry date is a non-Bank Day) by using the average of the 

applicable Spot Reference Fixes published in the Spot Delivery Period by the issuer of the 

relevant Contract Base.

7.1.4 Margin Calculations

The following applies for calculation of Daily Margin Calls for Renewable Contracts (please 

refer to the General Terms of the Clearing Rules for general provisions):

a. Margin component covering pending settlement for Renewable Contracts may be 

calculated. The margin component will be a part of the Margin Requirement, as specified 

by the Clearinghouse.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 36 (264)

PART C – QUOTATION LIST
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 37 (264)

1 ELECTRICITY CONTRACTS

1.1 Futures

NORDIC POWER (EUR)

Days Weeks Months Quarter Years

Base 9 6

(see 

Average 

Rate 

Futures)

8-11

2

10

GERMAN POWER (EUR)

Days Weeks Months Quarters Years

Base 9 4 6 8-11 5

Peak N/A 4 6 8-11 5

FRENCH POWER (EUR)

Days Weeks Months Quarters Years

Base 9 6 7 7 5

Peak N/A 6 7 7 5

UK POWER (GBP)

Days Weeks Months Quarters Seasons

Base N/A 5 4 5 5

Peak N/A 5 4 5 3

Electricity Price Area Differential or EPAD (EUR)

Days Weeks Months Quarters Years

Base Norwegian, 

Danish, Estonian and 

Latvian areas

N/A N/A

(see 

Average 

Rate 

Futures)

3

3 3 (Latvia 

2 years)

Base Swedish and 

Finnish areas N/A 5

(see 

Average 

Rate 

Futures)

4

4

4

Base Germany N/A N/A 2 3 2

1.2 Average Rate Futures (EUR)

NORDIC POWER (EUR)

Days Weeks Months 

 

2

Quarter contracts cascade into Nordic Electricity Base Average Rate Month Future

3

Quarter contracts cascade into Nordic EPAD Electricity Base Average Rate Month Future

4

Quarter contracts cascade into Nordic EPAD Electricity Base Average Rate Month Future
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 38 (264)

Base N/A N/A 7

GERMAN POWER

Days Weeks Months

Base N/A N/A 7

Electricity Price Area Differential or EPAD (EUR)

Days Weeks Months

Base- Norwegian,

Danish, Estonian and

Latvian areas N/A N/A 3

Base – Swedish and 

Finnish areas N/A N/A 5

1.3 DS Futures

NORDIC POWER (EUR)

Months Quarters Years

Base 6 8-11 10

GERMAN POWER (EUR)

Months Quarters Years

Base 6 (until Dec 

2019)

8-11(until Q4 

2019)

5 (until 

2019)

Peak 6 (until Dec 

2019)

8-11(until Q4 

2019)

5 (until 

2019)

Electricity Price Area Differential or EPAD (EUR)

Months Quarters Years

Base Norwegian,

Danish, Estonian and 

Latvian areas

2 3

3 (Latvia 2 

years)

Base - Swedish and 

Finnish areas

4 4 4

Base - Germany 2 3 2

1.4 Monthly DS Futures
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 39 (264)

German 

EUR

French

EUR

UK

GBP

Dutch

EUR

Belgian

EUR

Spanish

EUR

Italian

EUR

Day 4H01 5 5 5

4H02 5 5 5

4H03 5 5 5

4H04 5 5 5

4H05 5 5 5

4H06 5 5 5

6H01 5 5 5

BL 9 9 9 9 9 9 9

PK 9 9 9 9 9

OP 9 9 9 9 9

WD BL 2 2 2 2 2 2 2

PL

OP 2 2 2 2 2

WE BL 3 3 3 3 3 2 2

PL 2 2 2 2 2

OP 2 2 2 2 2

BOWD

W BL 4 4 4 4 4 4 4

PL 4 4 4 4 4

OP 4 4 4 4 4

M BL 6 6 6 6 6 6 6

PL 6 6 6 6 6

OP 6 6 6 6 6

Front 

Month

Back 

Month

BOM

Q BL 4 4 4 4 4 4 4

PK 4 4 4 4 4

OP 4 4 4 4 4

S BL

Y BL 3 3 3 3 3 3 3
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 40 (264)

PL 3 3 3 3 3

OP 3 3 3 3 3

1.5 Futures and DS Futures Options

NORDIC POWER (EUR)

DS Future

Quarters Years

Base 2 2

Future

Quarters Years

Base 2 2

GERMAN POWER (EUR)

DS Future

Months Quarters Years

Base

3 2 2

Future

Months Quarters Years

Base

3 2 2

1.6 Average Rate Options (EUR)

NORDIC POWER 

Months Quarters Years

Base

7 N/A N/A

GERMAN POWER

Months Quarters Years

Base

7 N/A N/A

2 NATURAL GAS CONTRACTS

2.1 Monthly DS Futures

NBP gas

UK, GBP

Zee gas

Belgian 

TTF gas

Dutch 

Gaspool 

gas 

German 

NCG gas

German 

Per Nord 

gas

TRS gas 

EUR
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 41 (264)

GBP EUR EUR EUR French 

EUR

Day 4H01

4H02

4H03

4H04

4H05

4H06

6H01

BL 9 9 9 9 9 9 9

PL

OP

WD BL 5 5 5 5 5 5 5

PL

OP

WE BL 5 5 5 5 5 5 5

PL

OP

BOWD 1 1 1

W BL

PK

OP

M BL 6 6 6 6 6 6 6

PK

OP

Front 

Month

2

Back 

Month

2

BOM 1 1 1

Q BL 4 4 4 4 4 4 4

PK

OP

S BL 4 4 4 4 4 4 4

Y BL 3 3 3 3 3 3 3
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 42 (264)

PK

OP

2.2 UK Power(GBP)

Days Weeks Months Quarters Seasons

Base N/A 5 4 5 5

3 ALLOWANCE CONTRACTS

3.1 European Union Allowances (EUR)

Futures Day

Quarterly

5 days

2 front years

Annual Until 2020

Options Quarterly 2 front years

4 SWEDISH AND NORWEGIAN ELECTRICITY CERTIFICATES (EL-CERTS) CONTRACTS

4.1 Norwegian and Swedish Electricity Certificate (El-Cert)

Futures SEK Day SEK 6 days

DS Futures SEK Annual 5 years 

rolling

5 FREIGHT AND FUEL OIL CONTRACTS

5.1 Futures

FREIGHT

Contract Months Quarters Half years Years

CS4TC 6 6 2 7

CS5TC 6 6 2 7

HS6TC 6 6 2 7

PM4TC 6 6 2 7

SM6TC 6 6 2 7

SM10TC 6 4 2 7

P1A 6 4 N/A 3*

P2A 6 4 N/A 3*

P3A 6 4 N/A 3*

P1A AVG 6 4 N/A 3*
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 43 (264)

P2A AVG 6 4 N/A 3*

P3A AVG 6 4 N/A 3*

C3 AVG 6 6 N/A 3

C4 AVG 6 6 N/A 3

C5 AVG 6 4 N/A 1

C7AVG 6 6 N/A 3

TC2USD 6 5 N/A 2

TC5USD 6 5 N/A 2

TC6USD 6 5 N/A 2

TC7USD 6 5 N/A 2

TC9USD 6 5 N/A 2

TC12USD 6 5 N/A 2

TC14USD 6 5 N/A 2

TC15USD 6 5 N/A 2

MRA 6 5 N/A 2

TD3USD 6 5 N/A 2

TD7USD 6 5 N/A 2

TD8USD 6 5 N/A 2

TD20USD 6 5 N/A 2

LPG1 6 5 N/A 2

*2017 and 2018 only. 2016 will be listed as announced by the Exchange and the Clearinghouse.

FUEL OIL

Contract Months Quarters Years

RDM35FOSS 6 6 2

SPO180FOSS 6 6 2

SPO380FOSS 6 6 2

MED35FOSS 6 6 2

5.2 Options

Options on the Contracts of this section are listed on request by members and brokers on the 

available futures listed according to the quotation list above, excluding fuel oil.

6 FERROUS CONTRACTS

6.1 US SHREDDED SCRAP STEEL CONTRACTS 

6.1.1 Futures

Contract Months Quarters
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 44 (264)

USSH 12 4

6.2 HOT ROLLED COIL CONTRACTS 

6.2.1 Futures

Contract Months Quarters

USHRC 12 4

ASEHRC 12 4

6.3 IRON ORE CONTRACTS

6.3.1 Futures

Contract Months Quarters Years

CHN62FE 24 4 2

6.4 COKING COAL CONTRACTS

6.4.1 Futures

Contract Months Quarters Years

COKAUS 24 4 2

6.4.2 Options

Options on the Contracts of this section are listed on request by members and brokers on the 

available futures listed according to the quotation list above.

7 RENEWABLE CONTRACTS

7.1 Renewable Wind Index Average Rate Futures (RWDE) 

Contract Days Weeks Months Quarters Years

Base futures 10 4 6 73
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 45 (264)

PART D – INDIVIDUAL CONTRACT SPECIFICATIONS
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 46 (264)

1 ELECTRICITY CONTRACTS
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 47 (264)

1.1 Belgian Power Monthly DS Future - EBEM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base Average of the hourly prices from the day-ahead auction for the 

Belgian price zone.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW. 

Bank Day Calendar European Trading Calendar

Currency Euro (EUR). 

Tick size EUR 0,01. 

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 

CET of all relevant days Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 48 (264)

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlementin accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load): Orders that 

are not matched at 12:00 CET on the Expiration Day will be 

cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EBEM[Load][Period]; where 

- EBE i.e. “Electricity Belgium BE”

- M i.e. “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EBEMBY-16 for Delivery Period = calendar year 2016).
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 49 (264)

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 50 (264)

1.2 Dutch Power Monthly DS Future – ENLM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base Average of the hourly prices from the day-ahead auction for the 

Dutch price zone.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01. 

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 

CET of all relevant days Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 51 (264)

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Front Daily contracts (Base, Peak and Off-Peak Load): Orders that 

are not matched at 12:00 CET on the Expiration Day will be 

cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

ENLM[Load][Period]; where 

- ENL denotes “Electricity Netherlands NL”

- M denotes “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. ENLMBY-16 for Delivery Period = calendar year 2016).
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 53 (264)

1.3 French Electricity Futures: EFRF

Type of contract Electricity Contract. Standardized electricity future contract 

with cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for 

the French price zone. 

.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in 

the Trading System and the Product Calendar, and may vary 

with the applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will 

be a function of the applicable number of delivery hours and 

the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the 

relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all 

relevant days Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all 

relevant days Monday throughout Friday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all 

relevant days Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all 

relevant days Monday throughout Friday.

Delivery Period The applicable period as specified in the Series 

Designation and the Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A 

of the Contract Specifications:

- Daily Fix shall be determined on each Bank Day during 

the Term,

- Expiration Day Fix shall be determined on the Expiration 

Day; and

- Spot Reference Fix shall be determined for each day 

of the Delivery Period.

Settlement Cash settlement only. 

Daily Market Settlement in accordance with Part A of the 

Contract Specifications. On the Expiration Day the daily 

Market Settlement will be calculated using the Expiration 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 54 (264)

Day Fix for Average Rate Contracts.

Cascading Year contracts cascade into corresponding quarter 

contracts spanning the same Delivery Period as the year 

contract three bank days prior to the start of delivery of 

the year contract. Cascading automatically takes place 

and the Contract Price of the cascaded/new contracts will 

be equal to the Expiration Day Fix.

Quarter contracts cascade into corresponding month 

contracts spanning the same Delivery Period as the 

quarter contract on the last Trading day of the quarter 

contract. Cascading automatically takes place and the 

Contract price of the cascaded/new contracts will equal to 

the Expiration Day Fix.

No cascading for Monthly, Weekly or Daily Contracts.

Term (trading period) As identified in the Trading System and the Product 

Calendar for each Series, in accordance with the Quotation 

List. 

Final Time for Trading Orders that are not matched at the end of exchange 

trading hours on the Expiration Day will be cancelled. 

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall 

occur in Series on the dates set forth in the Quotation List 

in effect at any given time.

Series designation Each Series shall be designated as follows: 

EFRF[Load][Period]; where 

- EFR i.e. “Electricity France FR”

- F i.e. “Futures”

- Load 

 B denotes “Base Load”

 P denotes “Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EFRFBD2505-16 for Delivery Period = 25 May 2016 

and EFRFBY-16 for Delivery Period = calendar year 2016)

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.4 French Power Monthly DS Future - EFRM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base Average of the hourly prices from the day-ahead auction for the 

French price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

4 hour block1 – Covering hours 00:00 - 03:59 CET.

4 hour block2 – Covering hours 04:00 - 07:59 CET.

4 hour block3 – Covering hours 08:00 - 11:59 CET.

4 hour block4 – Covering hours 12:00 - 15:59 CET.

4 hour block5 – Covering hours 16:00 - 19:59 CET.

4 hour block6 – Covering hours 20:00 - 23:59 CET.

6 hour block1 – Covering hours 00:00 - 05:59 CET.

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 

CET of all relevant days Saturday throughout Sunday.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 56 (264)

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load), 4 hour 

block1-6 and 6 hour block 1: Orders that are not matched at 12:00 

CET on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EFRM[Load][Period]; where 

- EFR i.e. “Electricity France FR”

- M i.e. “Monthly settled DS Futures”

- Load 

 4H01 denotes “4 hour block 1”

 4H02 denotes “4 hour block 2”

 4H03 denotes “4 hour block 3”

 4H04 denotes “4 hour block 4”

 4H05 denotes “4 hour block 5”
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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 4H06 denotes “4 hour block 6”

 6H01 denotes “6 hour block 1”

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EFRMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 58 (264)

1.5 German Electricity Base Year DS Future – EDEBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar year as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter DS Future) spanning the same Delivery Period 

as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5

th ) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day (inclusive)

before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

5 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEBLYR-13 for Delivery Period = calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

5

The German Electricity Base Year DS Future will not be listed after 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 60 (264)

1.6 German Electricity Base Year Future – EDEFUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar year as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter Futures) spanning the same Delivery Period as 

the year contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will be the Expiration Day Fix equal the original Contract 

Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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(inclusive) before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFUTBLYR-13 for Delivery Period = calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 62 (264)

1.7 German Electricity Base Quarter DS Future – EDEBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Base Month DS Future) spanning the same 

Delivery Period as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (

2nd) last year prior to the Delivery Period..

The Expiration Day will normally be the last Bank Day before the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

6 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight (8) and eleven (11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEBLQ2-13 for Delivery Period = 2nd quarter (April - June 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

6

German Electricity Base Quarter DS Future will not be listed after Q4 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 64 (264)

1.8 German Electricity Base Quarter Future – – EDEFUTBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Base Month Futures) spanning the same Delivery 

Period as the quarter contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will equal the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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second (2nd) last year prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight and eleven (8-11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEFUTBLQ2-13 for Delivery Period = 2nd quarter (April - June 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 66 (264)

1.9 German Electricity Base Month DS Future – EDEBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable month as specified in the Series Designation and the 

Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1

st) Bank Day of the 

sixth (6

th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 67 (264)

Listing of Series

7 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEBLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

7

German Electricity Base Month DS Future will not be listed after December 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 68 (264)

1.10 German Electricity Base Month Future - EDEFUTBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Clearing Registration Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEFUTBLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 70 (264)

1.11 German Electricity Base Average Rate Month future – EDEAFUTBLM[MMM]- [YY]

Type of contract Electricity Contract. Standardized electricity future contract 

with cash settlement. 

Contract base Average of the hourly prices from the day-ahead auction for 

the German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with 

the applicable Spot Reference Period. 

The contract size (contract volume), expressed in MWh, will be 

a function of the applicable number of delivery hours and the 

lot size. 

Base load months normally vary between 672 and 745 hours. 

Trade Lot 1MW 

Bank Day Calendar European Trading Calendar

Currency Euro (EUR) 

Tick size EUR 0.01 

Contract Price As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Load Base load - Covering all hours of all days in the Spot Reference

Period (00:00 – 24:00 CET). 

Spot Reference Period The applicable load hours of the calendar month as specified in 

the Series Designation and the Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A and 

Part B of the Contract Specifications: 

- Daily Fix shall be determined on each Bank Day during the 

Term, 

- Expiration Day Fix shall be determined on the Expiration Day.

(the first Bank Day following the Expiration Day if the 

Expiration Day is a non-Bank Day)

Settlement Cash settlement only. 

Daily Market Settlement in accordance with Part A of the 

Contract Specifications. On the Expiration Day the Daily 

Market Settlement will be calculated using the Expiration 

Day Fix for Average Rate Contracts.

Cascading None 

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

The first trading day will normally be the first (1st) Bank Day of 

the sixth (6th) month prior to the Spot Reference Period.

The Expiration Day will normally be the last day of the Spot 

Reference Period for the Series.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled. 

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time. 

Seven (7) Series shall be available for trading and clearing at 

all times. 

Series designation Each Series shall be designated as follows: 

EDEAFUTBLM[MMM]- [YY]; where 

- [MMM] denotes the month (three letters) and 

- [YY] denotes the calendar year (00-99) of the Spot 

Reference Period

(E.g. EDEAFUTBLMJAN-17 for Spot Reference Period = January 

2017) 

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 72 (264)

1.12 German Electricity Base Week Future – EDEBLW[ww]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load week normally spans 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar week (Monday - Sunday) as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The First trading day will normally be the first (1st) Bank Day of the 

fourth (4th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 73 (264)

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Four (4) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLW[WW]-[YY]; where 

- [WW] denotes the week number (two digits 01-53) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEBLW05-12 for Delivery Period = week 5 in 2012)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 74 (264)

1.13 German Electricity Base Day Future – EDEBLD[DDMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract base size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load day normally spans 24 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the applicable calendar day (00:00 –

24:00 CET).

Delivery Period The applicable calendar day as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the last Bank Day of the week 

prior to the week of the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at 12:00 CET on the Expiration Day will 

be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 75 (264)

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected thirty (30) minutes 

after end of Exchange Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Nine (9) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBLD[DDMM]-[YY]; where: 

- [DDMM]-[YY] denotes the day [DD], month [MM] and year [YY] of 

the Delivery Period.

(E.g. EDEBLD2501-13 for Delivery Period = 25 January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 76 (264)

1.14 German Electricity Peak Year DS Future – EDEPLYR-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load year normally vary between 3120 and 3144 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the calendar year as specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in

accordance with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter DS Future) spanning the same Delivery Period 

as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (

5th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day (inclusive)

before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 77 (264)

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

8 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEPLYR-13 for Delivery Period = peak load calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

8

The German Electricity Peak Year DS Future will not be listed after 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 78 (264)

1.15 German Electricity Peak Year Future - EDEFUTPLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load year normally vary between 3120 and 3144 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the calendar year as specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (German 

Electricity Base Quarter Futures) spanning the same Delivery Period as 

the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 

(inclusive) before the Delivery Period for the Series commences.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 79 (264)

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTPLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFUTPLYR-13 for Delivery Period = peak load calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 80 (264)

1.16 German Electricity Peak Quarter DS Future – EDEPLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load quarters normally vary between 768 and 792 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Base Month DS Future) spanning the same 

Delivery Period as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) last year prior to the Delivery Period. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 81 (264)

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series

9 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight (8) and eleven (11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPL[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEPLQ2-13 for Delivery Period = 2nd quarter (April - June 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

9

German Electricity Peak Quarter DS Future will not be listed after Q4 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 82 (264)

1.17 German Electricity Peak Quarter Future - – EDEFUTPLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load year normally vary between 768 and 792 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday to 

Friday of the Delivery Period.

Delivery Period The applicable load hour of the of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts 

(German Electricity Peak Month Futures)) spanning the same Delivery 

Period as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) last year prior to the Delivery Period. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 83 (264)

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTPLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFUTPLYR-13 for Delivery Period = peak load calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 84 (264)

1.18 German Electricity Peak Month DS Future – EDEPLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load months normally vary between 240 and 276 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday – Friday 

of the Delivery Period.

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6

th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 85 (264)

Listing of Series

10 Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEPLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information

 

10

German Electricity Peak Month DS Future will not be listed after December 2019.
COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 86 (264)

1.19 German Electricity Peak Month Future - EDEFUTPLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Peak load months normally vary between 240 and 276 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday – Friday 

of the Delivery Period.

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 87 (264)

Clearing Registration Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTPLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEFUTPLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 88 (264)

1.20 German Electricity Peak Week Future – EDEPLW[WW]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A peak load week spans 60 hours. On changes to or from Daylight 

Savings Time affected Series will be one hour shorter or longer than 

normal.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Peak load - Covering the hours 08:00 – 20:00 CET on Monday - Friday 

of the Delivery Period week

Delivery Period The applicable load hours of the calendar week specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The First trading day will normally be the first (1st) Bank Day of the 

fourth (4th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OSLO ASA and NASDAQ CLEARING AB 89 (264)

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Four (4) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEPLW[WW]-[YY]; where 

- [WW] denotes the week number (two digits 01-53) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. EDEPLW05-12 for Delivery Period = Peak hour Monday – Friday 

week 5 in 2012)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 90 (264)

1.21 German Electricity Base DS Future Year Option - EDEBL[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Year DS Future contract.

Style of Option European Option

Contract base German Electricity Base Year DS Future contract, as specified in the 

Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 91 (264)

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally 

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBL[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEBLCYR3DEC2-40 for a call-option for Delivery Period = 

calendar year 2013 and Expiration Day = during December 2012 (as 

further specified in the Trading System and the Product Calendar) at 

Exercise Price EUR 40)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 92 (264)

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 93 (264)

1.22 German Electricity Base Future Year Option - EDEFUTBL[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Year Future contract.

Style of Option European Option

Contract base German Electricity Base Year Future contract, as specified in the Series 

Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBL[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEFUTBLCYR3DEC2-40 for a call-option for Delivery Period = 

calendar year 2013 and Expiration Day = during December 2012 (as 

further specified in the Trading System and the Product Calendar) at 

Exercise Price EUR 40)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 95 (264)

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 96 (264)

1.23 German Electricity Base DS Future Quarter Option – EDEBL[C/P]Q[QY][MMMY]-

[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Quarterly Electricity DS Future contract.

Style of Option European Option

Contract base German Electricity Base Quarterly Electricity DS Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 97 (264)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month six

(6) months ahead of the applicable month of the Expiration Day

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBL[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEBLCQ32JUN2-35 for a call-option for Delivery Period = 

Quarter 3 2012 and Expiration Day = during June 2012 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 98 (264)

1.24 German Electricity Base Future Quarter Option – EDEFUTBL[C/P]Q[QY][MMMY]-

[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Quarterly Electricity Future contract.

Style of Option European Option

Contract base German Electricity Base Quarterly Electricity Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 99 (264)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month six 

(6) months ahead of the applicable month of the Expiration Day.

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBL[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEFUTBLCQ32JUN2-35 for a call-option for Delivery Period = 

Quarter 3 2012 and Expiration Day = during June 2012 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 100 (264)

1.25 German Electricity Base DS Future Month Option – EDEBL[C/P]M[MMMY][MMMY]-

[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Monthly Electricity DS Future contract.

Style of Option European Option

Contract base German Electricity Base Monthly Electricity DS Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
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buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month three 

(3) months ahead of the applicable month of the Expiration Day

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEBL[C/P]M[MMMY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the applicable Delivery Period, year for the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEBLCMAPR4MAR3-45 for a call-option for Delivery Period = 

April 2014 and Expiration Day = during Mars 2013 (as further specified 

in the Trading System and the Product Calendar) at Exercise Price EUR 

35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 102 (264)

1.26 German Electricity Base Future Month Option –

EDEFUTBL[C/P]M[MMMY][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of 

German Electricity Base Monthly Electricity Future contract.

Style of Option European Option

Contract base German Electricity Base Monthly Electricity Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
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buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month three 

(3) months ahead of the applicable month of the Expiration Day

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EDEFUTBL[C/P]M[MMMY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the applicable Delivery Period, year for the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. EDEFUTBLCMAPR4MAR3-45 for a call-option for Delivery Period = 

April 2014 and Expiration Day = during Mars 2013 (as further specified 

in the Trading System and the Product Calendar) at Exercise Price EUR 

35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 104 (264)

1.27 German Electricity Base Average Month Option –EDEAFUTBL[C/P]M[MMMY]-[XX]

Type of contract Standardized delivery of future option contract on 

corresponding Contract Base of German Electricity Base 

Average Rate Month future. 

Style of Option European Option with automatic exercise and delivery of 

underlying future contract on Expiration Day.

Contract base German Electricity Base Average Rate Style Month future 

contract , as specified in the Series Designation and the 

Product Calendar. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in 

the Trading System and the Product Calendar, and may vary 

with the applicable Spot Reference Period. 

The contract size (contract volume), expressed in MWh, will 

be a function of the applicable number of delivery hours and 

the lot size. 

Base load months normally vary between 672 and 745 hours. 

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW 

Bank Day Calendar European Trading Calendar

Currency Euro (EUR) 

Tick size EUR 0.01 

Fix Option Fix for shall be determined on the Expiration Day in 

accordance with Part B Section of the Contract Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Premium Settlement Premium Settlement shall take place on the first Bank Day 

following the day on which the applicable Option Contract is 

registered as a Clearing Transaction. 

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard 

Exercise for put options will be invoked where the Exercise 

Price is greater than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the option Fix is 

available.

Exercise Price The Exercise Price (i.e. strike price) is 

specified in the designation of each Series (see Series 

Designation) 

Settlement (Following 

Option Excercise) 

Following Option Exercise, a new Clearing Transaction 

reflecting the Contract Base of the Option Contract is 

automatically and immediately registered to the Option 

Holder’s and the Option Writer’s applicable Clearing Accounts. 

The Option Holder will be registered as buyer of the Contract 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 105 (264)

Base in respect of a call Option, and as seller in respect of a 

put Option. The Option Writer will be registered with the 

opposite position. The Exercise Price of the Option Contract 

will be registered as the Contract Price for the Contract Base 

(“delivery to strike”). 

Settlement of the Contract Base will take place in accordance 

with the applicable rules for the Contract Base.

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

The Expiration Day is normally the same as the underlying 

contract base

Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall 

occur in Series on the dates set forth in the Quotation List in 

effect at any given time. 

Seven (7) Series shall be available for trading and clearing at 

all times as of D+3 (D denotes the first Bank Day of the 

month).

Series designation Each Series shall be designated as follows: 

EDEAFUTBL[C/P]M[MMMY]-[XX]; were: 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [MMMY] denotes the delivery month [MMM] and the last 

digit of the year [Y] of the applicable Spot Reference Period, 

year for the Contract Base (0-9) 

- [XX] denotes the applicable Exercise Price in EUR 

(E.g. EDEAFUTBLCMAPR7-45 for a call-option for Spot 

Reference Period = April 2017 (as further specified in the 

Trading System and the Product Calendar) at Exercise Price 

EUR 45 

Strike levels The following Series with a price interval of 1 shall initially be 

listed as one (1) Series reflecting the price level of the 

underlying contract and two (2) series above and two (2) 

Series below the price of the underlying contract. The price 

level of the underlying contract is determined by the Daily Fix 

on the preceding Bank Day. Strike levels may additionally be 

listed intra-day. 

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 106 (264)

1.28 German EPAD Electricity Base Year Future – EDE[AA][FUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, calculated as the difference of average of the 

hourly prices from the day-ahead auction for the German/Austrian 

price zone and average of the hourly prices from the day-ahead

auction for the French / Dutch / Belgian price zones.

The price difference may be expressed either as a positive number or a 

negative number.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the Delivery Period (00:00 – 24:00 

CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash Settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Cascading automatically takes place on the Expiration Day of each 

Series. 

Year contracts cascade into quarter contracts in respect of the same 

Area Price and spanning the same Delivery Period as the year contract.

The Contract Price of the cascaded/new contracts will be the Expiration 

Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 107 (264)

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

third (3

rd) year prior to the Delivery Period for all French, Belgium and

Dutch areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered by the end of exchange trading 

hours on the Expiration Day will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times 

for all French, Belgium and Dutch areas.

Series designation Each Series shall be designated as follows:

EDE[AA]FUTBLYR-[YY]; where 

- [AA] denotes the applicable Area Price for the Series (two letters): 

- FR: France;

- NL: Netherland;

- BE: Belgium and

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. EDEFRFUTBLYR-13 for Area Price France and Delivery Period = 

calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 108 (264)

1.29 German EPAD Electricity Base Quarter Future – EDE[AA][FUTBLQ-[QQ-YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, calculated as the difference of average of the 

hourly prices from the day-ahead auction for the German/Austrian 

price zone and average of the hourly prices from the day-ahead

auction for the French / Dutch / Belgian price zones.

The price difference may be expressed either as a positive number or a 

negative number.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts in 

respect of the same Area Price and spanning the same Delivery Period 

as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 109 (264)

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

ninth (9th) month prior to the Delivery Period for all French, Belgium 

and Dutch areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times 

for the French, Belgium and Dutch areas.

Series designation Each Series shall be designated as follows:

EDE[AA]FUTBLQ[QQ-YY]; where 

- [AA] denotes the applicable Area Price for the Series (two letters): 

- FR: France;

- NL: Netherland;

- BE: Belgium and

- [QQ-YY] denotes the applicable quarter [QQ] (1-4) and the calendar 

year [YY] (00-99) of the Delivery Period

- (E.g. EDEFRFUTBLQ1-13 for Area Price France and Delivery Period = 

Q1 (jan – mar) year 2013

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 110 (264)

1.30 German EPAD Electricity Base Month Future – EDE[AA][FUTBLM[MMM-YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, calculated as the difference of average of the 

hourly prices from the day-ahead auction for the German/Austrian 

price zone and average of the hourly prices from the day-ahead 

auction for the French / Dutch / Belgian price zones.

The price difference may be expressed either as a positive number or a 

negative number.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar European Trading Calendar

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) month prior to the Delivery Period for all French, Belgium 

and Dutch areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 111 (264)

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times 

for the French, Belgium and Dutch areas.

Series designation Each Series shall be designated as follows:

EDE[AA]FUTBLM[MMM-YY]; where 

- [AA] denotes the applicable Area Price for the Series (two letters): 

- FR: France;

- NL: Netherland;

- BE: Belgium and

- [MMM-YY] denotes the applicable month [MMM] (three letters) and 

the calendar year [YY] (00-99) of the Delivery Period

(E.g. EDEFRFUTBLMJAN-13 for Area Price France and Delivery Period = 

january 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 112 (264)

1.31 German Power Monthly DS Future – EDEM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention. 

Contract base Average of the hourly prices from the day-ahead auction for the 

German/Austrian price zone. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size.

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar. 

Currency Euro (EUR). 

Tick size EUR 0,01. 

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Daily Contracts:

4 hour block1 – Covering hours 00:00 - 03:59 CET.

4 hour block2 – Covering hours 04:00 - 07:59 CET.

4 hour block3 – Covering hours 08:00 - 11:59 CET.

4 hour block4 – Covering hours 12:00 - 15:59 CET.

4 hour block5 – Covering hours 16:00 - 19:59 CET.

4 hour block6 – Covering hours 20:00 - 23:59 CET.

6 hour block1 – Covering hours 00:00 - 05:59 CET.

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Peak Load - Covering hours 08:00 – 19:59 CET of the relevant day.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00-23:59 CET 

of all relevant days Saturday throughout Sunday.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 113 (264)

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 08:00 – 19:59 CET of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 00:00 - 07:59 and 20:00 - 23:59 

CET of all relevant days Monday throughout Friday and hours 00:00 

– 23:59 CET of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Market Settlement Day specified as the

20th day of the immediately following calendar month, subject to 

adjustment in accordance with the Following Business Day 

Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load), 4 hour block 

1-6 and 6 hour block 1: Orders that are not matched at 12:00 CET 

on the Expiration Day will be cancelled.

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EDEM[Load][Period]; where 

- EDE i.e. “Electricity Germany DE”

- M i.e. “Monthly settled DS Futures”

- Load 

 4H01 denotes “4hour block 1”

 4H02 denotes “4 hour block 2”
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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 4H03 denotes “4 hour block 3”

 4H04 denotes “4 hour block 4”

 4H05 denotes “4 hour block 5”

 4H06 denotes “4 hour block 6” 

 6H01 denotes “6 hour block 1”

 B denotes “Base Load”

 P denotes “Peak Load”

 O denotes “Off Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EDEMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 115 (264)

1.32 Italian Power Monthly DS Future – EITM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base GME Day-Ahead Market, National Single Price (PUN), i.e. the price of 

1 MWh of electricity in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 116 (264)

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contract: Orders that are not matched at 12:00 CET on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EITM[Load][Period]; where 

- EIT i.e. “Electricity Italy IT”

- M i.e. “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EITMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 117 (264)

1.33 Nordic Electricity Base Year DS Future – ENOYR-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (Nordic 

Electricity Base Quarter DS Future) spanning the same Delivery Period 

as the year contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

tenth (10th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 

(inclusive) before the Delivery Period for the Series commences.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 118 (264)

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Ten (10) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. ENOYR-13 for Delivery Period = calendar year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 119 (264)

1.34 Nordic Electricity Base Quarter DS Future – ENOQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (Nordic 

Electricity Base Month DS Future) spanning the same Delivery Period 

as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) last year prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Between eight and eleven (8-11) Series shall be available for trading 

and clearing at all times

Series designation Each Series shall be designated as follows:

ENOQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99) 

of the Delivery Period

(E.g. ENOQ1-13 for Delivery Period = first quarter (January – March) 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 121 (264)

1.35 Nordic Electricity Base Month DS Future – ENOM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar month as specified in the Series Designation 

and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 122 (264)

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Six (6) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. ENOMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 123 (264)

1.36 Nordic Electricity Base Year Future – ENOFUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar year as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications. 

Cascading Year contracts cascade into corresponding quarter contracts (Nordic 

Electricity Base Quarter Futures) spanning the same Delivery Period as 

the year contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

tenth (10th) year prior to the Delivery Period.

The Expiration Day will normally be the third (3rd) Bank Day 

(inclusive) before the Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 
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the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Ten (10) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. ENOFUTBLYR-17 for Delivery Period = calendar year 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 125 (264)

1.37 Nordic Electricity Base Quarter Future – – ENOFUTBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day. 

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (Nordic 

Electricity Base Average Rate Month Futures) spanning the same 

Delivery Period as the quarter contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will equal the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
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second (2nd) last year prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Between eight and eleven (8-11) Series shall be available for trading 

and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. ENOFUTBLQ2-17 for Delivery Period = 2nd quarter (April - June 

2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 127 (264)

1.38 Nordic Electricity Base Average Rate Month Future - ENOAFUTBLM[MMM]-[YY] 

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Spot Reference Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Spot Reference Period 

(00:00 – 24:00 CET).

Spot Reference Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A and Part B 

of the Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; (the 

first Bank Day following the Expiration Day if the Expiration Day is a 

non-Bank Day)

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications. On the Expiration Day the Daily Market 

Settlement will be calculated using the Expiration Day Fix for 

Average Rate Contracts.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

sixth (6th) month prior to the Spot Reference Period.

The Expiration Day will normally be the last day of the Spot Reference

Period for the Series. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Seven (7) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOAFUTBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Spot Reference Period

(E.g. ENOAFUTBLMJAN-17 for Spot Reference Period = January 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 129 (264)

1.39 Nordic Electricity Base Week Future – ENOW[WW]-[YY]

Type of contract Electricity Contract. Electricity Contract. Standardized electricity future 

contract with cash settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load week normally spans 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1 MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable calendar week (Monday - Sunday) as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The First trading day will normally be the first (1st) Bank Day of the 

sixth (6th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours in a 

Series on the Expiration Day will be cancelled.
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COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 130 (264)

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Six (6) Series shall be available for trading and clearing at all times

Series designation Each Series shall be designated as follows:

ENOW[WW]-[YY], where: 

- [YY] denotes the calendar year (00-99)

- [WW] denotes the week number (01-53)

of the Delivery Period.

(E.g. ENOW01-13 for Delivery Period = week 1 in 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 131 (264)

1.40 Nordic Electricity Base Day Future – ENOD[DDMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base Nordic System Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily “Elspot System Price” 

for the Nordic region as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. The contract base size (contract volume) 

will be a function of the applicable number of delivery hours and the 

lot size. 

A base load day normally spans 24 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the applicable calendar day (00:00 –

24:00 CET).

Delivery Period The applicable calendar day as specified in the Series Designation and 

the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the last Bank Day of the week 

prior to the week of the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at 12:00 CET on the Expiration Day will 

be cancelled.

Final Time for Transactions that are not registered within thirty (30) minutes from 
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Clearing Registration the final time for exchange trading will be rejected.30 minutes after 

end of Exchange Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Nine (9) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOD[DDMM]-[YY], where: 

- [DDMM]-[YY] denotes the day [DD], month [MM] and year [YY] [ of 

the Delivery Period.

(E.g. ENOD2501-13 for Delivery Period = 25 January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 133 (264)

1.41 Nordic Electricity Base DS Future Year Option – ENO[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of Nordic 

Electricity Base Year DS Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Year DS Future contract, as specified in the 

Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENO[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOCYR3DEC2-40 for a call-option for Delivery Period = calendar 

year 2013 and Expiration Day = during December 2012 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 40)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 135 (264)

1.42 Nordic Electricity Base DS Future Quarter Option – ENO[C/P]Q[QY][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract Base of Nordic 

Electricity Base Quarterly Electricity DS Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Quarterly Electricity DS Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 136 (264)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the 3rd Thursday of the month six (6) 

months ahead of the applicable month of the Expiration Day.

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENO[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOCQ32JUN2-35 for a call-option for Delivery Period = Quarter 

3 2012 and Expiration Day = during June 2012 (as further specified in 

the Trading System and the Product Calendar) at Exercise Price EUR 

35)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 137 (264)

1.43 Nordic Electricity Base Average Rate Month Future Option –

ENOAFUTBL[C/P]M[MMMY]-[XX]

Type of contract Standardized delivery of future option contract on 

corresponding Contract Base of Nordic Electricity Base Average 

Rate Month future

Style of Option European Option with automatic exercise and delivery of 

underlying future contract on Expiration Day.

Contract base Nordic Electricity Base Average Rate Style Month future

contract, as specified in the Series Designation and the Product 

Calendar. 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with 

the applicable Spot Reference Period.

The contract size (contract volume), expressed in MWh, will be 

a function of the applicable number of delivery hours and the 

lot size. 

Base load months normally vary between 672 and 745 hours. 

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW 

Bank Day Calendar Bank Days in Norway 

Currency Euro (EUR) 

Tick size EUR 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B Section of the Contract Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in 

EUR/MWh. 

Premium Settlement Premium Settlement shall take place on the first Bank Day 

following the day on which the applicable Option Contract is 

registered as a Clearing Transaction. 

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is 

greater than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the option Fix is 

available.

Exercise Price The Exercise Price (i.e. strike price) is 

specified in the designation of each Series (see Series 

Designation) 

Settlement (Following 

Option Exercise) 

Following Option Exercise, a new Clearing Transaction 

reflecting the Contract Base of the Option Contract is 
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automatically and immediately registered to the Option 

Holder’s and the Option Writer’s applicable Clearing Accounts. 

The Option Holder will be registered as buyer of the Contract 

Base in respect of a call Option, and as seller in respect of a 

put Option. The Option Writer will be registered with the 

opposite position. The Exercise Price of the Option Contract will 

be registered as the Contract Price for the Contract Base 

(“delivery to strike”). 

Settlement of the Contract Base will take place in accordance 

with the applicable rules for the Contract Base.

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

The Expiration Day is normally the same as the underlying 

contract base

Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time. 

Seven (7) Series shall be available for trading and clearing at 

all times as of D+3 (D denotes the first Bank Day of the 

month). 

Series designation Each Series shall be designated as follows: 

ENOAFUTBL[C/P]M[MMMY]-[XX]; were: 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [MMMY] denotes the month [MMM] and the last digit of the 

year [Y] of the applicable Spot Reference Period, year for the 

Contract Base (0-9) 

- [XX] denotes the applicable Exercise Price in EUR 

(E.g. ENOAFUTBLCMAPR7-45 for a call-option for Spot 

Reference Period = April 2017 (as further specified in the 

Trading System and the Product Calendar) at Exercise Price 

EUR 45 

Strike levels The following Series with a price interval of 1 shall initially be 

listed as one (1) Series reflecting the price level of the 

underlying contract and two (2) series above and two (2) 

Series below the price of the underlying contract. The price 

level of the underlying contract is determined by the Daily Fix 

on the preceding Bank Day. Strike levels may additionally be 

listed intra-day. 

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information 
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COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 139 (264)

1.44 Nordic Electricity Base Future Year Option - ENOFUTBL[C/P]YR[Y][MMMY]-[XX]

Type of contract Standardized option contract on corresponding Contract base of Nordic 

Electricity Base Year Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Year Future contract, as specified in the Series 

Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway 

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time. Following a Manual 

Exercise, or where a reservation has been made against Standard 

Exercise, the option writer is chosen by random draw amongst the 

Counterparties with positions in the Contract. The chosen option writer 

will be informed about the results of the draw at such time as specified 

in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 
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respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). Settlement of the 

Contract Base pursuant to its Contract Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

For contracts with December expiry: The first trading day is normally 

the third Thursday of the month two (2) years ahead of the applicable 

month of the Expiration Day.

For contracts with expiry other than December: The first trading day is 

normally the third Thursday of the month three (3) months ahead of 

the applicable month of the Expiration Day. Exception: March 

contract’s first trading day will follow the same rule as above, but six 

(6) months in advance instead of three (3).

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year prior to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. Three 

(3) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBL[C/P]YR[Y][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [Y] denotes the last digit of the applicable Delivery Period year for 

the Contract Base (0-9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System 

and the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOFUTBLCYR7DEC6-40 for a call-option for Delivery Period = 

calendar year 2017 and Expiration Day = during December 2016 (as 

further specified in the Trading System and the Product Calendar) at 

Exercise Price EUR 40)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 141 (264)

1.45 Nordic Electricity Base Future Quarter Option – ENOFUTBL[C/P]Q[QY][MMMY]-

Type of contract Standardized option contract on corresponding Contract base of Nordic

Electricity Base Quarterly Electricity Future contract.

Style of Option European Option

Contract base Nordic Electricity Base Quarterly Electricity Future contract, as 

specified in the Series Designation and the Product Calendar.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load quarter normally spans around 2190 hours depending on 

the number of days in each month, winter time or summer time, leap 

year for 1st quarter with February month.

Lot size 1MWh (= 1MW of the Contract Base) 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway 

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/MWh.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following Following Option Exercise, the Contract Base is registered to the option 
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Option Exercise) holder and the option writer. The option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the third Thursday of the month six 

(6) months ahead of the applicable month of the Expiration Day.

The Expiration Day is normally the third Thursday of the month stated 

in the Series in the year to the delivery of the underlying contract

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

ENOFUTBL[C/P]Q[QY][MMMY]-[XX]; were:

- [C/P] denotes whether it is a call [C] or put [P] option

- [QY] the first digit denotes the quarter (1-4) and the last digits the 

year of the applicable Delivery Period, year for the Contract Base (0-

9)

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar)

- [XX] denotes the applicable Exercise Price in EUR

(E.g. ENOFUTBLCQ27MAR7-35 for a call-option for Delivery Period = 

Quarter 2 2017 and Expiration Day = during Mar 2017 (as further 

specified in the Trading System and the Product Calendar) at Exercise 

Price EUR 35)

Strike levels The following Series with a price interval of 1 shall initially be listed as 

one (1) Series reflecting the price level of the underlying contract and 

two (2) series above and two (2) Series below the price of the 

underlying contract. The price level of the underlying contract is 

determined by the Daily Fix on the preceding Bank Day. Strike levels 

may additionally be listed intra-day.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 143 (264)

1.46 Nordic EPAD Electricity Base Year DS Future – SY[AAA]-[YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the Delivery Period (00:00 – 24:00 

CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash Settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Cascading automatically takes place on the Expiration Day of each 

Series. 

Year contracts cascade into quarter contracts in respect of the same 

Area Price and spanning the same Delivery Period as the year contract.

The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.
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Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

third (3rd) year prior to the Delivery Period for all Norwegian, Danish, 

Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) year prior to the Delivery Period for all Swedish and 

Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered by the end of exchange trading 

hours on the Expiration Day will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Two (2) Series shall be available for trading and clearing at all times 

for the Latvian area. Series are listed on the terms set forth herein, 

unless otherwise expressly stated by the Exchange. Listing shall occur 

in Series on the dates set forth in the Quotation List in effect at any 

given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish and Estonian areas. Four (4) Series shall be 

available for trading and clearing at all times for the Swedish and 

Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]YR-[YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;
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- TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. SYARHYR-13 for Area Price Århus and Delivery Period = calendar 

year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 146 (264)

1.47 Nordic EPAD Electricity Base Quarter DS Future – SY[AAA]Q[QQ-YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts in 

respect of the same Area Price and spanning the same Delivery Period 

as the quarter contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will equal the 

original Contract Price.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

ninth (9th) month prior to the Delivery Period for all Norwegian, 

Danish,Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

twelfth (12th) month prior to the Delivery Period for all Swedish and 

Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Four (4) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]Q[QQ-YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Norway”; and

- [QQ-YY] denotes the applicable quarter [QQ] (1-4) and the calendar 

year [YY] (00-99) of the Delivery Period

(E.g. SYARHQ1-13 for Area Price Århus and Delivery Period = Q1 (jan 

– mar) year 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 149 (264)

1.48 Nordic EPAD Electricity Base Month DS Future – SY[AAA][MMM-YY]

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

cash settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price , and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the Delivery 

Period.

Settlement Cash settlement only.

Expiry Market Settlement and Spot Reference Settlement in 

accordance with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

second (2nd) month prior to the Delivery Period for all Norwegian, 

Danish, Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) month prior to the Delivery Period for all Swedish and 
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Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Two (2) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Four (4) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA][MMM-YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [MMM-YY] denotes the applicable month [MMM] (three letters) and 

the calendar year [YY] (00-99) of the Delivery Period

(E.g. SYARHJAN-13 for Area Price Århus and Delivery Period = january 

2013)

Primary Exchange NASDAQ Oslo ASA
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Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.49 Nordic EPAD Electricity Base Week Future – SY[AAA]W[WW]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price , and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price). 

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load week normally spans 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal. 

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the calendar week as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term; 

- Expiration Day Fix shall be determined on the Expiration Day; and 

- Spot Reference Fix shall be determined for each day of the Delivery

 Period. 

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
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fifth (5th) Week prior to the Delivery Period for all Swedish and Finnish 

areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Transactions that are not registered within thirty (30) minutes from 

the final time for exchange trading will be rejected.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times 

for the Swedish and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]W[WW]- [YY] where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- [WW] denotes the week number (1-53) 

- [YY] denotes the calendar year (00-99) 

of the Delivery Period

(E.g. SYHELW01-13 for Area Price Helsinki and Delivery Period = week 

1 in 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.50 Nordic EPAD Electricity Base Year Future – SY[AAA]FUTBLYR-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price).

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

A base load year normally spans 8760 hours, and 8784 hours in case 

of leap years.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of the Delivery Period (00:00 – 24:00 

CET).

Delivery Period The applicable load hours of the calendar year specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day. 

Settlement Cash Settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

Cascading Year contracts cascade into corresponding quarter contracts (Nordic 

EPAD Electricity Base Quarter Future) in respect of the same Area 

Price and spanning the same Delivery Period as the year contract.

Cascading automatically takes place on the Expiration Day prior to 

delivery of each Series. The Contract Price of the cascaded/new 

contracts will be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.
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The first trading day will normally be the first (1st) Bank Day of the 

third (3rd) year prior to the Delivery Period for all Norwegian, Danish, 

Estonian and Latvian areas. 

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) year prior to the Delivery Period for all Swedish and 

Finnish areas. 

The Expiration Day will normally be the third (3rd) Bank Day (inclusive) 

before the Delivery Period for the Series. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours.

Listing Exchange Listing and Clearing Listing

Listing of Series Two (2) Series shall be available for trading and clearing at all times 

for the Latvian area. Series are listed on the terms set forth herein, 

unless otherwise expressly stated by the Exchange. Listing shall occur 

in Series on the dates set forth in the Quotation List in effect at any 

given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish and Estonian areas. Four (4) Series shall be 

available for trading and clearing at all times for the Swedish and 

Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]FUTBLYR-[YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- - CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- - HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- - LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- - MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- - OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- - RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- - STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- - SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- - TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- - TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [A] denotes the Average Rate Future
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- [YY] denotes the calendar year (00-99) of the Delivery Period

(E.g. SYARHFUTBLYR-17 for Area Price Århus and Delivery Period = 

calendar year 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 157 (264)

1.51 Nordic EPAD Electricity Base Quarter Future – SY[AAA]FUTBLQ-[Q]- [YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price, and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price).

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (00:00 

– 24:00 CET).

Delivery Period The applicable load hours of the quarter as specified in the Series 

Designation and the Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day. 

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (EPAD 

Electricity Base Average Rate Month Future) in respect of the same 

Area Price and spanning the same Delivery Period as the quarter 

contract.

Cascading automatically takes place on the Expiration Day of each 

Series. The Contract Price of the cascaded/new contracts will be the 

Expiration Day Fix.
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Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

ninth (9th) month prior to the Delivery Period for all Norwegian, 

Danish, Estonian and Latvian areas. 

The first trading day will normally be the first (1st) Bank Day of the 

twelfth (12th) month prior to the Delivery Period for all Swedish and 

Finnish areas.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Four (4) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]AFUTBLQ[Q]-[YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three 

letters): 

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- - CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- - HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- - LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- - MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- - OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- - RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- - STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- - SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- - TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- - TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and

- [Q] denotes the applicable quarter (1-4) and
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- [YY] denotes the calendar year (00-99)

- (E.g. SYARHFUTBLQ1-17 for Area Price Århus and Delivery Period = 

Q1 (Jan – mar) year 2017

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.52 Nordic EPAD Electricity Base Average Rate Month Future –

SY[AAA]AFUTBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future contract with cash 

settlement.

Contract base The price difference, in the currency of the Contract, for 1 MWh of 

electricity between the daily “Elspot System Price” for the Nordic 

region and the applicable Area Price (as specified in the Series 

Designation), both as quoted and published by Nord Pool AS on the 

www.npspot.com website. 

The price difference is calculated as the Area Price minus the Nordic 

System Price , and may be expressed either as a positive number 

(where the Area Price is higher than the Nordic System Price) or a 

negative number (where the Area Price is lower than the Nordic 

System Price).

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Spot Reference Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours.

Trade Lot 1MW

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh.

Load Base load - Covering all hours of all days in the Spot Reference Period 

(00:00 – 24:00 CET).

Spot Reference Period The applicable load hours of the calendar month as specified in the 

Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A and Part B 

of the Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term,

- Expiration Day Fix shall be determined on the Expiration Day; (the 

first Bank Day following the Expiration Day if the Expiration Day is a 

non-Bank Day).

Settlement Cash settlement only.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications. On the Expiration Day the Daily Market Settlement will 

be calculated using the Expiration Day Fix for Average Rate Contracts

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 
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second (2nd) month prior to the Spot Reference Period for all 

Norwegian, Danish, Estonian and Latvian areas.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) month prior to the Spot Reference Period for all Swedish 

and Finnish areas.

The Expiration Day will normally be the last day of the Spot Reference 

Period for the Series commences. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening Hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Three (3) Series shall be available for trading and clearing at all times

for the Norwegian, Danish, Estonian and Latvian areas. Five (5) Series 

shall be available for trading and clearing at all times for the Swedish 

and Finnish areas.

Series designation Each Series shall be designated as follows:

SY[AAA]AFUTBLM[MMM-YY]; where 

- [AAA] denotes the applicable Area Price for the Series (three

letters):

- ARH: Århus; the Electricity Area including “Trige 400 kV, 

Denmark West”;

- - CPH: Copenhagen; the Electricity Area including “Hovegård 400 

kV, Denmark East”;

- - HEL: Helsinki; the Electricity Area including “Hyvinkää 400 kV, 

Finland”;

- - LUL: Luleå; the Electricity Area including “Svartbyn 400 kV, 

Sweden”;

- - MAL: Malmö; the Electricity Area including “Sege 400 kV, 

Sweden”;

- - OSL: Oslo; the Electricity Area including “Smestad 300 kV, 

Norway”;

- - RIG: Riga; the Electricity Area including “Riga 300 kV, Latvia”;

- - STO: Stockholm; the Electricity Area including “Hagby 400 kV, 

Sweden”;

- - SUN: Sundsvall; the Electricity Area including “Hjälta 400 kV, 

Sweden”;

- - TAL: Tallinn; the Electricity Area including “Harku 300 kV, 

Estonia”;

- - TRO: Tromsø; the Electricity Area including “Hungeren 132 kV, 

Norway”; and
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

(E.g. SYARHAFUTBLMJAN-17 for Area Price Århus and Spot Reference 

Period = January 2017)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
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1.53 Spanish Power Monthly DS Future - EESM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 20th day of the immediately following 

calendar month, subject to adjustment in accordance with the 

Following Business Day Convention.

Contract base OMIE Day-head Auction, i.e. the price of 1 MWh of electricity in 

Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,01.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Daily Contracts:

Base load - Covering hours 00:00 – 23:59 CET of the relevant day.

Weekly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:

Base load - Covering hours 00:00 – 23:59 CET of all relevant days 

Monday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 
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in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contract: Orders that are not matched at 12:00 CET on 

the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EESM[Load][Period]; where 

- EES i.e. “Electricity Spain ES”

- M i.e. “Monthly settled DS Futures”

- Load 

 B denotes “Base Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EESMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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1.54 UK Electricity Base Season Future – EUKBLS[S/W]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load seasons normally vary between 4392 and 4368 hours. 

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable season as specified in the Series Designation and the 

Product Calendar.

Seasons are for 6 consecutive months (April to September = Summer 

Season SS or October to March Winter Season SW).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Season contracts cascade into corresponding quarter contracts (UK 

Electricity Base Quarter Future) spanning the same Delivery Period as 

the season contract.

Cascading automatically takes place on the Expiry day prior to delivery 

of each Series. The Contract Price of the cascaded/new contracts will 

be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) season prior to the Delivery Period.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLS[S/W]-[YY], where: 

- [S/W] denotes the season (Summer – Winter) of the Delivery 

Period, where the summer season spans the months April –

September (inclusive) and the winter season spans the months 

October – March (inclusive) and

- [YY] denotes the calendar year (00-99)

(E.g. EUKBLSS-13 for Delivery Period = Summer season (Apr– Sep) in 

2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 167 (264)

1.55 UK Electricity Base Quarter Future – EUKBLQ[Q]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load quarters normally vary between 2159 and 2209 hours. 

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable quarter as specified in the Series Designation and the 

Product Calendar.

Quarters are for three consecutive calendar months of a year: Q1 

(Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading Quarter contracts cascade into corresponding month contracts (UK 

Electricity Base Month Future) spanning the same Delivery Period as 

the quarter contract.

Cascading automatically takes place on the Expiry day prior to delivery 

of each Series. The Contract Price of the cascaded/new contracts will 

be the Expiration Day Fix.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fifth (5th) quarter prior to the Delivery Period.
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The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLQ[Q]-[YY], where: 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

(E.g. EUKBLQ1-13 for Delivery Period = first quarter (January-March) 

in 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
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1.56 UK Electricity Base Month Future – EUKBLM[MMM]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load months normally vary between 672 and 745 hours. 

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable month as specified in the Series Designation and the 

Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading none

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (4th) month prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.

Final Time for Same as for exchange trading.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Clearing Registration

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Four (4) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLM[MMM]-[YY], where: 

- [MMM] denotes the month ( three letters) and

- [YY] denotes the calendar year (00-99)

(E.g. EUKBLMJAN-13 for Delivery Period = January 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 171 (264)

1.57 UK Electricity Base Week Future – EUKBLW[WW]-[YY]

Type of contract Electricity Contract. Standardized electricity future with cash 

settlement.

Contract base N2EX UK Auction Price, i.e. the price of 1 MWh of electricity, in the 

currency of the Contract, according to the daily price for the ”Day 

Ahead Power Auction” as quoted and published by N2EX on the 

www.n2ex.com website for each day of the Delivery Period.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period.

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Base load weeks normally span 168 hours. On changes to or from 

Daylight Savings Time affected Series will be one hour shorter or 

longer than normal.

Trade Lot 1MW

Bank Day Calendar Bank Days in the United Kingdom

Currency Pounds Sterling (GBP)

Tick size GBP 0.01

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh.

Load Base load - Covering all hours of all days in the Delivery Period (23:00 

to 23:00 UKLT).

Delivery Period The applicable load hours of the calendar week (Monday - Sunday) as 

specified in the Series Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day; and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Daily Market Settlement and Spot Reference Settlement in accordance 

with Part A of the Contract Specifications.

Cascading None

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day will normally be the first (1st) Bank Day of the 

fourth (5

th) week prior to the Delivery Period.

The Expiration Day will normally be the last Bank Day before the 

Delivery Period for the Series commences.

Final Time for Trading Orders that are not matched at the final time for exchange trading will 

be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 172 (264)

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Five (5) Series shall be available for trading and clearing at all times.

Series designation Each Series shall be designated as follows:

EUKBLW[WW]-[YY], where: 

- [YY] denotes the calendar year (00-99)

- [WW] denotes the week number (01-53)

of the Delivery Period

(E.g. EUKBLW01-13 for Delivery Period = week 1 in 2013)

Primary Exchange NASDAQ OMXNASDAQ Oslo ASA

Clearing Venue NASDAQ OMXNASDAQ Clearing AB

Other Information
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1.58 UK Power Monthly DS Future - EUKM

Type of contract Electricity Contract. Standardized electricity DS Future contract with 

monthly cash settlement on 10th business day of the immediately 

following calendar month.

Contract base N2EX Day-Ahead Power Auction, i.e. the price of 1 MWh of electricity 

in GBP.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Pounds Sterling (GBP).

Tick size GBP 0,01.

Contract Price As agreed by the purchaser and seller and expressed in GBP/MWh. 

Load Daily Contracts:

4 hour block1 – Covering hours 23:00 - 02:59 UKLT.

4 hour block2 – Covering hours 03:00 - 06:59 UKLT.

4 hour block3 – Covering hours 07:00 - 10:59 UKLT.

4 hour block4 – Covering hours 11:00 - 14:59 UKLT.

4 hour block5 – Covering hours 15:00 - 18:59 UKLT.

4 hour block6 – Covering hours 19:00 - 22:59 UKLT.

6 hour block1 – Covering hours 23:00 - 04:59 UKLT.

Base load - Covering hours 23:00 – 22:59 UKLT of the relevant day.

Peak Load - Covering hours 07:00 – 18:59 UKLT of the relevant day.

Off-Peak load – Covering hours 23:00-06:59 and 19:00-22:59 UKLT 

of the relevant day.

Weekly Contracts:

Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 07:00 – 18:59 UKLT of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Monday throughout Friday and hours 23:00 

– 22:59 UKLT of all relevant days Saturday throughout Sunday.

Working Day Week Contracts:

Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Monday throughout Friday.

Week End Contracts:

Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Saturday throughout Sunday.

Peak Load - Covering hours 07:00 – 18:59 UKLT of all relevant days 

Saturday throughout Sunday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Saturday throughout Sunday.

Monthly, Quarterly and Yearly Contracts:
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Base load - Covering hours 23:00 – 22:59 UKLT of all relevant days 

Monday throughout Sunday.

Peak Load - Covering hours 07:00 – 18:59 UKLT of all relevant days 

Monday throughout Friday.

Off-Peak load – Covering hours 23:00 - 06:59 and 19:00 - 22:59 

UKLT of all relevant days Monday throughout Friday and hours 23:00 

– 22:59 UKLT of all relevant days Saturday throughout Sunday.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 10th

business day of the immediately following calendar month.

(i.e. a year contract has twelve cash settlements from month of 

February of the contract year throughout month of January the 

proceeding contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Front Daily contracts (Base, Peak and Off-Peak Load), 4 hour block 

1-6 and 6 hour block 1: Orders that are not matched at 11:00 UKLT 

on the Expiration Day will be cancelled.

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

EUKM[Load][Period]; where 

- EUK i.e. “Electricity United Kingdom UK”

- M i.e. “Monthly settled DS Futures”

- Load 

 4H01 denotes “4hour block 1”

 4H02 denotes “4 hour block 2”

 4H03 denotes “4 hour block 3”

 4H04 denotes “4 hour block 4”

 4H05 denotes “4 hour block 5”

 4H06 denotes “4 hour block 6” 

 6H01 denotes “6hour block 1”

 B denotes “Base Load”
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 P denotes “Peak Load”

 O denotes “Off Peak Load”

- Period

 D[DDMM-YY] denotes “Day”

 W[XX-YY] denotes “Week”

 E[XX-YY] denotes “Working Day Week” i.e. Monday-Friday

 K[XX-YY] denotes “Week End” i.e. Saturday-Sunday

 M[MMM-YY] denotes “Month”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. EUKMBY-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 176 (264)

2 NATURAL GAS CONTRACTS
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 177 (264)

2.1 Belgian Zeebrugge Natural Gas Monthly DS Future – ZEEM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren Zeebrugge daily price assessment Day ahead and 

Weekend midpointDay i.e. the price of 1 therm of natural gas in

GBpence.

Contract base size 1 therm. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in therms, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1000 therms.

Bank Day Calendar European Trading Calendar.

Currency Pounds Sterling (GBP).

Tick size GBP 0,0001 (GBpence 0,01). 

Contract Price As agreed by the purchaser and seller and expressed in 

GBpence/therm. 

Load Base load - Covering hours 05:00 – 04:59 UKLT of all relevant days.

Daily Contracts:

Daily Contracts cover 05:00 UKLT contract day till and including 

04:59 UKLT the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 05:00 UKLT the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 04:59 

UKLT the first UK holiday contiguous with the weekend of the 

contract week.

Week End Contracts:

Week End Contracts cover 05:00 UKLT the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 04:59 

UKLT the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 05:00 UKLT the first calendar day of the period till 

and including 04:59 UKLT the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 
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and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing. 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

ZEEM_[Period]; where 

- ZEE i.e. “Natural Gas at Zeebrugge”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. ZEEM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
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2.2 Dutch TTF Natural Gas Monthly DS Future - TTFM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren TTF daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Balance of the Working Day Week Contracts: Balance of the Working 

Day Week Contract covers 06:00 CET the immediately following 

Business day till and including 05:59 CET the first UK holiday 

contiguous with the weekend of the current week.

Balance of the Month Contracts:

Balance of the Month Contract covers the remaining days of the 

current month excluding the next UK Business day or the weekend

as defined above (whichever is the sooner) from 06:00 CET

till and including 05:59 CET the immediately following calendar day 

after the current month period, disregarding holidays.

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 
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after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

TTFM_[Period]; where 

- TTF i.e. “TTF Natural gas”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 V[DYXX-YY] denotes “Balance of the Working Day Week”,

where DY is first delivery day TU, WE, TH

 N[DDMMM-YY] denotes “Balance of the Month”,

where DD is first delivery day 03-30

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. TTFM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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2.3 French PEG NORD Natural Gas Monthly DS Future - PNOM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren Peg Nord daily price assessment Day ahead and 

Weekend midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar..

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 
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Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

PNOM_[Period]; where 

- PNO i.e. “Natural Gas at French Peg Nord”

- M i.e. “Monthly settled DS Futures”

Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. PNOM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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2.4 French TRS Natural Gas Monthly DS Future – TRSM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren TRS daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 
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Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

TRSM_[Period]; where 

- TRS i.e. “Natural Gas at French TRS”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. TRSM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 186 (264)

2.5 German Gaspool Natural Gas Monthly DS Future - GPOM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren Gaspool daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Delivery Period.

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

GPOM_[Period]; where 

- GPO i.e. “Natural Gas at German Gaspool Point”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Weekend” 

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. GPOM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA. 

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 188 (264)

2.6 German NCG Natural Gas Monthly DS Future - NCGM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren NCG daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 MWh of natural gas in Euro.

Contract base size 1 MWh. 

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in MWh, will be a 

function of the applicable number of delivery hours and the lot size. 

Trade Lot 1 MW.

Bank Day Calendar European Trading Calendar.

Currency Euro (EUR).

Tick size EUR 0,0001.

Contract Price As agreed by the purchaser and seller and expressed in EUR/MWh. 

Load Base load - Covering hours 06:00 – 05:59 CET of all relevant days.

Daily Contracts:

Daily Contracts cover 06:00 CET contract day till and including 05:59 

CET the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 06:00 CET the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 05:59 CET 

the first UK holiday contiguous with the weekend of the contract 

week.

Week End Contracts:

Week End Contracts cover 06:00 CET the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 05:59 

CET the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Balance of the Working Day Week Contracts: Balance of the Working 

Day Week Contract covers 06:00 CET the immediately following 

Business day till and including 05:59 CET the first UK holiday 

contiguous with the weekend of the current week.

Balance of the Month Contracts:

Balance of the Month Contract covers the remaining days of the 

current month excluding the next UK Business day or the weekend 

as defined above (whichever is the sooner) from 06:00 CET

till and including 05:59 CET the immediately following calendar day 

after the current month period, disregarding holidays.

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 06:00 CET the first calendar day of the period till 

and including 05:59 CET the immediately following calendar day 
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after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period

Settlement Cash settlement only. 

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

NCGM_[Period]; where 

- NCG i.e. “Natural Gas at German NCG Point”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 V[DYXX-YY] denotes “Balance of the Working Day Week”,

where DY is first delivery day TU, WE, TH.

 N[DDMMM-YY] denotes “Balance of the Month”, 

where DD is first delivery day 03-30.

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. NCGM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 190 (264)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 191 (264)

2.7 UK NBP Natural Gas Monthly DS Future - NBPM

Type of contract Natural Gas Contract. Standardized natural gas DS Future contract 

with monthly cash settlement on 20th day of the immediately 

following calendar month, subject to adjustment in accordance with 

the Following Business Day Convention.

Contract base ICIS Heren NBP daily price assessment Day ahead and Weekend 

midpoint, i.e. the price of 1 therm of natural gas in GBpence

Contract base size 1 therm. 

The number of delivery days for each Series is specified in the 

Trading System and the Product Calendar, and may vary with the 

applicable Delivery Period. 

The contract size (contract volume), expressed in therms, will be a 

function of the applicable number of delivery days and the lot size. 

Trade Lot 1000 therms.

Bank Day Calendar European Trading Calendar.

Currency Pounds Sterling (GBP).

Tick size GBP 0,0001 (GBpence 0,01). 

Contract Price As agreed by the purchaser and seller and expressed in 

GBpence/therm. 

Load Base load - Covering hours 05:00 – 04:59 UKLT of all relevant days.

Daily Contracts:

Daily Contracts cover 05:00 UKLT contract day till and including 

04:59 UKLT the immediately following day disregarding holidays.

Working Day Week Contracts:

Working Day Week Contracts cover 05:00 UKLT the Monday of the 

contract week (unless Monday is a UK Bank holiday in which case 

the immediately following Business day) till and including 04:59 

UKLT the first UK holiday contiguous with the weekend of the 

contract week.

Week End Contracts:

Week End Contracts cover 05:00 UKLT the Saturday of the contract 

week (unless preceding Friday is a UK Bank holiday in which case UK 

Bank holiday/s are included in the contract) till and including 04:59 

UKLT the Monday of the immediately following week (unless Monday 

is a UK Bank holiday in which case the immediately following 

Business day).

Balance of the Working Day Week Contracts: Balance of the Working 

Day Week Contract covers 05:00 UKLT the immediately following 

Business day till and including 04:59 UKLT the first UK holiday 

contiguous with the weekend of the current week.

Balance of the Month Contracts:

Balance of the Month Contract covers the remaining days of the 

current month excluding the next UK Business day or the weekend 

as defined above (whichever is the sooner) from 05:00 UKLT

till and including 04:59 UKLT the immediately following calendar day 

after the current month period, disregarding holidays.

Front Month Contracts:

Front Month Contracts cover 05:00 UKLT the first calendar day of the 
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month till and including 04:59 UKLT the immediately following 

calendar day after the end date.

Back Month Contracts:

Back Month Contracts cover 05:00 UKLT the start date till and 

including 04:59 UKLT the immediately following calendar day after 

the end of the month.

Monthly, Quarterly, Seasonally and Yearly Contracts:

Contracts cover 05:00 UKLT the first calendar day of the period till 

and including 04:59 UKLT the immediately following calendar day 

after the period, disregarding holidays.

Delivery Period The applicable period as specified in the Series Designation and the 

Product Calendar. 

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term;

- Expiration Day Fix shall be determined on the Expiration Day; 

and

- Spot Reference Fix shall be determined for each day of the 

Delivery Period.

Settlement Cash settlement only.

Expiry Monthly Market Settlement in accordance with Part A of the 

Contract Specifications. The Expiry Monthly Market Settlement is 

performed on the Monthly Settlement Day specified as the 20th day 

of the immediately following calendar month, subject to adjustment 

in accordance with the Following Business Day Convention.

(i.e. a year contract has twelve cash settlements from February of 

the contract year throughout month of January of the proceeding 

contract year).

Cascading No cascading.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled. 

Final Time for 

Clearing Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series designation Each Series shall be designated as follows: 

NBPM_[Period]; where 

- NBP i.e. “Natural Gas at NBP”

- M i.e. “Monthly settled DS Futures”

- Period

 D[DDMM-YY] denotes “Day”

 E[XX-YY] denotes “Working Day Week” 

 K[XX-YY] denotes “Week End” 

 V[DYXX-YY] denotes “Balance of the Working Day Week”,

where DY is first delivery day TU, WE, TH.

 N[DDMMM-YY] denotes “Balance of the Month”,

where DD is first delivery day 03-30.

 X[MMM-YY] denotes “Front Month”
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 193 (264)

 Z[MMM-YY] denotes “Back Month”

 M[MMM-YY] denotes “Month”

 S[W/S-YY] denotes “Season”, Winter or Summer”

 Q[X-YY] denotes “Quarter”

 Y[-YY] denotes “Year”

(E.g. NBPM_Y-16 for Delivery Period = calendar year 2016).

Primary Exchange Nasdaq Oslo ASA.

Clearing Venue Nasdaq Clearing AB. 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 194 (264)

3 ALLOWANCE CONTRACTS
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 195 (264)

3.1 EUA Day Future – NED[DDMM-YY]

Type of contract Allowance Contract. Standardized contract for European Union 

Allowance unit (EUA) with physical delivery

Contract base European Union Allowance (EUA)

Contract base size 1 EUA = 1 metric tonnes of CO2 = 1 tCO2

Trade Lot 1 000 EUAs = 1 000 tCO2 

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/tCO2.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term; and

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash Settlement vs Allowance Delivery following the Expiration Day in 

accordance with the Allowance Settlement Schedule in Part C of the 

Contract Specifications. 

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an Allowance Delivery to the Clearinghouse of the 

net volume of EUAs. The Clearinghouse shall perform an Allowance 

Delivery of the applicable volume of EUAs due to the Delivery Point of 

net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the Allowance Settlement Schedule. 

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

Series are normally listed on a daily rolling basis), meaning that the 

first trading day will always be four Bank Days in advance of the listed 

contract Expiration Day. 

Listing Exchange Listing and Clearing Listing

Listing of Series Five day series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall occur in 

Series on the dates set forth in the Quotation List in effect at any given 

time.

Series are normally listed on a daily rolling basis as per the Quotation 

List. Series will not be listed on non-Bank Days, or during periods 

when the Union Registry is closed. 

Series designation Each Series shall be designated as follows:

NED[DDMM-YY]; where:

- [DDMMM-YY] denotes the Term with reference to the day[DD], 

month [MM] and year [YY] of the Expiration Day.

(E.g. NED1706-13 for Expiration Day = 17 June 2013)
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible Allowances in 

Part B Section 3.5 of the Contract Specifications.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 197 (264)

3.2 EUA Future – NE[MMMY]

Type of contract Allowance Contract. Standardized future contract for European Union 

Allowance unit (EUA) with physical delivery

Contract base European Union Allowance (EUA). 

Contract base size 1 EUA = 1 metric tonnes of CO2 = 1 tCO2

Trade Lot 1 000 EUAs = 1 000 tCO2

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Contract Price As agreed by the purchaser and seller and expressed in EUR/tCO2.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term; 

and

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash Settlement vs Allowance Delivery.

Daily Market Settlement in accordance with Part A of the Contract 

Specifications.

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an Allowance Delivery to the Clearinghouse of the 

net volume of EUAs. The Clearinghouse shall perform an Allowance 

Delivery of the applicable volume of EUAs due to the Delivery Point of 

net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the Allowance Settlement Schedule.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the first Bank Day after the Expiration 

Day of the last option quarter contract of the year. 

The Expiration Day is normally the last Monday of the expiration 

month as specified in the Series Designation. If the last Monday of the 

month is a non-Bank Day, or there is a non-Bank Day in the four (4) 

calendar days following the last Monday of the month, the Expiration 

Day will normally be the penultimate Monday of the expiration month. 

If the previously stated conditions are also in conflict with the 

penultimate Monday, the Expiration Day will normally be the 

antepenultimate Monday of the expiration month.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series are listed on a rolling basis on the expiry of the preceding 

option contracts, normally on the Expiration Day of the final option 

quarter contract of a year.

- Four (4) quarter contracts with expiry March, June, September 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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and December for the two (2) nearest years.

The annual contracts with December expiry are listed until 2020.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Series designation Each Series shall be designated as follows:

NE[MMMY]; where:

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day

(E.g. NEMAR3 for Expiration Day = during March 2013, as further 

specified in the Quotation List)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible Allowances in 

Part B Section 3.5 of the Contract Specifications.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 199 (264)

3.3 EUA Option – NE[C/P][MMMY]-[XX]

Type of contract Allowance Contract. Standardized option contract for European Union 

Allowance (EUA) 

Style of Option European Option

Contract base The EUA December future contract (NEDEC[Y]) corresponding to the 

Expiration Date of the EUA Option Contract , as specified in the 

Trading System and the Product Calendar.

Contract base size 1 EUA = 1 lot of the Contract Base 

Trade Lot 1 000 EUAs = 1 000 tCO2

Bank Day Calendar Bank Days in Norway

Currency Euro (EUR)

Tick size EUR 0.01

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part A of the Contract Specifications.

Premium (Contract 

Price)

As agreed by the purchaser and seller and expressed in EUR/tCO2.

Premium Settlement Premium Settlement shall take place on the first Bank Day following 

the day on which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the difference 

between the Exercise Price and the Option Fix is equal to or higher 

than EUR 0.05. Standard Exercise for put options will be invoked 

where the difference between the Exercise Price and the Option Fix is 

equal to or higher than EUR 0.05. 

Manual Exercise instructions or reservations against Standard Exercise 

from the option holder must be received and confirmed by the 

Clearinghouse prior to the Option Exercise Time.

Following a Manual Exercise, or where a reservation has been made 

against Standard Exercise, the option writer is chosen by random draw 

amongst the Counterparties with positions in the Contract. The chosen 

option writer will be informed about the results of the draw at such 

time as specified in the Trading and Clearing Schedule.

Option Exercise Time On the Expiration Day at such time as specified in the Trading and 

Clearing Schedule.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation)

Settlement (following 

Option Exercise)

Following Option Exercise, the Contract Base is registered to the option 

holder and the option writer. The Option holder will be registered as 

buyer of the Contract Base in respect of a call option, and as seller in 

respect of a put option. The option writer will be registered with the 

opposite position. The Exercise Price will be registered as the Contract 

Price for the Contract Base (“delivery to strike”). 

Settlement of the Contract Base pursuant to its Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 200 (264)

The first trading day is normally the Expiration Day of the final option 

quarter contract of a year.

The Expiration Day is normally three (3) Bank Days before the Expiry 

of the March, June, September or December contract month of the 

EUA Future Contract.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Bank Day immediately preceding the Expiration Day will be 

cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series are listed on a rolling basis on the expiry of the preceding

option contracts, normally on the Expiration Day of the final option 

quarter contract of a year.

- Four (4) quarter contracts with expiry March, June, September 

and December for the two nearest years.

Series designation Each Series shall be designated as follows:

NE[C/P][MMMY]-[XX]; where:

- [C/P] denotes whether it is a call [C] or put [P] option

- [MMMY] denotes the month [MMM] and the last digit of the year [Y] 

of the Expiration Day (as further specified in the Trading System and 

the Product Calendar) 

- [XX] denotes the applicable Exercise Price (with decimals where 

applicable)

(E.g. NECDEC2-40 for a call-option with Expiration Day during 

December 2012 (as further specified in the Trading System and the 

Product Calendar) at Exercise Price EUR 40)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible Allowances in 

Part B Section 3.5 of the Contract Specifications.
COPYRIGHT © NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB 201 (264)

4 SWEDISH AND NORWEGIAN ELECTRICITY CERTIFICATES (EL-CERTS) CONTRACTS
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 202 (264)

4.1 Electricity Certificates (El-Cert) Day Future SEK – ELCSEKD[DDMMM-YY]

Type of contract Electricity Certificates (El-Cert) Contract. Standardized Day Future

contract with physical delivery

Contract base Electricity Certificate (El-Cert)

Contract base size 1 El-Cert = 1 MWh Electricity Certificates 

Trade Lot 1 000 El-Certs = 1 000 MWh Electricity Certificates

Clearing Lot 1 El-Cert = 1 MWh Electricity Certificates

Bank Day Calendar Bank Days in Norway

Currency Swedish Krona (SEK)

Tick size SEK 0.01

Contract Price As agreed by the purchaser and seller and expressed in SEK/El-Cert.

Fix Fix will be determined as follows in accordance with Part A of the 

Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the 

Term; and

- Expiration Day Fix shall be determined on the Expiration Day.

Settlement Cash Settlement vs El-Cert Delivery following the Expiration Day in 

accordance with the El-Cert Settlement Schedule in Part B of the 

Contract Specifications. When bank holiday in Sweden the contract will 

have D+4 settlement and delivery.

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an El-Cert Delivery to the Clearinghouse of the net 

volume of El-Certs. The Clearinghouse shall perform an El-Cert 

Delivery of the applicable volume of El-Certs due to the Delivery Point 

of net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the El-Cert Settlement Schedule.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

Series are normally listed on a daily rolling basis), meaning that the 

first trading day will always be four Bank Days in advance of the listed 

contract Expiration Day.

Listing Exchange Listing and Clearing Listing

Listing of Series Six day series are listed on the terms set forth herein, unless 

otherwise expressly stated by the Exchange. Listing shall occur in 

Series on the dates set forth in the Quotation List in effect at any given 

time.

Series are normally listed on a daily rolling basis as per the Quotation 

List. Series will not be listed on non-Bank Days, or during periods 

when the Union Registry is closed.

Series designation Each Series shall be designated as follows:

Each Series shall be designated as follows:

ELCSEKD[DDMM-YY]; where:

- [DDMMM-YY] denotes the Term with reference to the day [DD], 
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month [MM] and year [YY] of the Expiration Day.

(E.g. ELCSEKD1012-13 for Expiration Day = 10 December 2013)

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible El-Certs in Part 

B Section 4.5 of the Contract Specifications.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 204 (264)

4.2 Electricity Certificates (El-Cert) DS Future SEK – ELCSEK[MMM-YY]

Type of contract Electricity Certificates (El-Cert) Contract. Standardized DS Future

contract with physical delivery

Contract base Electricity Certificate (El-Cert)

Contract base size 1 El-Cert = 1 MWh Electricity Certificates 

Trade Lot 1 000 El-Certs = 1 000 MWh Electricity Certificates

Clearing Lot 1 El-Cert = 1 MWh Electricity Certificates

Bank Day Calendar Bank Days in Norway

Currency Swedish Krona (SEK)

Tick size SEK 0.01

Contract Price As agreed by the purchaser and seller and expressed in SEK/El-Cert.

Fix Expiration Day Fix shall be determined on the Expiration Day in 

accordance with Part A of the Contract Specifications.

Settlement Cash Settlement vs El-Cert Delivery following the Expiration Day in 

accordance with the El-Cert Settlement Schedule in Part B of the 

Contract Specifications. When bank holiday in Sweden the contract will 

have D+4 settlement and delivery.

A net selling Account Holder in Series with Expiration Day on the same 

date shall procure an El-Cert Delivery to the Clearinghouse of the net 

volume of El-Certs. The Clearinghouse shall perform an El-Cert 

Delivery of the applicable volume of El-Certs due to the Delivery Point 

of net buying Account Holders. 

Cash Settlement will take place as part of the Daily Cash Settlement at 

the times set out the El-Cert Settlement Schedule.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List.

The first trading day is normally the first Bank Day after the Expiration 

Day of a yearly contract. 

Last Trading Day is three Clearing Days prior to the Settlement and 

Delivery Day. If the day is a Non-Business Day, the Last trading day is 

defined as the nearest Business Day prior to this.

Settlement and Delivery Day is the 18th of the relevant month. If the 

day is a Non-Business Day, the Settlement and Delivery Day is defined 

as the nearest Business Day prior to this.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series are listed on a rolling basis after the expiry of the preceding 

contracts, normally as follows after the Expiration Day of a yearly 

contract:

Five (5) Series shall be available for trading and clearing at all times.

- Five (5) yearly contracts (with March expiry) each year

- On expiry of a yearly contract, an additional 5th year contract 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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will be listed.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day of a Series will be cancelled.

Final Time for 

Clearing Registration

Same as for exchange trading.

Series designation Each Series shall be designated as follows:

ELCSEKMAR-(YY); where:-ELC means Electricity Certificates (El-Cert).

-SEK means Swedish Krona currency.

- MAR denotes the expiry month March and (YY) the last digit two 

digits of the Expiration Year

(E.g. ELCSEKMAR-14 for Expiration Day = during March 2013 (as 

further specified in the Trading System and the Product Calendar))

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB

Other Information For deliverables, please observe the list of Non-Eligible El-Certs in Part 

B Section 4.5 of the Contract Specifications.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 206 (264)

5 FREIGHT AND FUEL OIL CONTRACTS
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 207 (264)

5.1 Dry Capesize Future 

Type of contract Freight Contract. Standardized Dry Capesize Future Contract with cash 

settlement.

Contract base Baltic Exchange index, i.e. the price of 1 metric ton/* 1 day, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange Capesize Index” market as quoted and published by the 

Baltic Exchange. The following Contract Bases are available for Trading 

and Clearing:

C3 AVG: Capesize, Tubarao – Qingdao, 160,000 mt

C4 AVG: Capesize, Richards Bay – Rotterdam, 150,000 mt

C5 AVG: Capesize, W Australia – Qingdao, 160,000 mt

C7 AVG: Capesize, Bolivar – Rotterdam, 150,000 mt

Contract base size 1000 mt, *1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/mt. 

*USD/day

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

If the splitting of a quarter or year contract according to the method 

above would result in positions with more than two decimals, the rest 

position is dispersed in 0.01 Lots on the month contracts, starting with 

the last month contract according to Index Delivery Period and 

working backwards.

Fix Fix will be determined as follows in accordance with Section 5.3 of 

these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day is the 

last Index Day of the Index Delivery Period.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

C[A]_AVG_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. C4_AVG_FEB16 for Index Delivery Period = February in 2016)

Quarter:

C[A]_AVG_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. C4_AVG_Q116for Index Delivery Period = First Quarter in 2016)

Year:

C[A]_AVG_CAL[YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. C4_AVG_CAL14 for Index Delivery Period = Calendar 2016)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 209 (264)

5.2 Dry Time Charter Future 

Type of contract Freight Contract. Standardized Dry Time Charter Future Contract with 

cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day of Contract Base, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange T/C Index” market as quoted and published by the Baltic 

Exchange. The following Contract Bases are available for Trading and 

Clearing:

CS4TC, Capesize, T/C Average

CS5TC, Capesize, T/C Average

PM4TC, Panamax, T/C Average

HS6TC, Handysize, T/C Average

SM6TC, Supramax, T/C Average

SM10TC, Supramax, T/C Average

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month 

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts. If the traded volume in 

the quarter contract equals the total or half the number of days in the 

actual quarter, the Contract is split into month contracts by weighting 

the volume according to the number of days in the actual month 

divided by the total number of days in the quarter.

Half Year:

A half year contract is split equally into 6 month contracts on the 

trading day and settled as month contracts. If the traded volume in 

the half year contract equals the total or half number of days in the 

actual half year, the Contract is split into month contracts by weighting 

the volume according to the number of days in the actual month 

divided by the total number of days in the half year.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts. If the traded volume in the year 

contract equals the total or half number of days in the actual year, the 

Contract is split into month contracts by weighting the volume 

according to the number of days in the actual month divided by the 

total number of days in the year.

If the splitting of a quarter, half year or year contract according to the 

method above would result in positions with more than two decimals, 

the rest position is dispersed in 0.01 Lots on the month contracts, 

starting with the last month contract according to Index Delivery 

Period and working backwards.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 210 (264)

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

[AAA]TC_[MMM][YY]; where

- [AAA] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_FEB13 for Index Delivery Period = February in 2013)

Quarter:

[AAA]TC_[QQ][YY]; where

- [AAA] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_Q113 for Index Delivery Period = First Quarter in 2013)

Half-Year:

[AAA]TC_[QQ]+[QQ][YY]; where

- [AAA] denotes the Contract Base identifier

- [QQ]+[QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_Q1+Q213 for Index Delivery Period = First and Second 

Quarter in 2013)

Year:
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[AAA]TC_CAL[YY]; where

- [AAA] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. CS4TC_CAL13 for Index Delivery Period = Calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 212 (264)

5.3 Dry Panamax Future – 7 days

Type of contract Freight Contract. Standardized Dry Panamax Future Contract with cash 

settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day of Contract Base, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange Panamax Index” market as quoted and published by the 

Baltic Exchange. The following Contract Bases are available for Trading 

and Clearing:

P1A, Panamax, T/C Transatlantic RV

P2A, Panamax, T/C Skaw Gibraltar – Far East

P3A, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

Last 7 Index Days in the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

If the splitting of a quarter contract according to the method above 

would result in positions with more than two decimals, the rest 

position is dispersed in 0.01 Lots on the month contracts, starting with 

the last month contract according to Index Delivery Period and 

working backwards.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

If the splitting of a year contract according to the method above would 

result in positions with more than two decimals, the rest position is 

dispersed in 0.01 Lots on the month contracts, starting with the last 

month contract according to Index Delivery Period and working 

backwards.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 213 (264)

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

P[A]A_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_FEB13 for Index Delivery Period = February in 2013)

Quarter:

P[A]A_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_Q113 for Index Delivery Period = First Quarter in 2013)

Year:

P[A]A_CAL[YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_CAL16 for Index Delivery Period = Calendar 2016)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 214 (264)

5.4 Dry Panamax Future – average of all days

Type of contract Freight Contract. Standardized Dry Panamax average Future Contract 

with cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day of Contract Base, in the 

currency of the Contract, according to the daily index for the “Baltic 

Exchange Panamax Index” market as quoted and published by the 

Baltic Exchange. The following Contract Bases are available for Trading 

and Clearing:

P1A AVG, Panamax, T/C Transatlantic RV

P2A AVG, Panamax, T/C Skaw Gibraltar – Far East

P3A AVG, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

If the splitting of a quarter contract according to the method above 

would result in positions with more than two decimals, the rest 

position is dispersed in 0.01 Lots on the month contracts, starting with 

the last month contract according to Index Delivery Period and 

working backwards.

Year:

A quarter contract is split equally into 12 month contracts on the 

trading day and settled as month contracts.

If the splitting of a year contract according to the method above would 

result in positions with more than two decimals, the rest position is 

dispersed in 0.01 Lots on the month contracts, starting with the last 

month contract according to Index Delivery Period and working 

backwards.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4. 

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 
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COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 215 (264)

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

P[A]A_AVG_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_AVG_FEB13 for Index Delivery Period = February in 2013)

Quarter:

P[A]A_AVG_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_AVG_Q113 for Index Delivery Period = First Quarter in 

2013)

Year:

P[A]A_AVG_CAL[YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. P1A_AVG_CAL16 for Index Delivery Period = Calendar 2016)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 216 (264)

5.5 Fuel Oil (Asia-Pacific) Future

Type of contract Fuel Oil Contract. Standardized Fuel Oil Future Contract with cash 

settlement.

Contract base Platts index, i.e. the price of 1 metric ton of Contract Base, in the 

currency of the Contract, according to the daily index for the “Platts 

Asia-Pacific Marketscan” market as quoted and published by Platts. 

The following Contract Bases are available for Trading and Clearing:

SPO180FOSS, Fuel Oil 180 CST FOB Cargoes Singapore

SPO380FOSS, Fuel Oil 380 CST FOB Cargoes Singapore

Contract base size Month:1 mt

Quarter: 3 mt

Year: 12 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

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expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

SPO[A]80FOSS_[MMM][YY]; where

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. SPO380FOSS_FEB13 for Index Delivery Period = February in 

2013)

Quarter:

SPO[A]80FOSS_[QQ][YY]; where

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. SPO380FOSS_Q113 for Index Delivery Period = First Quarter in 

2013)

Year:

SPO[A]80FOSS_[CAL][YY]; where

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. SPO380FOSS_CAL13 for Index Delivery Period = Calendar 2013)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
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5.6 Fuel Oil (European) Future

Type of contract Fuel Oil Contract. Standardized Fuel Oil Future Contract with cash 

settlement.

Contract base Platts index, i.e. the price of 1 metric ton of Contract Base, in the 

currency of the Contract, according to the daily index for the “Platts 

European Marketscan” market as quoted and published by Platts. The 

following Contract Bases are available for Trading and Clearing:

RDM35FOSS, Fuel Oil 3.5% FOB Barges Rotterdam

MED35FOSS, Fuel Oil 3,5% FOB Cargoes Mediterranean

Contract base size Month:1 mt

Quarter: 3 mt

Year: 12 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 
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expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available 

for trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

[AAAAA]FOSS_[MMM][YY]; where

- [AAAAA] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. RDM35FOSS_FEB13 for Index Delivery Period = February in 

2013)

Quarter:

[AAAAA]FOSS_[QQ][YY]; where

- [AAAAA] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. RDM35FOSS_Q113 for Index Delivery Period = First Quarter 

in 2013)

Year:

[AAAAA]FOSS_[CAL][YY]; where

- [AAAAA] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. RDM35FOSS_CAL13 for Index Delivery Period = Calendar 

2013)

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5.7 Tanker Future

Type of contract Freight Contract. Standardized tanker future contract with cash 

settlement.

Contract base Baltic Exchange index, i.e. the price of 1 metric ton, in the 

currency of the Contract, according to the daily index for the 

“Baltic Exchange Dirty/Clean Tanker Index” market as quoted and 

published by the Baltic Exchange. The following Contract Bases are 

available for Trading and Clearing:

TC2USD, MR Continent-USAC, 37,000 mt

TC6USD, MR, Algeria – Euromed, 30,000 mt

TC7USD, MR, Singapore – East Coast Australia, 30,000 mt

TC9USD, MR, Baltic - UK-Cont, 30,000 mt

TC12USD, MR, West Coast India – Japan, 35,000 mt

TC14USD, MR, US Gulf – Continent, 38,000 mt

TC15USD, LR2, Med – Far East, 80,000 mt

TD3USD, VLCC AG-East, 265,000 mt

TD7USD, Aframax, North Sea-Continent, 80,000 mt

TD8USD, Aframax, Kuwait – Singapore, 80,000 mt

TD20USD, Suezmax, West Africa – Continent, 130,000 mt

Platts index, i.e. the price of 1 metric ton, in the currency of the 

Contract, according to the daily index for the “Platts Clean Tanker 

Wire, Platts Market Scan - Market on Close (MOC)” market as 

quoted and published by Platts. The following Contract Bases are 

available for Trading and Clearing:

TC5USD, LR 1, AG – Japan, 55,000 mt

Contract Base size

Trade Lot

Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Par B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;
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- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Month:

T[AA]USD_[MMM][YY]; where

- [AA] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. TC2USD_FEB13 for Index Delivery Period = February in 2013)

Quarter:

T[AA]USD_[QQ][YY]; where

- [AA] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. TC2USD_Q113 for Index Delivery Period = First Quarter in 2013)

Year:

T[AA]USD_CAL[YY]; where

- [AA] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. TC2USD_CAL13 for Index Delivery Period = Calendar 2013)

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5.8 Tanker Time Charter Future

Type of contract Freight Contract. Standardized Tanker Time Charter Future Contract 

with cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 day, in the currency of the 

Contract, according to the daily index for the “Baltic Exchange TD3-

TCE Index” and “Baltic Exchange Clean Tanker Index” market as 

quoted and published by the Baltic Exchange. The following Contract 

Bases are available for Trading and Clearing:

MRA, MR Atlantic Basket, 47,000 mt

Contract Base size

Trade Lot

Month:1 day

Quarter: 3 days

Year: 12 days 

0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/day.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 
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dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Month:

MRA_[MMM][YY]; where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. MRA_FEB16 for Index Delivery Period = February in 2013)

Quarter:

MRA_[QQ][YY]; where

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. MRA_Q116 for Index Delivery Period = First Quarter in 2013)

Year:

MRA_[CAL][YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. MRA_CAL16 for Index Delivery Period = Calendar 2013)

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5.9 LPG Freight Future

Type of contract Freight Contract. Standardized liquefied petroleum gas future 

contract with cash settlement.

Contract base Baltic Exchange index, i.e. the price of 1 metric ton, in the 

currency of the Contract, according to the daily index for the 

“Baltic Exchange Liquid Petroleum Gas Index” market as quoted 

and published by the Baltic Exchange. The following Contract 

Bases are available for Trading and Clearing:

LPG1, VLGC Ras Tanura – Chiba, 44,000 mt

Contract Base size

Trade Lot

Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.0001

Contract Price As agreed by the purchaser and seller and expressed in USD/mt.

Index Delivery Period Month:

First Index Day of the month to last Index Day of the month.

Quarter:

A quarter contract is split equally into 3 month contracts on the 

trading day and settled as month contracts.

Year:

A year contract is split equally into 12 month contracts on the trading 

day and settled as month contracts.

Fix Fix will be determined as follows in accordance with Par B, Section 5.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 5.4.

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for 

Clearing Registration

Same as Final Time for Trading.

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.
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Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Month:

LPG1_[MMM][YY]; where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. LPG1_OCT14 for Index Delivery Period = October in 2014)

Quarter:

LPG1_[QQ][YY]; where

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. LPG1_Q414 for Index Delivery Period = Fourth Quarter in 2014)

Year:

LPG1_CAL[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. LPG1_CAL15 for Index Delivery Period = Calendar 2015)

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5.10 Dry Capesize Option Contracts

Type of contract Standardized delivery of future option contracts on corresponding 

Contract Base of Dry Capesize Futures Contract.

Style of Option European Option with automatic exercise and delivery of future on 

Expiration Day.

Contract base Dry Capesize Futures Contracts corresponding to the Expiration Day of 

the Dry Capesize Delivery of Future Option Contracts, as specified in 

the Trading System and the Product Calendar. The following Dry 

Capesize Future Contract Bases are available for Trading and Clearing:

C3 AVG: Capesize, Tubarao – Qingdao, 160,000 mt

C4 AVG: Capesize, Richards Bay – Rotterdam, 150,000 mt

C5 AVG: Capesize, W Australia – Qingdao, 160,000 mt

C7 AVG: Capesize, Bolivar – Rotterdam, 150,000 mt

Contract base size 1000 mt, *1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in accordance 

with Part B, Section 5. 5 of these Contract Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

*USD/day. 

Premium Settlement Premium Settlement shall take place on the following Bank Day after 

which the applicable Option Contract is registered as a Clearing 

Transaction.

Option Exercise Standard Exercise for call options will be invoked where the Option Fix 

is greater than the Exercise Price. Standard Exercise for put options 

will be invoked where the Exercise Price is greater than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation of 

each Series (see Series Designation). 

Settlement (following 

Option Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the Expiration Day will be cancelled.

Final Time for Clearing Same as for exchange trading. 
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Registration 

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time. 

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

C[A]_AVG_[MMM][YY]_[C/P][XX]; were: 

- [A] denotes the Contract Base identifier

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. C4_AVG_MAR14_C35 for a call-option for Index Delivery Period = 

MARCH 2014 at Exercise Price USD 35) 

Quarter: 

C[A]_AVG_ [QQ][YY]_[C/P][XX]; were: 

- [A] denotes the Contract Base identifier

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. C3_AVG _Q413_C35 for a call-option for Index Delivery Period = 

Quarter 4 2013 at Exercise Price USD 35) 

Year:

C[A]_AVG_[CAL][YY]_[C/P][XX]; were: 

- [A] denotes the Contract Base identifier

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. C4_AVG_CAL14_C35 for a call-option for Index Delivery Period = 

calendar year 2014 at Exercise Price USD 35)

Strike levels New strikes are listed upon request by members and brokers.

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5.11 Dry Time Charter Option Contracts

Type of contract Standardized delivery of future option contracts on 

corresponding Contract Base of Dry Time Charter Future 

Contracts.

Style of Option 

European Option with automatic exercise and delivery of 

future on Expiration Day.

Contract base Dry Time Charter Future Contracts corresponding to the 

Expiration Day of the Dry Time Charter Delivery of Future Option 

Contracts, as specified in the Trading System and the Product 

Calendar. The following Dry Time Charter Future Contract Bases 

are available for Trading and Clearing:

CS4TC, Capesize, T/C Average

CS5TC, Capesize, T/C Average

PM4TC, Panamax, T/C Average

HS6TC, Handysize, T/C Average

SM6TC, Supramax, T/C Average 

SM10TC, Supramax, T/C Average

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day.

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation). 

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 
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Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

CS4TC_[MMM][YY]_[C/P][XX]; were: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_MAR14_C20000 for a call-option for Index Delivery 

Period = MARCH 2014 at Exercise Price USD 20000) 

Quarter: 

CS4TC_ [QQ][YY]_[C/P][XX]; were: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_Q413_C20000 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 20000) 

Half-Year: 

CS4TC_[QQ]+[QQ][YY]_[C/P][XX]; where 

- [QQ]+[QQ] denotes the month number (Q1, Q2, Q3, Q4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_Q1+Q213_C20000 for a call-option for Index 

Delivery Period = First and Second Quarter in 2013 at Exercise 

Price USD 20000)

Year:
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CS4TC_ [CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CS4TC_CAL14_C20000 for a call-option for Index Delivery 

Period = calendar year 2014 at Exercise Price USD 20000) 

Strike levels New strikes are listed upon request by members and brokers.

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5.12 Dry Panamax Option Contracts

Type of contract Standardized delivery of future option contracts on corresponding 

Contract Base of Dry Panamax Futures Contracts. 

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base Dry Panamax Future Contracts corresponding to the Expiration 

Day of the Dry Panamax Delivery of Future Option Contracts, as 

specified in the Trading System and the Product Calendar. The 

following Dry Panamax Future Contract Bases are available for 

Trading and Clearing:

P1A, Panamax, T/C Transatlantic RV

P2A, Panamax, T/C Skaw Gibraltar – Far East

P3A, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation). 

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The 

Expiration Day will normally be the last Bank Day of the Index 

Delivery Period.
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Final Time for Trading Orders that are not matched at the end of exchange trading 

hours on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

P1A_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) 

and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_MAR14_C20000 for a call-option for Index Delivery 

Period = MARCH 2014 at Exercise Price USD 20000) 

Quarter: 

P1A_ [QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_Q413_C20000 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 20000) 

Year:

P1A_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_CAL16_C20000 for a call-option for Index 

Delivery Period = calendar year 2016 at Exercise Price USD 

20000) 

Strike levels New strikes are listed upon request by members and brokers.
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Clearing Venue NASDAQ Clearing AB

Other Information 
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5.13 Dry Panamax Average Option Contracts

Type of contract Standardized Dry Panamax delivery of future average option 

contract on corresponding Contract Base of Dry Panamax

Average Future Contracts. 

Style of Option European Option with automatic exercise and delivery of 

future on Expiration Day. 

Contract base Dry Panamax Average Future Contracts corresponding to the 

Expiration Day of the Dry Panamax Average Delivery of Future 

Option Contracts, as specified in the Trading System and the 

Product Calendar. The following Dry Panamax Average Future 

Contract Bases are available for Trading and Clearing:

P1A AVG, Panamax, T/C Transatlantic RV

P2A AVG, Panamax, T/C Skaw Gibraltar – Far East

P3A AVG, Panamax, T/C S.Korea – Japan Pacific R/V

Contract base size 1 day

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD)

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day.

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation). 

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.
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Final Time for Clearing 

Registration 

Same as for exchange trading.

Forced Termination Applicable

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

P1A_AVG_[MMM][YY]_[C/P][XX]; were: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_AVG_MAR14_C20000 for a call-option for Index 

Delivery Period = MARCH 2014 at Exercise Price USD 20000) 

Quarter: 

P1A_AVG_ [QQ][YY]_[C/P][XX]; were: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_AVG_Q413_C20000 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 20000) 

Year:

P1A_AVG_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD 

(E.g. P1A_AVG_CAL16_C20000 for a call-option for Index 

Delivery Period = calendar year 2016 at Exercise Price USD 

20000)

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

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5.14 Tanker Option Contracts

Type of contract Standardized Tanker Delivery of Future option contracts on 

corresponding Contract Base of Tanker Future Contracts.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base Tanker Future Contracts corresponding to the Expiration Day of 

the Tanker Delivery of Future Option Contracts, as specified in the 

Trading System and the Product Calendar. The following Tanker 

Future Contract Bases are available for Trading and Clearing:

TC2USD, MR Continent-USAC, 37,000 mt

TC6USD, MR, Algeria – Euromed, 30,000 mt

TC7USD, Mr, Singapore – East Coast Australia, 30,000 mt

TC12USD, MR, West Coast India – Japan, 35,000 mt

TC14USD, MR, US Gulf – Continent, 38,000 mt

TD3USD, VLCC AG-East, 265,000 mt

TD7USD, Aframax, North Sea-Continent, 80,000 mt

TD8USD, Aframax, Kuwait – Singapore, 80,000 mt

TD20USD, Suezmax, West Africa – Continent, 130,000 mt

TC5USD, LR 1, AG – Japan, 55,000 mt

Contract Base Size Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.0001 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).
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Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

TC2USD_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. TC2USD_MAR14_C35 for a call-option for Index Delivery 

Period = MARCH 2014 at Exercise Price USD 35) 

Quarter: 

TC2USD_[QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. TC2USD_Q413_C35 for a call-option for Index Delivery 

Period = Quarter 4 2013 at Exercise Price USD 35) 

Year:

TC2USD_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 
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- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. TC2USD_CAL14_C35 for a call-option for Index Delivery 

Period = calendar year 2014 at Exercise Price USD 35) 

Strike levels New strikes are listed upon request by members and brokers.

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Clearing Venue NASDAQ Clearing AB

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5.15 Tanker Time Charter Option Contracts

Type of contract Standardized Delivery of Future Option contracts on 

corresponding Contract Base of Tanker Time Charter Futures 

Contract. 

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day.

Contract base Tanker Time Charter Future Contracts corresponding to the 

Expiration Day of the Tanker Time Charter Delivery of Future 

Option, as specified in the Trading System and the Product 

Calendar. The following Tanker Time Charter Future Contract 

Bases are available for Trading and Clearing:

MRA, MR Atlantic Basket, 47,000 mt

Contract Base Size

Trade Lot 

Month:1 day

Quarter: 3 days

Year: 12 days

0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.01 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/day. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.

Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.
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Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month:

MRA_[MMM][YY]_[C/P][XX] where:

- [MMM] denotes the month of the applicable Index Delivery

Period

- [YY] denotes the year of the Expiration Day (as further 

specified in the Trading System and the Product Calendar)

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. MRA_MAR16_C45 for a call-option with Index Delivery 

Period = March 2013 and Expiration Day = during March 2013 

(as further specified in the Trading System and the Product 

Calendar) at Exercise Price USD 45)

Quarter:

MRA_Q[Q][YY]_[C/P][XX] where:

- [Q] denotes the quarter (1-4) of the applicable Index Delivery 

Period

- [YY] denotes the last digits year of the Expiration Day (as 

further specified in the Trading System and the Product 

Calendar)

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. MRA_Q216_C45 for a call-option with Index Delivery Period 

= Quarter 2 2014 and Expiration Day = during 2014 (as further 

specified in the Trading System and the Product Calendar) at 

Exercise Price USD 45)

Year:

MRA_CAL[YY]_[C/P][XX]; where:

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

- [C/P] denotes whether it is a call [C] or put [P] option
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- [XX] denotes the applicable Exercise Price in USD

(E.g. MRA_CAL16_C45 for a call-option with Index Delivery 

Period = calendar year 2014 (as further specified in the Trading 

System and the Product Calendar) at Exercise Price USD 45)

Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

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5.16 Tanker Time Charter Option Contracts

Type of contract Standardized LPG Freight Delivery of Future option contracts on 

corresponding Contract Base of LPG Freight Future Contracts.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base LPG Freight Future Contracts corresponding to the Expiration Day 

of the LPG Freight Delivery of Future Option Contracts, as 

specified in the Trading System and the Product Calendar. The 

following LPG Freight Future Contract Bases are available for 

Trading and Clearing:

LPG1, VLGC Ras Tanura – Chiba, 44,000 mt

Contract Base Size Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.0001 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.
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Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

LPG1_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_OCT14_C120 for a call-option for Index Delivery 

Period = OCTOBER 2014 at Exercise Price USD 120) 

Quarter: 

LPG1_[QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_Q414_C120 for a call-option for Index Delivery Period 

= Quarter 4 2014 at Exercise Price USD 120) 

Year:

LPG1_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_CAL15_C130 for a call-option for Index Delivery 

Period = Calendar year 2015 at Exercise Price USD 130) 
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Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB

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5.17 LPG Freight Option Contracts

Type of contract Standardized LPG Freight Delivery of Future option contracts on 

corresponding Contract Base of LPG Freight Future Contracts.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base LPG Freight Future Contracts corresponding to the Expiration Day 

of the LPG Freight Delivery of Future Option Contracts, as 

specified in the Trading System and the Product Calendar. The 

following LPG Freight Future Contract Bases are available for 

Trading and Clearing:

LPG1, VLGC Ras Tanura – Chiba, 44,000 mt

Contract Base Size Month:1,000 mt

Quarter: 3,000 mt

Year: 12,000 mt

Trade Lot 0.01 

Bank Day Calendar Bank Days in the United Kingdom (UK) 

Currency United State Dollars (USD) 

Tick size USD 0.0001 

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B, Section 5.5 of these Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in USD/mt. 

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is greater 

than the Option Fix.

Option Exercise Time On the Expiration Day at such time as the Option Fix is available.

Exercise Price The Exercise Price (i.e. strike price) is specified in the designation 

of each Series (see Series Designation).

Settlement (following Option 

Exercise) 

Following Option Exercise on the Expiration Day shall be done in 

accordance with Part B Section 5.6.
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Term (trading period) As identified in the Trading System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery 

Period.

Final Time for Trading Orders that are not matched at the end of exchange trading hours 

on the Expiration Day will be cancelled.

Final Time for Clearing 

Registration 

Same as for exchange trading. 

Listing Exchange Listing and Clearing Listing 

Forced Termination Applicable

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on 

the dates set forth in the Quotation List in effect at any given 

time. 

Series shall, as specified in the Term (trading period), be 

available for trading and clearing at all times.

Series designation Each Series shall be designated as follows: 

Month: 

LPG1_[MMM][YY]_[C/P][XX]; where: 

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_OCT14_C120 for a call-option for Index Delivery 

Period = OCTOBER 2014 at Exercise Price USD 120) 

Quarter: 

LPG1_[QQ][YY]_[C/P][XX]; where: 

- [QQ] denotes the month number (Q1, Q2, Q3, Q4) and 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_Q414_C120 for a call-option for Index Delivery Period 

= Quarter 4 2014 at Exercise Price USD 120) 

Year:

LPG1_[CAL][YY]_[C/P][XX]; where: 

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option 

- [XX] denotes the applicable Exercise Price in USD

(E.g. LPG1_CAL15_C130 for a call-option for Index Delivery 

Period = Calendar year 2015 at Exercise Price USD 130) 
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Strike levels New strikes are listed upon request by members and brokers.

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB

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6 FERROUS CONTRACTS
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6.1 Iron Ore Future

Type of contract Iron Ore Contract. Standardized Iron Ore Future Contract with cash 

settlement.

Contract base TSI CHN62FE, CFR China, 62% Fe Fines – Delivered Chinese Port:

i.e. the price (of 1 dry metric tonne) of Contract Base, in the 

currency of the Contract, as quoted and published by the The Steel 

Index. 

Contract base size 1000 dry metric tonne

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 

1.3 of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the 

Contract Specifications.

Term (clearing period) As identified in the Clearing System and the Product Calendar for 

each Series, in accordance with the Quotation List. The Expiration 

Day will normally be the last Bank Day of the Index Delivery Period.

Final Time for Clearing 

Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available 

for trading and clearing at all times.

The Exchange and the Clearinghouse may at their sole discretion 
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decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

CHN62FE_[MMM][YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. CHN62FE_DEC15 for Index Delivery Period = December 2015)

Quarter:

CHN62FE_Q[Q][YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

(E.g. CHN62FE_Q114 for Index Delivery Period = First Quarter 2014)

Year:

CHN62FE_CAL[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

(E.g. CHN62FE_CAL15 for Index Delivery Period = Calendar Year 

2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
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6.2 Iron Ore Option

Type of contract Standardized delivery of future contract on corresponding 

Contract Base of Iron Ore Future Contract.

Style of Option European Option with automatic exercise and delivery of future 

on Expiration Day. 

Contract base The Steel Index, i.e. the price (of 1 dry metric tonne) of 

Contract Base, in the currency of the Contract, as quoted and 

published by The Steel Index. The following Contract Bases is 

available for Clearing:

CHN62FE, CFR China, 62% Fe Fines – Delivered Chinese Port

Contract Base size 1 dry metric tonne

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency USD

Tick size USD 0.01

Fix Option Fix shall be determined on the Expiration Day in 

accordance with Part B Section 1.5 of the Contract 

Specifications.

Premium (Contract Price) As agreed by the purchaser and seller and expressed in 

USD/dmt.

Premium Settlement Premium Settlement shall take place on the following Bank Day 

after which the applicable Option Contract is registered as a 

Clearing Transaction.

Option Exercise Standard Exercise for call options will be invoked where the 

Option Fix is greater than the Exercise Price. Standard Exercise 

for put options will be invoked where the Exercise Price is 

greater than the Option Fix. 

Option Exercise Time On the Expiration Day at such time as the Option Fix is 

available. 

Exercise Price The Exercise Price (i.e. strike price) is specified in the 

designation of each Series (see Series Designation).

Settlement (following Option 

Exercise)

Following Option Exercise on the Expiration Day shall be done 

in accordance with Part B Section 6.2.6.

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. The 

Expiration Day will normally be the last Bank Day of the Index 

Delivery Period.

Final Time for Clearing 

Registration

Same as for exchange trading.

Forced Termination Applicable.
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Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time.

Series shall, as specified in the Term (clearing period), be 

available for trading and clearing at all times. 

Series designation Month:

CHN62FE_[MMM][YY]_[C/P][XX] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) 

and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD 

(E.g. CHN62FE_DEC16_C100 for Call Option with Exercise 

Price 100 USD and Index Delivery Period = December 2016)

Quarter:

CHN62FE_Q[Q][YY]_[C/P][XX]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period 

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. CHN62FE_Q116_P95 for Put Option with Exercise Price 95 

USD and Index Delivery Period = First Quarter 2016)

Year:

CHN62FE_CAL[YY]_[C/P][XX]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery 

Period

- [C/P] denotes whether it is a call [C] or put [P] option

- [XX] denotes the applicable Exercise Price in USD

(E.g. CHN62FE_CAL16_P95 for Put Option with Exercise Price 

95 USD and Index Delivery Period = Calendar Year 2016)

Strike levels

Primary Exchange

New strikes are listed upon request by members and brokers.

Nasdaq Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 253 (264)

6.3 Coking Coal Future

Type of contract Coking Coal Contract. Standardized Coking Coal Future Contract with 

cash settlement.

Contract base The Steel Index (TSI) Premium hard coking coal, FOB East Cost 

Australia Port, i.e. the price (of 1 dry metric tonne) of Contract Base, 

in the currency of the Contract, as quoted and published by TSI. 

Contract base size 1000 metric tonne

Trade Lot 0.01

Bank Day Calendar Bank Days in the United Kingdom (UK)

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 1.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (clearing 

period)

As identified in the Clearing System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for 

Clearing Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 254 (264)

specified above.

Series designation Each Series shall be designated as follows:

Month:

COKAUS[MMM]-[YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. COKAUSDEC-15 for Index Delivery Period = December 2015)

Quarter:

COKAUSQ[Q]-[YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. COKAUSQ1-15 for Index Delivery Period = First Quarter 2015)

Year:

COKAUSCAL-[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. COKAUSCAL-15 for Index Delivery Period = Calendar Year 2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 255 (264)

6.4 US Shredded Scrap Steel Future – USSH

Type of contract US Shredded Scrap Steel Contract. Standardized Futures Contract 

with cash settlement.

Contract base TSI US Shredded Steel Scrap Index - (ISRI Code 210 & 211)

The USD price for 1 gross ton of US Shredded Steel Scrap according to

the monthly TSI US Shredded Steel Scrap Index. 

TSI US shredded scrap index is compiled as volume-weighted average 

of first 10 days of activity each calendar month, published on 11th day 

of each month (or next US working day if 11th is not a US working 

day). 

Contract base size Month: 20 Gross Tons

Quarter: 60 Gross Tons

Trade Lot 1 (20 Gross Tons) (2240 lbs.)

Bank Day Calendar Bank Days in the United States (US) - Except for Easter Friday, Easter 

Monday and Boxing Day. 

Currency United States Dollars (USD)

Tick size USD 0.25

Contract Price As agreed by the purchaser and seller and expressed in USD per Gross 

Ton (2240 lbs.) 

Index Delivery Period Month:

TSI US Shredded Steel Scrap Index published on the 11th day of the 

relevant calendar month where the 11th is a Bank Day in the US, 

otherwise the following Bank Day in the US.

Quarter:

Upon registration as an Exchange Transaction, quarter contracts are 

automatically converted into three month contracts of equal volume in 

each of the constituent months at the same trade price which settle as 

month contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 

7.1.3 of these Contract Specifications:

- Daily Fix shall be determined by the Exchange on each Bank Day 

during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 7.1.4

Settlement Cash settlement only to take place D+1 after Expiration 

Term (trading period) As identified in the Trading System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day is the 

11th of the month or the following Bank Days in the US when the 11th

is not a Bank Days in the US.

Final Time for Trading Orders that are not matched at the end of exchange trading hours on 

the day before (D-1) Expiration Day will be cancelled.
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 256 (264)

Final Time for 

Clearing Registration

Same as Final Time for Trading

Listing Exchange Listing and Clearing Listing

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 

specified above.

Series designation Each Series shall be designated as follows:

Month:

USSH[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(e.g. USSHJAN-15 for Delivery Period = January 2015)

Quarter:

USSHQ[N]–[YY]; where

- [N] – denotes the quarter number (1,2,3,4)

- [YY] denotes the calendar year (00-99)

(e.g. USSHQ3-15 for Delivery Period = Q3 2015)

Primary Exchange NASDAQ Oslo ASA

Clearing Venue NASDAQ Clearing AB
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 257 (264)

6.5 US Hot Rolled Coil (HRC) Future

Type of contract US HRC Contract. Standardized Steel Hot Rolled Coil Future Contract 

with cash settlement.

Contract base The Steel Index (TSI) US domestic hot rolled coil, FOB Midwest mill, 

i.e. the price (of 1 dry metric tonne) of Contract Base, in the currency 

of the Contract, as quoted and published by TSI. 

Contract base size 20 metric tonne

Trade Lot 1

Bank Day Calendar Bank Days in the UK

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 1.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (clearing 

period)

As identified in the Clearing System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for 

Clearing Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 258 (264)

specified above.

Series designation Each Series shall be designated as follows:

Month:

USHRC[MMM]-[YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. USHRCDEC-15 for Index Delivery Period = December 2015)

Quarter:

USHRCQ[Q]-[YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. USHRCQ1-15 for Index Delivery Period = First Quarter 2015)

Year:

USHRCCAL-[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. USHRCCAL-15 for Index Delivery Period = Calendar Year 2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 259 (264)

6.6 ASEAN Hot Rolled Coil (HRC) Future

Type of contract ASEAN HRC Contract. Standardized Steel Hot Rolled Coil Future 

Contract with cash settlement.

Contract base The Steel Index Hot Rolled Coil, ASEAN imports, CFR Singapore port, 

i.e. the price (of 1 dry metric tonne) of Contract Base, in the currency 

of the Contract, as quoted and published by TSI. 

Contract base size 20 dry metric tonne

Trade Lot 1

Bank Day Calendar Bank Days in the UK

Currency United States Dollars (USD)

Tick size USD 0.01

Contract Price As agreed by the purchaser and seller and expressed in USD/dmt.

Index Delivery Period Month:

First Index Day of the Month to last Index Day of the Month.

Quarter:

Upon registration as an Exchange Transaction, Quarter Contracts are 

automatically converted into 3 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Year:

Upon registration as an Exchange Transaction, Year Contracts are 

automatically converted into 12 Month Contracts of equal volume in 

each of the constituent months at the same trade price and go on to 

Settle as Month Contracts.

Fix Fix will be determined as follows in accordance with Part B, Section 1.3 

of these Contract Specifications:

- Daily Fix shall be determined on each Bank Day during the Term;

- Expiration Day Fix shall be determined on the Expiration Day 

according to Part B, Section 1.4

Settlement Cash settlement only.

Daily Market Settlement only in accordance with Part A of the Contract 

Specifications.

Term (clearing 

period)

As identified in the Clearing System and the Product Calendar for each 

Series, in accordance with the Quotation List. The Expiration Day will 

normally be the last Bank Day of the Index Delivery Period.

Final Time for 

Clearing Registration

End of Clearinghouse Opening Hours on the Expiration Day.

Listing Exchange Listing and Clearing Listing.

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series on the 

dates set forth in the Quotation List in effect at any given time.

Series shall, as specified in the Term (trading period), be available for 

trading and clearing at all times. 

The Exchange and the Clearinghouse may at their sole discretion 

decide to list Contracts with a deviating product structure than 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 260 (264)

specified above.

Series designation Each Series shall be designated as follows:

Month:

ASEHRC[MMM]-[YY] where

- [MMM] denotes the month number (JAN, FEB, MAR,...,DEC) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. ASEHRCDEC-15 for Index Delivery Period = December 2015)

Quarter:

ASEHRCQ[Q]-[YY]; where

- [Q] denotes the quarter number (1, 2, 3, 4) and

- [YY] denotes the calendar year (00-99) of the Index Delivery Period 

(E.g. ASEHRCQ1-15 for Index Delivery Period = First Quarter 2015)

Year:

ASEHRCCAL-[YY]; where

- [YY] denotes the calendar year (00-99) of the Index Delivery Period

(E.g. ASEHRCCAL-15 for Index Delivery Period = Calendar Year 2015)

Clearing Venue NASDAQ Clearing AB

Exchange Venue NASDAQ OSLO ASA
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 261 (264)

7 RENEWABLE CONTRACTS
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 262 (264)

7.1 German Wind Index Future – RWDE (Renewables Wind DE)

Type of contract Wind Index Contract. Standardized Futures contract with cash 

settlement.

Contract base The Nasdaq Renewable Index Wind Germany NAREX-WIDE 

index point multiplied with 1 EUR per WPH according to the 

daily “NAREX-WIDE” index for the German region as calculated 

by the Calculation Agent.

Contract base size 1 WPH. Wind Production Hour.

The number of delivery hours for each Series is specified in the 

Trading System and the Product Calendar, and may vary with 

the applicable Delivery Period.

The contract size (contract volume), expressed in WPH, will be 

a function of the applicable number of delivery hours and the 

lot size. 

Base load dailies normally vary between 23 and 25 hours. 

Base load weeks normally vary between 167 and 169 hours. 

Base load months normally vary between 672 and 745 hours. 

Base load quarters normally vary between 2159 and 2209 

hours. 

Base load years normally vary between 8760 and 8784 hours.

Trade Lot 1

Bank Day Calendar European Trading Calendar

Currency Euro (EUR) 

Tick size EUR 0.01 

Contract Price As agreed by the purchaser and seller and expressed in 

EUR/WPH. 

Load Base load - Covering all hours of all days in the Spot Reference

Period (00:00 – 24:00 CET). 

Spot Reference Period The applicable load hours of the calendar period as specified in 

the Series Designation and the Product Calendar.

Day:

The applicable calendar day as specified in the Series 

Designation and the Product Calendar.

Week:

The applicable calendar week (Monday - Sunday) as specified 

in the Series Designation and the Product Calendar.

Month:

The applicable calendar month as specified in the Series 

Designation and the Product Calendar. 

Quarter:

The applicable quarter as specified in the Series Designation 

and the Product Calendar.

Quarters are for three consecutive calendar months of a year: 

Q1 (Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) or Q4 (Oct-Dec).
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 263 (264)

Year:

The applicable calendar year as specified in the Series 

Designation and the Product Calendar.

Fix Fix will be determined as follows in accordance with Part A and 

Part B of the Contract Specifications: 

- Daily Fix shall be determined on each Bank Day during the 

Term, 

- Expiration Day Fix shall be determined on the Expiration Day.

(the first Bank Day following the Expiration Day if the 

Expiration Day is a non-Bank Day)

Settlement Cash settlement only. 

Daily Market Settlement in accordance with Part A of the 

Contract Specifications. On the Expiration Day the Daily 

Market Settlement will be calculated using the Expiration 

Day Fix for Average Rate Contracts.

Cascading Year:

A year contract cascade into corresponding quarter contracts 

spanning the same Spot Reference Period as the year contract

three bank days prior to the start of delivery of the year 

contract.

Quarter:

A quarter contract cascade into corresponding Month contracts 

spanning the same Spot Reference Period as the quarter

contract on the last Trading day of the quarter contract

Term (trading period) As identified in the Trading System and the Product Calendar 

for each Series, in accordance with the Quotation List. 

Final Time for Trading Orders that are not matched at the end of Exchange Opening 

Hours on the Expiration Day will be cancelled. 

Final Time for Clearing 

Registration 

Same as for Exchange Opening Hours. 

Listing Exchange Listing and Clearing Listing 

Listing of Series Series are listed on the terms set forth herein, unless otherwise 

expressly stated by the Exchange. Listing shall occur in Series 

on the dates set forth in the Quotation List in effect at any 

given time.

Three (3) yearly series shall be available for trading and 

clearing at all times.

Seven (7) quarterly series shall be available for trading and 

clearing at all times.

Six (6) monthly series shall be available for trading and 

clearing at all times.

Four (4) weekly series shall be available for trading and 

clearing at all times.

Ten (10) daily series shall be available for trading and clearing 

at all times.

The Exchange and the Clearinghouse may at their sole 
Trading Appendix 2 / Clearing Appendix 2 – Contract Specifications

COPYRIGHT © Nasdaq OSLO ASA and Nasdaq CLEARING AB 264 (264)

discretion decide to list Contracts with a deviating product 

structure than specified above.

Series designation Each Series shall be designated as follows: 

 RWDEBLYR-[YY]; where 

- [YY] denotes the calendar year (00-99) of the Delivery 

Period

(E.g. RWDEBLYR-15 for Delivery Period = calendar year 2015)

 RWDEBLQ[Q]-[YY]; where 

- [Q] denotes the applicable quarter (1-4) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. RWDEBLQ2-15 for Delivery Period = 2nd quarter (April -

June 2015)

 RWDEBLM[MMM]-[YY]; where 

- [MMM] denotes the month (three letters) and

- [YY] denotes the calendar year (00-99)

of the Delivery Period

(E.g. RWDEBLMJAN-15 for Delivery Period = January 2015)

 RWDEBLW[XX]-[YY]; where 

- [XX] denotes the number of the week of the Delivery Period

- [YY] denotes the calendar year (00-99) of the Delivery 

Period

(E.g. RWDEBLW12-15 for Delivery Period = week12 in 2015)

 RWDEBLD[ddmm]-[YY]; where 

- [ddmm] denotes the number of the day and number of the 

month of the Delivery Period

- [YY] denotes the calendar year (00-99) of the Delivery 

Period

(E.g. RWDEBLD0601-15 for Delivery Period = 6th January 

2015)

Primary Exchange NASDAQ Oslo ASA 

Clearing Venue NASDAQ Clearing AB 

Other Information 

[end of document]
Effective Date: 25 April 2016

Trading Appendix 3 / Clearing Appendix 3

Trading and Clearing 

Schedule

Commodity Derivatives

Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 2 (10)

TRADING AND CLEARING SCHEDULE

Please observe:

CET means Oslo time. UKLT means UK Local Time. 

Times with respect to Cash Settlement, Margin Requirements and the Cash Optimization Service 

are set out in the Procedures.

1 INTRADAY SCHEDULE FOR EUR CONTRACTS

1.1 Nordic Electricity Contracts

07:00 CET 06:00 UKLT Start of Clearing Opening Hours

07:45 CET 06:45 UKLT Start of Exchange Opening Hours

08:00 CET 07:00 UKLT Start of ETS and MTS Opening Hours

12:00 CET 11:00 UKLT Option Fix determined For applicable Series on 

their Expiration Day. Fixed 

at from a randomly 

selected time between 

11:55 and 12:00.

12:30 CET 11:30 UKLT Option Exercise Time For applicable Series on 

their Expiration Day. If the 

Option Fix is delayed the 

Option Exercise Time is 30 

minutes after the revised 

time for the Option Fix.

14:00 CET 13:00 UKLT Option Exercise results available For applicable Series on 

their Expiration Day.

16:00 CET 15:00 UKLT Daily Fix and Expiration Day Fix 

determined 

For applicable Series on 

each Bank Day. At a 

randomly selected time 

between 15:55 and 16:00

CET.

Expiration Day Fix and 

Option Fix for Average Rate 

futures and options on the 

Expiration Day by using the 

time weighted average of 

the applicable Spot 

Reference Fixes published 

in the Spot Reference 

Period.

16:00 CET 15:00 UKLT End of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT End of Exchange Opening Hours 

19:00 CET 18:00 UKLT End of Clearing Opening Hours 

19:15 CET 18:15 UKLT Allocation Deadline

19:15 CET 18:15 UKLT Error Correction Deadline
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 3 (10)

1.2 European Energy Contracts

07:00 CET 06:00 UKLT Start of Clearing Opening Hours in 

applicable Series

07:45 CET 06:45 UKLT Start of Exchange Opening Hours

08:00 CET 07:00 UKLT Start of ETS and MTS Opening Hours

12:00 CET 11:00 UKLT Option Fix determined For applicable Series on 

their Expiration Day. Fixed 

at from a randomly selected 

time between 11:55 and 

12:00.

12:30 CET 11:30 UKLT Option Exercise Time For applicable Series on 

their Expiration Day. If the 

Option Fix is delayed the 

Option Exercise Time is 30 

minutes after the revised 

time for the Option Fix.

14:00 CET 13:00 UKLT Option Exercise results available For applicable Series on 

their Expiration Day.

16:00 CET 15:00 UKLT Daily Fix and Expiration Fix determined For applicable Series on 

each Bank Day. Fixed at a 

randomly selected time 

between 15:55 and 16:00 

CET.

18:00 CET 17:00 UKLT End of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT End of Exchange Opening Hours

19:00 CET 18:00 UKLT End of Clearing Opening Hours

19:15 CET 18:15 UKLT Allocation Deadline

19:15 CET 18:15 UKLT Error Correction Deadline
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 4 (10)

1.3 Renewables Contracts

07:00 CET 06:00 GMT Start of Clearing Opening Hours in 

applicable Series

07:00 CET 06:00 GMT Daily Cash Settlement information 

available

07:10 CET 06:10 GMT Daily Margin Requirements available

07:45 CET 06:45 GMT Start of Exchange Opening Hours

08:00 CET 07:00 GMT Start of ETS and MTS Opening Hours

08:30 CET 07:30 GMT Statement of Account available

09:00 CET 08:00 GMT Cash Settlement initiated; Account 

Holder must have at its disposal the 

necessary balance or credit facilities for 

debit on the designated Cash Settlement 

Accounts 

10:00 CET 09:00 GMT NAREX-WIDE index published

10:30 CET 09:30 GMT Collateral Deadline

12:30 CET 11:30 GMT Cash Settlement closed; Payment is 

initiated to credit designated Cash 

Settlement Accounts

16:00 CET 15:00 GMT Daily Fix and Expiration Fix determined For applicable Series on 

each Bank Day. Fixed at a 

randomly selected time 

between 15:55 and 16:00 

CET.

18:00 CET 17:00 GMT End of ETS and MTS Opening Hours

19:00 CET 18:00 GMT End of Exchange Opening Hours

19:00 CET 18:00 GMT End of Clearing Opening Hours

19:15 CET 18:15 GMT Allocation Deadline

19:15 CET 18:15 GMT Error Correction Deadline
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 5 (10)

1.4 Allowance Contracts

1.4.1 Intraday trading and clearing schedule

07:00 CET 06:00 UKLT Start of Clearing Opening Hours

07:45 CET 06:45 UKLT Start of Exchange Opening Hours

08:00 CET 07:00 UKLT Start of ETS and MTS Opening Hours

12:00 CET 11:00 UKLT Option Fix determined For applicable Series on

their Expiration Day. 

Fixed at a randomly selected

time between 11:55 and

12:00.

12:30 CET 11:30 UKLT Option Exercise Time For applicable Series on their 

Expiration Day. If the Option 

Fix is delayed the Option 

Exercise Time is 30 minutes 

after the revised time for the 

Option Fix.

14:00 CET 13:00 UKLT Option Exercise result made available For applicable Series on their 

Expiration Day.

18:00 CET 17:00 UKLT Daily Fix and Expiration Fix 

determined

For applicable Series on each

Bank Day. Fixed at a

randomly selected time

between 17:55 and

18:00 CET.

18:00 CET 17:00 UKLT End of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT End of Exchange Opening Hours

19:00 CET 18:00 UKLT End of Clearing Opening Hours

19:15 CET 18:15 UKLT Allocation Deadline 18:00 UKLT

19:15 CET 18:15 UKLT Error Correction Deadline

1.4.2 Allowance Settlement Schedule

Regardless of which Allowance Account the Account Holder holds in the Union Registry, the 

following settlement schedule applies to the Settlement and Delivery of Allowances, where “D” 

denotes the Expiration Day of the applicable Series and “+ x” denotes the number of Bank Days 

(“x”) following D. 

D by 19:00 CET Deadline for Initiation of Allowance Delivery obligations due for 

Delivery on D for net selling Account Holders.

D+1 by 10:00 CET

1

D+1 by 11:00 CET

Deadline for Allowance Delivery to the Clearinghouse.

The net buyer must have collateral in cash equal to the net 

settlement amount.

D+3 by 16:00 CET Deadline for the Clearinghouse to perform Allowance Delivery to 

net buyers.

D+3 Settlement Day for net sellers and net buyers. Subject to the 

seller’s fulfilment of its Allowance Delivery obligations payments 

are due from the Clearinghouse as part of the Daily Cash 

Settlement.

 

1

An Initiation of Allowance Delivery between 16:00 19:00 CET will be registered on the Allowance 

Account of the Clearinghouse at 10:00 CET on D+1.
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 6 (10)

1.5 Swedish and Norwegian Electricity Certificate Contracts

1.5.1 Intraday trading and clearing schedule

07:00 CET 06:00 UKLT Start of Clearing Opening Hours

07:45 CET 06:45 UKLT Start of Exchange Opening Hours

08:00 CET 07:00 UKLT Start of ETS and MTS Opening Hours

16:00 CET 15:00 UKLT Daily Fix and Expiration Fix determined For applicable Series on 

each Bank Day. Fixed at a 

randomly selected time 

between 15:55 and 16:00

CET.

16:00 CET 15:00 UKLT End of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT End of Exchange Opening Hours

19:00 CET 18:00 UKLT End of Clearing Opening Hours

19:15 CET 18:15 UKLT Allocation Deadline

19:15 CET 18:15 UKLT Error Correction Deadline

1.5.2 El-Cert Settlement Schedule

Regardless of which El-Cert Account the Account Holder holds in the El-Cert Registry, the following 

settlement schedule applies to the Settlement and Delivery of E-Certs, where “D” denotes the 

Expiration Day of the applicable Series and “+ x” denotes the number of Bank Days (“x”) following 

D. 

D by 19:00 CET Deadline for Initiation of El-Cert Delivery obligations due for Delivery 

on D for net selling Account Holders.

D+1 by 11:00 CET The net buyer must have collateral in cash equal to the net 

settlement amount.

D+3 by 20:00 CET Deadline for the Clearinghouse to perform El-Cert Delivery to net 

buyers.

D+3* Settlement Day for net sellers and net buyers. Subject to the seller’s 

fulfilment of its El-Cert Delivery obligations payments are due from 

the Clearinghouse as part of the Daily Cash Settlement.

*El-Cert in SEK: When bank holiday in Sweden the contract will have 

D+4 settlement and delivery.
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 7 (10)

2 INTRADAY SCHEDULE FOR GBP CONTRACTS

07:00 CET 06:00 UKLT Start of Clearing Opening Hours

07:45 CET 06:45 UKLT Start of Exchange Opening Hours

08:00 CET 07:00 UKLT Start of ETS and MTS Opening Hours

18:00 CET 17:00 UKLT Daily Fix and Expiration Fix determined For applicable Series on 

each Bank Day. Fixed at a 

randomly selected time 

between 17:55 and 18:00

CET.

18:00 CET 17:00 UKLT End of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT End of Exchange Opening Hours

19:00 CET 18:00 UKLT End of Clearing Opening Hours

19:15 CET 18:15 UKLT Allocation Deadline

19:15 CET 18:15 UKLT Error Correction Deadline
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 8 (10)

3 INTRADAY SCHEDULE FOR FREIGHT AND FUEL OIL CONTRACTS

07:00 CET 06:00 UKLT Start of Clearing Opening Hours 

07:45 CET 06:45 UKLT Start of Exchange Opening Hours

08:00 CET 07:00 UKLT Start of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT Daily Fix determined For applicable Series on 

each Bank Day. Fixed at a 

randomly selected time 

between 18:55 and 19:00

CET.

19:00 CET 18:00 UKLT End of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT End of Exchange Opening Hours

19:00 CET 18:00 UKLT End of Clearing Opening Hours

19:15 CET 18:15 UKLT Allocation Deadline

19:15 CET 18:15 UKLT Error Correction Deadline

4 INTRADAY SCHEDULE FOR FERROUS CONTRACTS

07:00 CET 06:00 UKLT Start of Clearing Opening Hours 

07:45 CET 06:45 UKLT Start of Exchange Opening Hours

08:00 CET 07:00 UKLT Start of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT Daily Fix determined For applicable Series on 

each Bank Day. Fixed at a 

randomly selected time 

between 18:55 and 19:00

CET.

19:00 CET 18:00 UKLT End of ETS and MTS Opening Hours

19:00 CET 18:00 UKLT End of Exchange Opening Hours

19:00 CET 18:00 UKLT End of Clearing Opening Hours

19:15 CET 18:15 UKLT Allocation Deadline

19:15 CET 18:15 UKLT Error Correction Deadline
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 9 (10)

5 INTRADAY SCHEDULE FOR SEAFOOD CONTRACTS

07:00 CET 06:00 UKLT Start of Clearing Opening Hours in 

applicable Series

08:00 CET 07:00 UKLT Start of Third Party Exchange 

Opening Hours

16:00 CET 15:00 UKLT Daily Fix and Expiration Fix determined For applicable Series on 

each Bank Day. Fixed at a 

randomly selected time 

between 15:55 and 16:00 

CET.

16:00 CET 15:00 UKLT End of Third Party Exchange 

Opening Hours

19:00 CET 18:00 UKLT End of Clearing Opening Hours

19:15 CET 18:15 UKLT Allocation Deadline
Trading Appendix 3 / Clearing Appendix 3 – Trading and Clearing Schedule

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 10 (10)

6 ADJUSTMENT OF OPENING HOURS

Opening hours and intraday schedules may be adjusted on certain days (i.e. Christmas, New Year’s

Eve) following notice from the Exchange / the Clearinghouse.

[end of document]
Trading Appendix 4

Trading Procedures

Commodity Derivatives

Issued by NASDAQ OMX OSLO ASA

Effective Date: 7 April 2014
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 2 (10)

TRADING PROCEDURES

1 INTRODUCTION

1.1 Exchange Members may within Opening Hours on any Bank Day for the relevant Series 

submit Orders and enter into Exchange Transactions through the Trading System in 

accordance with the Trading Procedures set out herein. 

2 DEFINITIONS

2.1 Capitalized words in the User Terms shall have the same meaning as defined in the 

Definitions. Additionally, the following words shall have the meanings set out below:

Bid means an Order to buy.

Deviation Margin means a price margin specified in Section 11 of these 

Trading Procedures, to be subtracted from or added to a 

reference price (as further specified) when dealing with 

Transaction errors. 

Offer means an Order to sell.

Order has the meaning ascribed to it in the Definitions.

Order Price means the price specified in an Order for each Contract.

Volume Limit means a volume limit set out in Section 11 of these 

Trading Procedures.

3 THE ELECTRONIC TRADING SYSTEM (ETS)

3.1 Exchange Members may submit Orders and enter into Exchange Transactions through 

the ETS, provided that the ETS User Terms are observed and complied with at all times. 

3.2 All Orders and Transactions in the ETS will be stored electronically and kept by the 

Exchange in accordance with applicable law. 

4 THE MANUAL TRADING SERVICE (MTS)

4.1 Subject to Section 4.5 below, Authorized Traders may submit Orders, changes to Orders 

or cancellations of Orders to the MTS on behalf of their respective Exchange Members 

through such channels of communication as are approved by the Exchange from time to 

time. 

4.2 The Exchange shall register the Order submitted to MTS in ETS on the Exchange 

Member’s behalf as further agreed in each individual case, and immediately after 

registration in ETS notify the Exchange Member thereof. The provisions set out in these 

Trading Procedures shall apply to all Orders entered into the ETS by the MTS on behalf 

of an Exchange Member. 

4.3 The Exchange may, upon the request of an Exchange Member, in its own discretion and 

subject to best execution principles, without registering an Order in ETS communicate a 

Bid or an Offer through the MTS directly to other Exchange Member(s). Transactions 

that are entered into pursuant to this Section 4.3 shall immediately be registered as an 

Exchange Transaction in the ETS. 

4.4 All telephone conversations and other communication with the MTS may be recorded 

and kept by the Exchange in accordance with applicable law, and may be used to 

determine the factual contents of such communication for the purpose of deciding upon 
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 3 (10)

a claim for trading error in accordance with Section 10, or otherwise to operate the 

Exchange or to comply with applicable law. 

4.5 The Exchange will make commercially reasonable endeavours to run an effective MTS 

service and maintain the continuity of access to MTS, but the MTS is provided on an “as 

available” basis and the Exchange makes no representations or warranty as to the 

availability of the MTS. 

5 QUOTING OF ORDERS 

5.1 An Order is valid from the time of registration in the ETS in accordance with this Section 

5, until it is matched, cancelled or amended (provided that the amendment does not 

only imply reduction of Order Volume) as specified in Section 5.2, or has expired 

pursuant to its individual Order specification.

5.2 Amendments to or cancellations of Orders become effective when such are registered in 

ETS. This also applies to amendments and cancellations submitted to MTS, which are 

registered in ETS by MTS on the Exchange Member’s behalf. The MTS will endeavour to 

register any such amendments and cancellation in a chronological order.

5.3 The Exchange generally accepts the following Order types in Exchange Listed Products:

Fill-and-kill Order An Order to be matched immediately at the Order Price or better for 

as much of the Order volume as possible, and otherwise cancelled.

Fill-or-kill Order An Order to be matched immediately at the Order Price or better for 

the whole Order volume, and otherwise cancelled. 

Hidden Volume An Order where only part of the Order volume shall be displayed in 

ETS. 

Visible Volume The part of a Hidden Volume Order that shall be displayed in ETS. 

Limit Order An Order to be matched at the Order Price or better for as much of the 

Order volume as possible, and otherwise cancelled at the end of 

Opening Hours the relevant Bank Day.

Market Order An Order to be matched immediately at best available price for as 

much of the Order volume as possible, and otherwise cancelled.

Linked Orders

Stop Order

Orders where a combination of maximum ten orders are combined 

with an exclusive condition on the maximum volume level. The volume 

of all legs are reduced proportionally when one of the legs are traded.

Order that is submitted automatically as a Limit Order or Market 

Order once a certain price condition of an Instrument is met.

The price condition is predefined by the User.

5.4 All Orders shall include the following information to be valid: 

a. The identity of the Exchange Member making the Order;

b. The Series Designation of the applicable Series;

c. Whether the Order is a Bid or an Offer; 

d. The Order volume;

e. The Order Price;

f. The Order type;

g. Possible combination terms in accordance with Section 5.5 below; 
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 4 (10)

h. The Hidden Volume and the Visible Volume (if Hidden Volume is not specified the 

entire Order will be deemed Visible Volume);

i. If applicable and/or desirable: Any additional information as mandated and/or allowed 

by (i) the Trading Rules (including the Market Conduct Rules) and/or (ii) the prevailing 

functionality of the ETS.

In case of Orders registered through the ETS, the functionality of the ETS will automatically 

validate that this Section 5.4 is fulfilled for all Orders registered.

5.5 Exchange Members may register Combination Orders provided that: 

a. The price of Combination Orders shall be specified as a joint net price;

b. The Exchange may from time to time set limits, restrictions and conditions to the 

registration of Combination Orders; and

c. The Exchange may identify a Combination Order as such in the ETS, visible to all 

Exchange Members. 

5.6 Notwithstanding any other provisions of the Trading Rules, the Exchange reserves the 

right, in its sole discretion and without prior notice to the relevant Exchange Member, to 

reject, cancel or refuse to display or match any Order which in the Exchange’s 

determination would contravene the Trading Rules or applicable law. Any such decision 

should be reasonably founded, and the Exchange shall notify the relevant Exchange 

Member immediately after such decision has been made. 

6 RANKING AND MATCHING OF ORDERS

6.1 A registered Bid of Offer shall normally become matched, and a corresponding Exchange 

Transaction shall be created, upon the registration in the ETS of (i) an Offer with 

corresponding or lower Order Price than the Bid or (ii) a Bid with corresponding or 

higher Order Price than the Offer. In respect of Combination Orders, matching depends 

on the individual criteria set for the Combination Order and matching will normally not 

occur until the entire Combination Order is matched.

6.2 Orders are principally ranked and matched by Order Price. Orders with the same Order 

Price are ranked and matched by their time of registration. 

6.3 When the Visible Volume of an Order with a Hidden Volume is matched, the ETS will 

automatically restate the Visible Volume until the full Order volume is matched. The 

time of registration shall, for the purpose of Section 6.2, be when the Visible Volume is 

restated. 

6.4 The changing of a registered Order with respect to a decrease in volume, extension of 

its validity, or a change of the identity of the client (portfolio designation) shall be 

deemed an adjustment of the registered Order and does not affect ranking. Other 

changes to registered Orders such as changes to the Order Price or increase in Order 

Volume shall be deemed a new Order (and the original Order shall be deemed 

cancelled). 

6.5 Section 6.4 is subject to the functionality of the Client Application used for submitting 

Orders and the Trading System may offer different functionality in respect of specific 

Order methods. For example, all changes to Orders submitted through the price 

quotation functionality of the Standard Client will be deemed a new Order (and the 

original Order shall be deemed cancelled).

7 BLOCK TRADES

7.1 The Exchange may designate from time to time those Block Trade Contracts that are 

eligible for being traded as Block Trades.

7.2 Block Trades may be submitted only during Exchange Opening Hours and on such Bank 

Days as the Exchange may from time to time prescribe.
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 5 (10)

7.3 Any Exchange Member is permitted to arrange and submit Block Trades through the 

Exchange’s Block Trading Facility, provided only that such Exchange Member maintains 

all necessary Required Authorisations, obtains all necessary consents and executes such 

documentation as required by the Exchange from time to time.

7.4 Any Exchange Member arranging Block Trades must comply with all laws and 

regulations applicable to it.

7.5 Block Trades are arranged in accordance with, and are subject to, the Trading Rules, 

including the Block Trade Facility Procedures. For the avoidance of doubt, Block Trades 

are not organised or executed through the ETS.

7.6 The Exchange shall determine and publish from time to time the minimum number of 

lots (i.e., minimum volume threshold) in respect of each Block Trade Contract that must 

be met or exceeded by a party to a Block Trade. 

7.7 Exchange Members may arrange a Block Trade which involves the trading of two or 

more different Block Trade Contracts or a Block Trade in the same Block Trade Contract 

that involves the trading of two or more different contract months and/or strike prices, 

provided that each relevant side/leg of such Block Trade meets or exceeds the minimum 

volume threshold for such Block Trade Contract.

7.8 The Exchange may, in its sole and absolute discretion, determine from time to time a 

lower minimum volume threshold for Block Trades that involve novel or complex trading 

strategies.

7.9 Exchange Members may not aggregate separate Block Trades for purposes of meeting 

or exceeding the minimum volume thresholds. Exchange Members may aggregate 

separate Block Trades provided each such separate Block Trade meets or exceeds the 

minimum volume threshold for the relevant Block Trade Contract.

7.10 Exchange Members must ensure that the price of any Block Trade being quoted 

represents the “fair market value price” for that trade, defined as the price considered 

to be the best available for a trade of that size and kind at that time. 

7.11 Prices of Block Trades will not be included in the determination or calculation of any 

Daily Fix amounts.

7.12 Once a Block Trade has been agreed, the parties must submit the Block Trade details to 

the Exchange in accordance with the Block Trade Facility Procedures.

7.13 Any decision by the Exchange not to record or accept a Block Trade or not to submit the 

Block Trade for Registration at the Clearinghouse is final.

8 EXCHANGE OF FUTURE FOR PHYSICAL (“EFP”) AND EXCHANGE OF FUTURES FOR 

SWAP (“EFS”)

8.1 The Exchange may designate from time to time those Contracts in respect of which EFPs 

or EFSs may take place.

8.2 EFPs and EFSs may be reported only during the Exchange Opening Hours and on such 

Bank Days as the Exchange may from time to time prescribe.

8.3 Any Exchange Member is permitted to arrange and submit EFPs and EFSs through the 

Exchange’s Block Trading Facility, provided only that such Exchange Member maintains 

all necessary Required Authorisations, obtains all necessary consents and executes such 

documentation as required by the Exchange from time to time.

8.4 Any Exchange Member arranging EFPs or EFSs must comply with all laws and 

regulations applicable to it.
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 6 (10)

8.5 EFPs and EFSs are arranged in accordance with, and are subject to, the Trading Rules, 

including the Block Trade Facility Procedures. For the avoidance of doubt, EFPs and EFSs 

are not organised or executed through the ETS.

8.6 Once an EFP or EFS has been agreed, the parties must submit the EFP or EFS details to 

the Exchange in accordance with the Block Trade Facility Procedures.

8.7 Any decision by the Exchange not to record or accept an EFP or EFS or not to submit the 

EFP or EFS for Registration at the Clearinghouse is final.

9 TRANSACTION CONFIRMATION AND CLEARING

9.1 Upon conclusion of an Exchange Transaction in ETS or MTS, the involved Exchange 

Members (and the Clearinghouse) will immediately after matching receive a Transaction 

Confirmation through the ETS or MTS. Upon registration of a Block Trade, EFP or EFS by 

the Exchange, the involved Exchange Members (and the Clearinghouse) will immediately 

receive a Transaction Confirmation through the Trading System.

9.2 Exchange Transactions are automatically and mandatory subject to Clearing. The further 

registration process and completion of the Clearing Transaction is subject to the 

provisions of the Clearing Rules.

9.3 Protests concerning clearing registration errors may be made in accordance with, and 

within the time limit provided in, the Clearing Rules. Any changes or cancellation to a 

Transaction pursuant to the Clearing Rules will trigger a corresponding change or 

cancellation of the registered Transaction in the Trading System.

10 AVAILABILITY OF THE EXCHANGE MEMBER

10.1 Once an Exchange Member has submitted an Order or entered into an Exchange

Transaction, the relevant Authorized Trader or Contact Person shall be available to be 

contacted by telephone (i) at all times for as long as the Order is valid and (ii) for a 

period of ten (10) minutes following the relevant Contract Time. 

11 ETS TRADING ERRORS 

11.1 Exchange Members must submit any claims for trading errors in ETS to MTS as soon as 

possible and no later than two (2) minutes from registration of the relevant Exchange 

Transaction in ETS.

11.2 Subject to a valid claim in accordance with Section 11.1, the following shall apply:

a. The disputed Exchange Transaction shall be cancelled to the extent it exceeds the 

Volume Limit. 

b. To the extent the disputed Exchange Transaction is within the Volume Limit, and 

provided that the Exchange Transaction was matched at a time when at least one 

Market Maker was operative in the applicable Series, the following shall apply: 

(i) To the extent the disputed Exchange Transaction has a lower Contract Price than 

the best Bid price then registered in ETS less the Deviation Margin it shall be 

cancelled. 

(ii) To the extent the disputed Exchange Transaction has a higher Contract Price than 

the best Offer price added the Deviation Margin it shall be cancelled. 

c. To the extent the disputed Exchange Transaction is within the Volume Limit, and 

provided that the disputed Exchange Transaction was matched at a time when no 

Market Makers were operative in the applicable Series, the following shall apply: 

(i) The Exchange shall set a synthetic marked spread based on theoretical Bid and 

Offer prices to be provided by not less than three (3) independent Exchange 

Members and/or (ii) by the Exchange itself, calculated from the market situation 
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 7 (10)

at the time of the relevant Exchange Transaction and applying the relevant Market 

Maker Spread. 

(ii) Subject to Section (i) above, the synthetic marked spread shall be set by 

subtracting the Deviation Margin from the average Bid price and adding the 

Deviation Margin to the average Offer price. 

(iii) To the extent the disputed Exchange Transaction has a Contract Price below or 

exceeding the synthetic market spread it shall be cancelled. 

d. Without prejudice to the other provisions of this Section 11.2, the Exchange shall on 

an anonymous basis contact the other affected Exchange Member(s), in which case 

the disputed Exchange Transaction shall be cancelled to the extent the affected 

Exchange Member(s) agree to such cancellation. 

11.3 Subject to a valid claim in accordance with Section 11.1, but regardless of the conditions 

set out in Section 11.2, an Exchange Transaction shall be cancelled if so requested by a 

Market Maker involved in the Exchange Transaction, provided that the Exchange 

Transaction is caused by the Market Maker’s simultaneous registration or change of 

several Orders. Notwithstanding the foregoing, the Exchange shall have the right to 

uphold such Exchange Transactions if it deems that the Market Maker has acted 

recklessly in placing such Orders. 

11.4 If an Exchange Transaction resulting from a Combination Order is cancelled in 

accordance with Section 11.2 (a)-(c) or 11.3 above, other Exchange Transaction(s) 

resulting from the same Combination Order shall be automatically cancelled as well. 

11.5 Notwithstanding any other provision of this Section 11, but subject to the Error 

Correction Deadline, the following shall apply:

a. The Exchange may in its own discretion decide to cancel or uphold an Exchange 

Transaction involving only one Exchange Member. 

b. The Exchange may in its own discretion on an anonymous basis contact the other 

affected Exchange Member(s), in which case the Exchange Transaction shall be 

cancelled to the extent the affected Exchange Member(s) agrees to such cancellation.

c. The Exchange may cancel or, subject to issuance of a new Transaction Confirmation, 

rectify an Exchange Transaction if the Exchange finds it unreasonable to uphold the 

Exchange Transaction based on the information available to it and provided that the 

Exchange has endeavoured to contact all Exchange Members involved prior to such 

decision.

d. The Exchange may in its sole discretion cancel Exchange Transaction that due to a 

technical error in the ETS has been matched outside Opening Hours, unless otherwise 

specifically agreed with the Exchange Members involved. 

11.6 The Exchange shall immediately inform the involved Exchange Member(s), and to the 

extent reasonably practicable other Exchange Members, of any cancellations through 

the ETS and such other methods of communication as the Exchange finds appropriate 

from time to time. 

11.7 The Exchange reserves the right to charge a complaint fee of EUR 500 for any claim for 

trading errors submitted to the MTS, regardless of whether the disputed Exchange 

Transaction is cancelled or not.

12 MTS, BLOCK TRADES, EFP AND EFS TRADING ERRORS

12.1 The provisions of this Section 12 shall apply in the event of (a) a claim for trading error 

involving an Order registered by the MTS on behalf of an Exchange Member in 

accordance with Section 4.2, provided that the relevant Exchange Transaction is not 

cancelled in accordance with the provisions set out in Section 11, (b) a claim for trading 

error involving a Block Trade registered in accordance with Section 7, or (c) a claim for 

trading error involving an EFP or EFS registered in accordance with Section 8.
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 8 (10)

12.2 In the case of a claim for trading error involving an Order registered by the MTS on 

behalf of an Exchange Member in accordance with Section 4.2, the relevant Exchange 

Member, on whose behalf the Exchange has registered the Order in ETS, may as soon 

as possible and no later than ten (10) minutes after the relevant Exchange Transaction 

was registered in the ETS, submit a claim for trading error to the MTS. 

12.3 In the case of a claim for trading error involving a Block Trade registered in accordance 

with Section 7, any Exchange Member who has registered the Block Trade in the Block 

Trade Facility, may as soon as possible and no later than ten (10) minutes after the 

relevant Exchange Transaction was registered in the Block Trade Facility, submit a claim 

for trading error to the MTS.

12.4 In the case of a claim for trading error involving an EFP or EFS registered in accordance 

with Section 8, any Exchange Member who has registered the EFP or EFS in the Block

Trade Facility, may as soon as possible and no later than ten (10) minutes after the 

relevant Exchange Transaction was registered in the Block Trade Facility, submit a claim 

for trading error to the MTS.

12.5 Upon receipt of a claim in accordance with Section 12.2, the Exchange shall effect such 

investigations as it in its own discretion deems necessary to decide whether MTS has 

registered the Order (i) in accordance with the Exchange Member’s instructions, in 

which case the claim will be dismissed, or (ii) in contradiction to the Exchange Member’s 

instructions, in which case the following procedures shall apply: 

a. If the claim concerns a lower Contract Price than the Exchange Member would have 

obtained if the Order had been registered in accordance with the Exchange Member’s 

instructions, the Exchange shall, subject to the Exchange’s own discretion, either (i) 

assume the relevant Exchange Member’s position in the relevant Contract and carry 

out a Close-Out Transaction at the best obtainable price or (ii) pay to the Exchange 

Member a compensation equivalent to the price difference. 

b. If the claims concerns an Order registered with the wrong Exchange Member, the 

Exchange shall rectify the error by transferring the Exchange Transaction to the

correct Exchange Member.

12.6 If an Exchange Member has received a Transaction Confirmation where no matching 

have in fact taken place, the Exchange shall, subject to the Exchange’s own discretion, 

either (i) provide a Matching Order establishing an Exchange Transaction corresponding 

to the incorrect Transaction Confirmation or (ii) immediately match the Order at the 

best obtainable price, and if applicable, pay to the Exchange Member a compensation 

equivalent to the price difference. 

12.7 Upon receipt of a claim in accordance with Section 12.3 or 12.4, the Exchange shall 

effect such investigations as it in its own discretion deems necessary to decide whether 

the Exchange has registered the Block Trade, EFP or EFS (i) in accordance with the 

Exchange Member’s instructions, in which case the claim will be dismissed, or (ii) in 

contradiction to the Exchange Member’s instructions, in which case the Exchange shall 

rectify the error, which may include transferring the Exchange Transaction to the correct 

Exchange Member, or correcting any details of the trade.

12.8 Section 12.5, 12.6and 12.7 shall not apply in the event the affected Exchange Member 

fails to notify MTS immediately after he, in the Exchange’s opinion, understood or ought 

to have understood that an error was made by MTS.

12.9 If an Exchange Transaction reported as an “off-market transaction” categorised as a

Combination is cancelled in accordance with Section 12.5 or 12.7 above, other Exchange 

Transaction(s) within the same Combination shall be automatically cancelled as well.

12.10 Notwithstanding any other provision of this Section 12, but subject to the Error 

Correction Deadline, the following shall apply:

a. The Exchange may in its own discretion decide to cancel or uphold an Exchange 

Transaction involving only one Exchange Member. 
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 9 (10)

b. The Exchange may in its own discretion on an anonymous basis contact the other 

affected Exchange Member(s), in which case the Exchange Transaction shall be 

cancelled to the extent the affected Exchange Member(s) agrees to such cancellation.

c. The Exchange may cancel or, subject to issuance of a new Transaction Confirmation, 

rectify an Exchange Transaction if the Exchange finds it unreasonable to uphold the 

Exchange Transaction based on the information available to it and provided that the 

Exchange has endeavoured to contact all Exchange Members involved prior to such 

decision.

12.11 The Exchange reserves the right to charge a complaint fee of EUR 500 for any claim for 

trading errors submitted to the MTS, regardless of whether the disputed Exchange 

Transaction is cancelled or not.

12.12 If an Exchange Transaction is changed in accordance with the provisions set out in this 

Section 12, the Exchange shall immediately issue an updated Transaction Confirmation 

in accordance with Section 9.1, and the previous Transaction Confirmation shall be 

deemed void.

13 DEVIATION MARGIN AND VOLUME LIMITS

13.1 The Deviation Margin is 2% (two per cent) of the best Bid or Offer price in ETS at the 

time of the Exchange Transaction, provided that the Deviation Margin shall never be less 

than the minimum Deviation Margin threshold set out below.

13.2 The minimum Deviation Margin thresholds (in the currency of the Product) and Volume 

Limits (in the applicable volume unit) are as follows: 

Product Deviation Margin Volume Limit

Electricity Contracts EUR/GBP MW

Day Contracts 1.00 300

Week Contracts 0.50 150

Month Contracts 0.50 100

Quarter Contract 0.50 60

Season Contracts 0.40 45

Year Contracts 0.25 30

“CfD” Year Contracts 0.40 30

“CfD” Quarter Contracts 0.40 30

“CfD" Month Contracts 0.40 60

Options Contracts 0.03 100

Natural Gas Contracts GBP therms

Day Contracts 0.20 500 000 

Week Contracts 0.20 250 000 

Month Contracts 0.10 170 000 

Quarter Contracts 0.10 100 000 

Season Contracts 0.10 75 000 

Allowance Contracts EUR tCO2

All EUA and CER Contracts 0.10 100 000 

Electricity Certificates (El-Cert) EUR 

 

 El-Cert 

All El-Cert Contracts 0.30 100 000
Trading Appendix 4 – Trading Procedures

COPYRIGHT © NASDAQ OMX OSLO ASA 10 (10)

14 SUSPENSION OF TRADING

14.1 This Section 12 is in addition to any other provisions relating to suspension of Trading in 

the Trading Rules.

14.2 Suspension of Trading through ETS entails the following in respect of the relevant Series 

and/or Exchange Member: 

a. Registration, changes and cancellations of Orders in such Series cannot be carried out 

and no matching of Orders in such Series will take place. 

b. All Orders in such Series registered in the ETS will be automatically cancelled. 

14.3 Without any prejudice to the above, the Exchange reserves the right to continue 

Exchange Trading provided that a sufficient and significant number of Exchange 

Members (in the opinion of the Exchange) can still participate in the relevant market. 

Should the Exchange be unable to suspend Trading through ETS due to technical failure, 

the Exchange may cancel all Exchange Transactions in affected Series which have been 

matched after the failed suspension.

14.4 The Trading System shall be re-opened with full functions as soon as the event that led 

to suspension in the opinion of the Exchange no longer persists. 

14.5 The Exchange shall give the Exchange Members (i) immediate notice of suspension of 

Trading and (ii) at least five minutes’ prior notice of re-opening of Trading, through the 

ETS and/or such other means of communication as the Exchange deems efficient and 

appropriate given the circumstances. 

14.6 If Trading is suspended through ETS, the Exchange has the right to also suspend trading 

through the Block Trade Facility.

14.7 Suspension of Trading through MTS or the Block Trade Facility does not affect Trading 

through ETS, unless otherwise specifically stated. 

[end of document]
COPYRIGHT © NASDAQ OMX OSLO ASA page 1 of 3

Trading Appendix 8 

Block Trade 

Facility 

Procedures

Commodity Derivatives 

Issued by NASDAQ OMX Oslo ASA

Effective date: 7 April 2014
BLOCK TRADE FACILITY PROCEDURES

PART A: BLOCK TRADE CONTRACTS

1 AVAILABILITY OF BLOCK TRADE FACILITY FOR BLOCK TRADE CONTRACTS

1.1 The Exchange may designate from time to time those Block Trade Contracts that are eligible 

for being traded pursuant to this Block Trade Facility.

1.2 Block Trades may be reported only during the Exchange Opening Hours and on such Bank 

Days as the Exchange may from time to time prescribe.

1.3 An Exchange Member wishing to use the Block Trade Facility must execute such enrolment or 

other registration documentation specified by the Exchange prior to submitting its first Block 

Trade to the Block Trade Facility, including where appropriate consents by the relevant 

Account Holder(s).

1.4 Each Exchange Member entering into, or submitting, a Block Trade to the Exchange pursuant 

to the Block Trade Facility must comply with all laws and regulations applicable to it, including 

maintaining all Required Authorisations.

2 REPORTING OF BLOCK TRADES

2.1 Exchange Members must report Block Trades to the Exchange in the form and manner 

designated by the Exchange from time to time.

2.2 Block Trades must be reported to the Exchange within the period of time set out in Section 2

of the Exchange’s Market Conduct Rules.

2.3 The period of time for the submission of a Block Trade to the Exchange commences as of the 

Contract Time or, if the Contract Time is outside the Exchange Opening Hours (except those 

with Contract Time 15 minutes or less before the start of Exchange Opening Hours), the start 

of the following Exchange Opening Hours on a Bank Day.

2.4 Exchange Members must not delay reporting the Block Trade to the Exchange.

2.5 Block Trades may be reported to the Exchange by the involved Exchange Members as follows:

a. Single-sided registrations: Exchange Members may report a buy or sell side of a Block 

Trade to the Exchange, in which case the other party must arrange registration of an 

opposite and matching single-sided registration with the Exchange or the Co-Operating 

Exchange, nominating the original Exchange Member as counterparty to the Block 

Trade. Only matching and opposite single-sided registrations from the parties to the 

Block Trade will be deemed to represent a report to the Exchange. Single-sided 

registrations that have not been matched by an opposite single-sided registration by 

the end of Exchange Opening Hours on the applicable Bank Day will be cancelled. 

b. Joint (two-sided) registration: An Exchange Member may report both sides of a Block 

Trade to the Exchange if both parties to the Block Trade have sent to the Exchange a 

written notification thereof in such form as the Exchange shall prescribe from time to 

time. A Block Broker Member may report both sides of a Block Trade to the Exchange

if both parties to the Block Trade have appointed such person as their Block Broker

Member with the Exchange or the Co-Operating Exchange, as relevant.

2.6 An Exchange Member or Block Broker Member may only be appointed to carry out joint 

registration under section 2.5(b) above by an Account Holder.

2.7 The Exchange may, on its own initiative, check the details of any submitted Block Trade and, if 

the Exchange in its sole discretion is not satisfied that any of the details submitted in respect 

of such Block Trade are valid, the Exchange may void the Block Trade. Any decision by the 

Exchange to void a Block Trade in accordance with this Section 2.7 is final.

2.8 If the Co-Operating Exchange makes a decision to void any Block Trade, the Exchange shall 

also void such Block Trade.
2.9 When a Block Trade has been reported to, and not voided by, the Exchange or the CoOperating Exchange, the Block Trade is entered into the Trading System and is identified as a 

Block Trade with a specific trade type determined by the Exchange.

3 BROADCAST OF BLOCK TRADES

3.1 Once a Block Trade has been identified as a Block Trade pursuant to section 2.9 above, the 

price, volume and Block Trade Contract will be broadcast to all Exchange Members by 

electronic display on the Trading System or as otherwise determined by the Exchange from 

time to time. 

4 COMPLIANCE

4.1 Recording by the Exchange of a Block Trade pursuant to this Block Trade Facility does not 

preclude the Exchange or the Co-Operating Exchange from instigating disciplinary procedures 

in the event that the transaction is subsequently found to have been made other than in 

compliance with the applicable provisions of the Trading Rules and/or the Clearing Rules, nor 

does it preclude the Clearinghouse from voiding or taking other action in relation to a Block 

Trade.

PART B: EFP AND EFS

5 AVAILABILITY OF BLOCK TRADE FACILITY FOR EFP AND EFS

5.1 The Exchange may designate from time to time those Contracts that are eligible for being 

traded pursuant to this Block Trade Facility for EFPs and EFSs.

5.2 EFPs and EFSs may be reported only during the Exchange Opening Hours and on such Bank 

Days as the Exchange may from time to time prescribe.

5.3 Any Exchange Member may use the Block Trade Facility to submit EFP or EFS.

5.4 Each Exchange Member entering into, or submitting, an EFP or EFS to the Exchange pursuant 

to the Block Trade Facility must comply with all laws and regulations applicable to it, including 

maintaining all Required Authorisations.

6 REPORTING OF EXCHANGES OF FUTURE FOR PHYSICAL AND EXCHANGES OF FUTURE

FOR SWAPS

6.1 Exchange Members must report EFPs and EFSs to the Exchange in the form and manner 

designated by the Exchange from time to time.

6.2 EFPs and EFSs may be reported to the Exchange by the involved Exchange Members as 

follows:

a. Single-sided registrations: Exchange Members may report a buy or sell side of an EFP 

or EFS to the Exchange, in which case the other party must arrange registration of an 

opposite and matching single-sided registration with the Exchange or the Co-Operating 

Exchange, nominating the original Exchange Member as counterparty to the EFP or 

EFS. Only matching and opposite single-sided registrations from the parties to the 

EFP/EFS will be deemed to represent a report to the Exchange. Single-sided 

registrations that have not been matched by an opposite single-sided registration by 

the end of Exchange Opening Hours on the applicable Bank Day will be cancelled. 

b. Joint (two-sided) registration: An Exchange Member may report both sides of an EFP 

or EFS to the Exchange if both parties to the EFP/EFS have sent to the Exchange a 

written notification thereof in such form as the Exchange shall prescribe from time to 

time. A Block Broker Member may report both sides of an EFP or EFS to the Exchange 

if both parties to the EFP/EFS have appointed such person as their Block Broker 

Member with the Exchange.
6.3 An Exchange Member or Block Broker Member may only be appointed to carry out joint 

registration under section 6.2(b) above by an Account Holder.

6.4 The Exchange may, on its own initiative, check the details of any submitted EFP or EFS and, if 

the Exchange in its sole discretion is not satisfied that any of the details submitted in respect 

of such EFP or EFS are valid, the Exchange may void the EFP or EFS. Any decision by the 

Exchange to void an EFP or EFS in accordance with this Section 6.4 is final.

6.5 If the Co-Operating Exchange makes a decision to void any EFP or EFS, the Exchange shall 

also void such EFP or EFS.

6.6 When an EFP or EFS has been reported to, and not voided by, the Exchange or the CoOperating Exchange, the EFP or EFS is entered into the Trading System and is identified as an 

EFP or EFS with a specific trade type determined by the Exchange.

7 BROADCAST OF EXCHANGES OF FUTURE FOR PHYSICAL AND EXCHANGES OF FUTURE

FOR SWAPS

7.1 Once an EFP or EFS has been identified as an EFP or EFS pursuant to section 6.6 above, the 

price, volume and underlying contract will be broadcast to all Exchange Members or as 

otherwise determined by the Exchange from time to time.

8 COMPLIANCE

8.1 Recording by the Exchange of an EFP or EFS pursuant to this Block Trade Facility does not 

preclude the Exchange or the Co-Operating Exchange from instigating disciplinary procedures 

in the event that the transaction is subsequently found to have been made other than in 

compliance with the applicable provisions of the Trading Rules and/or the Clearing Rules, nor 

does it preclude the Clearinghouse from voiding or taking other action in relation to an EFP or 

EFS.

8.2 Exchange Members are required to obtain and provide independent evidence to support the 

transaction underlying the EFP or EFS, and evidence that such transaction has been cancelled.

Conditions or requirements in relation to such evidence may be set by the Exchange from time 

to time and must be met by Exchange Members at all times.

[end of document]
Effective Date: 5 March 2012

Trading Appendix 5

ETS User Terms

Commodity Derivatives

Issued by NASDAQ OMX Oslo ASA 
Trading Appendix 5 – ETS User Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 2 (8)

ETS USER TERMS

1. INTRODUCTION

1.1 The ETS is the principal trading facility for all Exchange Members. 

1.2 These Terms of Use apply to all use of the ETS, regardless of which Client Application is 

used to connect with the ETS, and supplement other parts of the Trading Rules.

2. DEFINITIONS

2.1 Capitalized words in the Terms of Use shall have the same meaning as defined in the 

Definitions. Additionally, the following words shall have the meanings set out below:

API means an application programming interface that enables

interaction between two software systems without the involvement 

of a user through a set of standardized and callable functions.

Client Application means a software-based application and/or service other than the 

ETS itself (whether or not operated by human intervention, and 

whether installed as a local application, on the servers of Licensee, 

the Exchange or a third party, or available through web etc) used 

by a Licensee to access and interface with the ETS for the 

purposes of Trading and related activities.

ETS means the Exchange’s system for electronic Exchange Trading, 

including any computers, servers, storage media, software, APIs, 

communication lines or other infrastructure elements provided by 

the Exchange in connection with Exchange Trading, and excludes

(i) any Client Applications and (ii) any hardware, software, 

telecommunication lines (including public telecommunication 

lines), network components and Client Applications held or 

operated by or on behalf of any party other than the Exchange.

Licensee means an Exchange Member wishing to access ETS for Trading, or 

any other entity being granted a right to access the ETS through 

written agreement with the Exchange.

Standard 

Application

means any of the Client Applications offered by and through the 

Exchange to Licensees as a Standard Application at any time.

Terms of Use means these ETS User Terms.

Third-Party 

Application

means any Client Application that is not offered by and through the 

Exchange as a Standard Application at any time.

Trading ID means a trading identity assigned by the Exchange to a Licensee

to identify the Licensee in the ETS.

User means a natural person accessing the ETS through a User ID.

User ID means a log-on identity to the ETS provided by the Exchange to a 

Licensee, including any personal security cards, PIN codes, 

passwords, tokens or other access credentials or devices 

pertaining to such log-on identity.

3. ACCESS TO AND USE OF THE ETS

3.1 Licensees are granted a non-exclusive and non-transferable right to access and use the ETS 

and any Standard Applications through its User ID(s) for the purpose of Trading and related 

activities, provided that these Terms of Use are observed and complied with at all times. 
Trading Appendix 5 – ETS User Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 3 (8)

3.2 All access to and use of the ETS and the Standard Applications shall be consistent with the 

instruction manuals or other similar written announcements provided by the Exchange as 

applicable from time to time. Licensees shall ensure that all their Users are properly 

acquainted with the applicable Client Application(s), the ETS, the Terms of Use and the 

Trading Rules prior to accessing the ETS.

3.3 Except as otherwise provided for herein or by separate written agreement between the 

Exchange and Licensee, each Licensee is solely responsible for the functionality, availability 

and use of all facilities necessary to use and access the ETS, and must at its own cost and 

risk set up and provide, maintain, replace and/or update such facilities as necessary and/or 

appropriate to comply with these Terms of Use. This includes any Client Application, 

telecommunication lines, hardware equipment, operating platforms and other software. 

3.4 Licensee shall not, and shall not attempt, except as pursuant to the Trading Rules or as 

may be permitted by written agreement with the Exchange or mandatory provisions of

applicable law, to:

a. use the ETS or the Standard Applications, or cause the same to be used, for any 

other purpose than in its ordinary course of business and directly related to 

Trading;

b. delete, change, remove or in any way obscure any copyright or proprietary notices 

of the Exchange or any third party on any copy of information originating from the 

ETS or the Standard Applications (or any part thereof);

c. sub-license, supply, sell, assign, transfer, rent, lease, charge or otherwise deal in or 

encumber the ETS or the Standard Applications or any software program comprised 

in the ETS or the Standard Applications and/or installed on any equipment operated 

by or on behalf of the Exchange in connection with the operation of the ETS or the 

Standard Applications or any accompanying documentation for itself or on behalf of 

a third party or make the same available to any third party;

d. use, duplicate or display information on any Order or Transaction (or any part 

thereof) from the ETS or permit any third party to view such information or present 

to it for viewing in any manner not expressly permitted by the Trading Rules;

e. supply, sell, assign, transfer, rent, lease, or otherwise dispose of equipment on 

which any part of the ETS or the Standard Applications (or a copy of it or parts of 

it), is stored, kept or to be found without first ensuring that all such data have been 

previously deleted;

f. copy or imitate the data base structure, design elements or any other elements of 

ETS or the Standard Applications or any software program comprised in the ETS or 

the Standard Applications and/or installed on any equipment operated by or on 

behalf of the Exchange in connection with the operation of the ETS or the Standard 

Applications;

g. copy, imitate, enhance, modify, adapt, alter, decompile, reverse assemble or 

reverse engineer the ETS or the Standard Applications or any software program 

comprised in the ETS or Standard Application and/or installed on any equipment 

operated by or on behalf of the Exchange in connection with the operation of the 

ETS, the Standard Applications or the User IDs; or

h. copy, imitate, publish or otherwise redistribute the User IDs and/or user manuals 

without the prior written consent from the Exchange.

4. FEES

4.1 The Licensee shall pay fees for its use or connection to the ETS and any Standard 

Application as set out in the Fee List.

5. CLIENT APPLICATIONS

5.1 The Exchange shall have no responsibility for the actual installation, operation or 

maintenance of any Client Application, including Standard Applications. 
Trading Appendix 5 – ETS User Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 4 (8)

5.2 The Exchange shall have no responsibility for the compatibility, functionality, availability, 

reliability or fitness for purpose of any Third-Party Application at any time. The Exchange 

may exclude or impose special terms and conditions relating to the use of specific ThirdParty Applications if it has reasonable grounds for doing so. All responsibility and liability 

for Third-Party Applications are expressly excluded by the Exchange. 

5.3 The Licensee shall upon request from the Exchange inform of what Client Application(s) it 

uses to connect to the ETS. The Exchange may request information about any Third-Party 

Applications used, including all ancillary services etc, in order for the Exchange to assess 

the Third-Party Application to its satisfaction. Failure by a Licensee to disclose all such 

information upon request and without undue delay will be deemed a breach of the Terms of 

Use. Until such information is disclosed and the relevant Third-Party Application is approved 

by the Exchange, the Licensee may be excluded from connecting to the ETS through such 

Third Party Application.

6. TRADING IDS AND USER IDS

6.1 Access to and use of the ETS requires one or more Trading IDs and User IDs.

6.2 Exchange Members may have one or more Trading IDs for accessing the ETS. Each Trading 

ID may be associated with one or more User IDs. Trading IDs are established by request to 

the Exchange.

6.3 User IDs are issued by the Exchange pursuant to the procedures and arrangements in 

effect with the Exchange from time to time. Each User ID shall be associated to one

Trading ID and one Exchange Trader. Licensees who are not Exchange Members must upon 

request from the Exchange for each User ID nominate one associated natural person with 

rights corresponding to that of an Exchange Trader in relation to their applicable ETS 

activity, as may be further determined by the Exchange in each case.

6.4 The access privileges of each User ID shall be specified by the Licensee within the 

parameters allowed by the Exchange using such form or application as may be made 

available by the Exchange from time to time. The privileges of individual User IDs may be 

unilaterally amended by the Exchange, provided that the Exchange shall notify affected 

Licensees in writing prior to such amendment becoming effective.

6.5 Licensee shall ensure that each User ID is used only in accordance with these Terms of 

Use, and not for any other purpose, and that each User ID is treated confidentially and that 

adequate security measures are in place to effectively prevent unauthorized access or use 

of each User ID. Licensees are strictly liable for all use of the ETS through any User IDs 

issued to it, including any Orders and Transactions registered through each of its User IDs.

6.6 A User ID will be disabled only when the Exchange has confirmed in writing its reception of 

notification from the Licensee that the relevant User ID shall be disabled, or when the 

Exchange otherwise deems that it has just grounds for disabling the User ID. If a Licensee 

or User at any time becomes suspicious or aware of unauthorized use of a User ID, it shall 

immediately notify the Exchange in writing thereof.

6.7 If the Exchange at any time becomes suspicions or aware of unauthorized use or attempted 

use of a User ID, the Exchange will as soon as reasonably practicable notify the Licensee. 

The Exchange shall not be obliged to block such User ID other than following instructions 

from the Licensee. 

7. USER QUALIFICATIONS

7.1 Each Licensee shall ensure that each of its Users is qualified as such under the Trading 

Rules, and that each of its Users is properly acquainted with the general operations of the 

Exchange and the ETS in relation to Exchange Trading. 

7.2 Each Licensee shall ensure that each of its Users is properly acquainted with, and complies

with, the Trading Rules at all times. Each Licensee shall make the necessary arrangements 
Trading Appendix 5 – ETS User Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 5 (8)

to ensure that the Exchange has the possibility to enforce the Trading Rules towards all of 

its Users at all times to the extent mandated by the Trading Rules. 

7.3 Licensee shall keep records of the individual Users accessing the ETS through each User ID, 

and shall keep the Exchange currently and continuously updated on the aggregate number 

of Users accessing the ETS through each of the Licensee’s User IDs. 

7.4 Users may not be located outside the European Economic Area without the prior written 

consent of the Exchange.

7.5 In order to verify the correctness of the number of Users reported by the Licensee, the 

Exchange shall, upon prior appointment between the parties and during normal business 

hours of the Licensee, have the right to examine and audit the Licensee’s record of Users. 

The Licensee may request that such audit takes place without disclosing the identity of the 

individual Users (e.g. by using external auditors) provided that such anonymous review is 

possible and that the Licensee pays all costs associated therewith. The Licensee shall 

provide all assistance requested by the Exchange in connection with such audits, including 

any necessary information regarding the technical systems and other circumstances related 

to the audit. In case the audit reveals that the Licensee has reported an incorrect number 

of Users the Exchange may, in addition to any other remedies available to it, require the 

Licensee to reimburse all costs connected to the audit and for any unreported Users charge 

two (2) times the fee that would normally apply.

7.6 The Licensee shall upon the request of the Exchange inform the Exchange of the identity of 

the individual Users accessing the ETS through the Licensee’s User IDs, if the Exchange in 

its own discretion considers this information relevant for the investigation of any suspected 

breach of the Marked Conduct Rules or to comply with applicable law.

8. FUNCTIONALITY 

8.1 The functionality of the ETS and the Standard Applications is limited to such functionality 

and other operational parameters as the Exchange decides to make available to the 

applicable Users and/or Standard Applications at any given time, provided that the 

Exchange shall ensure that such functionality that is required, expressly or by implications 

by the provisions of the Trading Rules, will be provided in the ETS. The Exchange decides 

how all such functionality is implemented. 

8.2 To the extent that the ETS or a Standard Application includes functionality such as the

possibility to set individual trading limits or other risk mitigating features (“User Defined 

Restrictions”), such functionality is provided solely for the convenience of the Licensee and 

all use of User Defined Restrictions is at the discretion and risk of the Licensee. The 

Exchange makes no warranty, expressed or implied, as to the actual functionality of any 

User Defined Restrictions and expressly excludes any liability for such features. The 

Licensee shall have no right, and the Exchange shall have no obligation, to correct any 

Transactions registered in breach of User Defined Restrictions except as may otherwise 

follow from the Trading Rules in relation to Trading Errors in general. The Exchange’s sole 

obligation in connection with any error in the ETS or any Standard Application relating to 

User Defined Restrictions shall, unless as otherwise set out in the Trading Rules, be limited 

to the Exchange exercising reasonable efforts to remedy such error at its earliest 

convenience.

8.3 The ETS or the Standard Applications may from time to time be developed and updated 

with additional functionalities, or may be replaced by other software products with similar 

functionality, and the Licensee shall upon reasonable notice implement and make itself and 

its Users acquainted with any such changes, updates or replacements as to at all time 

operate the ETS properly. The Exchange will inform affected Licensees of such changes, 

updates and replacements, including information on the need for changes to equipment or 

software commonly used to connect with the ETS when necessary. 

9. CONNECTION

9.1 The ETS may only be accessed through such communication methods as are supported by 

the Exchange from time to time. 
Trading Appendix 5 – ETS User Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 6 (8)

9.2 The Exchange may assist in providing or setting up external connection facilities to the ETS,

including telecommunication facilities, subject to separate fees as set out in the Fee List or 

as otherwise agreed with the Exchange.

9.3 The Exchange shall have no responsibility whatsoever for the functionality or availability of 

any communication facilities or systems beyond those which are part of the ETS. Any errors 

or problems related to external communication facilities shall be the sole responsibility of 

the Licensee or its telecommunications service supplier.

10. SECURITY 

10.1 Licensee shall ensure that any parts of its software and equipment used to connect to the 

ETS, including any Client Application, complies with the minimum requirements as notified 

by the Exchange from time to time with reasonable notice to the Licensee. The Exchange 

may exclude access to the ETS in the event the Licensee, following a written warning from 

the Exchange, fails to maintain and/or update their Client Application in accordance with 

the Exchange’s instructions (including related software and hardware installations). 

10.2 If the Exchange at any time has reason to believe that a Licensee’s or User’s access to the 

ETS is causing a security threat to the ETS or may be affecting other Licensees or Users in 

an adverse and unusual manner, the Exchange may immediately disconnect the applicable 

Licensee and/or User(s) from the ETS. The Exchange shall immediately inform the Licensee 

thereof, reasonably detailing its reasons for denying access.

10.3 Without prejudice to any other obligations pursuant to the Trading Rules, the Licensee, the 

Users and the Exchange shall use reasonable endeavours to ensure that their software and 

hardware is free from any computer viruses and that no computer viruses or similar are 

introduced on to the other party’s software or hardware through the ETS or otherwise.

11. SUPPORT AND SERVICE LEVELS

11.1 The Exchange will take all reasonable and practicable steps to maintain the continuity of 

access to, and technical capacity, for Licensee and its representatives to access the ETS 

during Trading Hours, and to provide Licensees with reasonable notice of system outages 

and other matters affecting use or access to the ETS, but will not be liable for

a. any suspension, interruption, temporary unavailability or fault occurring in the 

provision of the ETS;

b. any loss or damage whatsoever and howsoever caused arising in connection with 

the use of information or services acquired or accessed by Licensee through use of 

the ETS howsoever; or

c. any loss or damage incurred as a result of systems, equipment or services 

delivered by third party suppliers or other circumstances for which the Exchange is 

not responsible. 

11.2 The Exchange offers telephone support related to the ETS’ and Standard Applications’ 

functionality to Licensees during Trading Hours on any Trading Day, free of charge. Support 

is provided on an “as available” and “reasonable effort” basis, and does not include on-site 

support.

11.3 Where the Licensee requests the assistance and/or advice of the Exchange in overcoming 

any connection problems or any other failure of software or equipment not provided by the 

Exchange/for which the Exchange is not responsible:

a. any such support shall be undertaken only if and when the Exchange has the 

ability, capacity and availability for rendering such support;

b. the Exchange shall not be responsible for actually resolving the problem, nor will 

any guarantee be given that the solution represents a final and/or full remedy of 

the problem;

c. the Exchange shall not be liable for any damage to software, equipment or loss of 

data for whatever reason; and
Trading Appendix 5 – ETS User Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 7 (8)

d. the Licensee shall reimburse all reasonable costs and expenses incurred by the 

Exchange (including any internal costs) in supporting the Licensee in overcoming or 

attempting to overcome such problems.

11.4 The Licensee shall offer and maintain first line support to Users that are not Exchange 

Traders in order to address any questions or problems relating to any User’s use of, or 

inability to use, the ETS and/or Standard Application(s). The Exchange will only offer 

support to Users to the extent such support is offered under this Section 11. The Licensee 

undertakes to cooperate with the Exchange in resolving problems related to its Users. 

12. INTELLECTUAL PROPERTY RIGHTS

12.1 The ETS and the Standard Applications are the sole property of the Exchange and/or its 

licensors. Except for the right to use and access the ETS and the Standard Applications in 

accordance with the Trading Rules and these Terms of Use, neither the Licensee nor any 

User acquires any intellectual property rights, property rights or other rights to the ETS or 

the Standard Applications, and nothing herein shall be deemed or construed as a transfer 

of or license to any such rights.

12.2 The Licensee is granted access to the object code only and shall not have access to the 

source code of the ETS or the Standard Applications. 

12.3 All User IDs and other measures or devices which are distributed to the Licensee in relation 

to the Licensee’s use of the ETS are and shall remain the property of the Exchange or its 

licensors. 

12.4 The Exchange represents and warrants that the Licensee’s use of the ETS or the Standard 

Applications will not infringe any statutory or common law copyright, trademark or patent 

or otherwise infringe any personal or proprietary right of any person or entity. This Section 

12.4 does not apply where:

a. the Licensee uses a version of the ETS or the Standard Applications other than the 

most recent version issued by the Exchange from time to time; or 

b. a claim arises out of the combination of the ETS with any Third-Party Application, 

where the ETS would not alone have given rise to such infringement; or

c. a claim arises out of the combination of the ETS or a Standard Application or any 

part thereof with hardware and software not meeting the specifications or 

requirements notified in writing by the Exchange, where the ETS or the Standard 

Application would not alone have given rise to such infringement.

13. LIABILITY

13.1 The Exchange shall defend, indemnify and hold the Licensee harmless from and against any 

claim, demand, liability or expenses arising directly out of any claim by a third party 

against the Licensee arising out of the Exchange’s breach of Section 12.4, provided that the 

Licensee shall:

a. promptly provide the Exchange with written notice of any claim of which the 

Licensee is notified and believes falls within the scope of this Section 13; 

b. not make any admittance or otherwise respond to the claim to the third party 

involved, except as and to the extent required by applicable law; 

c. promptly provide the Exchange with all such information as in the Exchange’s 

opinion is necessary for the Exchange’s defence, which is in the possession of the 

Licensee and which the Exchange cannot reasonably acquire from a third party; 

d. allow the Exchange to comply with Section 13.2 and do all such acts and execute 

any such documents as is required in connection therewith; and

e. if the Exchange so requests, and subject to reasonable compensation from the 

Exchange, assist in such defence.
Trading Appendix 5 – ETS User Terms

COPYRIGHT © NASDAQ OMX OSLO ASA 8 (8)

13.2 The Exchange shall control any defence and all negotiations related to the settlement of 

any claim from a third party under Section 13, provided that such settlement 

a. does not without Licensee’s prior written approval (i) involve the admission of any 

wrongdoing by Licensee, (ii) unreasonably restrict Licensee’s future actions, or (iii) 

requires Licensee to take any action (including the payment of money); and 

b. includes a full release of the Licensee. 

13.3 The Licensee shall defend, indemnify and hold the Exchange harmless from and against any 

claim, demand, liability or expenses arising directly out of any claim from Users against the 

Exchange that are caused by the Users’ use of (or inability to use) the ETS and/or Standard 

Application(s) regardless of cause.

14. EXCLUSIVE REMEDIES

14.1 The Licensee accepts that these Terms of Use set out the exclusive rights and remedies 

available to the Licensee for any use of and access to (or inability to use or access) the ETS 

and the Standard Applications.

14.2 The Licensee accepts that the Exchange’s licensors or suppliers shall not under any 

circumstances be liable towards the Licensee for any damage whatsoever incurred as a 

result of use of or access to (or inability to use or access) the ETS or the Standard 

Applications.

15. BREACH OF TERMS OF USE

15.1 Any failure to comply with these Terms of Use shall be considered a breach of the Terms of 

Use. 

15.2 The Exchange may request a written explanation from the Licensee in the event the 

Exchange suspects a breach of any of the provisions of the Terms of Use. Failure to provide 

such written explanation within the deadline set by the Exchange in each case shall be 

considered a material breach of the Terms of Use. 

16. TERMINATION

16.1 Without prejudice to other provisions of these Terms of Use, the Exchange may terminate 

or suspend the Licensee’s or a specific User’s right to access and use the ETS upon thirty 

(30) days written notice in the event of a breach of the Terms of Use, provided that such 

breach is not rectified within the expiry of the thirty (30) days notice period. For the 

avoidance of doubt, this clause is without prejudice to the Exchange’s right to suspend or 

terminate any Licensee or User in accordance with any other provisions of these Terms of 

Use or the Trading Rules.

16.2 The Exchange may terminate or suspend the Licensee’s or a specific User’s right to access 

and use the ETS with immediate effect in the event of material breach of these Terms of 

Use.

16.3 Following termination of the Licensees right to access the ETS all rights and obligations set 

out herein shall immediately cease, except for the rights and obligations pursuant to 

Sections 12 and 14 of these Terms of Use. 

16.4 Upon termination the Licensee and/or each affected User shall immediately return to the 

Exchange all software and other material received in connection with use of the ETS, or if 

the Exchange so agrees destroy or delete all such software and other material including 

any copies thereof.

[end of document]
Effective Date: 21 November 2016

Trading Appendix 6 / Clearing Appendix 6

Market Conduct Rules

Commodity Derivatives

Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 2 (11)

MARKET CONDUCT RULES

1 INTRODUCTION 

1.1 These Market Conduct Rules have been issued by the Exchange under the Trading Rules for 

Trading in the Exchange Listed Products cf. Section 4.1.2 of the General Terms and the 

respective Clearing Membership Agreement and Clearing Client Agreement. 

1.2 The provisions herein applies to (i) Exchange Members and (ii) clients of Exchange Members 

(including but not limited to Clearing Members and Clearing Clients), hereinafter referred to 

as “Market Participants”. 

1.3 Exchange Members can require that any client that is not an Account Holder under 

agreement with the Clearinghouse signs the acceptance form in Enclosure 2, and shall keep 

record of such statements, to be provided to the Exchange upon request. 

1.4 Section 2 applies to Block Trades, EFPs and EFSs, while the sections 3 to 8 is generally 

applicable as provided for.

1.5 Words with capital letters in this document are defined in the Definitions, being a joint 

appendix to the Trading Rules and the Clearing Rules. In addition, these Market Conduct 

Rules with enclosures include certain specific definitions also with capital letters, and shall be 

interpreted accordingly when used herein.

2 REPORTING OF BLOCK TRADES, EFPs AND EFSs

2.1 The provisions of this Section 2 apply to: Block Trades, EFPs and EFSs, hereinafter referred 

to as “Reportable Transactions”.

2.2 Market Participants shall ensure that Reportable Transactions shall be identified as set out 

below:

a. the name of the contracting parties and their Block Broker Member (if applicable);

b. the identity of any underlying client;

c. the Product Series; 

d. the Transaction Volume (in decimals); 

e. the Contract Price (including currency) of the Reportable Transaction; 

f. the Contract Time of the Reportable Transaction (date, hour and minute);

g. the Clearing Account (and Clearing Portfolio) to which the Reportable Transaction 

shall be initially allocated; and

h. whether the Reportable Transaction is a “market transaction” categorised as either

(i) standard trade within the Spread at the time of the report

(ii) standard trade outside the Spread at the time of the report

i. whether the Reportable Transaction is an “off-market transaction” categorised as 

either 

(iii) Combination, or 

(iv) Old (EFS/EFP), or

(v) Internal, or

(vi) Portfolio Transfer, or

(vii) Correction, or

(viii) any other Transaction where the Market Participant is of the opinion that the 

price deviates from the real market price at the time of the report. 

2.3 Block Trades with Contract Time within Exchange Opening Hours, or 15 minutes or less 

before the start of Exchange Opening Hours, shall be reported within 15 minutes after their 
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 3 (11)

Contract Time. This also applies to Block Trades entered into between an Exchange Member 

and a client.

2.4 Block Trades with Contract Time outside Exchange Opening Hours, except those with 

Contract Time 15 minutes or less before the start of Exchange Opening Hours, shall be 

reported at the start of the following Exchange Opening Hours on a Bank Day. 

2.5 Reportable Transactions shall be reported electronically through the Trading System as 

provided in the Block Trade Facility Procedures or as.

a. Single-sided registrations: Exchange Members may report a buy or sell side of a Block 

Trade to the Exchange, in which case the other party must arrange registration of an 

opposite and matching single-sided registration with the Exchange or the Co-Operating 

Exchange, nominating the original Exchange Member as counterparty to the Block Trade. 

Only matching and opposite single-sided registrations from the parties to the Block Trade will 

be deemed to represent a report to the Exchange. Single-sided registrations that have not 

been matched by an opposite single-sided registration by the end of Exchange Opening 

Hours on the applicable Bank Day will be cancelled. 

b. Joint (two-sided) registration: An Exchange Member may report both sides of a Block 

Trade to the Exchange if both parties to the Block Trade have sent to the Exchange a written 

notification thereof in such form as the Exchange shall prescribe from time to time. A Block 

Broker Member may report both sides of a Block Trade to the Exchange if both parties to the 

Block Trade have appointed such person as their Block Broker Member with the Exchange or 

the Co-Operating Exchange, as relevant.

3 INSIDE INFORMATION, PROHIBITION ON INSIDER TRADING AND DUTY OF 

CONFIDENTIALITY

3.1 The term “Inside Information” shall mean any information of a precise nature which has 

not been made public relating directly or indirectly, to one or more Exchange Listed Products, 

and which Market Participants would expect to receive in accordance with accepted market 

practice. 

3.2 If the Market Participant concerned is in doubt as to whether certain information constitutes 

Inside Information, it shall contact the Exchange’s market surveillance department in order 

to be advised on how to handle the situation. Any statement from the Exchange in such 

respects is for guidance only and cannot be interpreted as a final or binding opinion on behalf 

of the Exchange, nor shall the Exchange be liable for any advice given in such respects.

3.3 Exchange Members may not register new Orders in ETS or call in Orders to MTS or enter into 

Exchange Transactions or Reportable Transactions, , except as follows:

a. When registering or calling in Orders or entering into Transactions in Exchange 

Listed Products to which the Inside Information does not relate.

b. When performing trading if the trading operations are separated from the 

departments where persons employed are holding Inside Information, and provided 

that there has been no exchange of Inside Information between the trading 

operations and such other departments. A Market Participant must upon request 

document to the Exchange that the member has implemented adequate information 

barriers and other mechanisms between the trading operations and the 

department(s) or person(s) holding the Inside Information (commonly referred to 

as “Chinese Walls”, “Firewalls” or similar designation), which effectively prevents 

the disclosure of Inside Information to the Exchange Trading operations. 

c. In respect of Client Transactions when the Client, to the best of the Exchange 

Member’s knowledge, does not hold Inside Information. This exception does not 

apply to active portfolio management or other investment decisions by the 

Exchange Member, and the Exchange Member may not advise anyone in respect of 

trading when holding Inside Information. 

3.4 A Market Participant including its board of directors and employees are subject to a duty of 

confidentiality in respect of Inside Information and may not disclose any Inside Information 

to persons or entities whom such information does not concern, prior to the information 

being distributed to and published by the Exchange. 
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 4 (11)

3.5 The entities and persons referred to in Section 3.4 may not advise anyone in respect of 

trading when holding Inside Information.

4 DISCLOSURE REQUIREMENTS

4.1 A Market Participant shall disclose any information regarding the Market Participant’s own 

business or facilities of which the Market Participant concerned owns or controls or has the 

balance responsibility for in whole or in part, in particular information relevant to facilities for 

production, consumption or transmission of electricity, where this is information which is 

reasonably expected to be disclosed or is required to be disclosed in accordance with legal or 

regulatory provisions at the Union or national level, market rules, contract, practice or 

custom, on the relevant commodity derivatives markets or spot markets.

5 MARKET MANIPULATION

5.1 Market Participants and Exchange Traders shall not engage in Market Manipulation as defined 

in Enclosure 1. 

6 GOOD BUSINESS CONDUCT

6.1 Market Participants must not apply unreasonable business methods when carrying out 

Exchange Trading, but always seek to act in accordance with good business conduct. 

7 DUTY TO PROVIDE INFORMATION TO THE EXCHANGE UPON REQUEST

7.1 Market Participants and their board of directors and employees are, upon written request by

the Exchange, under an obligation to as soon as possible provide the Exchange with all 

information the Exchange considers relevant in respect of the Exchanges role in surveillance 

of the Market Conduct Rules and other applicable laws and regulations. 

7.2 The duty to provide information under Section 7.1 applies regardless of any confidentiality 

undertakings and other duties of silence the Market Participant may be placed under, confer 

also the Exchange Act 2007 Section 26 (7) regarding Exchange Members. 

7.3 Any Market Participant that is not an Exchange Member must ensure that information 

required under Section 7.1 may be provided irrespective of any legal duty of confidentiality 

that the Market Participant or its board of directors or employees may otherwise owe to 

clients. 

7.4 Information received by the Exchange’s surveillance department following a request upon 

Market Participants may only be utilized by the Exchange for the purpose of surveillance of 

the Market Conduct Rules and other applicable laws and regulations, investigation of possible 

breaches of such rules and sanctioning of such breaches. 

7.5 Employees and directors of the Exchange are, pursuant to the Exchange Act 2007 Section 

14, subject to a duty to ensure that no other party (including other directors or employees of

the Exchange with no relevant interest in the information) gain access to or knowledge of 

matters relating to the business or personal affairs of third parties as they become aware of 

through their employment or appointment, save to the extent required by supervisors or 

otherwise required or allowed by law. 

7.6 The Exchange may impose a daily charge on an entity or person that does not comply with 

Section 7.1, running until the entity or person provides the information. 

7.7 Under the Exchange Act 2007 Section 30, a daily charge under Section 7.6 will constitute a 

legal basis for the Exchange’s claim equivalent to a decision made by a Norwegian court of 

law, as far as Exchange Members and persons related to Exchange Members are concerned. 

Accordingly, after having imposed a daily charge the Exchange may initiate legal proceedings 

under the Enforcement Act 1992 against such entity or person in order to seize their assets 

to secure the claim.

7.8 The Exchange is not permitted to inform the public that the Exchange has initiated 

investigation of named Market Participants, unless special reasons so warrants and only after 
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 5 (11)

a pre-warning to the entity subject to investigation. Such information shall be in a neutral 

manner. The Exchange may also disclose the results of such investigations.

8 DUTY TO PROVIDE INFORMATION TO THE FINANCIAL SUPERVISORY AUTHORITY 

OF NORWAY

8.1 Market Participants shall notify the Financial Supervisory Authority of Norway immediately if 

the Market Participant reasonably suspects that a transaction might constitute insider trading 

or market manipulation, cf the Norwegian Securities Trading Act section 3-11. 

9 BREACH OF MARKET CONDUCT RULES – DISCIPLINARY SANCTIONS

9.1 In the event that a Market Participant is in breach of the rules above, the Exchange may 

decide on one or more of the following actions against this party:

a. Issue an oral warning,

b. Issue a warning in writing,

c. In the event of a serious breach, impose a Violation Charge on the Market 

Participant of up to NOK 2,500,000. Such charge shall be decided taking into 

account the nature and severity of the breach, including whether the breach has 

been intentional, whether the Market Participant or its board of directors or 

employees may otherwise be blamed, any mitigating circumstances, as well as 

other relevant factors. 

9.2 In the event that an Exchange Trader is responsible for a breach of the rules above, the 

Exchange may decide on one or more of the following actions against this person:

a. Issue an oral warning,

b. Issue a warning in writing,

c. Withdraw the approval of the Exchange Trader

9.3 Enclosure 3 include procedures for disciplinary sanctions.
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 6 (11)

Enclosure 1 

DEFINITION OF MARKET MANIPULATION

1 GENERAL DEFINITION

1.1 The term “Market Manipulation" shall mean 

a. Transactions or Orders to trade:

(i) which give, or are likely to give, false or misleading signals as to the supply 

of, demand for or price of an Exchange Listed Product; or

(ii) which secure, by a person, or persons acting in collaboration, the price of one 

or several Products at an abnormal or artificial level;

unless the person who entered into the transactions or issued the orders to trade 

establishes that his reasons for so doing are legitimate and that these transactions 

or orders to trade conform to accepted market practices as specified in section 3 

below; or

b. Transactions or Orders to trade which employ fictitious devices or any other form of 

deception or contrivance; or

c. Dissemination of information through the media, including the Internet, or by any 

other means, which gives, or is likely to give, false or misleading signals as to 

Exchange Listed Products, including the dissemination of rumours and false or 

misleading news, where the person who made the dissemination knew, or ought to 

have known, that the information was false or misleading. 

2 SPECIFIC PROHIBITIONS

2.1 The following conduct will always be deemed to constitute Market Manipulation:

a. Conduct by a person, or persons acting in collaboration, to secure a dominant 

position over the supply of or demand for an Exchange Listed Product which has the 

effect of fixing, directly or indirectly, purchase or sale prices or creating other unfair 

trading conditions; or

b. The buying or selling of an Exchange Listed Product at the close of the market with 

the effect of misleading investors acting on the basis of closing prices; or

c. Taking advantage of occasional or regular access to the traditional or electronic 

media by voicing an opinion relevant to a Product while having previously taken 

positions on that Product and profiting subsequently from the impact of the 

opinions voiced on the price of that instrument, without having simultaneously 

disclosed that conflict of interest to the public in a proper and effective way.

3 ACCEPTED MARKET PRACTICES RELEVANT TO THE EXCHANGE

(None at present)

4 NON-EXHAUSTIVE SIGNALS FOR INTERPRETATION

4.1 When an assessment is made as to whether an Order or trade violates Section 1 letter (a), 

the following non-exhaustive signals, which should not necessarily be deemed in themselves 

to constitute Market Manipulation, shall be taken into account: 

a. the extent to which Orders to Trade given or transactions undertaken represent a 

significant proportion of the daily volume of transactions in the relevant financial 

instrument on the regulated market concerned, in particular when these activities 

lead to a significant change in the price of the financial instrument;

b. the extent to which Orders to Trade given or transactions undertaken by persons 

with a significant buying or selling position in a financial instrument lead to 

significant changes in the price of the financial instrument or related derivative or 

underlying asset admitted to trading on a regulated market;
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 7 (11)

c. whether transactions undertaken lead to no change in beneficial ownership of a 

financial instrument admitted to trading on a regulated market;

d. the extent to which Orders to trade given or transactions undertaken include 

position reversals in a short period and represent a significant proportion of the 

daily volume of transactions in the relevant financial instrument on the regulated 

market concerned, and might be associated with significant changes in the price of 

a financial instrument admitted to trading on a regulated market;

e. the extent to which Orders to trade given or transactions undertaken are 

concentrated within a short time span in the trading session and lead to a price 

change which is subsequently reversed;

f. the extent to which Orders to trade given change the representation of the best bid 

or offer prices in a financial instrument admitted to trading on a regulated market, 

or more generally the representation of the order book available to market 

participants, and are removed before they are executed;

g. the extent to which Orders to trade are given or transactions are undertaken at or 

around a specific time when reference prices, settlement prices and valuations are 

calculated and lead to price changes which have an effect on such prices and 

valuations.”

4.2 When an assessment is made as to whether an order or trade violates Section 1 letter (b) 

the following non-exhaustive signals, which should not necessarily be deemed in themselves 

to constitute Market Manipulation, shall be taken into account:

a. whether Orders to trade given or transactions undertaken by persons are preceded 

or followed by dissemination of false or misleading information by the same persons 

or persons linked to them; and

b. whether Orders to trade are given or transactions are undertaken by persons 

before or after the same persons or persons linked to them produce or disseminate 

research or investment recommendations which are erroneous or biased or 

demonstrably influenced by material interest.

5 SPECIFIC DEFINITIONS FOR ENCLOSURE 1: 

5.1 When used in this Enclosure 1:

a. “Transactions” shall mean Exchange Trades, and trades in electricity in the Nordic 

electricity market.

b. “Orders to trade” shall mean orders for Exchange Trading in Exchange Listed 

Products, other orders relating to Exchange Listed Products, and orders to trade 

electricity in the Nordic electricity market. 
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 8 (11)

Enclosure 2

Acceptance form for clients

The undersigned, being an entity trading Exchange Listed Products at the Exchange as a client of

.............................. as Exchange Member, hereby states as follow: 

I have received a copy of the Market Conduct Rules and hereby accept and acknowledge that I am 

under a duty to comply with the Market Conduct Rules as applicable at any time. I further 

acknowledge that the Market Conduct Rules are under surveillance by and sanctioned by the 

Exchange, and in this respect the Exchange holds (as a beneficiated party to this agreement) the 

rights against me as provided for in the Market Conduct Rules.

I also acknowledge that the Exchange may, regardless of its duty of confidentiality but subject to 

the provisions in the Market Conduct Rules, inform the public of the fact that the Exchange has 

initiated investigation of any named entity in respect of the Market Conduct Rules and that the 

Exchange may also disclose the results of such investigations, including sanctions.

Date/place

(signature of client)

This statement shall be recorded with the Exchange Member and disclosed to the Exchange upon 

request.
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 9 (11)

Enclosure 3

DISCIPLINARY PROCEDURES 

1 INTRODUCTION 

1.1 This document includes the rules and procedures relevant to disciplinary sanctions of 

breaches of the Market Conduct Rules. 

1.2 Words with capital letter in this document are defined in the Trading Rules and Clearing 

Rules and shall have the same meaning in this appendix.

2 THE DISCIPLINARY COMMITTEE

2.1 Appointment 

2.1.1 The board of directors of the Exchange (the “Board”) shall appoint a Disciplinary Committee 

(the “Disciplinary Committee”) to advise the Board in disciplinary matters under the Market 

Conduct Rules. 

2.1.2 The Disciplinary Committee shall consist of three or five members, all to be appointed by the 

Board for a two year term. 

2.1.3 The members shall be carefully elected to secure high competence in legal and market 

matters and proper representation of the Exchange Members and the Exchange in the 

Disciplinary Committee.

2.1.4 Exchange Members and associations representing Market Participants may present the Board 

with proposals for members to the Disciplinary Committee. 

2.1.5 One member of the Disciplinary Committee shall preferably be a person with updated market 

knowledge, a second member shall preferably be a qualified lawyer with expertise in 

electricity markets trading while a third member preferably shall be an employee of the 

Exchange. 

2.2 Procedural rules

2.2.1 As the Disciplinary Committee is an advisory body, the procedural rules of the Norwegian 

Public Administration Act 1967 Chapter VI cf. the Exchange Act 2007 Section 32, shall not 

govern its procedures but the rules below with any additional instructions from the Board.

2.2.2 The Disciplinary Committee shall have a chairman and deputy chairman elected by the 

Board. The chairman shall be responsible for summoning members for meetings, and lead 

the meetings. A member that can not meet shall as soon as possible report to the chairman, 

who then shall decide on a new date for the meeting. If a new meeting can not be 

summoned within two weeks, the meeting shall take place as original planed.

2.2.3 In the chairman’s absence the work of the Disciplinary Committee is chaired by the deputy 

chairman. If the deputy chairman is also absent, the work of the committee is chaired by 

whichever attending member ranks next after the deputy chairman.

2.2.4 The Disciplinary Committee is in quorum when minimum two members summoned attend. 

All matters shall be decided by simple majority. If only two members are present the 

chairman has the deciding vote.

2.2.5 The chairman shall be responsible for keeping records of the meetings and proceedings of 

the Disciplinary Committee. 

2.3 Confidentiality 

2.3.1 The members of the Disciplinary Committee including deputies shall sign declarations where 

they accept a strict duty of confidentiality in all matters coming to their knowledge in their 

capacity as members, cf. the principles of the Exchange Act 2007 Section 14. This 

confidentiality duty shall also prohibit any member that is an employee of the Exchange from 

disclosing such matters to the Exchange. 
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 10 (11)

2.4 Miscellaneous

2.4.1 The remuneration to the members of the Disciplinary Committee and deputies shall be 

decided by the Board based among other things on the work hours spent each year. The 

chairman may be remunerated additionally.

2.4.2 The Exchange shall have the exclusive right and obligation to make publicly available all 

written recommendations from the Disciplinary Committee to the Board. 

3 PROCEDURES FOR DISCIPLINARY SANCTIONS

3.1 The surveillance department

3.1.1 If the Exchange’s surveillance department suspects a breach of the Market Conduct Rules 

and its investigation supports this suspicion, then the surveillance department may 

recommend disciplinary sanctions against the Market Participant(s) and/or Exchange 

Trader(s), as further provided for in the Market Conduct Rules.

3.1.2 Any recommendation for disciplinary sanctions shall be in writing and be filed with the 

Disciplinary Committee with copies to the relevant Market Participant(s) or Exchange 

Trader(s), and to the Board. A Market Participant shall always be copied in on filings related 

to his Exchange Trader(s). 

3.1.3 Irrespective of the above, the surveillance department of the Exchange may issue oral 

warnings to Market Participants and/or Exchange Traders without filing with the Disciplinary 

Committee. 

3.2 The advice of the Disciplinary Committee

3.2.1 The Disciplinary Committee may upon receiving a filing as provided for above, request the 

Exchange’s surveillance department to further investigate the case at hand and develop the 

factual and legal analysis or recommendation.

3.2.2 The filing copy shall invite the Market Participant(s) and Exchange Trader(s) involved to 

present their views to the Disciplinary Committee within two weeks. The Market Participant

or Exchange Trader may respond in writing or request a meeting with the Disciplinary 

Committee to present his or her views. The Market Participant or Exchange Trader is not 

under any obligation to present his or her views as the Exchange Act 2007 Section 26 

seventh paragraph does not apply with regard to the Disciplinary Committee. 

3.2.3 The Disciplinary Committee may in special circumstances conduct its own investigations 

including by assigning tasks to qualified lawyers and other experts, at the Exchange’s cost. 

The Board shall be pre-notified and may veto any assignment at its discretion or set limits 

for the costs to be accrued.

3.2.4 The Disciplinary Committee shall present its recommendation to the Board as soon as 

possible, and at latest within (4) weeks of the filing with the Disciplinary Committee unless 

the Board extends this time limit. The recommendation shall be in writing, with copies to the 

relevant Market Participant(s) and Exchange Trader(s) involved, and include a factual 

description with legal reasons.

3.3 The Board’s decision

3.3.1 The Board shall in its full discretion decide if and what disciplinary sanctions that shall be 

applied against the Market Participant(s) and/or Exchange Trader(s). 

3.3.2 The Board’s decision shall be notified to the relevant Market Participant(s) and Exchange 

Trader(s), and the Disciplinary Committee.

3.4 Complaint to the Exchange Appeal Committee

3.4.1 An Exchange Member may if the Exchange imposes a Violation Charge, file a complaint with 

the Exchange Appeal Committee, subject to further rules in the Exchange Regulations. 

Similarly an Exchange Member or other person may complain to the Exchange Appeal 

Committee if the Exchange imposes a daily charge under the Exchange Act 2007 Section 30.

3.4.2 Such filing imposes a stay on the proceedings concerned, with the exemption for daily 

charges.
Trading Appendix 6 / Clearing Appendix 6 – Market Conduct Rules

COPYRIGHT © Nasdaq Oslo ASA and Nasdaq Clearing AB 11 (11)

3.4.3 The Exchange agrees that Section 3.4 shall also apply to Market Participants not being 

Exchange Members. However, handling of an appeal will then also require the consent from 

the Exchange Appeal Committee. 

3.4.4 This Section 3.4 does not prohibit a Market Participant from instigating court proceedings 

following an appeal being decided or dismissed by the Exchange Appeal Committee. 

[end of document]
Effective date: 24 January 2016

Trading Appendix 7 / Clearing Appendix 7

Fee List

Commodity Derivatives

Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
FEE LIST

1 GENERAL

The Fee List is valid for Exchange Members and Account Holders only. 

Annual fees are due and will be collected by the Clearinghouse upfront and debited during Q1 for the applicable calendar 

year. New memberships will be debited upfront for the remaining months of the year. No refund is given in case of 

termination during a year.

Variable fees are due and will be collected on an ongoing basis as part of the Daily Settlement.

Other products and services may be subject to separate fees; please enquire separately. Fees for new products and services 

may be added without prior notice. The Exchange and/or Clearinghouse may from time to time offer deviating rates 

(discounts and schemes) to be announced separately. 

The Client Representative is responsible for all fees, including technical access fees and delay fees, that are applicable to its 

Clearing Clients and the fees are debited the Settlement Account owned by the Client Representative or sent as an invoice 

in the name of the Client Representative.

Clearing Members (except Client Representatives and Clearing Members registering Clearing Transaction on behalf of 

Clients) and Clearing Clients may nominate themselves as a ”Small Clearing Customer”, subject to the Clearinghouse’s 

written confirmation, in which case the “Small Clearing Customer” rates shall apply. 

Brokers can as NCM members – NCM Broker Member - access the Exchange and are exempted from annual fees as well as 

variable fees.

Account Holders may change their clearing fee structure only once each quarter following a written notice to the 

Clearinghouse, and subject to the Clearinghouse’s written confirmation. The Clearinghouse will not refund any amount of 

the annual fee in case of change from a higher to a lower annual fee structure within the same calendar year. In case of 

changes from a lower to a higher annual fee structure the higher annual fee will be invoiced for the remainder of the 

applicable calendar year. “Quarters” follow the calendar year.

2 ANNUAL FEES1

2.1 Exchange fees

2.1.1 All Contract types combined

Membership fee – Exchange Members EUR 15 000

Membership fee – Block Broker Member Free of charge

Membership fee – NCM Broker Member Free of charge

Additional Trading Account (per account) EUR 6 750

2.1.2 Nordic Power, European Energy, UK Energy and Electricity Certificates (El-Cert) combined

Membership fee – Exchange Member EUR 13 500

Membership fee – Block Broker Member Free of charge
Membership fee – NCM Broker Member Free of charge

Additional Trading Account (per account) EUR 6 750

 2.1.3 European Energy, UK Energy, Electricity Certificates (El-Cert), Allowances, Ferrous Contracts, Freight and Fuel Oil 

Contracts individually 

Membership fee (per Contract type) – Exchange Members EUR 1 500

Membership fee – Block Broker Member Free of charge

Membership fee – NCM Broker Member Free of charge

Additional Trading Account (per account) EUR 750

2.2 Clearing fees

2.2.1 Nordic Power, European Energy, UK Energy, Electricity Certificates (El-Cert) and Seafood Contracts combined

Membership fee - General Clearing Member (GCM) EUR 25 000

Membership fee - Clearing Member (CM) / Clearing Client (CC) EUR 12 500

Additional fee - Client Representative (CR) (unlimited CCs) EUR 2 500

Small Clearing Customer EUR 2000

2.2.2 European Energy, UK Energy, Electricity Certificates (El-Cert), Freight and Fuel Oil and Ferrous Contracts individually

Membership fee – all membership categories Free of charge

Additional fee – Client Representative (CR) (unlimited CCs) Free of charge

2.2.3 Allowance Contracts 

Membership fee – General Clearing Member (GCM) EUR 3 000

Membership fee – Clearing Member (CM) / Clearing Client (CC) EUR 1 500

2.2.4 Seafood Contracts 

Membership fee – General Clearing Member (GCM) EUR 25 000

Membership fee – Clearing Member (CM) / Clearing Client (CC) NOK 50 000

2.2.5 Additional account fees – all markets

Additional Clearing Account / Portfolio (per account) - General Clearing Member (GCM) Free of charge

Additional Clearing Account / Portfolio (per account) – Clearing Member (CM) / Clearing Client 

(CC)

EUR 1 500
3 VARIABLE FEES2

3.1 ETS/MTS Transactions

NORDIC POWER Futures and DS Futures 

Contracts

Option Contracts

Trading fee 0.0045 EUR/MWh 0.0045 EUR/MWh, 

maximum fee per 

Transaction3=10 % of 

Option Premium

Clearing Fee

4

0-3 TWh cleared in most recent quarter

3-8 Twh cleared in most recent quarter

8-15 TWh cleared in most recent quarter

15-25 TWh cleared in most recent quarter

25-50 TWh cleared in most recent quarter

>50 TWh cleared in most recent quarter

0.0094 EUR/MWh

0.0083 EUR/MWh

0.0072 EUR/MWh

0.0056 EUR/MWh

0.0045 EUR/MWh

0.0039 EUR/MWh

Option Premium Fee5: 

In case of option exercise:

Exercise Fee:

Contract base Future/DS Future:

Contract base Fee Average Rate Future:

0.5 %

maximum fee = 0.0045 

EUR/MWh

None

50 % discount

None

Small Clearing Customer

Clearing Fee 0.0166 EUR/MWh

Option Premium and Option Exercise Fee

Clearing of Contract Base in case of Option Exercise

None

30 % discount

Combined Trading and Clearing Fee

Futures and DS Futures standard combination orders

Futures: 0.002 EUR/MWh

DS Futures: None

EUROPEAN ENERGY
Fixed fee for trading and clearing per Trading Account 

or Clearing Portfolio6

Futures and DS Futures Options

German Electricity individually Fixed fee 10.000 EUR/month none

French Electricity Individually Fixed fee 10.000 EUR/month none

German and French Electricity combined Fixed fee 15.000 EUR/month none

European Power: Futures, DS Futures and Monthly 

DS Futures Contracts

Option Contracts

Trading Fee

German, Dutch, French, Belgian, Spanish and Italian

Electricity

0.0045 EUR/MWh

0.0045 EUR/MWh, 

maximum fee per 

Transaction2=10 % of 

Option Premium

Clearing Fee

German, Dutch, French, Belgian, Spanish and Italian

Electricity

0.0045 EUR/MWh

Option Premium Fee5: 

In case of option exercise:

Exercise Fee:

Contract base Future/DS Future:

Contract base Fee Average Rate Future:

0.5 %

maximum fee = 0.0045 

EUR/MWh

None

50 % discount

None

Combined trading and clearing Fee Future/DS Futures 

standard combination orders

Futures: 0.002 EUR/MWh

DS Futures: None

European Gas: Monthly DS Futures Contracts

Trading Fee 

Dutch TTF, German NCG and Gaspool,

French Peg Nord and TRS

0.0045 EUR/MWh

Clearing Fee 

Dutch TTF, German NCG and Gaspool,

French Peg Nord and TRS

0.0025 EUR/MWh
Renewables Futures Contracts

Combined Trading and Clearing fee

RWDE 0.015 EUR/WPH

UK ENERGY

UK Power Futures and Monthly DS Futures 

Contracts

Trading fee 0.0030 GBP/MWh

Clearing Fee 0.0025 GBP/MWh

UK Gas Monthly DS Futures Contracts

Trading fee

NBP and Zeebrugge 0.0030 GBP pence/therms

Clearing Fee

NBP and Zeebrugge 0.0015 GBP pence/therms

SEK ELECTRICITY CERTIFICATES (EL-CERT) Day Futures Contracts and DS 

Futures Contracts

Trading fee 0.10 SEK/El-Cert

Clearing fee

Volume fee

Delivery fee7

Registry fee8

0.15 SEK/El-Cert

0.25 SEK/El-Cert

Based on number of El-Cert

ALLOWANCE CONTRACTS Day Futures Contracts and 

Futures Contracts

Option Contracts

Combined Trading and Clearing fee 

Transfer fee9

0.0030 EUR/ tCO2 

None

0.0030 EUR/ tCO2 

None

FREIGHT AND FUEL OIL Futures Contracts Option Contracts

Tankers

Combined Trading and Clearing fee
TC2, TC5, TC6, TC7, TC9, TC12, TC14, TC15 3 USD/lot 3 USD/lot

TD3, TD7, TD8, TD20 3 USD/lot 3 USD/lot

MRA 3 USD/lot 3 USD/lot

LPG1 3 USD/lot 3 USD/lot

Delivery Settlement fee Equal to the Delivery Settlement 

fee for Block Trades and EFS/EFP

Dry Freight 

Combined Trading and Clearing fee

CS4TC, CS5TC, PM4TC, SM6TC, SM10TC, HS6TC 4 USD/lot 4 USD/lot

C3, C4, C5, C7 3 USD/lot 3 USD/lot

P1A, P2A, P3A 3 USD/lot 3 USD/lot

Fuel Oil Contracts

Combined Trading and Clearing fee

RDM35FOSS, SPO180FOSS, SPO380FOSS, MED35FOSS 0.03 USD/lot

FERROUS CONTRACTS Futures Contracts Options Contracts

Combined Trading and Clearing fee

Iron Ore CHN 6 FE 20 USD/lot 20 USD/lot

US Shredded Scrap Steel – Midwest 2 USD/lot 2 USD/lot

US Hot Rolled Coil 2 USD/lot 2 USD/lot

ASEAN Hot Rolled Coil 2 USD/lot 2 USD/lot

Australian Coking Coal 20 USD/lot 20 USD/lot

3.2 Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP)

NORDIC POWER Futures Contracts and DS 

Futures Contracts

Option Contracts

Combined Trading and Clearing fee Nordic Electricity4

0-3 TWh cleared in most recent quarter

3-8 Twh cleared in most recent quarter

0.0094 EUR/MWh

0.0083 EUR/MWh
8-15 TWh cleared in most recent quarter

15-25 TWh cleared in most recent quarter

25-50 TWh cleared in most recent quarter

>50 TWh cleared in most recent quarter

0.0072 EUR/MWh

0.0056 EUR/MWh

0.0045 EUR/MWh

0.0039 EUR/MWh

Option Premium Fee5: 

In case of option exercise:

Exercise Fee:

Contract base Future/DS Future:

Contract base Fee Average Rate Future:

0.5 %

maximum fee = 0.0045 

EUR/MWh

None

50 % discount

None

Small Clearing Customer:

Combined Trading and Clearing Fee 0.0166 EUR/MWh

Option Premium and Option Exercise Clearing fee

Clearing of Contract Base in case of Option Exercise 

None

30 % Discount

Combined trading and clearing Fee for Future/DS 

Futures standard combination orders

Futures: 0.002 EUR/MWh

DS Futures: None

EUROPEAN ENERGY

Fixed fee for trading and clearing per Trading Account or 

Clearing Portfolio6

Futures and DS Futures Options 

German Electricity individually Fixed fee 10.000 EUR/month none

French Electricity Individually Fixed fee 10.000 EUR/month none

German and French Electricity combined Fixed fee 15.000 EUR/month none

European Power Futures, DS Futures and 

Monthly DS Futures Contracts

Combined Trading and Clearing fee

German, Dutch, French, Belgian, Spanish and Italian

Electricity

0.0045 EUR/MWh

Option Premium Fee5: 

In case of option exercise:

Exercise Fee:

0.5 %

maximum fee = 0.0045 

EUR/MWh

None
Contract base Future/DS Future:

Contract base Fee Average Rate Future:

50 % discount

None

Combined trading and clearing Fee for Future/DS 

Futures standard combination orders

Futures: 0.002 EUR/MWh

DS Futures: None

Clearing Registration Fee Futures and DS Futures Option Contracts

German and French Electricity 0.0025 EUR/MWh None

European Gas Monthly DS Futures Contracts

Combined Trading and Clearing fee

Dutch TTF, German NCG and Gaspool,

French Peg Nord and TRS

0.0025 EUR/MWh

Renewables Futures Contracts

Combined Trading and Clearing fee

RWDE 0.015 EUR/WPH

UK ENERGY

UK Power Futures and Monthly DS Futures 

Contracts

Combined Trading and Clearing fee 0.0025 GBP/MWh

UK Gas Monthly DS Futures Contracts

Combined Trading and Clearing fee

NBP and Zeebrugge 0.0015 GBP pence/therm

SEK ELECTRICITY CERTIFICATES (EL-CERT)

Combined Trading and Clearing fee

Volume fee

Delivery fee7

Registry fee8

0.15 SEK/El-Cert

0.25 SEK/El-Cert

Based on number of El-Cert

ALLOWANCE CONTRACTS Day Futures Contracts and 

Futures Contracts

Option Contracts

Combined Trading and Clearing fee 

Transfer fee9

0.0030 EUR/ tCO2 

None

0.0030 EUR/ tCO2 

None
FREIGHT AND FUEL OIL10 Futures Contracts Option Contracts

Tankers

Combined Trading and Clearing fee

TC2, TC5, TC6, TC7, TC9, TC12, TC14, TC15 3 USD/lot 3 USD/lot

TD3, TD7, TD8, TD20 3 USD/lot 3 USD/lot

MRA 3 USD/lot 3 USD/lot

LPG1 3 USD/lot 3 USD/lot

Delivery Settlement fee 0.6 USD/lot

Dry Freight11, 12

Combined Trading and Clearing fee

CS4TC, CS5TC*, PM4TC, SM6TC, SM10TC, HS6TC, 4 USD/lot 4USD/lot

C3, C4, C5, C7 3 USD/lot 3 USD/lot

P1A, P2A, P3A 3 USD/lot 3 USD/lot

Fuel Oil Contracts

Combined Trading and Clearing fee

RDM35FOSS, SPO180FOSS, SPO380FOSS, MED35FOSS 0.03 USD/lot

FERROUS CONTRACTS10 Futures Contracts Options Contracts

Combined Trading and Clearing fee

Iron Ore CHN 6 FE 20 USD/lot 20 USD/lot

US Shredded Scrap Steel – Midwest 2 USD/lot 2 USD/lot

US Hot Rolled Coil 2 USD/lot 2 USD/lot

ASEAN Hot Rolled Coil 2 USD/lot 2 USD/lot

Australian Coking Coal 20 USD/lot 20 USD/lot

* Fee Holiday for Dry Freight Future and Option Contracts CS5TC effective until June 30, 2016

3.3 Third Party Exchange Transactions
SEAFOOD Futures

Clearing Members 0.085 NOK/kg

General Clearing Members and Clearing Members 

registering Clearing Transactions on behalf of its Clients, 

or Clearing Members holding a Financial Institution 

Agreement with the Third Party Exchange

0.06 NOK/kg

3.4 Clearing Portfolio Transfer

Transfers executed by the Clearinghouse

Portfolio transfer from a Clearing Client or Clearing 

Member to a General Clearing Member:

External portfolio transfer (between two legal entities) 

or internal portfolio transfer (within the same legal 

entity):

Free of charge13

Hourly fee rate14

NOK/SEK EUR GBP USD

Pr. Hour* 1 500 150 120 170

*Minimum fee of NOK/SEK 2 500, EUR 250, GBP 200 and USD 280

The fee will be debited on the receiving Clearing Account, unless otherwise agreed between the parties. 15

Transfers executed by the member through the Clearing Workstation

External portfolio transfer (between participants): Clearing fee on both parties

Internal portfolio transfer (within the same participant): Free of charge16

4 ETS AND CLEARING PLATFORM MONTHLY FEES1

All licenses and use of the ETS and/or the Clearing Platform are subject to the ETS User Terms and/or the Clearing System User 

Terms as applicable.

ETS and Clearing Platform access fees are charged on quarterly basis and debited the Settlement Account.
4.1 Trading License Fees

Unless otherwise specified, price is per user per calendar month17 and is charged on an incremental basis within its applicable 

license fee column. For example, the license fees for 3 Users of the same client are calculated as [fee for user 1] + [fee for user 

2] + [fee for user 3] (and not as 3 x [fee for user 3]) and so on. Different columns are calculated separately on the same basis.

User Standard Client18/

Third Party Client19

Trayport20 View only21

1 EUR 400 EUR 600 EUR 150

2 EUR 325 EUR 525 EUR 125

3 EUR 275 EUR 475 EUR 110

4 EUR 225 EUR 425 EUR 100

5 EUR 220 EUR 420 EUR 95

6 + EUR 200 EUR 400 EUR 75

4.2 Preferred Third Party Client program

User TT Next Gen View only

1 + EUR 400 Free of charge (90 days)

4.3 TradeGuard Fees

TradeGuard Service Monthly Fee 

Per Pre Trade Limit Group / Account EUR 20

TradeGuard User fee Monthly Fee

Admin User 1-3 Free of charge

Admin User 4+ EUR 20

Read only User Free of charge

4.4 Clearing Application License Fees

Clearing User Monthly Fee per User

Clearing Workstation 1 and 2 (CW1 & CW2) user 1-2 Free of charge 

CW1 and CW2 user 3 + EUR 100 per User

4.5 FTP Clearing Report Service

FTP Report dissemination service Monthly Fee 

FTP Account22 EUR 50 

5 ADMINISTRATION FEES
5.1 Delay fee for late payment in connection with Cash Settlement

If an Account Holder fails to have sufficient balance for the debit of any payment in accordance with the applicable Payment 

Report, the Account Holder will be debited a delay fee. The delay fee is debited irrespective of whether the Clearing House has 

suffered any damage. The delay fee is applicable without prejudice to any other measures the Clearing House may take in 

connection with the late payments.

The delay fee is calculated per Account holder per day and debited to the appropriate Cash Collateral Bank Account

DKK/NOK/SEK EUR GBP USD

F= Fixed fee 4 000 400 320 450

5.2 Delay fee for late Delivery – Allowances and Electricity Certificates

If an Account Holder fails to timely perform Delivery of Deliverable Instruments in respect of Allowances and Electricity 

Certificates pursuant to the instructions of the Clearinghouse and the times specified in the applicable Contract Specification, 

the Account Holder will be debited a delay fee of V*S*D+F1. The delay fee is debited irrespective of whether the Clearinghouse 

has suffered any damage. If the Clearinghouse would fail to timely perform Delivery of Deliverable Instruments the affected 

Account Holder is credited V*S*D+F2. The delay fee is applicable without prejudice to any other measures the Clearinghouse 

may take in connection with the late payment. 

The delay fee is calculated per Account Holder per day, and debited / credited to the appropriate Cash Collateral Bank Account

5.3 Individual Client Segregated Account (ICA) Opening fee

A onetime opening fee will be debited when a General Clearing Member or Clearing Member opens a new ICA account.

NOK/SEK EURO GBP USD

SEK EUR

V = Variable fee 100 10

S = Settlement amount

Settlement amount divided by one 

million and rounded up to nearest 

integer.

Settlement amount divided by one 

hundred thousand and rounded up to 

nearest integer.

D = Number of delayed days Actual Settlement Date - Original 

Settlement Date 

Actual Settlement Date - Original 

Settlement Date

F 1= Fixed fee Counterparty 4 000 400

F 1= Fixed fee Clearing House 1 500 150

Buy-in fee 15% of settlement amount 15% of settlement amount
Fee 5 000 per account 500 per account 400 per account 700 per account

If a General Clearing Member or Clearing Member chooses to immediately transfer an existing position into the newly opened ICA 

account, a position transfer discount will be applied. The discount is a maximum 250 EUR/GBP/USD or 2500DKK/NOK/SEK. Additional 

costs, such as e.g. additional position transfer costs, will be debited according to the fee list.

5.4 Additional Settlement Account fee

If an Account Holder requests settlement account(s), in addition to one in respect of principal flows and one in respect of client flows, a 

monthly fee will be debited the member for the additional settlement account(s). 

NOK/SEK EURO GBP USD

Fee 

300 per account 

and month

30 per account

and month

25 per account

and month

40 per account

and month

5.5 Fee for insufficient Collateral and fee for erroneous instructions in connection with Default Fund 

If an Account Holder fails to perform deposits of Collateral to meet its Default Fund contribution on time, in accordance with the Clearing 

Rules, the Account Holder will be debited a fee of F. The fee is debited irrespective of whether the Clearinghouse has suffered any 

damage. 

If an Account Holder fails to ensure correct confirmation of Collateral transfer pursuant to the instructions of the Clearinghouse, the 

Account Holder will be debited a fee of F. The fee is applicable for erroneous Collateral instructions on deposits and call back transactions. 

The fee is debited irrespective of whether the Clearinghouse has suffered any damage. 

The fees are applicable without prejudice to any other measures the Clearinghouse may take in connection with erroneous Collateral 

transactions and late deposits of Collateral. 

The fees are accumulated and are debited quarterly in each currency.

NOK/SEK EURO GBP USD

F= Fixed fee 4 000 400 320 560

5.6 Fee for Collateral Management Service (CMS)

Fee Type Fee Detail Fee excluding VAT VAT*

Custody Fee Custody Account House/Client 30 EUR/Month/Custody 

Account

X

Custody Account Segregated Client 30 EUR/Month/Custody 

Account

X

CSD/ICSD Segregation Fee CSD/ICSD Segregation 150 EUR/Month/Account X
CSD/ICSD Segregation in beneficial 

owner account

150 EUR/Month/Account X

Safekeeping Fee Securities 10 bp annualizes on market 

value

X

Corporate Action Voluntary Corporate Action TBD X

Securities Transaction Fee Deposit Free

Call Back 25 EUR/Transaction

Cash Transaction Fee Deposit Free

Call Back 25 EUR/Transaction

Premium Subscription Fee Daily statements:

MT535 Statement of Holdings

MT536 Statement of Transactions

MT940 Customer Statement Message

50 EUR/Month/Custody 

Account

X

CMS Web License Fee 100 EUR/Month/User X

MQ Connection Contact Nasdaq X

*Fees subject to VAT according to COUNSIL DIRECTIVE 2006/112/EC of 28 November 2006. 

The CMS fees are accumulated and invoiced monthly.
 

1 Members Trading only in GBP, NOK, SEK or USD Contracts will be charged in GBP, NOK, SEK or USD applying such 

reasonable currency conversion rate as the Exchange and/or the Clearinghouse may determine in its discretion.

2

Liquidity Provider Programs may be available as announced by the Exchange and/or the Clearinghouse. No 

variable fees apply to NCM Broker Members.

3

No variable Exchange Trading fee applies to the Contract Base when exercised in accordance with the Clearing 

Rules. Variable Clearing fees (discounted) will apply to Clearing of the Contract Base upon Option Exercise.

Delta hedge discount: An Exchange Transaction entailing a delta hedge in an Option Contract, i.e. an Option 

Contract and its Contract Base in the same Exchange Transaction, has no Trading fee for the Contract Base provided 

that (i) the Option and delta trades are conducted simultaneously and (ii) MTS is notified before or within ten (10) 

minutes from Contract Time. The discount is only available when establishing an initial position.

Option strategy discount: Exchange Transactions consisting of two or more Option Contracts with the same 

Contract Base traded simultaneously receives a fee discount of 50 % of the trading fees that would normally apply 

to that Exchange Transaction. If the relevant Exchange Transaction also includes a delta trade, the delta hedging 

discount applies additionally.

4

For General Clearing Members (GCMs) and Clearing Members (CMs) registering Clearing Transaction on behalf of 

Clients, the number of TWh cleared in the most recent quarter is aggregated for House Accounts. For Individual 

Client Segregated Accounts and Clearing Portfolios (excluding Non-Clearing Members accounts) the number of TWh 

cleared in the most recent quarter is calculated per NCM membership or individually per segregated account/over 

account belonging to the same legal entity. For General Clearing Members and Clearing Members holding an 

Omnibus Account with only one Clearing Portfolio associated to it, the highest fee (0.0094 EUR/MWh) applies.

5

Regardless of Option Exercise

6

Account Holders and Exchange Members may nominate one Trading Account or one Clearing Portfolio for fixed 

fee for trading and clearing of German Electricity contracts and/or French Electricity contracts (including for the 

avoidance of doubt German Futures, DS futures, Options and EPADS and French Futures), subject to the Exchange 

and the Clearinghouse’s written confirmation, in which case the fixed fee will be collected by the Clearinghouse 

upfront on a monthly basis from the subsequent month. This fix fee scheme is valid until December 31, 2016. 

7

Only for net Delivery of March expiry DS Future Contracts. 

8

Registry fee based on the maximum number of Electricity Certificates held on a Clearing Account the previous 

quarter will be allocated to the members accordingly. 

9

Excludes any fees from the applicable Allowance Registry which may apply to the individual Counterparty. 

10 For members Trading and Clearing spreads and Option strategies a rebate of 50 % of the total fee is given. To 

receive the strategy/spread rebate, the trades have to be reported as a strategy or spread.

11 For members Trading and Clearing full size calendars, half-year and quarterly Contracts, a rebate of 50 % of the 

total fee per trade is given.

 Full size calendars: volume per trade > 360 lots

 Full size half-year: volume per trade >180 lots 
 

 Full size quarters: volume per trade >90 lots

12 Monthly volume discount on Dry Freight Futures, per Clearing Portfolio;

Monthly volume Discounts above the threshold

0 – 1000 lots N/A

1001 – 2000 lots 20 %

Above 2000 lots 40 %

13 When terminating Clearing Client Membership or Clearing Membership

14 Hourly Fee for internal and external portfolio transfers based on the actual workload of the Clearinghouse

15 Transfer can be executed in the following ways:

1) On trade level on original price (with or without premiums and fees)

2) On position level to the daily fix of the transfer day (option not applicable for DS Futures and EPADs)

16 Please contact clearing@nasdaq.com or +46 8 405 6880 to get a refund

17 Licenses starting or ending within a calendar month will accrue fees for the entire month.

18 Standard Clients include Trading Workstation and Genium WebTrade. Price is per User ID for use with any one (1) 

of the available Standard Clients. 

19 Access to and use of API is included. Client license (from third party) is not included. 

20 Access to and use of the “ETS – Trayport” gateway and downstream account are included. Client license (from 

Trayport) is not included. 

21 Access to and use of API is included. Client license is not included. User rights must be restricted to view only. 

22 No charge for single FTP account if member has no more than one CW user
Effective date: 20 June 2016

General Terms

Clearing Rules

Commodity Derivatives

Issued by Nasdaq Clearing AB
Clearing Rules – General Terms

COPYRIGHT © Nasdaq Clearing AB 2(37)

TABLE OF CONTENTS

I. General Terms

1 Introduction 4

2 Interpretation, Definitions and Abbreviations 4

3 General Matters 5

3.1 Membership 5

3.2 Counterparty Eligibility 6

3.3 Clearing Accounts 7

3.4 Cash Settlement Arrangements 8

3.5 Delivery Arrangements 9

3.6 Collateral Arrangements 9

3.8 Pre-delivered Assets as Collateral 11

3.9 Authorisation of Individuals 11

3.10 Account Information 12

3.11 Continuous Information Obligations on Account Holders 12

3.12 Termination and Suspension of Membership 13

4 General Registration Procedures 14

4.1 Registration of Clearing Transactions 14

4.2 Registration of Exchange Transactions 14

4.3 Registration of Third Party Exchange Transactions 14

4.4 Registration of Non Exchange Transactions 15

4.5 Allocation of Clearing Transactions 15

4.6 Give Ups and Take Ups 15

4.7 Registration Errors 16

4.8 Registration for Clients 17

4.9 Registration for Clearing Clients 17

5 Determination of Margin Requirements, Collateral Sum and Provision of Collateral 18

5.1 General 18

5.2 Base Collateral Requirement 18

5.3 End of Day Margin Determination 18

5.4 Collection of Collateral through the Cash Optimization Service 19

5.5 Intraday Margin Requirements and Extraordinary Margin Requirements 20

5.6 Miscellaneous 20

6 Settlement Procedures 21

6.1 General 21

6.2 Cash Settlement Procedures 21

6.3 Delivery Procedures 22

6.4 Cash Optimization 22

6.5 Tax and VAT matters 23

6.6 Settlement Errors 23

6.7 Interest 24

7 Representations and Warranties 24

8 Default and Insolvency 25

8.1 Definition of Default Event 25

8.2 General Provisions Regarding Default Events 26

8.3 Specific Provisions for Default Events Involving Client Clearing Accounts 27

8.4 Specific Provisions for Default Events Involving a Client Representative 27

8.5 Specific Provisions for Default Events Involving a Clearing Client 28

8.6 Definition of Insolvency Event 29

8.7 General Provisions for Insolvency Events involving an Account Holder 29

8.8 Default or Insolvency of the Clearinghouse 29

8.9 The Clearinghouse’s Duty of Notification 31

9 Liabilities and Force Majeure 31

9.1 Force Majeure 31

9.2 Exclusion of Liability 32

9.3 Indemnity 32

9.4 Sole Remedy and Exclusion of Consequential Loss 33

9.5 Right of access 33

10 Communication 33
Clearing Rules – General Terms

COPYRIGHT © Nasdaq Clearing AB 3(37)

11 Trade Information 34

12 Confidentiality and Information Sharing 34

13 Record Keeping 36

14 Complaints Procedure 36

15 Recovery and Resolution Procedure 36

16 Trade Reporting 36

17 Miscellaneous 36

17.1 Transfer of Rights 36

17.2 Third Party Rights 36

17.3 Severability 36

17.4 Binding Effect of Determinations 37

17.5 Non-waiver of Rights 37

18 Choice of Law and Arbitration 37

II. Clearing Agreements

A. General Clearing Membership Agreement

B. Clearing Membership Agreement

C. Clearing Client Agreement

D. Non Exchange Trading Broker Agreement

E. Default Fund Custody Account Agreement

F. Collateral Custody Account Agreement

III. Clearing Appendices

1. Definitions (joint with Trading Rules)

2. Contract Specifications (joint with Trading Rules)

3. Trading and Clearing Schedule (joint with Trading Rules)

4. Non Exchange Clearing Procedures

5. Clearing System User Terms

6. Market Conduct Rules (joint with Trading Rules)

7. Fee List (joint with Trading Rules)

8. Membership Requirements

9. Default Fund Rules

10. Collateral List

11. List of Approved Settlement Banks

12. Supplemental default rules for Clearing Transactions recorded on Client Clearing

Accounts

13. Supplemental default rules for Clearing Transactions recorded on Clearing Client 

Clearing Accounts

14. Block Trade, EFP and EFS Clearing Procedures

15. Third Party Exchange Transaction Clearing Procedures
CLEARING RULES - GENERAL TERMS

COPYRIGHT © NASDAQ OMX CLEARING AB 4(37)

1 INTRODUCTION

1.1 The Clearinghouse provides Clearing of Exchange Transactions, Third Party Exchange 

Transactions and Non Exchange Transactions in Exchange Listed Products and Clearing Listed 

Products, and is authorised to conduct Clearing activities as set out herein.

1.2 Clearing implies that the Clearinghouse enters into a Transaction as central counterparty by 

registering the Transaction on the Clearing Accounts of the involved Account Holders, as 

further described in Section 4.1 of these General Terms. Account Holders are allocated 

Clearing Accounts with the Clearinghouse in their own names for recording of Clearing 

Transactions. 

1.3 The Clearing Rules are a set of private law agreements applying to the Clearinghouse and 

Account Holders in respect of Clearing and related activities, and apply to Clearing of the 

Exchange Listed Products and Clearing Listed Products as specified in the Contract 

Specifications (and directly related activities), but not to any other products or services of 

the Clearinghouse. The Clearing Rules are, in respect of each Account Holder, supplemented 

by the relevant Clearing Agreements entered into by that Account Holder. 

1.4 These General Terms are supplemented by the relevant Clearing Appendixes and the Clearing 

Agreements. The Contract Specifications shall prevail in case of conflict. 

1.5 These Clearing Rules and all Clearing Transactions entered into pursuant to these Clearing 

Rules form part of a Security Settlement System under Norwegian Law pursuant to the 

Norwegian Payment Systems Act of 17 December 1999 no 95 (implementing EU Directive 

98/26/EC on Settlement Finality in Payment and Securities Systems), as may be amended 

from time to time. A business day under the Security Settlement System is defined as 00:00 

CET – 24:00 CET on a Bank Day.

1.6 Where a Transaction is subject to clearing at the Clearinghouse pursuant to both the Clearing 

Rules and the FIN Clearing Rules (e.g. it originated from one order placed with the Exchange, 

and one order placed with the Co-Operating Exchange), Registration of such Transaction 

under these Clearing Rules shall be subject to successful registration under the FIN Clearing 

Rules, in addition to any other requirements set out in these Clearing Rules.

Certain restrictions in respect of U.S. persons

1.7 Non Exchange Transactions, Third-Party Exchange Transactions and Restricted Swaps 

(collectively, the, “Subject Products”) may not be submitted for clearing at the Clearinghouse

by or for the account of a U.S. Person or a person located in the United States, nor may any 

transactions be solicited, negotiated, executed or booked within the United States. Each time 

an Account Holder submits a Subject Product to the Clearinghouse, the Account Holder is 

deemed to represent to the Clearinghouse, based on its reasonable belief, that: (1) the 

Subject Product was solicited, negotiated, executed and booked outside the United States; 

(2) the Account Holder itself and, if different, the person in whose name the Account Holder 

carries the account for which the Subject Product has been submitted (“beneficiary”), is not 

a U.S. Person nor a person located in the United States; and (3) the Clearinghouse is a 

permissible clearing venue to which the Subject Product may be submitted under all relevant 

laws applicable to the Account Holder or the beneficiary.

For the purposes of this Section 1.7, (1) “United States” shall mean the United States of 

America, its states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and any 

other territory or possession of the United States government or any enclave of the United 

States government or its agencies or instrumentalities; (2) “U.S. Person” has the meaning 

for such term provided in the United States Commodity Futures Trading Commission’s 

(“CFTC”) Interpretive Guidance and Policy Statement Regarding Compliance with Certain 

Swap Regulations (78 CFR 45292 (July 26, 2013); and (3) “Restricted Swap” means any 

agreement, contract or transaction defined in Section 1a(47) of the Commodity Exchange 

Act (“CEA”) and/or in CFTC Rule 1.3(xxx).

2 INTERPRETATION, DEFINITIONS AND ABBREVIATIONS

2.1 Capitalized terms in the Clearing Rules shall have the meanings assigned to them in the 

Definitions (Clearing Appendix 1) or as otherwise defined in the individual Clearing 

Appendixes or in the text body of the Clearing Rules. Terms combining several defined terms 
Clearing Rules – General Terms

COPYRIGHT © Nasdaq Clearing AB 5(37)

shall, unless otherwise defined herein, be understood as a combined reference to such terms 

and the meaning of the combination term shall be construed accordingly.

2.2 References to a person or entity include a body corporate, an unincorporated association of 

persons or any other legal entity or natural person. References to a party include references 

to the rightful successors or assignees (immediate or otherwise) or nominees of that party.

2.3 References to any law or statute include amendments, consolidations, re-enactments and 

replacements of it. Unless otherwise specified, references to any law or statute are to the 

laws and statutes of Norway, save that references to “applicable law” shall mean the laws 

and regulations applicable under any relevant jurisdiction, including any order or judgment 

or other decisions of any competent court or Regulatory Body in accordance with such laws 

or regulations at the relevant place and time.

2.4 References to points in time refer to Central European Time unless otherwise specified and 

all time references apply summer savings time when applicable. Time is specified in the 24-

hour format and dates are in the little-endian date format (i.e. day-month-year). References 

to days, weeks and months are, unless otherwise specified, references to calendar days, 

weeks and months. A calendar week starts on Monday and ends on Sunday. A quarter spans 

three consecutive calendar months, and the first quarter starts on the first day of the calendar 

year.

2.5 Any words importing the singular shall admit the plural where the context admits and vice 

versa. Any words importing the neutral gender shall include the feminine gender and the 

masculine gender (in respect of a natural person).

2.6 The term “including” shall mean "including without limitation", and variations of the word 

shall have the same effect.

2.7 Any reference to the Clearinghouse having a right to make a decision or termination or to 

form any opinion or judgment shall unless as otherwise stated mean that the Clearinghouse 

has the right to exercise its sole and unfettered discretion in doing so.

2.8 References to communications in writing shall unless otherwise specified include fax, e-mail 

and communications through the Clearing System.

3 GENERAL MATTERS

3.1 Membership

The Clearinghouse recognizes the following membership and Counterparty categories:

a. General Clearing Members, who may register Clearing Transactions in their own 

name and account as Counterparty to the Clearinghouse, either for itself or on behalf 

of its Clients, including Non-Clearing Members.

b. Clearing Members, who may register Clearing Transactions in their own name and 

account as Counterparty to the Clearinghouse, either for itself or, subject to the 

license requirement set out below, on behalf of its Clients, however not including 

Non-Clearing Members.

c. Clearing Clients, who may register Clearing Transactions in their own name and 

account as Counterparty to the Clearinghouse, but only through a General Clearing 

Member or a Clearing Member also being a Client Representative.

The Clearinghouse shall only admit as Account Holders applicants that the Clearinghouse in 

its sole discretion considers fit and proper for its applicable membership category, pursuant 

to the membership requirements set out by the Clearinghouse in accordance with the 

Clearing Rules and Applicable Law. Account Holders must at all times have adequate financial 

resources, a suitable organisation, adequate level of competence, necessary risk 

management routines, appropriate technical systems, and such other financial, legal, 

organisational and technical means as in the Clearinghouse's reasonable opinion are 

appropriate for its applicable membership category. The Clearinghouse may set additional 

objective and non-discriminatory requirements for each membership category, and the 

specific requirements for each membership category are available upon request to the 

Clearinghouse.
Clearing Rules – General Terms

COPYRIGHT © Nasdaq Clearing AB 6(37)

Notwithstanding other membership criteria, a General Clearing Member must document that 

it is:

a. a credit institution licensed in accordance with legislation implementing the Directive 

2006/48/EC (Consolidated Banking Directive); or

b. an investment firm licensed in accordance with legislation implementing the Directive 

2004/39/EC (Markets in Financial Instruments Directive), or

c. an entity holding a similar license from another jurisdiction approved by the 

Clearinghouse.

The requirement in this Section shall also apply in relation to a Clearing Member that registers 

Clearing Transactions on behalf of its Clients unless the Clearing Member can document to 

the satisfaction of the Clearinghouse, that its activity do not require such licence.

Notwithstanding other membership criteria, an Account Holder must have financial resources 

which from time to time correspond to the operations intended to be conducted at the 

Clearinghouse. However the Account Holder’s financial resources may not be less than:

a. in respect of a General Clearing Member, an amount corresponding to a restricted 

equity of EUR 20 million;

b. in respect of a Clearing Member, an amount corresponding to a total equity of EUR 1 

million;

c. in respect of a Clearing Client, an amount corresponding to a total equity of EUR 

300,000. 

The Clearinghouse may, during a transition period, grant an exemption from the above 

requirement for Clearing Members, however provided that a Clearing Member’s total equity 

under no circumstance falls below EUR 800,000. The Clearinghouse may furthermore grant 

an exemption from the above requirement for Clearing Clients, provided that the Clearing 

Client must at all times be deemed suitable to participate in Clearing at the Clearinghouse. 

General Clearing Members and Clearing Members may be approved to act as Client 

Representative on behalf of Clearing Clients, subject to individual approval from the 

Clearinghouse in relation to each applicable Clearing Client. Client Representatives must be 

Exchange Members.

Any entity desiring to become an Account Holder of the Clearinghouse shall submit an 

application in such form as shall be prescribed by the Clearinghouse. Further procedures and 

requirements on applicants are set out in the Membership Requirements.

3.2 Counterparty Eligibility

Only Account Holders are eligible as Counterparty to the Clearinghouse in Clearing 

Transactions. 

To be eligible for registration of new Clearing Transactions as a Counterparty, the Account 

Holder must at the time that each Clearing Transaction is registered, and until all Settlements 

pursuant to that Clearing Transaction have been successfully completed:

a. have established Clearing Accounts with the Clearinghouse in accordance with 

Section 3.3;

b. have established cash settlement arrangements in accordance with Section 3.4;

c. have established any necessary delivery arrangements in accordance with Section 

3.5 (if applicable); 

d. have established arrangements for the provision of Collateral in accordance with 

Section 3.6;

e. have appointed a Contact Person in accordance with Section 3.9;

f. have met its Margin Requirements in accordance with Section 5; 
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g. establish a Default Fund Custody Account and contribute to the Default Fund in 

accordance with the Default Fund Rules (as applicable); and

h. not have its access to Clearing or the Clearing System suspended or terminated in 

accordance with these Clearing Rules; and

i. fulfil the membership criteria for its applicable membership category and any other 

conditions for membership.

An Account Holder must at all times, and promptly upon request from the Clearinghouse, be 

able to document that it (or, where applicable, any of its nominees) fulfil the criteria of 

Section 3.2.2.

3.3 Clearing Accounts 

When approving a General Clearing Member, the Clearinghouse shall establish the following 

Clearing Accounts with the General Clearing Member as Account Holder:

a. A House Account; and

b. An Client Clearing Account; and

c. An Intraday Account.

When approving a Clearing Member, the Clearinghouse shall establish the following Clearing 

Accounts with the Clearing Member as Account Holder:

a. A House Account; and

b. An Intraday Account.

When approving a Clearing Client, the Clearinghouse shall establish a Clearing Account with 

the Clearing Client as Account Holder. Each such Clearing Account must be fully collateralised 

by reference to the Open Positions on such account as further set out in Section 5. The 

Collateral provided in respect of one Clearing Client’s Clearing Account shall not be used to 

collateralize or meet the losses attributable to another such Clearing Account (or any other 

account) or to meet the losses attributable to a Client, any other Account Holder, or the 

Clearinghouse. For the purposes of EMIR, a Clearing Account with a Clearing Client as Account 

Holder is an EMIR Individual Segregated Account.

Additional Clearing Accounts may be ordered by the Account Holder, subject to the approval 

of the Clearinghouse. A Clearing Member may only order Client Clearing Accounts, provided 

that it meets the license requirement set out in Section 3.1.3. Additional Clearing Accounts 

may be subject to a fee as set out in the Fee List.

A General Clearing Member (and where applicable a Clearing Member) may operate more 

than one Omnibus Accounts. Each Omnibus Account must be fully collateralised by reference 

to the Open Positions on such account on a net basis across all Clearing Transactions credited 

to such account, as further set out in Section 5. The Collateral provided in respect of one 

Omnibus Account shall not be used to collateralize or meet the losses attributable to another 

such Omnibus Account (or any other account) or to meet the losses attributable to any Client 

(except Clients in the same Omnibus Account), any Account Holder, or the Clearinghouse. 

For the purposes of EMIR, an Omnibus Account is an EMIR Omnibus Account.

A General Clearing Member (and where applicable a Clearing Member) must operate one 

Individual Client Segregated Account for each Client that has opted for such account. Each 

Individual Client Segregated Account must be fully collateralised by reference to the Open 

Positions on such account as further set out in Section 5. In the event that a Client has more 

than one Individual Client Segregated Account with the same or different General Clearing 

Member or Clearing Member, the Clearinghouse shall not be entitled to combine or 

consolidate the balances on such Individual Client Segregated Accounts (or on any other 

account). Moreover, the specific Collateral provided in respect of one Individual Client 

Segregated Account shall not be used to collateralize or meet the losses attributable to 

another such Individual Client Segregated Account (or any other account) or to meet the 

losses attributable to another Client, any Account Holder, or the Clearinghouse and the 

Clearinghouse shall keep separate records and accounts enabling each Clearing Member to 

distinguish the Collateral held for one Individual Client Segregated Account from the 
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Collateral held for any other Client’s Individual Client Segregated Account. For the purposes 

of EMIR, an Individual Client Segregated Account is an EMIR Individual Segregated Account.

Intraday Accounts are opened and used as part of the House Account or, if agreed in each 

case between the General Clearing Member or Clearing Member and the Clearinghouse, a 

specific Client Clearing Account. The set-up of one or several Intraday Accounts is without 

prejudice to the segregation requirements under these Clearing Rules and EMIR.

Each Clearing Account will have at least one Clearing Portfolio associated to it. Additional 

Clearing Portfolios may be ordered by the Account Holder. Additional Clearing Portfolios may 

be subject to a fee as set out in the Fee List. In relation to General Clearing Members, 

separate Clearing Portfolios shall be established for the allocation of Transactions for each 

Non-Clearing Member. Clearing Accounts have Clearing Portfolios connected to them for 

administrative purposes only. A Clearing Account and all such connected Clearing Portfolios 

shall therefore be regarded as one Clearing Account, and this is without prejudice to the rest 

of this Section 3 and the segregation requirements of such accounts under these Clearing 

Rules and EMIR.

Clearing Accounts will be open for registration of Clearing Transactions as soon as the Base 

Collateral Requirement has been met.

Client Clearing Accounts may only be used for registration of Client Transactions. Proprietary 

Transactions of the Account Holder must not be registered to a Client Clearing Account. 

Furthermore, a General Clearing Member or a Clearing Member shall not procure the 

registration of Transactions in its House Account other than those entered into by such 

General Clearing Member or Clearing Member, as applicable, on its own behalf. A General 

Clearing Member or a Clearing Member may not use the House Account for clearing of 

Transactions in respect of entities within the same group of companies as such General 

Clearing Member or Clearing Member, as applicable. Such entities shall be regarded as 

Clearing Clients or Clients, as applicable.

The Clearing Transactions registered to the Clearing Account of an Account Holder represent 

the complete and exhaustive contractual relationship between the Clearinghouse and the 

Account Holder in respect of Clearing Transactions registered to that Clearing Account. 

All Clearing Transactions registered in a Clearing Account shall be held to constitute one 

single agreement between the Clearinghouse and the Account Holder in respect of the

Clearing Transactions registered to that Clearing Account. 

The Clearinghouse may require (under special circumstances) and/or approve (upon request 

from the Account Holder) of individual account structures deviating from what is described 

above. However, this shall be without prejudice to the segregation requirements under these 

Clearing Rules and EMIR.

The Clearinghouse will open a Margin Requirement Account for margin calculation with 

respect to each of the Account Holder’s Clearing Accounts.

3.4 Cash Settlement Arrangements

Each Account Holder must at its own cost and in accordance with the below, establish and 

maintain arrangements as required for Cash Settlement under these Clearing Rules.

The Account Holder must designate a Cash Collateral Bank Account in each relevant 

Permitted Currency with an Approved Settlement Bank for the provision of Cash Collateral 

and in which it has Cash Settlement obligations under these Clearing Rules. The Account 

Holder shall comply with the Clearinghouse’s instructions regarding, among other things, 

type of account.

With respect to the Cash Collateral Bank Account(s) opened in accordance with this Section

3.4.2, each Account Holder:

a. authorises (or, if it is not the account owner, provides for such authorisation to be 

granted by the relevant account owner) the Clearinghouse to issue direct debit and/or 

credit (as applicable) instructions for any amounts due in accordance with the 

Clearing Rules to the Approved Settlement Bank, in respect of the Cash Collateral 

Bank Account(s);

b. shall execute a Power of Attorney (or, if it is not the account owner, provide for a 

Power of Attorney to be executed by the relevant account owner) to enable the 
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Clearinghouse to issue direct debit and/or credit instructions for any amounts due in 

accordance with the Clearing Rules to the relevant Approved Settlement Bank with 

respect to the respective Cash Collateral Bank Account(s).

Each Account Holder shall immediately notify the Clearinghouse to the extent it (or the 

relevant account owner) wishes to revoke such authority provided at Section 3.4.2(a) or the 

Power of Attorney executed pursuant to Section 3.4.2(b) above in respect of one or more 

Cash Collateral Bank Accounts.

The Clearinghouse may, in its sole discretion, approve (upon the request of the Account 

Holder) arrangements for Cash Settlement which deviate from the above. In such case, the 

Account Holder shall meet the Clearinghouse’s requirements as applicable from time to time. 

Cash Settlement shall be performed in the Approved Settlement Banks listed in the List of 

Approved Settlement Banks.

3.5 Delivery Arrangements

An Account Holder must at its own cost establish, appoint and maintain such Delivery Points 

and appurtenant arrangements as may be required by it to perform its Delivery obligations 

under the Clearing Rules, prior to entering into any Clearing Transactions in Products where 

such Delivery may be required. The Clearinghouse may issue a list of eligible Delivery Points.

The Delivery Point(s) nominated by each Account Holder must be approved by the 

Clearinghouse, such consent not to be unreasonably withheld. Account Holders shall promptly 

provide the Clearinghouse with such information as the Clearinghouse requests and deems 

required in relation to each Delivery Point it nominates.

The Clearinghouse may, if it has reasonable cause for doing so in relation to any obligation 

to be performed by it or the Account Holder under the Clearing Rules, require an Account 

Holder to appoint an alternative Delivery Point whereby the Account Holder shall promptly 

comply with such instructions. 

The Clearinghouse may suspend Deliveries to a specific Delivery Point if necessary for the 

Clearinghouse to comply with applicable laws.

3.6 Collateral Arrangements

Each Account Holder must at its own cost and in accordance with the below establish and 

maintain arrangements for the provision of Collateral as required by these Clearing Rules.

The Collateral approved by the Clearinghouse is set forth in the Collateral List in force from 

time to time. The Clearinghouse may prescribe limits with respect to certain Collateral to 

mitigate concentration risk. The value of any Collateral provided to the Clearinghouse shall 

be determined by the Clearinghouse in accordance with the parameters and haircuts as set 

out in the Collateral List. The Clearinghouse’s normal procedures for changes to the Collateral 

List provide that changes enter into force not earlier than one week after the Clearinghouse 

has notified a decision with respect to such change. However, the Clearinghouse reserves 

the right to make changes to the Collateral List at any time (including with immediate effect) 

upon giving notice, if the Clearinghouse deems that such change is necessary.

An Account Holder must open at least one Collateral Custody Account for provision of 

Collateral in respect of each Margin Requirement Account opened for it in accordance with 

Section 3.3.

Unless otherwise specified in these Clearing Rules and without prejudice to the segregation 

requirements under these Clearing Rules and EMIR, all Collateral posted by each Account 

Holder will apply jointly and severally to all its Clearing Accounts and any and all payment 

and settlement obligations towards the Clearinghouse.

An Account Holder may post more Collateral to the Clearinghouse (to be held on the Collateral 

Custody Account) than is required pursuant to the determinations of the Clearinghouse in 

respect of the relevant Margin Requirement Account. Such excess Collateral shall be treated 

in accordance with the Clearing Rules on the same basis as all Collateral provided in respect 

of such Margin Requirement Account.

Collateral provided to the Clearinghouse by an Account Holder in respect of its Clearing 

Accounts, as applicable, shall be recorded by asset in the Collateral Custody Account, 

meaning that the Clearinghouse will record the particular asset transferred in respect of each 

such account. Collateral provided to the Clearinghouse by a General Clearing Member or 
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Clearing Member in respect of its Omnibus Account, shall not be further recorded by the 

Clearinghouse as belonging, whether by asset or by value, to any particular Client.

Rating requirements for issuers of Collateral are set forth in the Collateral List in force from 

time to time.

The Clearinghouse may at any time reject and/or depreciate the recognized value of any 

Collateral (or parts thereof) from individual issuers if 

a) the Clearinghouse has reasonable cause to believe that the relevant issuer is subject to 

an Insolvency Event or that an Insolvency Event involving the issuer is clearly imminent; 

b) it deems that the credit rating of the relevant issuer is not (or no longer) acceptable to 

it; or 

c) it becomes aware of any other circumstances that may have adverse effects on its 

security interest in the applicable Collateral.

Affected Account Holders will be notified immediately of any decision pursuant to the above, 

and the Clearinghouse may at its discretion (i) issue an Intraday Margin Requirement to 

cover for any deficit Collateral against the applicable Margin Requirement, and/or (ii) suspend 

the Account Holder from Clearing until the Clearinghouse is satisfied that replacement 

Collateral has been provided or that the situation has otherwise been remedied. Any 

replacement Collateral must be accepted by the Clearinghouse as such.

The Clearinghouse may reject any additional Collateral, and/or require any existing Collateral 

to be replaced by Collateral acceptable to the Clearinghouse if the relevant Collateral 

Provider, or any Affiliate of it, has provided or holds such volume of Collateral that the 

provision of additional Collateral from that Collateral Provider would entail a concentration 

risk to the Clearinghouse.

Other than in respect of the provision of Collateral pursuant to the Cash Optimization Service, 

when providing Collateral to the Clearinghouse, the Account Holder shall also provide the 

Clearinghouse with the Collateral Custody Account number to which such Collateral relates. 

If an Account Holder does not provide a Collateral Custody Account number to the 

Clearinghouse, the Collateral will not be taken into account for the purpose of calculating the 

Collateral Sum in respect of any Margin Requirement Account of that Account Holder.

The Clearinghouse is entitled to require each Account Holder to comply with a Locked 

Currency Limit(s) for each relevant Permitted Currency with respect to each of its relevant 

Collateral Custody Account(s). Such Locked Currency Limit(s) shall specify the minimum 

amount, in the relevant Permitted Currency, that each Account Holder must hold in its 

Collateral Custody Account(s) at all times. Each Account Holder must, at all times, hold in its 

Collateral Custody Account(s) Cash Collateral in each relevant Permitted Currency in an 

amount at least equal to its Locked Currency Limit for each such Permitted Currency.

The Counterparties (including their Collateral Providers) intend that any collateral 

arrangements created under, pursuant to or in furtherance of the Clearing Rules shall, to 

the extent possible, constitute a ”financial collateral arrangement” for the purposes of EU 

Directive 2002/47/EC on Financial Collateral Arrangements (as implemented in the national 

laws of applicable jurisdictions).

3.7 Release and substitution of Collateral

Subject to the Sections 3.6.10, 3.7.2-3.7.7 and 5.4.4, where there is a Collateral Surplus 

with respect to a particular Margin Requirement Account, an Account Holder may request to 

the Clearinghouse for the Collateral provided to be released. The return of any Collateral 

shall be processed in accordance with the Procedures.

The Account Holder may request any form of Collateral to be returned.

Subject to the application of Sections 3.7.1, 3.7.2, 3.7.4-3.7.8 and Section 5.4.4, the 

Clearinghouse shall automatically return Cash Collateral in the event that there is a Collateral 

Surplus for any End of Day Margin Determination. The Clearinghouse will only return Cash 

Collateral up to the value of the Collateral Surplus, after taking into account the return or 

pending return of any Collateral, in the manner and at the time set out in the Procedures. 

The Clearinghouse shall not be required to return Cash Collateral in any currency if there 
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does not exist any Surplus Cash Collateral in that particular currency on the Collateral 

Custody Account.

An Account Holder may, in respect of any Margin Requirement Account, establish with the 

Clearinghouse a Cash Excess Amount that shall apply to such Margin Requirement Account 

in respect of one or more Permitted Currencies. In calculating the Surplus Cash Collateral for 

any Permitted Currency, the Clearinghouse shall take into account any Cash Excess Amount 

for such Permitted Currency.

Prior to the return of any Collateral Surplus, an Account Holder shall have met all 

requirements to provide Collateral and comply with all its obligations in respect of Settlement 

as may be required by the Clearinghouse. 

The Clearinghouse shall only return Cash Collateral in a Permitted Currency to the extent 

that there is sufficient Cash Collateral in that Permitted Currency to meet the Locked Currency 

Limit (if any).

The Clearinghouse shall return any Collateral Surplus in accordance with the Procedures.

Any release of Collateral or any particular Collateral under sections 3.7.1-3.7.7 shall always 

be at the discretion and subject to the prior consent of the Clearinghouse.

3.8 Pre-delivered Assets as Collateral

The Clearinghouse may in its discretion accept pre-delivery of eligible assets and may 

acknowledge such pre-delivered assets as an alternative to regular Collateral under the 

Clearing Rules, applying such recognized value to such assets as the Clearinghouse deems 

appropriate or as otherwise specified by the Clearing Rules. Notwithstanding the foregoing, 

an Account Holder who has pre-delivered assets to the Clearinghouse will normally not be 

credited more than its aggregated net short position in respect of its corresponding Delivery 

obligations of the relevant asset towards the Clearinghouse at any time.

Pre-delivered assets shall be transferred to the Clearinghouse with full and valid title, free 

and clear of all liens, security interests, claims and encumbrances or any interest in or to 

them by any person (except where in favour of the Clearinghouse). The rules relating to 

Deliveries of the relevant assets and Collateral enforcement apply mutatis mutandis to any 

pre-delivered assets. 

Whilst pre-delivered assets are in the possession of the Clearinghouse, the Account Holder 

shall be excluded from exercising any rights in such assets, or instructing the Clearinghouse 

in any way in relation to such assets, except as may be set out in the Clearing Rules or 

otherwise agreed in writing with the Clearinghouse. Pre-delivered assets are transferred 

outright to the Clearinghouse which means that the Clearinghouse becomes the owner of 

such assets. The Clearinghouse shall not have any obligation to pay interest or other fees to 

the Account Holder for pre-delivered assets. Pre-delivered assets may be pooled and 

comingled with other funds (including those of the Clearinghouse), and will be transferred to 

the Clearinghouse’s own accounts. The Account Holder acknowledges that in case of the 

insolvency of the Clearinghouse, any claims relating to pre-delivered assets will rank pari 

passu with the Clearinghouse’s other unsecured creditors. This means that any shortfall may 

have to be shared pro rata with other unsecured creditors of the Clearinghouse and that the 

Account Holder may not receive its full entitlement. Since the Clearinghouse is the owner of 

any pre-delivered assets, it is entitled to reuse or sell the assets for its own purposes or to 

pledge the assets as security under a financing arrangement. As a result, there is a risk that 

the pre-delivered assets or the value thereof will not be returned to the Account Holder should 

the Clearinghouse default.

Sections 3.7 and 6.3.4 apply mutatis mutandis to the release and return of pre-delivered 

assets.

3.9 Authorisation of Individuals

An Account Holder shall upon request from the Clearinghouse appoint one or more 

individual(s) as its Contact Person(s). In the case of Clearing Clients, the Contact Person will 

always be the Contact Person(s) appointed with its Client Representative at any given time. 

By agreeing to become a Contact Person, an individual agrees to be bound by the duties and 

responsibilities of a Contact Person and to be subject to, and comply with, all applicable 

provisions of the Clearing Rules.
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The appointment of each Contact Person is subject to the approval of the Clearinghouse, not 

to be unreasonably withheld. The Clearinghouse may suspend or withdraw its approval if a 

Contact Person is deemed unfit by the Clearinghouse.

A Contact Person shall be authorised in the name of the Account Holder to sign all 

instruments, to give instructions, to correct errors and to perform such other duties as may 

be required under the Clearing Rules and to generally transact all requisite business in 

connection with the operations of the Clearinghouse under the Clearing Rules. 

A Contact Person may appoint other individuals to access the Account Holder’s Clearing 

Accounts and/or to register Clearing Transactions on behalf of the Account Holder. The 

Contact Person may also revoke or amend any such appointments by written notice. The 

Clearinghouse may suspend or withdraw such individual’s rights if the individual is deemed 

unfit by the Clearinghouse.

All rights and authorisations granted under this Section 3.9 are non-exclusive and persons 

sharing the same rights are authorised to exercise such rights individually and independently 

of each other in all matters. 

Unless otherwise agreed in writing with the Clearinghouse, all appointments, amendments 

and withdrawals under this Section 3.9 must be in writing and on such format as the 

Clearinghouse may prescribe from time to time.

3.10 Account Information

The Clearinghouse shall on each Clearinghouse Business Day make available to Account 

Holders: 

a. a Cash Settlement Report(s), a Margin Requirement Report(s) and a Payments 

Report (as available); and

b. information on Net Positions and Delivery obligations and any other information 

regarding each Clearing Account which the Clearinghouse chooses to make available.

Information pursuant to this Section 3.10 shall be made available for all Clearing Account(s)

at the time specified in the Trading and Clearing Schedule. A Client Representative shall be 

granted direct access to account information for Clearing Account(s) where it is identified as 

Client Representative. Clients will not have access to account information without the specific 

approval of the Clearinghouse.

3.11 Continuous Information Obligations on Account Holders

The Clearinghouse may at all times monitor an Account Holder's financial standing and 

soundness, level of competence and other matters relevant (in the opinion of the 

Clearinghouse) to the financial and legal status of the Account Holder. 

Each Account Holder shall ensure that the Clearinghouse promptly upon request receives 

copies of audited versions of any annual reports issued by the Account Holder, any interim 

reports as well as any consolidated accounts when so requested. All such information shall 

be provided free of charge to the Clearinghouse. If, for special reasons, the Account Holder 

is unable to provide the above information, the Clearinghouse may in its own discretion 

approve that the Account Holder instead discloses a selection of audited key figures, as 

required by the Clearinghouse from time to time. Such key figures must be accompanied by 

a parent company guarantee and financial information regarding such parent company, as 

required by the Clearinghouse from time to time.

The Clearinghouse may require any further information on the Account Holder’s legal status, 

financial soundness, organisation, level of competence and other matters as the 

Clearinghouse deems relevant and appropriate to consider its continued fitness for 

membership at any time, to monitor and ensure its compliance with the Clearing Rules and 

in order to fulfil the Clearinghouse’s obligations pursuant to applicable securities and clearing 

operation legislation and regulations given pursuant thereto, including further evidence for 

the Clearinghouse to verify the authenticity or correctness of any information submitted. 

Section 3.11.2 applies accordingly to such issues. All such information shall be provided by 

the Account Holder promptly upon request and free of charge to the Clearinghouse to enable

the Clearinghouse to fulfil any legal or regulatory obligations.

An Account Holder shall immediately notify the Clearinghouse in writing if it becomes aware 

of or finds it likely that any of the following events will occur:
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a. any Default Event or Insolvency Event by it under the Clearing Rules, including any 

breach of the representation and warranties from the Account Holder;

b. any Non-Compliance Event by it under the Trading Rules or disciplinary, criminal, or 

regulatory proceedings related to trading and clearing activities involving the Account 

Holder or its board of directors or employees responsible for its Clearing operations;

c. any merger, de-merger, or other business re-organisation affecting one-third or more 

of the Account Holder's net capital value (as assessed by reference to the latest 

annual or interim accounts of the Account Holder);

d. any material changes to its business;

e. in the case of an undertaking with share capital or equivalent tied-up capital, any 

reduction in such capital; or

f. any other matter relating to it of which an Account Holder acting in good faith would 

reasonably expect to be of interest to the Clearinghouse in relation to Clearing and 

its position as an Account Holder, including issues related to any Approved 

Settlement Bank or Collateral Provider of the Account Holder.

3.12 Termination and Suspension of Membership

Clearing memberships may be terminated pursuant to the membership agreement between 

the Clearinghouse and the Account Holder (which may contain further references to these 

Clearing Rules). Termination of the membership is without prejudice to the Account Holder’s 

obligations under the Default Fund Rules, which shall remain binding until the Account Holder 

is eligible for a Default Fund Exit (as specified in the Default Fund Rules).

If the Clearinghouse makes a decision to suspend an Account Holder from Clearing in 

accordance with these Clearing Rules, or to terminate the Account Holder’s membership 

agreement, the Clearinghouse shall immediately notify the Account Holder and the Exchange 

and any relevant Third Party Exchange of such decision. In case a suspension is lifted, the

Clearinghouse will give notice to the Exchange and any relevant Third Party Exchange as 

soon as practicable during Opening Hours.

Upon valid and undisputed termination of a membership agreement with an Account Holder 

for any reason, the Account Holder may require accelerated termination of its membership 

notwithstanding the termination period agreed in the membership agreement. The Account 

Holder’s right to accelerated termination is conditional upon the Account Holder not having 

any Open Positions and not owing any amount to the Clearinghouse under these Clearing 

Rules other than, if applicable, fixed Pending Settlements that are secured by Collateral. 

Upon receipt of a written request for accelerated termination, and provided that the Account 

Holder is eligible for accelerated termination in accordance with the foregoing, the 

Clearinghouse shall suspend the Account Holder’s right to register new Clearing Transactions 

and effectuate termination of the Account Holder’s membership as soon as practicable. 

Termination of a membership agreement with an Account Holder will not affect the 

Counterparties’ rights and obligations with respect to Clearing Transactions registered at the 

time of termination becoming effective and the Clearing Rules shall remain in force for as 

long as the Account Holder has Open Positions or owes any amount to the Clearinghouse. 

The Clearinghouse may require an Account Holder to close out its Open Positions upon 

termination of the Account Holder’s membership, prior to effective termination, and may 

reasonably restrict an Account Holder’s ability to enter into new Clearing Transactions except 

for Close-Out Transactions in the period from a valid termination notice is sent or received 

until termination becomes effective.

Following termination of a membership agreement with an Account Holder, and subject to 

the Clearinghouse’s rights in the Collateral pursuant to Section 8.2 and except as may 

otherwise follow from relevant collateral arrangements, any remaining Collateral shall be 

released and/or returned as soon as practicable after the date of termination, provided that 

in each case all amounts owing to the Clearinghouse by the Account Holder are undisputed 

and have been fully, finally and unconditionally paid or discharged to the Clearinghouse and 

the Account Holder has no Open Positions. The Clearinghouse may furthermore withhold 

Collateral to the extent necessary to secure Pending Settlements. 

3.13 Pledge of Clearing Transactions
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In addition to other collateral arrangements in accordance with these Clearing Rules, each 

Account Holder pledges as security to the Clearinghouse the Clearing Transactions and other 

rights and entitlements registered in any of such Account Holder’s Clearing Accounts at any 

and all times. This general pledge shall not be utilised in such a manner so as to override the 

requirements of Article 39 of EMIR.

4 GENERAL REGISTRATION PROCEDURES

4.1 Registration of Clearing Transactions 

For the purposes of clause 1.5 above, a Clearing Transaction including all related variable 

fees to the Exchange and the Clearinghouse, shall be deemed entered into the Security 

Settlement System and be deemed registered for the purposes of the Clearing Rules at the 

time when it has been created through a Registration of a Clearing Transaction. Other than

as set forth in these Clearing Rules Section 4.7 below, Clearing Transactions may not be 

revoked.

All Clearing Transactions are entered into in reliance on the applicable Clearing Membership 

Agreement and the Clearing Rules forming a single agreement between the Counterparties, 

and that the Counterparties would not otherwise have entered into any Clearing Transactions.

Upon Registration of a Clearing Transaction in a Clearing Account in accordance with Section 

4.1.1 the initial Transaction is replaced by corresponding Clearing Transactions between the 

Account Holders involved and the Clearinghouse, where the Clearinghouse enters into each 

Clearing Transaction as a central Counterparty entailing, subject to Section 4.7, that:

a. the Clearinghouse becomes party to two equal and offsetting Clearing Transactions, 

each reflecting the original Transaction: One between the Clearinghouse (as seller) 

and the buying Account Holder (as buyer), and one between the Clearinghouse (as 

buyer) and the selling Account Holder (as seller); 

b. the Account Holder’s rights and obligations towards the other party under the initial 

Transaction shall be released and discharged upon registration of the Clearing 

Transactions and the Clearinghouse shall be deemed to have succeeded to and 

assumed all rights and obligations of the Account Holder in relation to the other party

in its capacity as central Counterparty; and

c. a new Net Position is immediately calculated, registered and established between the 

Clearinghouse and the respective Account Holder. 

Any obligation of the Clearinghouse to an Account Holder arising from a Clearing Transaction 

shall be subject to the terms of the Clearing Rules. 

4.2 Registration of Exchange Transactions

Exchange Transactions are automatically subject to Clearing pursuant to the Trading Rules.

The Exchange will provide the Clearinghouse with information of all Exchange Transactions 

registered in the Trading System, including the terms of each Exchange Transaction and the 

Account Holders involved.

Exchange Transactions entered into through the ETS or MTS are Registered on the Clearing 

Account of the Account Holders involved immediately following the registration according to 

Section 4.2.2 above. The Transaction Confirmation in respect of such Exchange Transactions 

also serves as Clearing Confirmation from the Clearinghouse.

The Clearinghouse shall follow the procedure set out in the Block Trade, EFP and EFS Clearing 

Procedures in respect of Exchange Transactions that are entered into through the Block Trade 

Facility prior to Registering such Exchange Transactions on the Clearing Account of the 

Account Holders involved.

Upon Registration of an Exchange Transaction in a Clearing Account, the Clearinghouse 

enters into the Transaction as a Counterparty whereby the initial Exchange Transaction is 

replaced by corresponding Clearing Transactions in accordance with Section 4.1.

4.3 Registration of Third Party Exchange Transactions

Third Party Exchange Transactions are subject to Clearing pursuant to the Third Party 

Exchange Transaction Clearing Procedures.
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Upon the registration of a Clearing Request in accordance with the Third Party Exchange 

Transaction Clearing Procedures, corresponding Clearing Transactions are created in 

accordance with Section 4.1.

4.4 Registration of Non Exchange Transactions

Account Holders may request Clearing of Non Exchange Transactions in accordance with the 

Non Exchange Clearing Procedures.

Upon the registration of a Clearing Request in accordance with the Non Exchange Clearing 

Procedures, corresponding Clearing Transactions are created in accordance with Section 4.1.

4.5 Allocation of Clearing Transactions

Clearing Transactions are initially allocated to an Intraday Account of the registering Account 

Holder(s) unless another account is designated by the Account Holder. The Account Holder 

(or its nominee) shall, within the Allocation Deadline and in accordance with the prevailing 

instructions of the Clearinghouse from time to time, designate the Clearing Account to which 

each Contract shall be registered. Any subsequent transfer of Contracts shall be deemed as 

a new Clearing Transaction.

The Contracts registered on an Intraday Account of an Account Holder at the Allocation 

Deadline are automatically transferred to the Clearing Account designated in accordance with 

Section 3.3.7. A subsequent transfer of Contracts must be registered within sixty (60) 

minutes prior to end of Clearinghouse Opening Hours on the second (2nd) Bank Day from 

the Bank Day on which the relevant Contract was first registered, however in no event later 

than thirty (30) minutes prior to the end of Clearinghouse Opening Hours on the Expiration 

Day for the applicable Series. 

4.6 Give Ups and Take Ups 

Account Holders may, through use of the Give Up / Take Up function of the Clearing System 

and in accordance with this Section 4.6, transfer Clearing Transactions from its own Clearing 

Account, and those of its associated Clients or Clearing Clients where applicable, to the 

Clearing Account of another Account Holder and vice versa. 

In order for a Give Up to be effectuated, the receiving Account Holder must confirm the 

request for Give Up by registering a corresponding Take Up. Take Ups are considered 

automatically confirmed by the receiving Account Holder where such Account Holder has 

separately requested such automatic Take Up to apply in respect of one or several Clearing 

Accounts. Where relevant, matching Give Up and Take Up requests will constitute a Clearing 

Request in respect of the relevant Contract and shall follow the relevant Clearing Procedure 

(e.g. a matching Give Up and Take Up request in respect of a Block Trade shall constitute a 

Clearing Request which shall follow the Block Trade, EFP and EFS Clearing Procedures) which 

shall apply mutatis mutandis. Matching Give Up and Take Up requests in respect of Contracts 

formed through ETS or MTS will be deemed to be a Clearing Request and shall follow Section

3 of the Block Trade, EFP and EFS Clearing Procedure which shall apply mutatis mutandis. 

Upon Registration of the Contracts with the receiving Account Holder, the receiving Account 

Holder assumes the position of Counterparty in the Contract and the originating Account 

Holder is released.

Both the Give Up and its corresponding Take Up must be registered within sixty (60) minutes 

prior to end of Clearinghouse Opening Hours on the second (2nd) Bank Day from the Bank 

Day on which the relevant Contract was first registered, however in no event later than thirty

(30) minutes prior to the end of Clearinghouse Opening Hours on the Expiration Day for the 

applicable Series. Unless the Clearinghouse approves otherwise in its discretion, a Contract

may only be subject to Give Up and Take Up once (i.e. no re-transfer), and subsequent 

transfer of Contracts shall take place in accordance with the rules relating to re-registration

(and be deemed as a new Clearing Transaction).

If no Take Up is registered within the relevant deadline as set out in Section 4.6.3, the Give 

Up will be cancelled and the Contract(s) subject to Give Up shall remain unchanged. In such 

cases any transfer of Contracts must be done through registration of a new and opposite 

Clearing Transaction.

Where an Account Holder submits a request for Give Up later than on the day on which the 

relevant Contracts was first Registered, and subject to Section 4.6.3, the Account Holder will 

be required to perform any Cash Settlements as normal, but will receive a reimbursement of 
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any Cash Settlement Amounts paid as part of the Daily Cash Settlement on the Bank Day 

following the day on which the Take Up is Registered.

4.7 Registration Errors

The Exchange will handle complaints concerning Exchange Transactions in accordance with 

the Trading Rules. Exchange Members must submit any claims for trading errors in ETS to 

the Exchange as soon as possible and no later than two (2) minutes from registration of the 

relevant Exchange Transaction in ETS. Exchange Member, on whose behalf the Exchange has 

registered the Order in ETS (MTS), or Exchange Members who have registered Block Trades, 

EFP or EFS in the Block Trade Facility, may as soon as possible and no later than ten (10) 

minutes after the relevant Exchange Transaction was registered in the ETS or Block Trade 

Facility, as relevant, submit a claim for trading error to the Exchange. Any changes or 

cancellation made in Exchange Transactions pursuant to the Trading Rules will trigger a 

corresponding change or cancellation of the registrations with the Clearinghouse.

In the event that an Account Holder claims that a Clearing Confirmation resulting from a 

Clearing Request is erroneous or has not been received, a complaint must be filed with the 

Clearinghouse immediately after the discrepancy is discovered, however not later than

a. thirty (30) minutes prior to close of Clearinghouse Opening Hours on the Bank Day 

after the Clearing Confirmation for the relevant Clearing Request was sent or should 

have been sent; or

b. the close of Clearinghouse Opening Hours on the Bank Day after the Clearing 

Confirmation for the relevant Clearing Request was sent or should have been sent, 

provided that all Account Holders involved consent to the error; and 

c. notwithstanding (a) and (b) above, thirty (30) minutes prior to close of Clearinghouse 

Opening Hours on the Expiration Day. 

Failure to make a claim within the aforementioned deadlines entails that the Account Holder 

will be bound by the Clearing Confirmation (or lack thereof). Exceptions to time limits in this 

Section 4.7.2 can only be made if operationally possible and in exceptional cases where the 

Account Holder (or their nominee) is not to blame for the delay, and following approval from 

the Clearinghouse in its discretion.

4.7.3 In case of a valid claim pursuant to Section 4.7.2 the Clearinghouse shall distribute duly filed 

complaints to the Account Holders involved (to the Client Representative in case of Clearing 

Clients), in order for them to evaluate the complaint. The Clearing Transaction will be 

corrected if the Account Holders involved so approve. If the Account Holders involved do not 

approve the complaint, the Clearinghouse shall as soon as possible, based on the information 

available to it at that time and using its best efforts, decide whether to accept the complaint 

or not. The Clearinghouse will normally only make amendments to the registered Clearing 

Transaction in cases where the error is obvious.

4.7.4 If the Clearing Transaction was entered on the Intraday Account of the wrong Account Holder, 

the Clearinghouse may correct the error by transferring the Clearing Transaction to the 

correct Intraday Account provided that the receiving Account Holder so approves, and no 

later than fifteen (15) minutes after end of Clearinghouse Opening Hours on the Bank Day 

following the day on which the Clearing Transaction was first registered, or before 30 minutes 

prior to the end of Clearinghouse Opening Hours on the Expiration Day (whichever comes 

first).

4.7.5 When corrections of errors are made pursuant to this Section 4.7, the Clearinghouse shall 

register the correction and immediately send a new Clearing Confirmation to the Account 

Holders involved. Such modification shall be deemed effective from the time on which the 

relevant Clearing Transaction was first registered.

Notwithstanding the above, the Clearinghouse may on its own initiative correct substantial 

errors involving registered Clearing Transactions with effect for all Account Holders 

concerned, including errors caused by errors in reference prices, provided that the 

Clearinghouse shall give prior written notice of such corrections to affected Account Holders 

and that such corrections shall be notified within three (3) Bank Days from the time on which 

the Clearinghouse determines that such an error has occurred.
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4.8 Registration for Clients

Clients will have Clearing Transactions registered on Clearing Accounts established in the 

name of their General Clearing Member (or where applicable their Clearing Member), with 

such member as Counterparty. All Clearing Transactions for Clients shall be registered to 

Client Clearing Accounts.

Clients will not become Counterparty to the Clearinghouse under any Clearing Transactions 

with the General Clearing Member (or where applicable the Clearing Member), and no 

contractual relationship shall arise between the Clearinghouse and the Client. When a General 

Clearing Member (or where applicable a Clearing Member) registers a Clearing Transaction 

for a Client, such member becomes liable to the Clearinghouse and the Clearinghouse liable 

to such member for such Clearing Transaction as if the Clearing Transaction were for the 

account of such member. A General Clearing Member (or where applicable a Clearing 

Member) is, without any limitations, entitled and responsible as Counterparty to the 

Clearinghouse in respect of any and all Clearing Transactions registered to Clearing Accounts 

where such member is Account Holder.

The General Clearing Member shall unsolicited and before registering any Clearing 

Transactions on behalf of a Client that is a Non-Clearing Member disclose to the 

Clearinghouse the identity of such Client. The identity of Clients shall furthermore always be 

disclosed to the Clearinghouse upon request by the Clearinghouse. The Clearinghouse may 

require that a Non-Clearing Member with an actual or expected significant volume of 

Transactions is allocated an Individual Client Segregated Account with its General Clearing 

Member.

4.9 Registration for Clearing Clients

The following provisions will apply in respect of Transactions and Clearing where a Clearing 

Member is acting as Client Representative for a Clearing Client:

a. Clearing Members may represent Clearing Clients when approved as Client 

Representatives.

b. The Clearing Account opened in the name of a Clearing Client will also identify the 

relevant Client Representative. Transactions may only be registered in this Clearing 

Account when allocated or approved by this Client Representative.

c. A Clearing Client is, without any limitations, entitled under and responsible as 

Counterparty to the Clearinghouse in respect of all Transactions registered in Clearing 

Accounts where the Clearing Client is Account Holder.

d. All communication between the Clearinghouse and the Clearing Client shall take place 

exclusively through its Client Representative, unless as otherwise set out in the 

Clearing Rules or if the Clearinghouse chooses to involve the Clearing Client.

e. Unless the Clearing Client requests otherwise (in writing), the Client Representative 

shall have unlimited access to all Collateral Custody Accounts and Default Fund 

Custody Accounts (together, the “Custody Accounts”) of the Clearing Client 

intended for the provision of Collateral and default fund contributions including, 

without limitation, to initiate instructions and communications against such accounts 

and receive balance and transaction information in relation to such accounts. In such 

a case, the Clearinghouse will treat instructions given by the Client Representative 

as instructions or communications given on behalf of the Clearing Client under the 

relevant Collateral Custody Account Agreement or Default Fund Custody Account 

Agreement (as defined in the Default Fund Rules). Release of Collateral from Custody 

Accounts will only be effected according to pre-defined settlement instructions as 

approved by the Clearing Client from time to time. In addition, the Client 

Representative will be granted access to information on default fund requirements 

and/or Margin Requirements as well as Collateral information for all Clearing 

Accounts connected to the Custody Accounts. 

Notwithstanding the authorisation in item (e) above, the Clearing Client shall remain 

responsible for its obligations under the relevant Custody Account Agreements and the 

Clearing Rules. 
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The Client Representative is responsible for the following with respect to Client Transactions:

a. The Client Representative shall ensure that its Clearing Clients post Collateral for the 

Base Collateral Requirement before allocating any Transactions to the Clearing 

Client's Clearing Account.

b. The Client Representative shall also ensure that its Clearing Clients meet the 

applicable Margin Requirement and that they pay any Cash Settlement Amount that 

is due to the Clearinghouse. The Clearinghouse shall inform the Client Representative 

if the Clearing Client fails to do so, upon which the Client Representative shall 

immediately post the missing Collateral in the Collateral Custody Account of the 

Clearing Client and/or pay the outstanding Cash Settlement Amount.

5 DETERMINATION OF MARGIN REQUIREMENTS, COLLATERAL SUM AND PROVISION 

OF COLLATERAL

5.1 General 

The Clearinghouse shall determine the Margin Requirement(s) for each Account Holder 

regularly during each Clearinghouse Business Day as further set out herein. Each Margin 

Requirement shall be calculated in accordance with the model applied by the Clearinghouse 

from time to time. Upon request, the Clearinghouse shall provide free of charge a description 

of the relevant model and the calculation method.

The amount of the Margin Requirement is based on the parameter values determined for the 

respective Products, as published by the Clearinghouse on its website. The Clearinghouse will 

normally give one (1) week written notice for all parameter value changes, however, the 

Clearinghouse reserves the right to enter changes in parameter values at any time (including 

immediate effect from notice) upon giving written notice to affected Account Holders if the 

Clearinghouse deems that such change is necessary to ensure sound clearing operations and 

to comply with the Clearinghouse’s risk policies and/or applicable law at all times. The 

Clearinghouse may set specific margining rules for individual Products or groups of Products.

All Margin Requirements will be calculated in the applicable Risk Currency. The Clearinghouse 

may in its discretion convert any amounts relating to Margin Requirements to the applicable 

Risk Currency and vice versa at such reasonable currency exchange rate(s) as the 

Clearinghouse may determine in its discretion.

If the Margin Requirement is positive, there shall prima facie arise an obligation on the 

Clearinghouse to pay an amount to the Account Holder equal to the positive Margin 

Requirement. Notwithstanding the foregoing, the Clearinghouse shall not be required to 

make any such payment to the Account Holder unless Sections 8.8.7-8.8.8 of the Clearing 

Rules apply. 

5.2 Base Collateral Requirement

The Clearinghouse will when each Clearing Account is initially established set the Base 

Collateral Requirement for the Clearing Account taking into consideration, the Account 

Holder’s financial soundness, expected volume of Clearing Transactions for that Clearing 

Account, the Default Fund requirement and other factors which the Clearinghouse deems 

relevant.

5.3 End of Day Margin Determination

The Clearinghouse shall on each Clearinghouse Business Day calculate the Margin 

Requirement for each Margin Requirement Account in respect of the End of Day Margin 

Determination and otherwise regularly during each Clearinghouse Business Day. In each 

case, the Margin Requirement is calculated with reference to all Clearing Transactions

recorded on the relevant Clearing Accounts associated with the Margin Requirement Account. 

The Clearinghouse may calculate the Margin Requirement on the aggregated net of several 

House Accounts or Clearing Clients’ Clearing Accounts where such are held by the Account 

Holder.

In respect of each Margin Requirement Account, the Clearinghouse shall calculate the 

Collateral Sum of the Collateral Custody Account linked to such Margin Requirement Account 

in respect of the End of Day Margin Determination and otherwise regularly during each 

Clearinghouse Business Day. 
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The Clearinghouse shall, further to each determination of a Margin Requirement and the 

Collateral Sum in respect of any Margin Requirement Account, determine whether there is a 

Collateral Surplus or a Collateral Deficiency in respect of such Margin Requirement Account. 

Where there is a Collateral Surplus, Collateral may be returned to the relevant Account Holder 

in accordance with Section 3.7.1; where there is a Collateral Deficiency, the relevant Account 

Holder shall provide Collateral to the Clearinghouse in accordance with Section 5.4.2.

Notwithstanding anything to the contrary in this Section 5.3, to determine the aggregate 

total Collateral Surplus or Collateral Deficiency in respect of a Margin Requirement Account, 

the Margin Requirement and the Collateral Sum shall each be calculated per relevant 

Permitted Currency and the Clearinghouse shall convert each such Margin Requirement less 

each such Collateral Sum into the Base Currency at the FX rate determined by the 

Clearinghouse in its discretion, applying the relevant haircuts as specified in the Collateral 

List. 

The Base Currency shall be elected by each Account Holder in the CMS System. Each Account 

Holder may make a request at any time, via the CMS System, to change the Base Currency. 

In making any determination as to the Collateral Sum, the Clearinghouse shall use the market 

price of the relevant instrument as at the time set out in the Collateral List on the 

Clearinghouse Business Day in respect of any End of Day Margin Determination and as at the 

time set out in the Collateral List on the Clearinghouse Business Day prior to the day on 

which any such other determinations are made, unless in each case the Clearinghouse in its 

absolute discretion determines otherwise. Unless otherwise stated in the Collateral List, the 

Clearinghouse shall take the market price of each such instrument from such publicly 

available sources as the Clearinghouse determines in its discretion is appropriate. 

The Clearinghouse shall, in respect of any End of Day Margin Determination, on each 

Clearinghouse Business Day provide the Account Holder with a Margin Requirement Report. 

If there is a Collateral Deficiency in relation to such Margin Requirement Report, the Account 

Holder shall provide Collateral to the value of such Collateral Deficiency by the End of Day 

Margin Delivery Time. Unless otherwise agreed, the Margin Requirement Report shall be 

provided by the Clearinghouse to the Account Holder not later than 8.00 a.m. A failure to 

provide any such Margin Requirement Report at the requisite time shall not invalidate the 

requirement of the Account Holder to provide Collateral in accordance with such 

determination. 

5.4 Collection of Collateral through the Cash Optimization Service

An Account Holder may provide Collateral to the Clearinghouse in the form and manner as 

set out in the Procedures. 

Each Account Holder shall provide the requisite value of Collateral by the Collateral Receipt 

Cut-Off Time to meet any Collateral Deficiency in respect of the End of Day Margin 

Determination. Each Account Holder shall be entitled to deliver Collateral as set out in the 

Collateral List to meet its obligations pursuant to the End of Day Margin Determination, 

subject that any Collateral received after the Collateral Receipt Cut-Off Time shall not be 

taken into account by the Clearinghouse in its determination as to whether the Account 

Holder has met its obligations pursuant to the End of Day Margin Determination. 

To the extent the Clearinghouse has not received all of such Collateral by the Collateral 

Receipt Cut-Off Time, the Clearinghouse shall take steps to collect any remaining required 

Collateral through the Cash Optimization Service. The use of the Cash Optimization Service 

is without prejudice to the continuation obligation of the Account Holder to provide Collateral 

in accordance with the Clearing Rules and a failure to provide the requisite value of Collateral 

through the Cash Optimization Service shall be deemed to be a failure by the relevant 

Account Holder to provide Collateral in accordance with its obligations herein. 

To the extent there is a Collateral Deficiency on any Clearinghouse Business Day in respect 

of a Margin Requirement Account, any cash in aggregate due to the Account Holder arising 

out of the Cash Settlement of Clearing Transactions recorded on that Margin Requirement 

Account may be used to reduce such Collateral Deficiency up to the amount of the Collateral 

Deficiency, in accordance with the provision of the Cash Optimization Service as set out in 

Section 6.4. In taking such action, the Clearinghouse will record the relevant amount of cash 

due to the Account Holder arising out of such Cash Settlement to have been paid to the 

Account Holder, as the case may be, and an equivalent amount of Cash Collateral to have 

been received in the Collateral Custody Account. 
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To the extent there is a Collateral Surplus on any Clearinghouse Business Day in respect of 

a Margin Requirement Account and an amount is in aggregate due to be paid by the Account 

Holder arising out of the Cash Settlement of the Clearing Transactions recorded on that 

Margin Requirement Account, the Collateral Surplus may be used to reduce the amount due 

in Cash Settlement up to the amount due, in accordance with the provision of the Cash 

Optimization Service as set out in Section 6.4. In taking such action, the Clearinghouse will 

record the relevant amount of cash due in Cash Settlement to have been paid and an 

equivalent amount of Cash Collateral to have been paid from the Collateral Custody Account. 

If, after the application of Section 5.4.3, there remains a Collateral Deficiency outstanding, 

the Account Holder shall provide the requisite value of Collateral to cover the remaining 

Collateral Deficiency, in accordance with the provisions herein. 

If, after the application of Section 5.4.4, there remains a Collateral Surplus, the 

Clearinghouse shall, subject to the provisions herein, provide such Collateral Surplus to the 

Account Holder in accordance with the provisions herein.

5.5 Intraday Margin Requirements and Extraordinary Margin Requirements

The Clearinghouse will carry out calculations of the Margin Requirement(s) regularly intraday. 

The Clearinghouse may issue an Intraday Margin Requirement at its own discretion. Where 

so determined, the Account Holder shall provide Collateral corresponding to the value of the 

Collateral Deficiency not later than ninety (90) minutes after the Clearinghouse issued such

Intraday Margin Requirement. A failure to provide a notice in respect of such Intraday Margin 

Requirement at the requisite time, shall not invalidate the ability of the Clearinghouse to 

request such Collateral nor the requirement of the Account Holder to provide Collateral. 

Following a request by the Account Holder, the Clearinghouse will provide the basis for the 

new calculation. Intraday Margin Requirements may be calculated following the procedures 

in Section 5.1 and 5.3.

If the relevant risk exposure is significantly reduced within ninety (90) minutes of the 

determination of an Intraday Margin Requirement, the Account Holder may request that the 

Clearinghouse recalculate the Intraday Margin Requirement, which request the Clearinghouse 

may accept or not in its absolute discretion. Following any such recalculation, the 

Clearinghouse shall notify the Account Holder of the revised Intraday Margin Requirement. 

The Account Holder shall provide Collateral corresponding to the value of the Collateral 

Deficiency pursuant to such revised Intraday Margin Requirement to the Clearinghouse not 

later than within ninety (90) minutes of the issue of the original Intraday Margin 

Requirement.

The Clearinghouse may issue an Extraordinary Margin Requirement to an Account Holder if 

the Clearinghouse decides that special circumstances so requires, including increase in 

market share and matters that indicate a higher credit risk in respect of the Account Holder.

Extraordinary Margin Requirements may be calculated in accordance with the procedures in 

Section 5.1 and 5.3. The Clearinghouse may also apply any other risk calculation procedure 

the Clearinghouse considers prudent.

Without any prejudice to its rights under any other provisions in the Clearing Rules, the 

Clearinghouse may monitor all Transactions and Open Positions in Exchange Listed Products 

and Clearing Listed Products. If the Clearinghouse finds that an Account Holder holds more 

than fifteen per cent (15%) of all positions in one Series, the Clearinghouse may calculate 

an Extraordinary Margin Requirement based on such increased risk interval as the 

Clearinghouse finds appropriate. The Clearinghouse may require that the relevant Account 

Holder also discloses Transactions that are not subject to Clearing.

The Account Holder shall provide Collateral corresponding to the value of any Collateral 

Deficiency not later than ninety (90) minutes after the Clearinghouse has determined the 

need for an Extraordinary Margin Requirement. A failure to provide a notice at the requisite 

time shall not invalidate the ability of the Clearinghouse to request such Collateral nor the 

requirement of the Account Holder to provide such Collateral.

5.6 Miscellaneous

Any determination as to a requirement to provide Collateral pursuant to an Intraday Margin 

Requirement and/or Extraordinary Margin Requirement is without prejudice to any other 

determination to provide Collateral that remains outstanding, whether pursuant to an End of 

Day Margin Determination, another Intraday Margin Requirement or another Extraordinary 
Clearing Rules – General Terms

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Margin Requirement. Where an Account Holder is subject to more than one requirement to 

provide Collateral at the same time, the obligation of the Account Holder is to provide the 

amount of Collateral to meet the Collateral Deficiency then existing for each Margin 

Requirement as they fall due, taking into account the value of any Collateral provided 

pursuant to an earlier margin requirement.

A Clearing Client may elect to appoint a third party to manage the provision of Collateral on 

its behalf. If such appointment is approved by the Clearinghouse in its sole discretion, the 

Margin Requirement Report and any other notices to be provided by the Clearinghouse to 

the Clearing Client shall also be made available to such third party.

6 SETTLEMENT PROCEDURES

6.1 General

Settlements shall be carried out in accordance with the Clearing Rules. The Contract 

Specifications may set out individual requirements in relation to the Settlement of individual 

Products, which shall prevail in case of conflict with these General Terms.

The Counterparties shall co-operate with each other in relation to Settlements (including 

Cash Settlements and Deliveries) and do such things as are necessary and reasonably 

requested by the Clearinghouse in order to carry out any Settlements pursuant to the 

Clearing Rules. 

Notwithstanding anything to the contrary herein, the Clearinghouse may issue and each 

Account Holder agrees to accept invoices from the Clearinghouse in respect of Clearing 

Transactions, and each Account Holder further agrees not to raise any other invoice in respect 

of any Clearing Transaction. 

Binding set-off (payment netting) has taken place once the Clearinghouse has calculated the 

relevant Cash Settlement Amount and made the other relevant calculations in connection 

with Cash Settlement and the Cash Optimization Service. Cash Settlement in accordance 

with Section 6.2 is final and binding to all parties involved except as explicitly set out herein.

An Account Holder may not set off any Cash Settlement obligation to or from the Account 

Holder against any Cash Settlement obligation to or from the Clearinghouse, regardless of 

whether or not such obligations are due or/and mature.

Without prejudice to its other rights and remedies, the Clearinghouse may set off any 

matured obligation due to or from an Account Holder against a matured obligation due to or 

from the Clearinghouse under these Clearing Rules, regardless of the place of payment or 

currency of either obligation, provided that obligations due to an Account Holder’s Client 

Clearing Accounts may not be off-set against obligations due from such Account Holder’s 

other Clearing Accounts. If the obligations are in different currencies, the Clearinghouse may 

convert either obligation at the currency exchange rate offered to the Clearinghouse in its 

usual course of business at the time of the set-off to effect the set-off.

6.2 Cash Settlement Procedures

On each Clearinghouse Business Day, the Clearinghouse shall determine the Cash Settlement 

Amount for each Clearing Transaction in accordance with the relevant Contract Specification, 

by aggregating and off-setting all relevant amounts, including all fees due to the 

Clearinghouse, the Exchange and any Third Party Exchange. 

In respect of each Settlement Day and in respect of each Margin Requirement Account, the 

Clearinghouse shall calculate the Cash Settlement Amount for each Clearing Transaction to 

which Cash Settlement applies that is recorded in respect of such Margin Requirement 

Account. The Cash Settlement Amount for each Clearing Transaction shall be calculated in 

the currency applicable to the respective Series as stated in the Contract Specifications. 

Following completion of its calculations, the Clearinghouse shall produce a Cash Settlement 

Report with respect to the payments to be made or received in respect of each Margin 

Requirement Account held or administered by an Account Holder. The Cash Settlement 

Report shall aggregate, for each Clearing Transaction to which Cash Settlement applies in 

the Margin Requirement Account, the amount to be paid or received by the Account Holder. 

The Cash Settlement Report shall be made available to the Account Holder by 8.00 a.m. on 

the Settlement Day. A failure to provide any such Cash Settlement Report at the requisite 

time shall not invalidate the requirement of the Account Holder to provide any amount due.
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Where the Cash Settlement Report details an aggregate amount is due to the Account Holder

and there is a Collateral Deficiency on the relevant Margin Requirement Account, such 

amount shall be used to set-off the Collateral Deficiency in respect of that Margin 

Requirement Account in accordance with Section 5.4.3.

Where the Cash Settlement Report details an aggregate amount is due to be made by the 

Account Holder and there is a Collateral Surplus on that Margin Requirement Account, such 

amount shall be used to set-off any applicable cash Collateral Surplus in respect of that 

Margin Requirement Account in accordance with Section 5.4.4.

On the Settlement Day, where an amount remains outstanding further to the application of 

Section 6.2.4 relating to Cash Settlement in any of the Permitted Currencies, each Account 

Holder must, not later than 9.30 a.m. on the Settlement Day have at its disposal the 

necessary balance or credit facilities for debit on each relevant Cash Collateral Bank Account.

The Clearinghouse thereafter issues payment instructions for debiting of the relevant Cash 

Collateral Bank Account and receives electronic confirmation from the Approved Settlement 

Bank. The payments shall be processed in accordance with the provision of the Cash 

Optimization Service as set out in Section 6.4.

The Clearinghouse issues payment instructions for exchange of payments in the respective 

concentration bank between the Approved Settlement Banks. Thereafter, the Clearinghouse 

issues payment instructions not later than 2.00 p.m. (or 4.00 p.m. in respect of USD) for 

crediting of net settlements on the Account Holder’s designated Cash Collateral Bank 

Account, in accordance with the provision of the Cash Optimization Service as set out in 

Section 6.4.

6.3 Delivery Procedures

Assets (other than cash) that are deliverable under the Clearing Rules shall be Delivered in 

accordance with the terms of each applicable Clearing Transaction and these Clearing Rules. 

All deliverables under any Clearing Transaction shall be compliant with the applicable 

Contract Specifications and shall be Delivered to the receiving Counterparty with full and 

valid title, free and clear of all liens, security interests, claims and encumbrances or any 

interest in or to them by any person (except where in favour of the receiving Counterparty).

The risk of loss related to the applicable deliverables or any portion of them transfers to the 

receiving Counterparty upon completed Delivery. A Delivery shall be deemed completed for 

the purposes of these Clearing Rules when the relevant deliverables are visible at the

applicable Delivery Point of the receiving Counterparty without any possibility of revocation 

by the delivering Counterparty, and any and all other requirements pursuant to these 

Clearing Rules in relation to the Delivery are satisfied, including all regulatory or other 

approvals that may be required from the delivering Counterparty. 

Deliverables owing from the Clearinghouse within a Series are, unless as otherwise set out 

in the individual Contract Specifications and subject to the Clearinghouse’s Delivery 

obligations vis-a-vis the Account Holder, distributed as fungible instruments on a randomized 

basis. Account Holders shall have no right to receive any specific deliverables under any 

Clearing Transaction, and any correlation between the deliverables received from the selling 

Account Holder in a Clearing Transaction and the deliverables distributed by the 

Clearinghouse to the buying Account Holder in the corresponding Clearing Transaction shall 

be deemed purely coincidental.

6.4 Cash Optimization 

The Clearinghouse provides a Cash Optimization Service with respect to the provision of 

Collateral and the payment and/or receipt of Cash Settlement Amounts. Pursuant to the Cash 

Optimization Service, for each Account Holder, the Clearinghouse will create one or several 

Cash Optimization Account(s).

In respect of each Account Holder, the Clearinghouse shall determine, for each Permitted 

Currency, the aggregate amount to be paid or received by the Account Holder in respect of 

each of such Account Holder’s Margin Requirement Accounts in relation to the payments 

arising from each Margin Requirement Report and each Cash Settlement Report of such 

Account Holder. Having made such determination, the Clearinghouse shall provide a 

Payments Report to the Account Holder. A failure to provide a Payments Report at the 

requisite time shall not invalidate the ability of the Clearinghouse to request such Collateral 

nor the requirement of the Account Holder to provide Collateral.
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In making such determinations as to amounts to be paid in each Permitted Currency, the 

Clearinghouse shall act in accordance with the Procedures.

The Cash Optimization Account is an account utilised solely to facilitate the payment of the 

aggregate amounts due to or from the Account Holder. Any payments made to or from such 

Cash Optimization Account shall be deemed provided to or from each of the Collateral 

Custody Accounts at the point the amount set out in the Payments Report is paid by or to 

the Clearinghouse. The Cash Optimization Service does not affect the segregation of each of 

the relevant accounts as otherwise set out in these Clearing Rules.

The Clearinghouse shall ensure that all payments set out in the Payments Report are made 

through the direct debit or credit facility as provided by each Account Holder pursuant to 

Section 3.4.2. Each Account Holder must ensure that there are sufficient funds in the relevant 

Cash Collateral Bank Account(s) in order for such payments to be made.

The Cash Optimization Service shall be operated in accordance with the Procedures. In the 

event of a conflict between the Procedures and these Clearing Rules, the Clearing Rules shall 

prevail.

6.5 Tax and VAT matters

Each Counterparty is responsible for any and all VAT payable by that Counterparty in 

connection with a Clearing Transaction, without any reimbursement or indemnification from 

the other Counterparty unless as set out below.

All Cash Settlement Amounts shall be exclusive of VAT, with the exemption that the 

Clearinghouse will charge VAT if this is required under applicable law.

Each Counterparty shall cause to pay any and all taxes legally payable by that Counterparty 

arising in connection with a Clearing Transaction, with no further charge, reimbursement or 

indemnification irrespectively if the Counterparty is required by law to pay any tax which is 

properly for the account of the other Counterparty.

6.6 Settlement Errors

The Account Holder shall, if it believes that a Settlement has been carried out incorrectly, 

notify the Clearinghouse as soon as possible and not later than sixty (60) minutes after the 

beginning of Clearinghouse Opening Hours on the Bank Day immediately following the Bank 

Day on which the relevant Settlement took place, failing which the Account Holder will be 

bound by the Settlement. In connection with such request, the Account Holder shall, in 

addition to stating the matter to which the request refers, provide information regarding the 

Series, number of Contracts affected, and the account numbers in question. Additional 

settlement error procedures may be set out in the Contract Specifications in relation to 

individual Products. 

When an Account Holder has made a claim for a Settlement error the Clearinghouse shall as 

soon as possible forward the request to the Account Holders concerned. 

The Clearinghouse shall as soon as possible deal with timely complaints. The Clearinghouse 

will perform a corrected Settlement on the next Bank Day if all Account Holders concerned 

consent to the correction claimed. If not all Account Holders concerned consent to the 

correction the Clearinghouse will determine whether there has been an erroneous Settlement

and, if the Settlement was incorrect, carry out a corrected Settlement between the parties 

involved as part of the Daily Cash Settlement with two (2) Bank Days written notice. 

Irrespective of the time limits above, the Clearinghouse may carry out a corrected Settlement 

in the event of substantial errors:

a. with respect to corrections of errors in Exchange Transactions as determined in 

accordance with the Trading Rules; 

b. in respect of errors in a Spot Reference Fix or Index, where the Clearinghouse has 

applied an erroneous Spot Reference Fix or Index, as relevant; or

c. as otherwise set out in the relevant Contract Specifications.

Corrective Settlements under this Section 6.6.4 may take place from (and including) the first 

Bank Day following written notice from the Clearinghouse.
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Any correction in accordance with these Clearing Rules will be binding on all Counterparties 

concerned. The Clearinghouse shall not be liable to any Account Holder for any exercise or 

non-exercise of its powers under this Section 6.6, provided that it has acted in good faith.

6.7 Interest

If a Counterparty fails to pay to the other Counterparty any amount due by the relevant due 

date (or otherwise determined by any dispute resolution process), interest shall be payable 

on that amount at an annual rate equal to (i) EURIBOR, in respect of claims in EUR; (ii) 

LIBOR, in respect of claims in GBP; (iii) the Danish Central Bank Policy Rate (Danmarks 

Nationalbank’s lending rate) in respect of claims in DKK; (iv) the Norwegian Central Bank 

Policy Rate (Norges Bank’s sight deposit rate) in respect of claims in NOK; and (v) the 

Swedish Central Bank Policy Rate (Repo rate) in respect of claims in SEK; and (vi) the Federal 

Funds Rate in respect of claims in USD, all as applicable from time to time plus three percent 

compounded monthly from and including the relevant due date to but excluding the date 

payment is made.

If a Counterparty, following the resolution of a dispute or otherwise to correct any mistaken 

overpayment or underpayment made in good faith, is to pay an amount to the other 

Counterparty, interest shall be payable on that amount. The interest rate shall be (i) 

EURIBOR in respect of claims in EUR; (ii) LIBOR in respect of claims in GBP; (iii) the Danish 

Central Bank Policy Rate (Danmarks Nationalbank’s lending rate) in respect of claims in DKK; 

(iv) the Norwegian Central Bank Policy Rate (Norges Bank’s sight deposit rate) in respect of 

claims in NOK; (v) the Swedish Central Bank Policy Rate (Repo rate) in respect of claims in 

SEK; and (vi) the Federal Funds Rate in respect of claims in USD, all as applicable from time 

to time with the addition of one percent (1%) interest compounded monthly from the date 

when the amount would have been paid or not paid (as applicable) if the dispute, 

overpayment or underpayment had not occurred, until but excluding the date payment is 

made.

If any of the interest rates above ceases temporarily or permanently to be published then 

the Counterparty entitled to payment may substitute a rate published by a European clearing 

bank that it in good faith considers to be equivalent to that rate and which is generally 

accepted as such.

The provisions of this Section 6.7 shall not apply to any payment to the extent a delay fee is 

payable under the Fee List in relation to such payment.

7 REPRESENTATIONS AND WARRANTIES

7.1 Each Account Holder represents and warrants to the Clearinghouse on each date on which a 

Transaction is registered for Clearing that:

a. Power. It has the power to perform its obligations under the Clearing Rules and each 

Clearing Transaction;

b. Status. It is duly organised and validly existing under the laws of the jurisdiction of 

its organisation or incorporation (and, if relevant under those laws, is of good 

standing) and, that it meets the conditions for membership stated in the Clearing 

Rules;

c. Organisation. It is properly staffed and organised to enable it to carry out, and its 

personnel have the necessary competence and knowledge for Clearing Transactions;

d. Risk Assumption. It is aware of and understands the characteristics of the Products 

and the risks related thereto, and it has entered into the Transactions to which it is 

a party after a full opportunity to review their terms and conditions, and has a 

sufficient understanding of those terms and conditions and of their risks, and is 

capable of assuming those risks;

e. No Violation or Conflict. The execution, delivery and performance of the relevant 

Clearing Agreements and of Clearing Transactions do not violate or conflict with any 

Applicable Law or any provision of its constitutional documents applicable to the 

Account Holder or any of its assets, or any contractual restriction binding on or 

affecting it or any of its assets;

f. Required Authorisations. All Required Authorisations under Applicable Law have 

been obtained and are in full force and effect, and all conditions of any Required 
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Authorisations have been complied with, and there are no further licences or filings 

with or other acts by or in respect of any Regulatory Body or competent court that 

are required to be obtained, made or done by the Account Holder in connection with 

Trading or Clearing, nor is it necessary in order to ensure the validity or enforceability 

of the Transaction that the Transaction, the Clearing Rules or any Clearing Agreement 

are filed, registered or recorded by the Account Holder in any public office;

g. Obligations Binding. Its obligations under each Clearing Transaction and the 

Clearing Rules constitute legal, valid and binding obligations of the Account Holder, 

enforceable in accordance with their respective terms subject to Applicable Law 

affecting creditors’ rights generally and to equitable principles of general application;

h. No Default Event. No Default Event, or event that with notice or lapse of time or 

both would constitute a Default Event, has occurred with respect to it and no such 

event would occur as a result of its entering into or performing its obligations under 

the Clearing Rules;

i. No Litigation. No litigation, arbitration or administrative suit or proceeding at law 

or in equity or before any court, tribunal, governmental body, agency, official or 

arbitrator is pending or, so far as it is aware, threatened against it that would, if 

adversely determined, result in a material adverse change in its financial condition 

or its ability to perform its obligations under the Clearing Rules, or that is likely to 

affect the legality, validity or enforceability against it of the Clearing Rules or its 

ability to perform its obligations there under;

j. Principal. Unless when acting as a General Clearing Member or Client Representative 

pursuant to the Clearing Rules, it has negotiated, entered into and executed the 

Transactions as principal (and not as agent or in any other capacity, fiduciary or 

otherwise);

k. Accurate Information. All applicable information that is furnished in writing by or 

on behalf of the Account Holder which is identified as being subject to or connected 

to the Clearing Rules (including any information submitted in the membership 

application process) is, as of the date it is furnished to the Clearinghouse, true, 

accurate and complete in every material respect; and

l. No Encumbrances. The Account Holder shall deliver to the Clearinghouse the 

relevant deliverables under the Clearing Rules free and clear of all liens, security 

interests, claims and encumbrances or any interest in or to them by any person, 

except where in favour of the Clearinghouse.

7.2 An Account Holder is deemed to repeat the representations and warranties specified above 

when entering into each Clearing Transaction as well as any further representations and 

warranties specified as such in the Clearing Rules.

8 DEFAULT AND INSOLVENCY

8.1 Definition of Default Event

A “Default Event” means the occurrence at any time of any of the following events:

a. The Account Holder no longer meets the membership criteria for its applicable 

membership category.

b. The Account Holder fails to meet a Margin Requirement within the applicable time 

limit as set out in the Clearing Rules.

c. The Account Holder fails to meet any of its Settlement obligations under the Clearing 

Rules.

d. The Account Holder, its Collateral Provider, its Approved Settlement Bank or its 

parent company is subject to an Insolvency Event.

e. The Account Holder is in breach of, or omits to observe, any other obligations towards 

the Clearinghouse or the Exchange or any relevant Third Party Exchange under the

Clearing Rules, the Exchange Rules, the rules of any Third Party Exchange or 

applicable law, or in the Clearinghouse’s reasonable opinion, there is a substantial 

risk that the Account Holder will breach any such obligations.
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f. Where an Account Holder is a trading or clearing participant under the Trading Rules 

or the FIN Clearing Rules, the Account Holder is in breach of, or omits to observe, 

any obligations towards the Clearinghouse under such rules. 

g. The Account Holder is suspended from any exchange, clearinghouse or similar 

organisation, provided that such suspension, in the opinion of the Clearinghouse, 

materially affects such Account Holder’s suitability to act as an Account Holder 

pursuant to the Clearing Rules or applicable law or regulation.

h. The Account Holder causes or is subject to any event with respect to it which in the 

reasonable opinion of the Clearinghouse has an analogous effect to any of the events 

specified in letters (a) to (g) (inclusive) above.

i. The Account Holder takes any action in furtherance of, or indicating its consent to 

approval of, or acquiescence in, any of the events referred to in letters (a) to (h) 

(inclusive) above.

j. The Account Holder is in breach of any of its representations or warranties.

The following constitute a “Material Default Event”:

a. Any Default Event under Section 8.1.1 letters (a) and (b).

b. Any Default Event under Section 8.1.1 letters (c) through (i) (inclusive), provided 

that the Default Event, in the reasonable opinion of the Clearinghouse, seriously 

affects the Account Holder’s ability to fulfil its current or future obligations under the 

Clearing Rules, or clearly indicates that the Account Holder is unfit for further 

Clearing.

c. Any Default Event under Section 8.1.1 letter (j), provided that the breach of the 

representation or warranty is material in the reasonable opinion of the Clearinghouse 

and has not been remedied within fifteen (15) calendar days following written notice 

from the Clearinghouse, or the breach clearly indicates that the Account Holder is 

unfit for further Clearing.

8.2 General Provisions Regarding Default Events

If a Default Event occurs with respect to an Account Holder, the Clearinghouse may suspend 

the Account Holder from Clearing until the Default Event has been remedied or otherwise 

ceased to the reasonable satisfaction of the Clearinghouse. During suspension, Clearing of 

new Transactions with the Clearinghouse will only be accepted when preapproved by the 

Clearinghouse.

If a Material Default Event has occurred with respect to an Account Holder, and subject to 

Section 8.3.2 but without prejudice to any other remedies available to the Clearinghouse

under applicable laws, other provisions of the Clearing Rules, or additional agreements with 

the Account Holder or relevant third parties, the Clearinghouse may take any one or more of 

the following steps, provided that (i) if a Material Default Event occurs with respect to an 

Account Holder that is party to one or more Clearing Transactions registered on a Client

Clearing Account, the Clearinghouse shall take the steps set out in the Supplemental default 

rules for Clearing Transactions recorded on Client Clearing Accounts, and (ii) if a Material 

Default Event occurs with respect to an Account Holder that is a Client Representative in 

respect of one or more Clearing Clients, the Clearinghouse shall take the steps set out in the 

Supplemental default rules for Clearing Transactions recorded on Clearing Client Clearing 

Accounts:

a. declare any or all claims of or against the defaulting Account Holder due on that date;

b. enter into Hedge Transactions in other Series in order to reduce the market risk in 

Open Positions registered on the Clearing Accounts of the Account Holder; 

c. take such action as it considers necessary or expedient to close-out Open Interest 

by entering into Close-Out Transactions for the Account Holder’s account and risk or 

otherwise discharge and/or net the rights, obligations and positions of the Account 

Holder;

d. withhold any Cash Settlement Amount owed to the Account Holder;

e. enforce, appropriate, realise and otherwise apply its rights in relation to any 

Collateral posted by or on behalf of the Account Holder, provided that the 
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Clearinghouse shall only exercise its rights in relation to Collateral for the relevant 

Client Clearing Account in respect of which such Collateral has been provided;

f. retain and sell any assets held on behalf of the Account Holder and take possession 

of any assets delivered to or deposited with the Clearinghouse in relation to the 

Account Holder; 

g. set off or otherwise apply any Open Positions related to a Clearing Account against 

any other claims from the Clearinghouse related to the other Clearing Accounts of 

the Account Holder;

h. set off or otherwise apply all profits, Pending Settlements and other claims owed by 

the Account Holder to the Clearinghouse and by the Clearinghouse to the Account 

Holder so as to produce a single net sum payable by or to the Account Holder, 

irrespective of whether such claims are in different currencies and regardless of their 

origin or character; 

i. terminate the membership agreement and exclude the Account Holder from Clearing 

with fifteen (15) days written notice, provided that non-repeated Material Default 

Events that does not clearly indicate that the Account Holder is unfit for membership 

shall normally not be grounds for termination; and/or

j. terminate any Clearing Client Agreement to which such Account Holder is a party. 

The Clearinghouse may carry out any or all of the actions set out in Section 8.2.2 above for 

some or all of the Open Positions registered on a Clearing Account, and/or refrain from such 

actions with respect to one or several Clearing Accounts established in the name of the 

Account Holder. 

No court order or filing or any other legal act shall be required for any of the actions stated 

in Section 8.2.2 above. 

Any Close-Out Transactions or other Transactions by the Clearinghouse on the account and 

risk of the Account Holder may take place through Exchange Trading, Third Party Exchange 

Trading, Non Exchange Transactions or such other means as the Clearinghouse deems 

appropriate under the circumstances, provided that the Clearinghouse shall use reasonable 

endeavours to obtain the best price possible at the relevant time.

8.3 Specific Provisions for Default Events Involving Client Clearing Accounts

The provisions of this Section 8.3 apply only in relation to Client Clearing Accounts, and is in 

addition to the provisions of Section 8.2. This Section 8.3 shall prevail in case of conflict with 

Section 8.2.

If a Material Default Event occurs with respect to a General Clearing Member or Clearing 

Member holding Client Clearing Accounts:

a. a Client Clearing Account may not be off-set, hedged or otherwise applied against 

any other Clearing Account or claim against the General Clearing Member or Clearing 

Member without the consent of the Client(s) concerned;

b. any Collateral posted specifically for a Client Clearing Account may only be applied 

to cover any claims arising out of the Trading Rules or the Clearing Rules in respect 

of that Client Clearing Account; and/or

c. the Clearinghouse may require reasonable fees and reimbursement of any expenses 

or costs it incurs in performing any actions on the request of Clients.

8.4 Specific Provisions for Default Events Involving a Client Representative

The provisions of this Section 8.4 apply only in relation to Client Representatives, and are in 

addition to the provisions of Section 8.2. This Section 8.4 shall prevail in case of conflict with 

Section 8.2.

A Clearing Client may not enter into any new Clearing Transactions while its Client 

Representative is suspended.

Following suspension by the Clearinghouse of a Client Representative, the following shall 

apply:
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a. The Clearinghouse may designate another Client Representative for affected Clearing 

Clients on a temporary basis, on such terms as the Clearinghouse may reasonably 

determine.

b. The Clearinghouse shall notify affected Clearing Clients of the suspension of its Client 

Representative. Each Clearing Client shall immediately endeavour to enter into a 

Clearing Client Agreement with another Client Representative (to be approved by the 

Clearinghouse).

c. If a Clearing Client Agreement is not entered into within two (2) Clearing Days 

following notice from the Clearinghouse, the Clearing Client may be transferred to a 

Client Representative appointed by the Clearinghouse. A corresponding Clearing 

Client Agreement shall be deemed to have been entered into, and a bilateral 

agreement between the Clearing Client and the new Client Representative shall be 

entered into on behalf of the Clearing Client on such terms as the Clearinghouse may 

reasonably determine.

d. When a Clearing Client enters into a Clearing Client Agreement in accordance with 

subsections (b) or (c) above, the new Client Representative will assume the 

responsibility for Margin Requirements of the Clearing Client from the time of the 

Margin Requirement on the second (2nd) Bank Day following the notification above, 

and the previous Client Representative shall be released in respect of circumstances 

occurring after such time. 

e. If a Clearing Client does not enter into a Clearing Client Agreement in accordance 

with subsections (b) or (c) above, the Clearing Client may either (i) ask the 

Clearinghouse to close out any Open Positions registered to it or (ii) retain any Open 

Positions subject to the approval of the Clearinghouse, not to be unreasonably 

withheld. 

8.5 Specific Provisions for Default Events Involving a Clearing Client

The provisions of this Section 8.5 apply only in relation to Clearing Clients, and are in addition 

to the provisions of Section 8.2. This Section 8.5 shall prevail in case of conflict with Section 

8.2.

If at any time a Clearing Client fails to meet a Margin Requirement, the Client Representative 

may enter into Close-Out Transactions or Hedge Transactions for the Clearing Client’s 

account and risk to the extent required to meet Margin Requirements. The Client 

Representative shall conduct such Transactions applying best execution principles.

If at any time a Material Default Event occurs with respect to a Clearing Client its Client 

Representative may terminate the Clearing Client Agreement by giving fifteen (15) calendar 

days' written notice to the Clearing Client and the Clearinghouse, and the Clearinghouse shall 

immediately suspend the Clearing Client from Clearing Transactions from the reception of 

such notice.

Following a termination of the Clearing Client Agreement, the Client Representative shall, 

subject to reasonable instructions from the Clearing Client, or with the approval from the 

Clearinghouse if such instructions cannot be obtained, enter into Close-Out Transactions or 

Hedge Transactions relating to the Open Position in the applicable Clearing Account of the 

Clearing Client. Unless as otherwise agreed between the Client Representative and the 

Clearing Client or as may follow from applicable law, the Client Representative shall use 

reasonable endeavours to obtain the best price possible.

Notwithstanding Sections 8.5.2, 8.5.3 and 8.5.4, the Clearing Client’s responsibilities under 

the Clearing Rules will remain in force for as long as the Clearing Client has Open Positions 

with the Clearinghouse or owes any amount to the Clearinghouse, as will the Client 

Representative's responsibilities to the Clearinghouse in respect of the Clearing Client.

The Client Representative has the right to obtain coverage for amounts owed by the Clearing 

Client to the Client Representative in Collateral posted by the Clearing Client in favour of the 

Clearinghouse, provided that any such claim shall be subordinated to those of the 

Clearinghouse and that such coverage is allowed by the applicable collateral arrangements.

Following termination of a Clearing Client Agreement any excess cash balance or Collateral 

shall be released to the Clearing Client after coverage of the Clearinghouse’s and the Client 

Representative’s final, undisputed and due claims.
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8.6 Definition of Insolvency Event

An “Insolvency Event” means the occurrence at any time with respect to an entity of any 

of the following events:

a. The entity is dissolved (other than pursuant to a consolidation, amalgamation or 

merger);

b. The entity becomes insolvent, suspends its payments, or is unable to pay its debts, 

or fails or admits in writing its inability generally to pay its debts as they become 

due;

c. The entity makes a general assignment, arrangement or composition with or for the 

benefit of its creditors;

d. An application is made to a court of competent jurisdiction, or an order is made by 

such a court, for the purposes of (i) adjudging the entity to be bankrupt or insolvent 

or any other relief under any bankruptcy or insolvency law or other similar law 

affecting creditors' rights; (ii) approving or granting a petition for a moratorium, 

reorganisation, arrangement (including pursuant to a scheme of arrangement), 

liquidation, dissolution, adjustment or composition of or in respect of the entity under 

any insolvency law; (iii) appointing an administrator, assignee, custodian, examiner, 

liquidator, provisional liquidator, receiver, sequestrator, supervisor, nominee or 

trustee or other similar official in respect of the entity or any substantial part of its 

property, assets or undertaking; (iv) ordering the winding up, official management, 

liquidation or bankruptcy of the entity (other than pursuant to a consolidation, 

amalgamation or merger while solvent on terms approved by the Clearinghouse); or 

(v) consenting to the institution by the entity or any person of proceedings for it to 

be adjudicated, bankrupt or insolvent or for it to be wound up or liquidated;

e. The entity seeks, consents or becomes subject to the appointment of an 

administrator, provisional liquidator, liquidator, conservator, receiver, sequestrator, 

supervisor, trustee, custodian or other similar official for it or for all or substantially 

all its assets;

f. The entity has a secured party take possession of all or substantially all its assets or 

has a distress, execution, attachment, sequestration or other legal process levied, 

enforced or sued on or against all or substantially all its assets and such secured 

party maintains possession, or any such process is not dismissed, discharged or 

restrained, in each case within fifteen (15) calendar days thereafter; and

g. The entity causes or is subject to any event with respect to which, under the 

applicable laws of any jurisdiction, has an analogous effect to any of the events 

specified in letters (a) to (f) above.

8.7 General Provisions for Insolvency Events involving an Account Holder

If an Account Holder is subject to an Insolvency Event, the Clearinghouse may terminate all

Open Positions in the Account Holder’s Clearing Account(s) with immediate effect.

The value of the positions terminated under Section 8.7.1 shall be determined by reference 

to any price that would have been obtainable by the Clearinghouse if carrying out a CloseOut Transaction for the positions at any time within three (3) Bank Days after it became 

aware of the Insolvency Event. To the extent such valuation is in conflict with mandatory law 

which is applicable to the Account Holder and has extra-territorial application to the 

Clearinghouse, the value shall be determined mutatis mutandis in accordance with such 

applicable law.

Subject to Sections 8.2.2 and 8.3.2, the amounts resulting from the valuation pursuant to 

Section 8.7.2 shall be netted and aggregated with any Losses by the Clearinghouse. The 

resulting net amount shall be paid by the Account Holder or the Clearinghouse (as applicable) 

in the next Daily Cash Settlement.

This Section 8.7 shall prevail in case of conflict with Sections 8.1 through 8.6 (inclusive).

8.8 Default or Insolvency of the Clearinghouse

In the event that the Clearinghouse is in default of its obligations under the Clearing Rules, 

Account Holders may terminate their Clearing Agreement with effect from the moment no 

Open Positions are registered in the Clearing Accounts which the Account Holder is 
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responsible for and all Cash Settlements and Deliveries have been finalised, including the 

associated Clearing Accounts of Clearing Clients in case of Client Representatives.

A “Material Default” by the Clearinghouse exists if the Clearinghouse breaches a Settlement 

or Delivery obligation (other than to a defaulting Account Holder) and such breach is not 

remedied within twenty (20) Bank Days after the relevant Settlement or Delivery is due.

An Account Holder may, in the event that the Clearinghouse is in Material Default as defined 

above, terminate any or all Open Positions registered in its Clearing Accounts by designating 

an early termination date by giving the Clearinghouse not less than twenty (20) Bank Days’ 

written notice.

In the event that the Clearinghouse files for bankruptcy proceedings or is declared bankrupt, 

all Open Positions with the Clearinghouse are automatically terminated.

Upon a termination under Sections 8.8.3 or 8.8.4 the Account Holder shall calculate a positive 

or negative value of the terminated Open Positions on the basis of the latest listed price for 

the relevant Series or, where no such price is available, the market value of such Clearing 

Transaction, in either case at the time of termination, these values to be aggregated and 

netted to a single close-out amount for all relevant Clearing Transactions (in each case 

expressed in EUR or such other currency as approved in writing by the Clearinghouse). Such 

calculation shall be made on an account by account basis, provided that it shall be permitted 

to consolidate two or more accounts if the Account Holder and, where relevant, the underlying 

Client(s) are identical in respect of all such accounts.

The Account Holder is not required to enter into replacement Transactions in order to 

determine the close-out amount. The Account Holder may, if appropriate and to the extent 

this does not represent double coverage, calculate its Loss (in each case expressed in EUR 

or such other currency as approved in writing by the Clearinghouse), in connection with the 

termination of Open Positions on each such account in respect of the default by the 

Clearinghouse and set off the Loss against any payment obligation towards the Clearinghouse 

in respect of the same account(s). To the extent not taken into account when determining 

the close-out amount or any Loss, the Account Holder may furthermore set off an amount 

owing by the Clearinghouse to the Account Holder in respect of Collateral that the 

Clearinghouse is due to return to the Account Holder in respect of each account and that the 

Account Holder has provided to the Clearinghouse on a title transfer basis against any 

remaining payment obligation toward the Clearinghouse in respect of the same account(s). 

A net amount remaining is for the purposes of this Section 8.8 referred to as a “Termination 

Amount”.

The Account Holder shall notify the Clearinghouse in writing of the Termination Amount(s) 

calculated, including detailed support for the calculation. If a Termination Amount is positive, 

the Clearinghouse shall pay such Termination Amount to the Account Holder in EUR within 

fifteen (15) Bank Days of invoice or notification, which amount shall bear interest in 

accordance with Section 6.7. If a Termination Amount is negative, the Account Holder shall 

pay an amount in EUR equal to the absolute value of such Termination Amount to the 

Clearinghouse within thirty (30) Bank Days of the termination under Section 8.8.3 or 8.8.4, 

and any such amount shall bear interest in accordance with Section 6.7.

The Account Holder may however, at its option, set off the obligation to pay a Termination 

Amount under Section 8.8.7 against any other amounts owing (whether or not matured, 

contingent or invoiced) of the Clearinghouse in favour of the Account Holder, save that 

Termination Amounts owing of the Clearinghouse in respect of Client Clearing Accounts or 

Clearing Clients’ Clearing Accounts may not be used for such set-off. However, the Account 

Holder shall not be allowed to set off such payment obligation against the value of any Default 

Fund contributions owing by the Clearinghouse to the Account Holder. The Account Holder 

shall provide the Clearinghouse with detailed support of any amounts used for set-off. This 

right of set-off is without prejudice and in addition to any other right of set-off, combination 

of accounts, lien, charge or other right to which the Account Holder is at any time otherwise 

entitled (whether by operation of law, by contract or otherwise).

If an amount is unascertained, the Account Holder may reasonably estimate the amount to 

be set off. The parties shall make any adjustment payment required within three (3) Bank 

Days of the amount becoming ascertained.

If the Clearinghouse disputes any Termination Amount under this Section 8.8, it shall notify 

the Account Holder as soon as practically possible and pay the lesser amount as calculated 

by the Clearinghouse by the due date in accordance with Section 8.8.7, subject to payment 
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of any further amount together with interest calculated in accordance with Section 6.7 once 

the dispute has been settled or determined.

8.9 The Clearinghouse’s Duty of Notification

The Clearinghouse shall as soon as practicable inform the Account Holder in writing of any 

measures that have been taken under Sections 8.1-8.7 in accordance with the Default 

Notification Procedures.

The Clearinghouse shall provide the Account Holder with a written account stating the 

measures taken and the Account Holder’s remaining Open Position and other obligations (if 

any) between the Account Holder and the Clearinghouse following the Clearinghouse’s 

finalisation or exhaustion of such measures.

Prior to calling a Default Event, the Clearinghouse shall immediately contact the competent 

authority or other exchange or clearing organisation or governmental authority or regulatory 

body as required by applicable law and regulation.

9 LIABILITIES AND FORCE MAJEURE

9.1 Force Majeure

If a Force Majeure Event prevents a Counterparty from performing any obligation under these 

Clearing Rules at the prescribed time in whole or in part, the time for performance of such 

obligation shall be suspended for as long as the Force Majeure Event persists subject to 

Sections 9.1.2 and 9.1.4. The other Counterparty shall be entitled to suspend its obligations 

towards the affected Counterparty accordingly.

If it is clear that a Force Majeure Event persists or will persist for more than three (3) Bank 

Days (excluding the day on which the Force Majeure Event occurs) in relation to an Account 

Holder, and provided that the Account Holder fails to meet its Margin Requirement or its 

Settlement obligations within the applicable time limits, the Clearinghouse shall be entitled 

to invoke its rights pursuant to Section 8 notwithstanding Section 9.1.1, provided that the 

Clearinghouse shall (to the extent possible) give prior notice to the Account Holder and take 

reasonable account of the Force Majeure Event (including its anticipated perseverance) and 

the Account Holder’s reasonable requests (if any) when invoking such rights.

If a significant portion of the Account Holders and/or the Settlement Banks, and/or the 

Clearinghouse, is subject to a Force Majeure Event, the Clearinghouse may declare a state 

of general force majeure in relation to all affected Counterparties. In such case, the 

Clearinghouse may temporarily suspend the affected Counterparties’ obligations and/or 

invoke alternative arrangements, or implement such other similar measures as it deems 

necessary and appropriate in order to mitigate the effects of such circumstances and to 

ensure the fair and orderly settlement, price formation or integrity of any Contract, taking 

into account the reasonably anticipated interests of all affected Counterparties. 

A Counterparty shall only be entitled to claim relief due to a Force Majeure Event under this 

Section 9.1 if the Counterparty:

a. complies with Sections 9.1.5 or 9.1.6 (as applicable); and

b. continues to seek to perform its obligations under the Clearing Rules to the best of 

its abilities.

An Account Holder seeking relief under Section 9.1.1 shall:

a. notify the Clearinghouse as soon as practically possible after it becomes aware (or 

should reasonably have become aware) of the Force Majeure Event, reasonably 

evidencing that a Force Majeure Event has occurred; and

b. as soon as practically possible provide to the Clearinghouse a non-binding estimate 

of the likely effect on the performance of its obligations and the extent and expected 

duration of its inability to perform its obligations under the Clearing Rules, and shall 

provide reasonable updates, when and if available, of the extent and expected 

duration of the Force Majeure Event; and

c. on request promptly provide all further information required by the Clearinghouse to 

determine whether a Force Majeure Event has occurred and/or information in relation 

to affected Clearing Transactions; and
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d. promptly take such actions in respect of Clearing Transactions as the Clearinghouse 

deems reasonably necessary or desirable to manage the continued operation of the 

relevant market and/or Clearing of Transactions in light of the Force Majeure Event.

The Clearinghouse shall, as soon as practically possible after it becomes aware of a Force 

Majeure Event affecting the Clearinghouse, notify all affected Account Holders of the Force 

Majeure Event and, to the extent then available, provide a non-binding estimate of the likely 

effect on the performance of its obligations and the extent and expected duration of its 

inability to perform its obligations under these Clearing Rules. The Clearinghouse shall use 

all commercially reasonable efforts to mitigate the effects of the Force Majeure Event and 

shall, during the continuation of the Force Majeure Event provide all affected Account Holders 

with reasonable updates, when and if available, of the extent and expected duration of the 

Force Majeure Event.

A Counterparty that is subject to a Force Majeure Event shall not, subject to its compliance 

with this Section 9.1, be liable for any loss or damage caused by such Counterparty’s nonperformance of its other obligations under these Clearing Rules, and a Counterparty may not 

use any claim relating to such loss or damages as grounds for set-off or withholding of its 

obligations towards another Counterparty. Notwithstanding the foregoing, interest in 

accordance with Section 6.7 will accrue even in case of a Force Majeure Event.

9.2 Exclusion of Liability

The Counterparties shall not be liable for any loss or damage that may arise as a result of 

any act governed by the Clearing Rules, provided that the Counterparty has not acted 

negligent or intentional. For the avoidance of doubt this clause shall not limit the 

Counterparties’ obligations in relation to Settlement or Margin Requirements.

Save as explicitly set out in these Clearing Rules, the Clearinghouse shall have no liability to 

any Account Holder or Non Exchange Trading Broker in connection with performance or nonperformance of its obligations under these Clearing Rules to the extent such performance or 

non-performance is a result of:

a. the occurrence of any Default Event in relation to the Account Holder or its Collateral 

Provider;

b. any delay or failure by the Account Holder in the performance of its obligations to 

the Clearinghouse;

c. the Clearinghouse acting or relying in good faith on any communication in accordance 

with Section 10.4;

d. the performance or non-performance of any Counterparty or entity other than the 

Clearinghouse (or its nominee) under the Clearing Rules;

e. any suspension, interruption, temporary unavailability or fault occurring in the 

provision of the Clearing System except where such circumstances have been caused 

by the wilful or reckless conduct of the Clearinghouse;

f. any loss or damage whatsoever and howsoever caused arising in connection with the 

use of information or services acquired or accessed by Account Holders or Non 

Exchange Trading Brokers through use of the Clearing System howsoever;

g. any loss or damage in connection with the availability, functionality or accessibility 

of any system employed by the Account Holder or Non Exchange Trading Broker to 

access the Clearing System, including the availability of telecommunication lines 

leased by the Account Holder or Non Exchange Trading Broker; or

h. the Clearinghouse complying with applicable law.

9.3 Indemnity

Without prejudice to all other rights and remedies available to the Clearinghouse, but 

provided that the Clearinghouse shall not be permitted to recover twice for the same loss, 

each Account Holder (the ”indemnifying Account Holder”) shall, on demand by the 

Clearinghouse, indemnify the Clearinghouse against any cost, loss or liability incurred by the 

Clearinghouse as a result of the following:

a. the occurrence of any Default Event in relation to the indemnifying Account Holder 

or any of its Collateral Providers (in their capacity as Collateral Provider for the 

Account Holder);
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b. a delay or failure by the indemnifying Account Holder in the performance of its 

obligations to the Clearinghouse, except where such performance has been delayed 

or prevented as a result of a Force Majeure Event and subject to Section 9.1;

c. investigating, defending and/or paying any claim brought against the Clearinghouse 

by any person for whom the indemnifying Account Holder has agreed to submit a 

Transaction for Clearing; and

d. investigating, defending and/or paying any claim brought against the Clearinghouse 

by any other Account Holder or third party, directly or indirectly as a result of (i) any 

breach by the indemnifying Account Holder of the Clearing Rules; (ii) the 

Clearinghouse complying with any court order or other legal or regulatory process in 

any action brought by or with respect to the indemnifying Account Holder; (iii) the 

Clearinghouse's proper provision of its services to the indemnifying Account Holder.

The indemnity contained in clause 9.3.1 above shall not require any Account Holder to 

indemnify the Clearinghouse for any cost or loss to the extent such indemnity would breach 

the requirements of Article 39 of EMIR or any other applicable law or regulation.

9.4 Sole Remedy and Exclusion of Consequential Loss

Save as provided in the next sentence or as provided separately in the Clearing Appendices, 

the rights under Sections 8 and 9 are in full and final satisfaction of the rights of the nondefaulting Counterparty if a Default Event occurs. For the avoidance of doubt, nothing in 

these Clearing Rules shall limit any claim or remedy the Clearinghouse has against an Account 

Holder for failure by the Account Holder to meet its Settlement obligations under the Clearing 

Rules, including any Excess Emissions Penalty, unless and to the extent such loss or damage 

was caused by a Force Majeure Event and subject to Section 9.1.

Save as expressly provided in the Clearing Rules, no Counterparty shall be liable to any other 

Counterparty for any indirect or consequential loss (including, but not limited to, loss of 

business, loss of profits, trading losses, loss of opportunity and loss of use) howsoever 

suffered or incurred or for any special, punitive or exemplary damages save in the case of 

deliberate and intentional misconduct by a Counterparty.

9.5 Right of access

In order to ensure compliance by the Account Holders with the Clearing Rules, the 

Clearinghouse shall, subject to relevant statutory and regulatory limitations, such as bank 

secrecy obligations, have the right to access the offices of an Account Holder (including any 

facilities or temporary offices wherein data is stored by the Account Holder) at the request 

of the Clearinghouse in order to conduct audits and in order to obtain any information which 

the Clearinghouse reasonably deems necessary in order to monitor and ensure compliance 

with the Clearing Rules and in order to fulfill its obligations pursuant to applicable securities 

and clearing operation legislation and regulations given pursuant thereto.

10 COMMUNICATION

10.1 Communications between the Clearinghouse and Account Holders shall be in English, unless 

as otherwise agreed between the individuals communicating.

10.2 Any notice to be given under the Clearing Rules shall be in writing and shall be delivered or 

sent by fax or email. If addressed to the Clearinghouse the notice shall be sent to the relevant 

address(es) and number(s) specified on the Clearinghouse’s website at any time. If 

addressed to the Account Holder the notice shall be sent to the relevant address or telephone 

number or e-mail address specified by that Account Holder in writing as may be changed by 

confirmed notice to and from the Clearinghouse (and to the Client Representative in case of 

Clearing Clients). The Clearinghouse and Account Holders may communicate via the Clearing

System in respect of issues that are covered by the functionality of the Clearing System 

application. The Clearinghouse may also communicate via its standard website for matters 

pertaining to the Clearing Rules.

10.3 Notices shall be deemed to have been given (in the case of fax or email communication) on 

the date on which they are sent or (in the case of other communications) on the date of 

delivery to the appropriate address. 
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10.4 The Clearinghouse shall be entitled to act and otherwise rely upon any communication 

(whether or not in writing) which purports and which the Clearinghouse believes in good 

faith:

a. to have been issued by or on behalf of an Account Holder; or

b. to have been approved by an individual who is authorised by that Account Holder, 

and which (in the case of an electronic communication) satisfies the requirements of 

any applicable requirements of the Clearinghouse in relation to the security and 

integrity of information which is transmitted electronically.

11 TRADE INFORMATION

11.1 Whenever an Account Holder provides data relating to Transactions to the Clearinghouse;

a. such data, as provided by the Account Holder in its original format, shall belong to 

the Account Holder; and

b. the Account Holder irrevocably grants to the Clearinghouse a perpetual, nonexclusive, royalty-free licence (which shall survive the termination of any Clearing 

Agreement) to include such data in the Trade Information and to use such data for 

whatever purpose in accordance with these Clearing Rules. The Clearinghouse shall 

treat the identity of the Account Holder as confidential in accordance with Section 

12.

11.2 Account Holders shall, except as permitted pursuant to these Clearing Rules or as may be 

permitted by mandatory provisions of applicable law or other written agreement with or 

written authorisation from the Clearinghouse:

a. use any Trade Information received only in the ordinary course of business as it 

relates to its Clearing activities, and not cause any unauthorized third party to access 

or use the Trade Information except where such third party is assisting the Account 

Holder in relation to its Clearing activities and is subject to restrictions that are no 

less strict than those applying to the Account Holder in respect of Trade Information; 

b. ensure that its relevant employees, agents, independent contractors and other 

recipients of Trade Information do not act in violation of the Clearinghouse or its 

licensors rights to the Trade Information; and

c. take all such reasonable steps which shall from time to time be necessary, in the 

reasonable opinion of the Clearinghouse, to protect the rights of the Clearinghouse 

or its licensors in the Trade Information.

11.3 All copyright and other intellectual property rights or proprietary rights of whatever nature 

contained in the Trade Information (including, for the avoidance of doubt, all database rights 

and similar rights whether or not protected by law) are and shall at all times remain, as 

between the Clearinghouse and the Account Holders, the property of the Clearinghouse. The 

Clearinghouse shall be entitled to use, copy, adapt, sub-license, supply, sell, distribute, 

assign, transfer, rent, lease, charge or otherwise deal with Trade Information as it deems fit 

at all times. 

12 CONFIDENTIALITY AND INFORMATION SHARING

12.1 Except as otherwise set forth herein all information and data received by the Clearinghouse 

from Account Holders, including information relating to Transactions and information 

pertaining to the legal or financial status of the Account Holder or its membership eligibility 

or business in general, will be treated as confidential by the Clearinghouse. 

12.2 Notwithstanding Section 12.1, but subject to applicable and mandatory law:

a. the duty of confidentiality shall not extend to information which is or becomes public 

through no breach of the Clearinghouse’s confidentiality obligations hereunder, which 

the Clearinghouse already possessed at the time of reception without any obligation 

of confidentiality, or which the Clearinghouse receives from a third party through no 

breach of the third party’s confidentiality obligations towards the Account Holder;

b. the Clearinghouse may share information with the Exchange and any Third Party 

Exchange relating to Account Holders that are also Exchange Members or Third Party 

Exchange Members, as appropriate, provided that the relevant Account Holder has 
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an obligation under the Trading Rules (as Exchange Member) or under the rules of 

the relevant Third Party Exchange to disclose such information to the Exchange or 

the Third Party Exchange or the provision of such information is required in 

connection with market surveillance of Exchange Listed Products or any products 

listed on a Third Party Exchange;

c. the Clearinghouse may share information related to a Client Transaction, or any 

Default Event affecting the General Clearing Member or Clearing Member, with the 

relevant Client; 

d. the Clearinghouse may share information related to the Clearing Accounts and 

Clearing Transactions of a Clearing Client, or any Default Event affecting the Clearing 

Client, with its Client Representative;

e. the Clearinghouse may share information with any other person or entity advising or 

assisting the Clearinghouse in its operations, provided that such persons and entities 

are subject to a corresponding duty of confidentiality and shall only use the 

information for such purposes;

f. the Clearinghouse may share any information as the Clearinghouse deems to be 

required by applicable law, provided that the Account Holder should be notified 

thereof to the extent allowed and practicable; and 

g. the Clearinghouse shall not be required to keep confidential the fact that an Account 

Holder is a member of the Clearinghouse or its applicable membership category.

12.3 The Clearinghouse may enter into information-sharing agreements or other arrangements or 

procedures with other market operators or clearing organizations for the purpose of market 

surveillance of the Products, or contracts or instruments related to the Products, provided 

that the receiving entity is subject to materially similar confidentiality obligations and other 

restrictions as those of the Clearinghouse in respect of the disclosed information. As part of 

any such arrangements or procedures the Clearinghouse may:

a. provide market surveillance reports to other market operators or clearing 

organizations;

b. share information and documents concerning current and former Account Holders 

with other market operators or clearing organizations; 

c. share information and documents concerning ongoing and completed investigations 

with other market operators or clearing organizations; and/or 

d. require its Account Holders to provide information and documents to the 

Clearinghouse at the request of other market operators or clearing organizations with 

which the Clearinghouse has entered into such arrangements. 

12.4 The Clearinghouse may enter into any arrangement with any entity or body (including any 

Regulatory Bodies, any market operator or clearing organization) if the Clearinghouse (i) 

believes that such entity or body exercises a legal or regulatory function under any law or 

regulation, or a function comprising or associated with the enforcement of a legal or 

regulatory function, or (ii) considers such arrangement to be in furtherance of the 

Clearinghouse’s purpose or duties under applicable law. The Clearinghouse may disclose to 

any entity information concerning or associated with an Account Holder or other entities that 

the Clearinghouse believes is necessary and appropriate in exercising a legal or regulatory 

function (including, without limitation, information concerning any aspect of any clearing 

activity or business concerning the Clearinghouse), whether or not a formal arrangement 

governing the disclosure exists or a request for information was made.

12.5 The Clearinghouse shall publicly disclose any breaches by Account Holders of the criteria 

referred to in Articles 37(1) and 38(1) of EMIR (breach of admission criteria and breach of 

requirement to publicly disclose prices and fees) except where the competent authority, after 

consulting the European Securities and Markets Authority, considers that such disclosure 

would constitute a threat to financial stability or to market confidence or would seriously 

jeopardise the financial markets or cause disproportionate damage to the parties involved.

12.6 Subject to applicable and mandatory law, the Clearinghouse may use any information in 

relation to any Account Holder or Client where necessary to enable the proper performance 

of its activities.
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13 RECORD KEEPING

13.1 The Clearinghouse shall maintain, for a period of at least ten years, all the records on the 

services and activity provided so as to enable the competent authority to monitor the 

Clearinghouse’s compliance with EMIR.

13.2 The Clearinghouse shall maintain, for a period of at least ten years following the termination 

of a Clearing Transaction, all information on all Clearing Transactions it has processed. That 

process shall at least enable the identification of the original terms of a Transaction before 

clearing by the Clearinghouse.

13.3 The Clearinghouse shall make the records and information referred to in Sections 13.1 and 

13.2 and all information on the positions of the cleared Clearing Transactions, irrespective of 

the venue where the Transactions were executed, available upon request to the competent 

authority, to the European Securities and Markets Authority and to the relevant members of 

the European System of Central Banks.

14 COMPLAINTS PROCEDURE

14.1 The Clearinghouse’s complaints procedure is published by the Clearinghouse on its website.

15 RECOVERY AND RESOLUTION PROCEDURE

15.1 The Clearinghouse’s recovery and resolution procedure is published by the Clearinghouse on 

its website.

16 TRADE REPORTING

16.1 Unless otherwise agreed in writing, the Clearinghouse shall not be responsible for reporting 

details of any Transaction or Clearing Transaction and of any modification or termination of 

such Transaction or Clearing Transaction to a Trade Repository in accordance with EMIR or 

any other applicable laws on behalf of any Account Holder.

16.2 Should the Clearinghouse in any way agree to report such details on behalf of an Account 

Holder, the Account Holder shall upon request by the Clearinghouse provide such information 

the Clearinghouse may require to submit such reports.

17 MISCELLANEOUS

17.1 Transfer of Rights

Save as explicitly set out herein, the rights of an Account Holder under the Clearing Rules 

are not assignable or otherwise transferable without the prior written consent of the 

Clearinghouse.

A clearing membership may be transferred to another entity in connection with a merger or 

other business combination where such transfer of membership is approved by the 

Clearinghouse, as well as any other transfer approved by the Clearinghouse.

17.2 Third Party Rights

Save as explicitly set out herein, no entity who is not a Counterparty (or its Non Exchange 

Trading Broker) shall confer any benefit on, or give any right to enforce any provisions of the 

Clearing Rules to any person. 

17.3 Severability

If at any time any provision of the Clearing Rules becomes illegal, invalid or unenforceable 

in any respect under the law of any jurisdiction, neither the legality, validity or enforceability 

of the remaining provisions of the Clearing Rules nor the legality, validity or enforceability of 

such provision under the law of any other jurisdiction shall in any way be affected or impaired 

thereby.
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17.4 Binding Effect of Determinations

Any good faith certification or determination by the Clearinghouse of a rate or amount under 

the Clearing Rules shall, in the absence of manifest error, be conclusive evidence of the 

matters to which it relates.

Any good faith estimate made by the Clearinghouse in accordance with the Clearing Rules 

shall, in the absence of manifest error, be binding on all Counterparties affected thereby.

In any proceedings arising out of or in connection with the Clearing Rules, the entries made 

in the accounts maintained by the Clearinghouse for an Account Holder will be prima facie 

evidence of the matters to which they relate.

17.5 Non-waiver of Rights

No failure of a Counterparty to exercise, nor any delay on its part in exercising, any of its 

rights (in whole or in part) under the Clearing Rules shall operate as a waiver of the 

Counterparty's rights or remedies upon that or any subsequent occasion.

18 CHOICE OF LAW AND ARBITRATION

18.1 The Clearing Rules and all disputes arising out of them are subject to Norwegian law without 

regard to its conflict of laws provisions. The application of the United Nations Convention on 

Contracts for the International Sale of Goods (CISG) is expressly excluded.

18.2 Any dispute between the Parties concerning the understanding of the Clearing Rules or any 

dispute arising from any acts or omissions governed by them shall be decided by arbitration 

in Oslo pursuant to the Norwegian Arbitration Act.

[end of document]
Effective Date: 16 June 2014

Clearing Appendix 4

Non Exchange Clearing 

Procedures 

Commodity Derivatives

Issued by NASDAQ OMX Clearing AB
NON EXCHANGE CLEARING PROCEDURES

1 APPLICATION

1.1 These Non Exchange Clearing Procedures contain detailed provisions on the registration and 

processing of Clearing Requests in respect of Non Exchange Transactions, and form an integral 

part of the Clearing Rules. 

2 SUBMITTAL OF CLEARING REQUESTS

2.1 Account Holders (and their Non Exchange Trading Brokers) may submit Clearing Requests in 

respect of Non Exchange Transactions to the Clearinghouse until the final time for Registration 

as set out in the individual Contract Specifications of each Series. Clearing Clients may only 

submit Clearing Requests through their Client Representative. 

2.2 Clearing Requests may be submitted through the Clearing System in accordance with these 

Non Exchange Clearing Procedures, provided that the Clearing System User Terms are 

observed and complied with at all times.

2.3 As a backup arrangement to Section 2.2 the Clearinghouse may, in its own discretion and 

subject to satisfactory confirmation relating to authentication and other issues which the 

Clearinghouse finds relevant and appropriate, register a Clearing Request in the Clearing 

System on behalf of the Account Holder or Non Exchange Trading Broker following instructions 

submitted outside the Clearing System.

2.4 All Clearing Requests, including telephone conversations and other communication with the 

Clearinghouse in connection with registration of Clearing Requests, may be recorded and kept 

by the Clearinghouse in accordance with applicable law, and may be used to determine the 

factual contents of such communication for the purpose of operation the Clearinghouse or to 

comply with applicable law. 

3 USE OF NON EXCHANGE TRADING BROKERS

3.1 Non Exchange Trading Brokers may represent Account Holders except for Clearing Clients in 

Clearing of Non Exchange Transactions. 

3.2 The following provisions will apply where a Non Exchange Trading Broker is acting for an 

Account Holder in respect of Clearing of Non Exchange Transactions:

a. Non Exchange Trading Brokers act only as intermediaries, and shall not be Counterparties 

to any Clearing Transactions in which they are involved.

b. Non Exchange Trading Brokers may only submit Clearing Requests in respect of Non 

Exchange Transactions when it is party to a valid and effective Non Exchange Trading 

Broker Agreement at the relevant time.

c. For the purposes of dealing with any Clearing Requests in respect of Non Exchange 

Transactions or Clearing Transactions registered by the Non Exchange Trading Broker, the 

Account Holder shall release the Clearinghouse from any confidentiality obligations owed 

by it to the Account Holder in respect of such Clearing Requests or Clearing Transactions.

d. Non Exchange Trading Brokers are generally authorised to act on behalf of the Account 

Holder in all Clearing Requests and Clearing Transactions where the Non Exchange 

Trading Broker is or has been involved. The Account Holder remains fully responsible to 

the Clearinghouse for all Clearing Requests and Clearing Transactions registered on its 

behalf by its Non Exchange Trading Broker(s), regardless of whether the Non Exchange 

Trading Broker has acted on or in accordance with its instructions.

3.3 Once a Non Exchange Trading Broker has submitted a Clearing Request, the Non Exchange 

Trading Broker (i.e. the individual registering the Clearing Request or its Contact Person) shall 

be available by telephone on the same Bank Day for a period of thirty (30) minutes following 

Contract Time of the applicable Transaction.

4 CLEARING REQUESTS

4.1 Clearing Requests in respect of Non Exchange Transactions must be submitted to the 

Clearinghouse within the final time for Registration for a Series as set out in the relevant 

Contract Specifications. 
4.2 A Clearing Request must state the following information applicable to the Non Exchange

Transaction submitted for Clearing in order to be valid:

a. the identity of the parties involved and, if applicable, their Client Representative;

b. the Series;

c. the number of Contracts traded;

d. the Contract Price (in the applicable currency);

e. the Contract Time (date, hour and minute) within a deviation of maximum 30 seconds; 

f. the Clearing Account (and Clearing Portfolio) to which the Non Exchange Transaction shall 

be allocated; 

g. any additional information as mandated and/or allowed by (i) the Clearing Rules and/or 

(ii) the prevailing functionality of the Clearing System.

4.3 Clearing Requests may be registered by the involved parties and Non Exchange Trading 

Brokers as follows:

a. Single-sided registrations: An Account Holder may register a buy or sell side of a Non 

Exchange Transaction for Clearing, in which case the other party must register an 

opposite and matching single-sided registration with the Clearinghouse, nominating the 

original Account Holder as counterparty to the Non Exchange Transaction. Only matching 

and opposite single-sided registrations from the parties involved will be deemed to 

represent a Clearing Request. Single-sided registrations that have not been matched by 

an opposite single-sided registration by the end of Clearinghouse Opening Hours on the 

applicable Bank Day will be cancelled. 

b. Joint (two-sided) registration: A Non Exchange Trading Broker may register both sides of 

a Non Exchange Transaction for Clearing. A two-sided registration immediately represents 

a Clearing Request.

5 REGISTRATION

5.1 The Clearinghouse decides in its sole discretion whether or not to approve a Clearing Request 

in respect of a Non Exchange Transaction on a continuous and revolving basis. The 

Clearinghouse shall not become counterparty to any such Non Exchange Transaction or 

Clearing Request, and will only be Counterparty to the corresponding Clearing Transaction(s) 

when it has been Registered.

5.2 A Clearing Request received by the Clearinghouse outside of Clearinghouse Opening Hours will 

not be processed or Registered by the Clearinghouse until the following Bank Day. If a 

Clearing Request is received after Clearinghouse Opening Hours, the Clearing Request shall be 

deemed registered at start of Clearinghouse Opening Hours on the following Bank Day.

5.3 Once a Clearing Request has been received by the Clearinghouse, both parties to the Non 

Exchange Transaction must affirm the existence of such Non Exchange Transaction and its 

terms in the Clearing System, or via such other process as the Clearinghouse may approve 

from time to time. Such affirmation must occur prior to the close of the Clearinghouse Opening 

Hours on the Bank Day following the receipt of the Clearing Request.

5.4 As soon as a Clearing Request has been affirmed by both parties involved in accordance with 

Section 5.3, the Clearinghouse shall carry out Prenovation Checks.

5.5 If all relevant Prenovation Checks are passed, the Clearinghouse shall approve the Clearing 

Request and Register the corresponding Clearing Transaction.

5.6 If any relevant Prenovation Check is not passed, the Clearinghouse shall either a) decide (at 

its discretion) to approve the Clearing Request and Register the corresponding Clearing 

Transaction; or b) immediately notify the relevant Account Holder(s), and shall inform them of 

the amount of extra collateral (if any) that needs to be posted by such Account Holder(s) to 

pass the Prenovation Check. 

5.7 Once the Clearinghouse has notified an Account Holder that the Prenovation Check has not 

been passed in accordance with Section 5.6 above, the Account Holder may post extra 

collateral.

5.8 At any point after the Clearinghouse has notified an Account Holder that the Prenovation 

Check has not been passed in accordance with Section 5.6 above, such Account Holder may 
request that the Clearinghouse carry out a new Prenovation Check. The Clearinghouse has no 

obligation to re-run a Prenovation Check unless such re-run is requested by the relevant 

Account Holder.

5.9 Subject to clause 5.10 below, if, after the Clearinghouse has notified an Account Holder that 

the Prenovation Check has not been passed in accordance with Section 5.6 above, the 

Clearinghouse re-runs the Prenovation Checks and they are passed, the Clearinghouse shall 

approve the Clearing Request and Register the corresponding Clearing Transaction.

5.10 If, at the end of Clearinghouse Opening Hours on the Bank Day after the Clearing Request was 

received by the Clearinghouse, any relevant Prenovation Checks have not been passed, the 

Clearinghouse shall reject the Clearing Request.

5.11 The Clearinghouse reserves the right to reject, cancel or refuse to approve any Clearing 

Request which in the Clearinghouse’s determination would contravene sound Clearing 

operations, the Clearing Rules, applicable law, or where there is another reasonable foundation 

for rejection. 

5.12 The General Terms contain provisions regarding errors in Clearing Confirmations.

6 SUSPENSION OF NON EXCHANGE CLEARING

6.1 The Clearinghouse may at any time suspend registration and/or processing of Clearing 

Requests in respect of Non Exchange Transactions if the Clearinghouse in its own discretion 

deems this necessary due to market conditions or other reasons, including situations where 

the Clearing System is unavailable.

6.2 Resumption of Non Exchange Clearing shall take place when the Clearinghouse is reasonably 

satisfied that the cause of the suspension is no longer persisting. Clearing Requests will remain 

registered during suspension only to the extent this is technically possible applying 

commercially reasonable efforts.

6.3 The Clearinghouse shall inform Account Holders and Non Exchange Trading Brokers about any 

suspension and resumption of the Non Exchange Clearing as soon as practicable.

[end of document]
Clearing Appendix 5

Clearing System 

User Terms

Commodity Derivatives

Issued by NASDAQ OMX Stockholm AB

Effective Date: 5 March 2012
Clearing Appendix 5 – Clearing System Terms of Use

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 2(8)

CLEARING SYSTEM USER TERMS

1. INTRODUCTION

1.1 These Terms of Use apply to all use of the Clearing System, regardless of which Client 

Application is used to connect with the Clearing System, and supplement other parts of the 

Clearing Rules.

2. DEFINITIONS

2.1 Capitalized words in the Terms of Use shall have the same meaning as defined in the 

Definitions. Additionally, the following words shall have the meanings set out below:

API means an application programming interface that enables 

interaction between two software systems without the 

involvement of a user through a set of standardized and 

callable functions. 

Clearing ID means a clearing identity assigned by the Clearinghouse to 

a Licensee to identify the Licensee in the Clearing System.

Clearing System means the Clearinghouse’s system for electronic Clearing

including any computers, servers, storage media, software, 

APIs, communication lines or other infrastructure elements 

provided by the Clearinghouse in connection with Clearing, 

and excluding (i) any Client Applications and (ii) any 

hardware, software, telecommunication lines (including 

public telecommunication lines), network components and 

Client Applications held or operated by or on behalf of any 

party other than the Clearinghouse.

Client Application means a software-based application and/or service other 

than the Clearing System itself (whether operated by 

human intervention, and whether installed as a local 

application, on the servers of Licensee, the Clearinghouse

or a third party, or available through web etc) used by a 

Licensee to access and interface with the Clearing System

for the purposes of Clearing and related activities.

Licensee means an Account Holder, Broker or other entity being 

granted a right to access the Clearing System through 

written agreement with the Clearinghouse. 

Standard Applications means any of the Client Applications offered by and 

through the Clearinghouse to Licensees as a Standard 

Application at any time.

Terms of Use means these ETS User Terms

Third-Party Application means any Client Application that is not offered by and 

through the Clearinghouse as a Standard Application at any 

time.

User means a natural person accessing the Clearing System

through a User ID.

User ID means a log-on identity to the Clearing System provided by 

the Clearinghouse to a Licensee, including any personal 

security cards, PIN codes, passwords, tokens or other 

access credentials or devices pertaining to such log-on 

identity.
Clearing Appendix 5 – Clearing System Terms of Use

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 3(8)

3. ACCESS TO AND USE OF THE CLEARING SYSTEM

3.1 Licensees are granted a non-exclusive and non-transferable right to access and use the 

Clearing System and any Standard Applications through its User ID(s) for the purpose of 

Clearing and related activities, provided that these Terms of Use are observed and complied 

with at all times. 

3.2 All access to and use of the Clearing System and the Standard Applications shall be 

consistent with the instruction manuals or other similar written announcements provided by

the Clearinghouse as applicable from time to time. Licensees shall ensure that all their Users

are properly acquainted with the applicable Client Application(s), the Clearing System, the

Terms of Use and the Clearing Rules prior to accessing the Clearing System.

3.3 Except as otherwise provided for herein or by separate written agreement between the 

Clearinghouse and Licensee, each Licensee is solely responsible for the functionality, 

availability and use of all facilities necessary to use and access the Clearing System, and 

must at its own cost and risk set up and provide, maintain, replace and/or update such 

facilities as necessary and/or appropriate to comply with these Terms of Use. This includes 

any Client Application, telecommunication lines, hardware equipment, operating platforms 

and other software.

3.4 Licensee shall not, and shall not attempt, except as pursuant to the Clearing Rules or as may 

be permitted by written agreement with the Clearinghouse or mandatory provisions of 

applicable law, to:

a. use the Clearing System or the Standard Applications, or cause the same to be 

used, for any other purpose than in its ordinary course of business and directly 

related to Clearing;

b. delete, change, remove or in any way obscure any copyright or proprietary notices 

of the Clearinghouse or any third party on any copy of information originating from 

the Clearing System or the Standard Applications (or any part thereof);

c. sub-license, supply, sell, assign, transfer, rent, lease, charge or otherwise deal in or 

encumber the Clearing System or the Standard Applications or any software 

program comprised in the Clearing System or the Standard Applications and/or 

installed on any equipment operated by or on behalf of the Clearinghouse in 

connection with the operation of the Clearing System or the Standard Applications 

or any accompanying documentation for itself or on behalf of a third party or make 

the same available to any third party;

d. use, duplicate or display information on any Transaction (or any part thereof) from 

the Clearing System or permit any third party to view such information or present 

to it for viewing in any manner not expressly permitted by the Clearing Rules;

e. supply, sell, assign, transfer, rent, lease, or otherwise dispose of equipment on 

which any part of the Clearing System or the Standard Applications (or a copy of it 

or parts of it), is stored, kept or to be found without first ensuring that all such data 

have been previously deleted;

f. copy or imitate the data base structure, design elements or any other elements of 

Clearing System or the Standard Applications or any software program comprised 

in the Clearing System or the Standard Applications and/or installed on any 

equipment operated by or on behalf of the Clearinghouse in connection with the 

operation of the Clearing System or the Standard Applications;

g. copy, imitate, enhance, modify, adapt, alter, decompile, reverse assemble or 

reverse engineer the Clearing System or the Standard Applications or any software 

program comprised in the Clearing System or the Standard Applications and/or 

installed on any equipment operated by or on behalf of the Clearinghouse in 

connection with the operation of the Clearing System, the Standard Applications or 

the User IDs; or

h. copy, imitate, publish or otherwise redistribute the User IDs and/or user manuals 

without the prior written consent from the Clearinghouse.
Clearing Appendix 5 – Clearing System Terms of Use

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 4(8)

4. FEES

4.1 The Licensee shall pay fees for its use or connection to the Clearing System an any Standard 

Application as set out in the Fee List.

5. CLIENT APPLICATIONS

5.1 The Clearinghouse shall have no responsibility for the actual installation, operation or 

maintenance of any Client Application, including Standard Applications. 

5.2 The Clearinghouse shall have no responsibility for the compatibility, functionality, availability, 

reliability or fitness for purpose of any Third-Party Application at any time. The Clearinghouse

may exclude or impose special terms and conditions relating to the use of a specific ThirdParty Application if it has reasonable grounds for doing so. All responsibility and liability for 

Third-Party Applications are expressly excluded by the Clearinghouse.

5.3 The Licensee shall upon request from the Clearinghouse inform of what Client Application(s) 

it uses to connect to the Clearing System. The Clearinghouse may request information about

any Third-Party Applications used, including all ancillary services etc, in order for the 

Clearinghouse to assess the Third-Party Application to its satisfaction. Failure by a Licensee 

to disclose all such information upon request and without undue delay will be deemed a 

breach of the Terms of Use. Until such information is disclosed and the relevant Third-Party 

Application is approved by the Clearinghouse, the Licensee may be excluded from connecting 

to the Clearing System through such Third-Party Application. 

6. CLEARING IDS AND USER IDS

6.1 Access to and use of the Clearing System requires one or more Clearing IDs and User IDs. 

6.2 Account Holders and Brokers may have one or more Clearing IDs for accessing the Clearing 

System. Each Clearing ID may be associated with one or more User IDs. Clearing IDs are 

established by request to the Clearinghouse.

6.3 User IDs are issued by the Clearinghouse pursuant to the procedures and arrangements in 

effect with the Clearinghouse from time to time. Each User ID shall be associated to one 

Clearing ID and to one natural person nominated by the Licensee. 

6.4 The access privileges of each User ID shall be specified by the Licensee within the 

parameters allowed by the Clearinghouse using such form or application as may be made 

available by the Clearinghouse from time to time. The privileges of individual User IDs may 

be unilaterally amended by the Clearinghouse, provided that the Clearinghouse shall notify 

affected Licensees in writing prior to such amendment becoming effective.

6.5 Licensee shall ensure that each User ID is used only in accordance with these Terms of Use, 

and not for any other purpose, and that each User ID is treated confidentially and that 

adequate security measures are in place to effectively prevent unauthorized access or use of 

each User ID. Licensees are strictly liable for all use of the Clearing System through any User 

IDs issued to it, including any Transactions registered for Clearing through each of its User 

IDs.

6.6 A User ID will be disabled only when the Clearinghouse has confirmed in writing its reception 

of notification from the Licensee that the relevant User ID shall be disabled, or when the 

Clearinghouse otherwise deems that it has just grounds for disabling the User ID. If a 

Licensee or User at any time becomes suspicious or aware of unauthorized use of a User ID, 

it shall immediately notify the Clearinghouse in writing thereof.

6.7 If the Clearinghouse at any time becomes suspicions or aware of unauthorized use or 

attempted use of a User ID, the Clearinghouse will as soon as reasonably practicable notify 

the Licensee. The Clearinghouse shall not be obliged to block such User ID other than 

following instructions from the Licensee.
Clearing Appendix 5 – Clearing System Terms of Use

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 5(8)

7. USER QUALIFICATIONS

7.1 Each Licensee shall ensure that each of its Users is qualified as such under the Clearing

Rules, and that each of its Users is properly acquainted with the general operations of the

Clearinghouse and the Clearing System in relation to Clearing. 

7.2 Each Licensee shall ensure that each of its Users is properly acquainted with, and complies 

with, the Clearing Rules at all times. Each Licensee shall make the necessary arrangements 

to ensure that the Clearinghouse has the possibility to enforce the Clearing Rules towards all 

of its Users at all times to the extent mandated by the Clearing Rules. 

7.3 Licensee shall keep records of the individual Users accessing the Clearing System through 

each User ID, and shall keep the Clearinghouse currently and continuously updated on the 

aggregate number of Users accessing the Clearing System through each of the Licensee’s 

User IDs. 

7.4 In order to verify the correctness of the number of Users reported by the Licensee, the 

Clearinghouse shall, upon prior appointment between the parties and during normal business 

hours of the Licensee, have the right to examine and audit the Licensee’s record of Users. 

The Licensee may request that such audit takes place without disclosing the identity of the 

individual Users (e.g. by using external auditors) provided that such anonymous review is 

possible and that the Licensee pays all costs associated therewith. The Licensee shall provide 

all assistance requested by the exchange in connection with such audits, including any 

necessary information regarding the technical systems and other circumstances related to 

the audit. In case the audit reveals that the Licensee has reported an incorrect number of 

Users the Clearinghouse may, in addition to any other remedies available to it, require the 

Licensee to reimburse all costs connected to the audit and for any unreported Users charge 

two (2) times the fee that would normally apply.

7.5 The Licensee shall upon the request of the Clearinghouse inform the Clearinghouse of the 

identity of the individual Users accessing the Clearing System through the Licensee’s User 

IDs, if the Clearinghouse in its own discretion considers this information relevant for the 

investigation of any suspected breach of the Marked Conduct Rules or to comply with 

applicable law.

8. FUNCTIONALITY 

8.1 The functionality of the Clearing System and the Standard Applications is limited to such 

functionality and other operational parameters as the Clearinghouse decides to make 

available to the applicable Users and/or Standard Applications at any given time, provided 

that the Clearinghouse shall ensure that such functionality that is required, expressly or by 

implications by the provisions of the Clearing Rules, will be provided in the Clearing System. 

The Clearinghouse decides how all such functionality is implemented.

8.2 The Clearing System or the Standard Applications may from time to time be developed and 

updated with additional functionalities, or may be replaced by other software products with 

similar functionality, and the Licensee shall upon reasonable notice implement and make 

itself and its Users acquainted with any such changes, updates or replacements as to at all 

time operate the Clearing System properly. The Clearinghouse will inform affected Licensees 

of such changes, updates and replacements, including information on the need for changes 

to equipment or software commonly used to connect with the Clearing System when

necessary.

9. CONNECTION

9.1 The Clearing System may only be accessed through such communication methods as are 

supported by the Clearinghouse from time to time. 

9.2 The Clearinghouse may assist in providing or setting up external connection facilities to the 

Clearing System, including telecommunication facilities, subject to separate fees as set out in 

the Fee List or as otherwise agreed with the Clearinghouse. 
Clearing Appendix 5 – Clearing System Terms of Use

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 6(8)

9.3 The Clearinghouse shall have no responsibility whatsoever for the functionality or availability 

of communication facilities or systems beyond those which are part of the Clearing System. 

Any errors or problems related to external communication facilities shall be the sole 

responsibility of the Licensee or its telecommunication service supplier.

10. SECURITY 

10.1 Licensee shall ensure that any parts of its software and equipment used to connect to the 

Clearing System, including any Client Application, complies with the minimum requirements 

as notified by the Clearinghouse from time to time with reasonable notice to the Licensee. 

The Clearinghouse may exclude access to the Clearing System in the event the Licensee, 

following a written warning from the Clearinghouse, fails to maintain and/or update their 

Client Application in accordance with the Clearinghouse’s instructions (including related 

software and hardware installations). 

10.2 If the Clearinghouse at any time has reason to believe that a Licensee’s or User’s access to 

the Clearing System is causing a security threat to the Clearing System or may be affecting

other Licensees or Users in an adverse and unusual manner, the Clearinghouse may 

immediately disconnect the applicable Licensee and/or User(s) from the Clearing System. 

The Clearinghouse shall immediately inform the Licensee thereof, reasonably detailing its 

reasons for denying access.

10.3 Without prejudice to any other obligations pursuant to the Clearing Rules, the Licensee, the 

Users and the Clearinghouse shall use reasonable endeavours to ensure that their software 

and hardware is free from any computer viruses and that no computer viruses or similar are 

introduced on to the other party’s software or hardware through the Clearing System or 

otherwise.

11. SUPPORT AND SERVICE LEVELS

11.1 The Clearinghouse will take all reasonable and practicable steps to maintain the continuity of 

access to, and technical capacity, for Licensee and its representatives to access the Clearing 

System during Clearing Hours, and to provide Licensees with reasonable notice of system 

outages and other matters affecting use or access to the Clearing System, but will not be 

liable for

a. any suspension, interruption, temporary unavailability or fault occurring in the provision

of the Clearing System;

b. any loss or damage whatsoever and howsoever caused arising in connection with the 

use of information or services acquired or accessed by Licensee through use of the 

Clearing System howsoever; or

c. any loss or damage incurred as a result of systems, equipment or services delivered by 

third party suppliers or other circumstances for which the Clearinghouse is not

responsible. 

11.2 The Clearinghouse offers telephone support related to the Clearing System and Standard 

Applications’ functionality to Licensees during Clearing Hours on any Clearing Day, free of 

charge. Support is provided on an “as available” and “reasonable effort” basis, and does not 

include on-site support.

11.3 Where the Licensee requests the assistance and/or advice of the Clearinghouse in 

overcoming any connection problems or any other failure of software or equipment not 

provided by the Clearinghouse/for which the Clearinghouse is not responsible:

a. any such support shall be undertaken only if and when the Clearinghouse has the 

ability, capacity and availability for rendering such support;

b. the Clearinghouse shall not be responsible for actually resolving the problem, nor will 

any guarantee be given that the solution represents a final and/or full remedy of the 

problem;
Clearing Appendix 5 – Clearing System Terms of Use

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 7(8)

c. the Clearinghouse shall not be liable for any damage to software, equipment or loss of 

data for whatever reason; and

d. the Licensee shall reimburse all reasonable costs and expenses incurred by the 

Clearinghouse (including any internal costs) in supporting the Licensee in overcoming or 

attempting to overcome such problems.

11.4 The Licensee shall offer and maintain first line support to Users in order to address any 

questions or problems relating to any User’s use of, or inability to use, the Clearing System

and/or Standard Application(s). The Clearinghouse will only offer support to Users to the 

extent such support is offered under this Section 11. The Licensee undertakes to cooperate 

with the Clearinghouse in resolving problems related to its Users. 

12. INTELLECTUAL PROPERTY RIGHTS

12.1 The Clearing System and the Standard Applications are the sole property of the 

Clearinghouse and/or its licensors. Except for the right to use and access the Clearing 

System and the Standard Applications in accordance with the Clearing Rules and these 

Terms of Use, neither the Licensee nor any User acquires any intellectual property rights, 

property rights or other rights to the Clearing System or the Standard Applications, and 

nothing herein shall be deemed or construed as a transfer of or license to any such rights.

12.2 The Licensee is granted access to the object code only and shall not have access to the 

source code of the Clearing System or the Standard Applications. 

12.3 All User IDs and other measures or devices which are distributed to the Licensee in relation 

to the Licensee’s use of the Clearing System are and shall remain the property of the 

Clearinghouse or its licensors. 

12.4 The Clearinghouse represents and warrants that the Licensee’s use of the Clearing System or 

the Standard Applications will not infringe any statutory or common law copyright, 

trademark or patent or otherwise infringe any personal or proprietary right of any person or 

entity. This Section 11.4 does not apply where:

a. the Licensee uses a version of the Clearing System or the Standard Applications other 

than the most recent version issued by the Clearinghouse from time to time;

b. a claim arises out of the combination of the Clearing System with any Third-Party 

Application, where the Clearing System would not alone have given rise to such 

infringement; or

c. a claim arises out of the combination of the Clearing System or a Standard Application

or any part thereof with hardware and software not meeting the specifications or 

requirements notified in writing by the Clearinghouse, where the Clearing System or the 

Standard Application would not alone have given rise to such infringement.

13. LIABILITY

13.1 The Clearinghouse shall defend, indemnify and hold the Licensee harmless from and against 

any claim, demand, liability or expenses arising directly out of any claim by a third party 

against the Licensee arising out of the Clearinghouse’s breach of Section 11.4, provided that 

the Licensee shall

a. promptly provide the Clearinghouse with written notice of any claim of which the 

Licensee is notified and believes falls within the scope of this Section11.5; 

b. not make any admittance or otherwise respond to the claim to the third party involved, 

except as and to the extent required by applicable law; 

c. promptly provide the Clearinghouse with all such information as in the Clearinghouse’s 

opinion is necessary for the Clearinghouse’s defence, which in the possession of the 

Licensee and which the Clearinghouse cannot reasonably acquire from a third party; 

d. allow the Clearinghouse to comply with Section 11.6 and do all such acts and execute 

any such documents as is required in connection therewith; and
Clearing Appendix 5 – Clearing System Terms of Use

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 8(8)

e. if the Clearinghouse so requests, and subject to reasonable compensation from the 

Clearinghouse, assist in such defence.

13.2 The Clearinghouse shall control any defence and all negotiations related to the settlement of 

any claim from a third party under Section11.5, provided that such settlement 

a. does not without Licensee’s prior written approval (i) involve the admission of any 

wrongdoing by Licensee, (ii) unreasonably restrict Licensee’s future actions, or (iii) 

requires Licensee to take any action (including the payment of money); and 

b. includes a full release of the Licensee. 

13.3 The Licensee shall defend, indemnify and hold the Clearinghouse harmless from and against 

any claim, demand, liability or expenses arising directly out of any claim from Users against 

the Clearinghouse that are caused by the Users’ use of (or inability to use) the Clearing 

System and/or Standard Application(s) regardless of cause.

14. EXCLUSIVE REMEDIES

14.1 The Licensee accepts that these Terms of Use set out the exclusive rights and remedies 

available to the Licensee for any use of and access to (or inability to use or access) the 

Clearing System and the Standard Applications.

14.2 The Licensee accepts that the Clearinghouse’s licensors or suppliers shall not under any 

circumstances be liable towards the Licensee for any damage whatsoever incurred as a result 

of use of or access to (or inability to use or access) the Clearing System or the Standard 

Applications.

15. BREACH OF TERMS OF USE

15.1 Any failure to comply with these Terms of Use shall be considered a breach of the Terms of 

Use. 

15.2 The Clearinghouse may request a written explanation from the Licensee in the event the 

Clearinghouse suspects a breach of any of the provisions of the Terms of Use. Failure to 

provide such written explanation within the deadline set by the Clearinghouse in each case 

shall be considered a material breach of the Terms of Use. 

16. TERMINATION

16.1 Without prejudice to other provisions of these Terms of Use, the Clearinghouse may 

terminate or suspend the Licensee’s or a specific User’s right to access and use the Clearing 

System upon thirty (30) days written notice in the event of a breach of the Terms of Use, 

provided that such breach is not rectified within the expiry of the thirty (30) days notice 

period. For the avoidance of doubt, this clause is without prejudice to the Clearinghouse’s 

right to suspend or terminate any Licensee or User in accordance with any other provisions 

of these Terms of Use or the Clearing Rules.

16.2 The Clearinghouse may terminate or suspend the Licensee’s or a specific User’s right to 

access and use the Clearing System with immediate effect in the event of material breach of 

these Terms of Use.

16.3 Following termination of the Licensees right to access the Clearing System all rights and 

obligations set out herein shall immediately cease, except for the rights and obligations 

pursuant to Sections 11 and 12 of these Terms of Use. 

16.4 Upon termination the Licensee and/or each affected User shall immediately return to the 

Clearinghouse all software and other material received in connection with use of the Clearing 

System, or if the Clearinghouse so agrees destroy or delete all such software and other 

material including any copies thereof.

[end of document]
Effective Date: 10 June 2013

Clearing Appendix 8

Membership 

Requirements

Commodity Derivatives

Issued by NASDAQ OMX Stockholm AB
Clearing Appendix 8 – Membership Requirements

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 2 (3)

MEMBERSHIP REQUIREMENTS

1 APPLICATION PROCESS

1.1 Applicants shall send a written application for membership to the Clearinghouse in such 

format as prescribed by the Clearinghouse from time to time. All information shall be 

provided in English unless the Clearinghouse approves the use of another language.

1.2 Applicants shall ensure that all applicable information that is furnished by or on behalf of it

in connection with the application process is true, accurate and complete in every material 

respect as of the date it is furnished to the Clearinghouse. Applicants shall additionally 

endeavour to inform the Clearinghouse about all other circumstances relevant to the 

Clearinghouse’s assessment of the information furnished, unless such information is of 

general nature and it can be reasonably assumed that the Clearinghouse is already aware 

of the relevant issues.

1.3 Except as otherwise agreed in writing or as set out in the Clearing Rules, the applicant and 

the Clearinghouse shall cover their own incurred costs relating to the application process, 

including costs for external services as procured by either party. Refused membership shall 

not entitle the applicant to make any claim for indemnification or compensation for any 

reason whatsoever, nor shall any cost or loss arising from any delay or error in the 

application procedures result in any liability for the Clearinghouse.

1.4 Applicants shall provide the Clearinghouse with copies of audited versions of any annual 

reports issued by the applicant for the previous two (2) years, any interim reports for the 

current year, as well as any consolidated accounts when so requested. If, for special 

reasons, the Account Holder is unable to provide the above information, the Clearinghouse 

may in its own discretion approve that the Account Holder instead discloses a selection of 

audited key figures, as required by the Clearinghouse from time to time. Such key figures 

must be accompanied by a parent company guarantee and financial information regarding 

such parent company, as required by the Clearinghouse from time to time. The 

Clearinghouse may require further information on the applicant’s legal status, financial 

soundness, organisation, level of competence and other matters as the Clearinghouse 

deems relevant and appropriate to consider its fitness for membership, including further 

evidence for the Clearinghouse to verify the authenticity or correctness of any information 

submitted. All such information requested from the applicant shall be provided free of 

charge to the Clearinghouse.

1.5 Applicants shall, if so requested by the Clearinghouse and without cost to the 

Clearinghouse, provide a legal opinion satisfactory to the Clearinghouse on such issues as 

the Clearinghouse considers appropriate to consider its fitness for membership, including 

that the applicant is legally entitled to undertake the relevant Clearing Transactions under 

Applicable law, signatory powers and signing procedures relating to the applicant, and 

generally that the Clearing Agreements and all other legal arrangements with the 

Clearinghouse will be valid and legally binding on the applicant if accepted as a member.

1.6 The Clearinghouse may in its sole discretion decide to waive any of the requirements of 

these Clearing Membership Application Procedures towards individual applicants. The 

Clearinghouse may furthermore set additional terms and conditions for membership for 

individual applicants where the Clearinghouse deems that it has just cause for doing so, 

including any terms and conditions that may follow from legislation in the jurisdictions 

where the applicant is domiciled and/or operates or from extraordinary properties of the 

individual applicant.

1.7 The Clearinghouse will inform applicants about the outcome of the application process in 

writing. If approved, the applicant and the Clearinghouse shall then sign and execute the 

relevant Clearing Agreements (together with applicable third parties if mandated by the 

individual arrangements).
Clearing Appendix 8 – Membership Requirements

COPYRIGHT © NASDAQ OMX STOCKHOLM AB 3 (3)

1.8 Following the due execution of the applicable Clearing Agreements, the Clearinghouse will 

establish Clearing Accounts and the applicant will get access to Clearing subject to its 

compliance with the applicable terms and conditions of the Clearing Rules.

1.9 The Clearinghouse will inform the Exchange on the identity of an approved applicant, for 

the purpose of the Exchange’s surveillance of the market in accordance with the Market 

Conduct Rules. The Clearinghouse may make available a copy of the relevant Clearing 

Agreement to the Exchange for this purpose.

[end of document]
Clearing Appendix 9 – Default Fund Rules 

Effective Date: 7 April 2014

Clearing Appendix 9

Default Fund Rules

Issued by NASDAQ OMX Clearing AB
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (15)

DEFAULT FUND RULES

1 APPLICATION

1.1 These Default Fund Rules set forth the terms and conditions governing the relation 

between the Clearinghouse and Default Fund Participants, and between Default Fund 

Participants, in connection with the Default Fund.

1.2 The Default Fund Rules are supplemented by the Default Fund Custody Account 

Agreement, which each Default Fund Participant must enter into separately. If any 

provision of these Default Fund Rules is inconsistent with a provision of the Default Fund 

Custody Account Agreement, the latter shall prevail. 

2 INTERPRETATION

2.1 References to the Clearinghouse shall, where the context so requires, include its 

nominees, agents or sub custodians appointed by the Clearinghouse on its behalf in 

accordance with the Default Fund Rules or the Default Fund Custody Account Agreement.

2.2 Capitalized terms herein shall have the meanings assigned to them below and in the 

Clearing Rules.

Business Day means a day (other than a Saturday or Sunday) on which 

commercial banks in Sweden are generally open for business.

Close-Out Balance means the amount that the aggregate cost of closing out 

(including set-off) a Relevant Participant’s Contracts deviates 

(positive or negative) from the Margin Requirement applicable to 

the Relevant Participant.

Commodity Default 

Fund

means the part of the Default Fund relating to Commodity 

Instruments to be applied upon a Relevant Participant’s default in 

accordance with Sections 7.1 or 7.3, as applicable, to cover 

Default Losses allocated to Commodity Instruments.

Commodity 

Instruments

means Instruments, whether physically or cash settled, whose 

value is derived from the value of one or more commodities 

(including freight rates, emission allowances and green 

certificates) or commodity-based indices, and that are not 

exchange-traded funds, however not including Seafood 

Instruments.

Commodity Market 

Proportion

means the aggregate Fund Requirements for the Commodity 

Default Fund divided by the sum of the aggregate Fund 

Requirements for the Commodity Default Fund, the Financial 

Default Fund and the Seafood Default Fund.

Contributed Assets means all funds and assets contributed by a Default Fund 

Participant to the Default Fund, whether in the form of cash

amounts or securities or otherwise and whether or not Eligible 

Funds.

Contribution Day means each of 1 March, 1 June, 1 September and 1 December in 

any year or, if any such day is not a Business Day, the next 

succeeding Business Day.

Custody Account has the meaning ascribed to it in the Default Fund Custody 

Account Agreement (as applicable in relation to each Default 

Fund Participant).

Default Fund means the sum of the Contributed Assets to the Commodity 

Default Fund, the Financial Default Fund, the Seafood Default 

Fund and the Mutual Default Fund at any time, excluding any 

funds and assets that have been released by the Clearinghouse 
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 3 (15)

pursuant to the Default Fund Rules (whether through a lower 

Fund Requirement or through Default Fund Exit, and whether or 

not actually returned to the relevant Default Fund Participant at 

the relevant time). 

Default Fund Custody 

Account Agreement

means, in respect of a Default Fund Participant, an agreement

between the Clearinghouse and such Default Fund Participant 

stipulating terms for a Custody Account to be opened by such 

Default Fund Participant with the Clearinghouse.

Default Fund Exempt 

Participant

The Clearinghouse may on a case-by-case basis and from time to 

time decide that a person that is otherwise a Default Fund 

Participant shall be classified as a Default Fund Exempt 

Participant, provided that such person (i) provides the 

Clearinghouse with a drawing facility which provides the 

Clearinghouse direct drawing rights on a central bank and (ii) 

such central bank is owned by a government which has a AAA or 

AA+/Aa1 credit rating with all leading international credit rating 

agencies. A Default Fund Exempt Participant is not subject to 

Fund Requirements.

Default Fund Exit means a situation where a Default Fund Participant gives written 

notice to the Clearinghouse, and the Clearinghouse confirms in 

writing, that the Default Fund Participant (i) has effectively 

terminated its clearing membership agreement with the 

Clearinghouse and (ii) has no remaining obligations towards the 

Clearinghouse related to such membership other than obligations 

pursuant to the Default Fund Rules and, if applicable, pending 

future settlements which are not yet due at the time, but which 

are fixed and secured through adequate collateral arrangements 

in favour of the Clearinghouse.

Default Fund 

Participant

means any and all “Clearing Members” and “Direct Pledging 

Customers” under the Non-Commodity Clearing Rules and any 

and all “Account Holders” under the Clearing Rules, except those 

who are Default Fund Sponsored Participants or Default Fund 

Exempt Participants. A Default Fund Participant is subject to a 

direct Fund Requirement. 

Default Fund 

Requirements

means a document describing the model for calculation of Fund 

Requirements, included as a schedule to these Default Fund 

Rules. 

Default Fund 

Sponsored Participant

means any and all “Indirect Pledging Customers” under the NonCommodity Clearing Rules. In addition any “Direct Pledging 

Customer” under the Non-Commodity Clearing Rules and any 

“Clearing Client” under the Clearing Rules that another Default 

Fund Participant has agreed to represent as its Default Fund 

Sponsored Participant, as approved in each case by the 

Clearinghouse in accordance with Section 12.1. A Default Fund 

Sponsored Participant is not subject to Fund Requirements but its 

associated Default Fund Participant (in respect of an “Indirect 

Pledging Customer”, its Clearing Account Administrator) shall 

contribute to the Default Fund for exposures in respect of the 

Default Fund Sponsored Participants.

Default Loss means the deficit that remains after any coverage available to 

the Clearinghouse has been applied in relation to the Relevant 

Participant’s obligations, disregarding any contributions to the 

Default Fund by the Relevant Participant.

Eligible Funds means assets in the form of cash in the eligible currencies and/or

the eligible securities, as specified in the Eligible Funds List from 

time to time, which a Default Fund Participant may use to fulfil its 
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 4 (15)

Fund Requirement. 

Eligible Funds List means a list of Eligible Funds approved by the Clearinghouse, 

including provisions on how Eligible Funds are to be valued, as 

may be amended from time to time in accordance with Section

4.4. 

Excess Loss means any remaining Default Loss allocated to Commodity 

Instruments, Financial Instruments or Seafood Instruments, as 

applicable, exceeding the funds under Sections 7.1 – 7.5.

Financial Default Fund means the part of the Default Fund relating to Financial 

Instruments to be applied upon a Relevant Participant’s default in 

accordance with Sections 7.1 or 7.3, as applicable, to cover 

Default Losses allocated to Financial Instruments.

Financial Instruments means Instruments other than Commodity Instruments and 

Seafood Instruments.

Financial Market 

Proportion

means the aggregate Fund Requirements for the Financial 

Default Fund divided by the sum of the aggregate Fund 

Requirements for the Commodity Default Fund, the Financial 

Default Fund and the Seafood Default Fund.

Fund Requirement means the requirement for the contribution to the Default Fund 

calculated by the Clearinghouse and notified to the Default Fund 

Participants in accordance with Sections 5.1 – 5.2. A Fund 

Requirement shall be deemed valid and effective from the time of 

its issue in accordance with these Default Fund Rules and until 

replaced by a new Fund Requirement, or until the relevant 

Contributed Assets are released by the Clearinghouse on Default 

Fund Exit. 

Interim Period means a period comprising ninety (90) calendar days following a 

Relevant Participant’s default which causes a Default Loss. For 

the avoidance of doubt, there may at any time be several Interim 

Periods running either sequentially or in parallel and references 

to an Interim Period shall in each case be to the Interim Period to 

which the applicable Default Loss relates.

Junior Capital means an amount funded by the Clearinghouse’s own assets in 

accordance with Section 3.6.

Market Default Fund means the Commodity Default Fund, the Financial Default Fund 

or the Seafood Default Fund, as applicable.

Market Proportion means the Commodity Market Proportion, the Financial Market 

Proportion or the Seafood Market Proportion, as applicable.

Minimum Fund 

Requirement 

means the minimum Fund Requirement applicable to each 

Default Fund Participant, as further set out in Section 5.3.

Mutual Default Fund means the part of the Default Fund to be applied upon a Relevant 

Participant’s default, to cover Default Losses allocated to 

Commodity Instruments and/or Financial Instruments and/or 

Seafood Instruments in accordance with Sections 7.1 or 7.5, as 

applicable.

Non-Commodity 

Clearing Rules

means the terms and conditions for clearing of Instruments 

issued by NASDAQ OMX Clearing AB, other than these Clearing 

Rules, as may be amended from time to time. A specification of 

the applicable Non-Commodity Clearing Rules is available from 

the Clearinghouse.

Realised Collateral means the actual deficit or surplus value of the collateral 

provided by a Relevant Participant following recourse and 
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 5 (15)

Balance realisation of the collateral by the Clearinghouse in relation to the 

Margin Requirement applicable to the Relevant Participant.

Relevant Participant means any defaulting Default Fund Participant, Default Fund 

Sponsored Participant or Default Fund Exempt Participant.

Seafood Default Fund means the part of the Default Fund relating to Seafood 

Instruments to be applied upon a Relevant Participant’s default in 

accordance with Sections 7.1 or 7.3, as applicable, to cover 

Default Losses allocated to Seafood Instruments. 

Seafood Instruments means instruments whose value is derived from the value of one 

or more seafood products (including Fresh HOG (head on gutted) 

Superior Atlantic Salmon 3-6kg).

Seafood Market 

Proportion

means the aggregate Fund Requirements for the Seafood Default 

Fund divided by the sum of the aggregate Fund Requirements for 

the Commodity Default Fund, the Financial Default Fund and the 

Seafood Default Fund.

Senior Capital means capital funded by the Clearinghouse through own assets 

or other arrangements as further set out in Section 3.6. 

Website means http://www.nasdaqomx.com/europeanclearing/ or such 

other website as designated by the Clearinghouse from time to 

time.

3 COMPOSITION AND STRUCTURE OF THE DEFAULT FUND

3.1 The Clearinghouse maintains the Default Fund and other resources to cover Default 

Losses. 

3.2 The Fund Requirements shall be satisfied through each Default Fund Participant providing 

Eligible Funds to cover any Default Losses in respect of Relevant Participants (including 

itself) in accordance with the Default Fund Rules. Each Default Fund Participant will

contribute to the Default Fund in respect of any Default Fund Sponsored Participants 

associated to it, through its Fund Requirement being increased corresponding to the Fund 

Requirement of such Default Fund Sponsored Participants.

3.3 A description of the relevant model and calculation method for the size of the Financial 

Default Fund, the Commodity Default Fund, the Seafood Default Fund, the Junior Capital 

(as allocated in accordance with section 3.6) and the Senior Capital is available on 

the Clearinghouse’s Website. Information about the size, from time to time, of the 

Commodity Default Fund, the Financial Default Fund, the Seafood Default Fund, the Junior 

Capital, the Senior Capital, and the Mutual Default Fund shall be made available by the 

Clearinghouse in connection with the notifications under Section 5.1.

3.4 The size of the Financial Default Fund shall be calculated by the Clearinghouse to enable 

the Clearinghouse to withstand, under extreme but plausible market conditions (as 

determined by the Clearinghouse), Default Losses in respect of either the largest Relevant 

Participant, or of the second and third largest Relevant Participants combined if the sum 

of their combined exposures is larger. However, the size of the Financial Default Fund 

shall not be less than SEK 50,000,000 (fifty million). The base currency of the Financial 

Default Fund is SEK.

3.5 The size of the Commodity Default Fund shall be calculated by the Clearinghouse to 

enable the Clearinghouse to withstand, under extreme but plausible market conditions (as 

determined by the Clearinghouse), Default Losses in respect of either the largest

Relevant Participant, or of the second and third largest Relevant Participants combined 

if the sum of their combined exposures is larger. However, the size of the Commodity 

Default Fund shall not be less than EUR 5,000,000 (five million). The base currency of the 

Commodity Default Fund is EUR.
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 6 (15)

3.6 The size of the Seafood Default Fund shall be calculated by the Clearinghouse to enable 

the Clearinghouse to withstand, under extreme but plausible market conditions (as 

determined by the Clearinghouse), Default Losses in respect of either the largest Relevant 

Participant, or of the second and third largest Relevant Participants combined if the sum 

of their combined exposures is larger. However, the size of the Seafood Default Fund shall 

not be less than NOK 10 million (ten million). The base currency of the Commodity 

Default Fund is NOK.

3.7 The size of the Junior Capital, and the allocation of the Junior Capital to cover Default 

Losses allocated to Commodity Instruments, Financial Instruments or Seafood 

Instruments, respectively, shall be determined so as to meet, as a minimum, applicable 

legal and regulatory requirements regarding dedicated own resources from time to time. 

The size of the Senior Capital, when aggregated with the Default Fund and Junior Capital, 

shall be calculated so as to enable the Clearinghouse to withstand, under extreme but 

plausible market conditions (as determined by the Clearinghouse), Default Losses in 

respect of its two largest Relevant Participants (regardless of market), but shall not be 

less than SEK 100,000,000 (one hundred million). 

3.8 The Fund Requirement to the Mutual Default Fund in respect of each Default Fund 

Participant equals fifteen per cent (15 %) of its Fund Requirement in respect of the 

aggregate of the Commodity Default Fund, the Financial Default Fund and the Seafood 

Default Fund.

4 DEFAULT FUND CONTRIBUTIONS

4.1 Before participating in and being eligible for clearing, or representing Default Fund 

Sponsored Participants, a Default Fund Participant shall open a Custody Account and 

enter into a Default Fund Custody Account Agreement, and contribute the Minimum Fund 

Requirement or the higher amount notified by the Clearinghouse in its discretion to the 

Default Fund for the respective market it will participate in.

4.2 Default Fund Participants shall meet the most recently notified Fund Requirement not 

later than 10:30 a.m. (CET) on each Contribution Day as per Section 5.1 in respect of 

ordinary Fund Requirement notifications, or 10:30 a.m. (CET) on the relevant Business 

Day as per Section 5.2 in respect of additional Fund Requirement notifications.

4.3 All contributions to the Default Fund by Default Fund Participants shall be made in the 

form of Eligible Funds. Contributed Assets shall be deposited, registered, held and 

disposed of in accordance with the Default Fund Custody Account Agreement and the 

Eligible Funds List. Each Default Fund Participant shall ensure that it complies with the 

Default Fund Custody Account Agreement at all times.

4.4 The Clearinghouse maintains the Eligible Funds List. The Eligible Funds List may be 

changed with fourteen (14) calendar days’ written notice to Default Fund Participants. In 

case of changes to the Eligible Funds List each Default Fund Participant must ensure that 

all Contributed Assets are compliant with the updated Eligible Funds List no later than 

such list becoming effective. Release of Contributed Assets, following the contribution of 

replacement assets in accordance with Section 4.3, is subject to Section 4.7.

4.5 It is each Default Fund Participant’s responsibility to ensure that the Contributed Assets at 

all times are in Eligible Funds that meet the applicable Fund Requirement. 

Notwithstanding the foregoing obligation, if the value of the Contributed Assets, when 

valued in accordance with the Eligible Funds List, at any time becomes lower than the 

applicable Fund Requirement, the relevant Default Fund Participant shall within one (1) 

Business Day following written demand from the Clearinghouse contribute the deficit 

amount in accordance with Section 4.3.

4.6 A Default Fund Participant may, subject to the prior consent of the Clearinghouse, given 

in its discretion, replace its Contributed Assets with other Eligible Funds at any time, 

subject to the Default Fund Participant complying with its applicable Fund Requirement at 

all times. Release of Contributed Assets, following the contribution of replacement assets 

in accordance with Section 4.3, is subject to Section 4.7.
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 7 (15)

4.7 Contributed Assets may be released to Default Fund Participants, upon request to the 

Clearinghouse, to the extent the value of such Contributed Assets, when valued in 

accordance with the Eligible Funds List, exceed the applicable Fund Requirement, and 

subject to the prior consent of the Clearinghouse, given in its discretion. A request by a 

Default Fund Participant to the Clearinghouse for release of excess contributions to the 

Default Fund made before 10:30 a.m. (CET) on a Business Day will be processed and 

approved or rejected by the Clearinghouse during the same Business Day. If approved,

the release will be effectuated within five (5) Business Days from the time of the 

approval. If rejected, the Clearinghouse will inform the Default Fund Participant of the 

grounds for rejection.

4.8 The Clearinghouse is entitled to use any Contributed Assets and the guarantee 

commitment under Section 8.1 to cover Default Losses until the Contributed Assets and 

guarantee commitment have been or should have been released by the Clearinghouse in 

accordance with these Default Fund Rules.

5 CALCULATION AND NOTIFICATION OF FUND REQUIREMENTS

5.1 Fund Requirements shall be calculated in accordance with the model set out from time to 

time in the Default Fund Requirements. The Clearinghouse calculates and notifies the 

Default Fund Participant of the applicable Fund Requirement (including in respect of its 

Default Fund Sponsored Participants as applicable) not less than ten (10) Business Days 

prior to each Contribution Day. 

5.2 In addition to the provisions of Section 5.1, the Clearinghouse may, by applying the 

model for calculation of Fund Requirements described in the Default Fund Requirements, 

carry out additional calculations of Fund Requirements at any time between two 

Contribution Days in respect of one or more Default Fund Participants (including their 

Default Fund Sponsored Participants as applicable). In such cases the Clearinghouse shall 

notify Default Fund Participants promptly after a decision to carry out an additional 

calculation has been made and will furthermore notify affected Default Fund Participants 

of the new Fund Requirement. Contribution of Eligible Funds meeting the new Fund 

Requirements shall be made not later than ten (10) Business Days after the 

Clearinghouse has notified each affected Default Fund Participant of its new Fund 

Requirement. Notwithstanding the foregoing, Default Fund Participants who have been 

Default Fund Participants for less than thirty (30) Business Days shall meet a new Fund 

Requirement not later than three (3) Business Days after the Clearinghouse has notified 

the Default Fund Participant of the new Fund Requirement. Following a request by a 

Default Fund Participant, the Clearinghouse will provide the basis for the new calculation. 

5.3 Notwithstanding Sections 5.1 and 5.2, the Minimum Fund Requirement per Default Fund 

Participant is as follows and must always be fulfilled (see also Section 4.1):

a. For a Default Fund Participant that is only clearing Financial Instruments the Minimum 

Fund Requirement is (a) SEK 300,000 (three hundred thousand) for “Direct Pledging 

Customers” under the Non-Commodity Clearing Rules or (b) SEK 1,000,000 (one 

million) for all other Default Fund Participants.

b. For a Default Fund Participant that is only clearing Commodity Instruments the 

Minimum Fund Requirement is (a) EUR 30,000 (thirty thousand) for “Direct Pledging 

Customers” under the Non-Commodity Clearing Rules and “Clearing Clients” under the 

Clearing Rules or (b) EUR 120,000 (one hundred and twenty thousand) for all other 

Default Fund Participants.

c. For a Default Fund Participant that is only clearing Seafood Instruments the Minimum 

Fund Requirement is (a) NOK 250,000 (two hundred and fifty thousand) for “Direct 

Pledging Customers” under the Non-Commodity Clearing Rules and “Clearing Clients” 

under the Clearing Rules or (b) NOK 250,000 (two hundred and fifty thousand) for all 

other Default Fund Participants.

d. For a Default Fund Participant that is clearing instruments pertaining to more than one 

of the categories Financial Instruments, Commodity Instruments and Seafood 

Instruments, the Minimum Fund Requirement is the aggregate Minimum Fund 

Requirement of the applicable sums under (a) through (c) above.
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 8 (15)

5.4 Where a Default Fund Participant has multiple memberships under the Clearing Rules that 

each are subject to a Fund Requirement in respect of Commodity Instruments under 

section 5.3 b or in respect of Seafood Instruments under section 5.3 c, that Default Fund 

Participant will be subject to one single Fund Requirement in respect of all such 

Commodity Instruments or all such Seafood Instruments, respectively, for all such 

memberships and the Contributed Assets from that Default Fund Participant in respect of 

such single Fund Requirement shall be available to the Clearinghouse for any and all 

defaults by such Default Fund Participant under any of the memberships. A single Fund 

Requirement pursuant to this section will be calculated by aggregating the Fund 

Requirement for each applicable membership and any Minimum Fund Requirement shall 

apply to such aggregate Fund Requirement.

6 ALLOCATION OF DEFAULT LOSS BETWEEN COMMODITY INSTRUMENTS AND 

SEAFOOD INSTRUMENTS

6.1 Where a Relevant Participant is clearing only Commodity Instruments or Seafood 

Instruments under these Clearing Rules, then any Default Loss shall, for the purpose of 

Sections 7, 8.1 and 8.2, be allocated to Commodity Instruments or Seafood Instruments 

accordingly.

6.2 Where a Relevant Participant is clearing instruments pertaining to more than one of the 

categories Commodity Instruments and Seafood Instruments under these Clearing Rules, 

then any Default Loss shall, for the purpose of Sections 7, 8.1 and 8.2, be allocated to:

a. Commodity Instruments with an amount equal to the sum of (i) the Realised Collateral 

Balance multiplied with the proportion of the Relevant Participant’s Margin 

Requirement for Commodity Instruments relative to the sum of the Relevant 

Participant’s Margin Requirement for Commodity Instruments and Seafood

Instruments, and (ii) the Close-Out Balance for the Commodity Instruments; and 

b. Seafood Instruments with an amount equal to the sum of (a) the Realised Collateral 

Balance multiplied with the proportion of the Relevant Participant’s Margin 

Requirement for Seafood Instruments relative to the Relevant Participant’s Margin 

Requirement for Commodity Instruments and Seafood Instruments, and (b) the CloseOut Balance for the Seafood Instruments.

7 REALISATION OF THE DEFAULT FUND AND APPLICATION OF OTHER RESOURCES 

In the event of one or several Default Losses, the Default Fund and the Junior Capital and the 

Senior Capital shall be available to cover such Default Losses in the order of priority stipulated in 

this Section: 

7.1 First, 

a. in case of a default by a Default Fund Participant, all its Contributed Assets (whether 

or not in excess of the Fund Requirement and whether or not pending release from the 

Clearinghouse at the relevant time); or

b. in case of a default by a Default Fund Sponsored Participant, all Contributed Assets 

from its associated defaulting Default Fund Participant in respect of the Default Fund 

Sponsored Participant; 

provided that the value of the available Contributed Assets under subsection (b) above 

shall not be less than the Minimum Fund Requirement. When determining the Minimum 

Fund Requirement for a Default Fund Sponsored Participant under this Section 7.1, the 

relevant entity or person shall be considered a separate Default Fund Participant that is a 

Direct Pledging Customer.

7.2 Second, the Junior Capital to cover any remaining Default Losses, provided that Junior 

Capital allocated in accordance with section 3.6 to cover Default Losses allocated to 

Commodity Instruments, Financial Instruments or Seafood Instruments, shall only be 

applied to cover such Default Losses.
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 9 (15)

If the default occurs during an Interim Period, any Junior Capital (as allocated in 

accordance with section 3.6) already realised or to be realised to cover Default Losses in 

respect of previously occurred default(s) shall reduce the size of the Junior Capital (as 

allocated in accordance with section 3.6) with an amount equal to the amount realised or 

to be realised in previously occurred defaults when applying this Section 7.2.

7.3 Third, the contributions by each non-defaulting Default Fund Participant to (a) the 

Commodity Default Fund shall be applied on a pro rata basis relative to the aggregate 

contributions made by all non-defaulting Default Fund Participants to the Commodity 

Default Fund, to cover any remaining Default Loss allocated to Commodity Instruments, 

and/or (b) the Financial Default Fund shall be applied on a pro rata basis relative to the 

aggregate contributions made by all non-defaulting Default Fund Participants to the 

Financial Default Fund to cover any remaining Default Loss allocated to Financial

Instruments, and/or (c) the Seafood Default Fund shall be applied on a pro rata basis 

relative to the aggregate contributions made by all non-defaulting Default Fund 

Participants to the Seafood Default Fund to cover any remaining Default Loss allocated to 

Seafood Instruments.

If the default occurs during an Interim Period, any contributions to the Commodity 

Default Fund and/or Financial Default Fund and/or the Seafood Default Fund already 

realised or to be realised to cover Default Losses in respect of previously occurred

default(s) shall reduce the size of the Commodity Default Fund and/or Financial Default 

Fund and/or the Seafood Default Fund, as applicable, by an amount equal to the amount 

realised or to be realised in previously occurred defaults when applying this Section 7.3.

7.4 Fourth, the Senior Capital shall be applied to cover any remaining Default Losses, 

provided that if Default Losses have occurred in respect of instruments pertaining to more 

than one of the categories Financial Instruments, Commodity Instruments and Seafood 

Instruments, the following shall apply:

a. first, the Commodity Market Proportion multiplied by the Senior Capital shall be 

applied to cover any Default Losses allocated to Commodity Instruments and the 

Financial Market Proportion multiplied by the Senior Capital shall be applied to cover 

any Default Losses allocated to Financial Instruments and the Seafood Market 

Proportion multiplied by the Senior Capital shall be applied to cover any Default Losses 

allocated to Seafood Instruments; and

b. second, to the extent any remaining Default Losses have not been covered under (a), 

any remaining Senior Capital shall be applied to cover any Default Losses allocated to 

Commodity Instruments or Financial Instruments or Seafood Instruments; if necessary 

by applying (a) mutatis mutandis until such remaining Senior Capital is exhausted, 

whereby the Fund Requirements for the Market Default Fund in respect of which 

Default Losses have been fully covered under (a) shall be excluded for the purposes of 

determining the applicable Market Proportion. 

If the default occurs during an Interim Period, any Senior Capital already realised or to be 

realised to cover Default Losses in respect of previously occurred default(s) shall reduce 

the size of the Senior Capital with an amount equal to the amount realised or to be 

realised in previously occurred defaults when applying this Section 7.4.

If more than one Relevant Participant defaults during the same day, and such defaults 

involve Default Losses in respect of instruments pertaining to more than one of the 

categories Financial Instruments, Commodity Instruments and Seafood Instruments, the 

Senior Capital will be allocated between such defaults as if they had occurred 

simultaneously.

7.5 Fifth, contributions made by each non-defaulting Default Fund Participant to the Mutual

Default Fund shall be applied on a pro rata basis relative to the aggregate contributions 

made by all non-defaulting Default Fund Participants, to cover any remaining Default 

Losses, provided that if Default Losses have occurred in respect of instruments pertaining 

to more than one of the categories Financial Instruments, Commodity Instruments and 

Seafood Instruments, the following shall apply: 
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 10 (15)

a. first, the Commodity Market Proportion multiplied by the Mutual Default Fund shall be 

applied to cover any Default Losses allocated to Commodity Instruments and the 

Financial Market Proportion multiplied by the Mutual Default Fund shall be applied to 

cover any Default Losses allocated to Financial Instruments and the Seafood Market 

Proportion multiplied by the Mutual Default Fund shall be applied to cover any Default 

Losses allocated to Seafood Instruments; and

b. second, to the extent any remaining Default Losses have not been covered under (a), 

any remaining contributions to the Mutual Default Fund shall be applied to cover any 

Default Losses allocated to Commodity Instruments or Financial Instruments or 

Seafood Instruments; if necessary by applying (a) mutatis mutandis until such 

remaining Mutual Default Fund is exhausted, whereby the Fund Requirements for the 

Market Default Fund in respect of which Default Losses have been fully covered under 

(a) shall be excluded for the purposes of determining the applicable Market Proportion. 

If the default occurs during an Interim Period, any contributions to the Mutual Default 

Fund already realised or to be realised to cover Default Losses in respect of previously 

occurred default(s) shall reduce the size of the Mutual Default Fund with an amount equal 

to the amount realised or to be realised in previously occurred defaults when applying this 

Section 7.5.

7.6 Sixth, the guarantee commitment given by each Default Fund Participant in respect of 

Excess Losses under Section 8.1 shall be used to cover any remaining Default Losses.

7.7 Seventh, to the extent any remaining Default Losses have arisen in connection with a 

default under an Interim Period, any capital replenished in accordance with Sections 9.1

and 9.3, shall be applied to cover such Default Losses in the order that mutatis mutandis

follows from Sections 7.2 - 7.5 to cover any remaining Losses.

7.8 The Clearinghouse shall be entitled to realise the contributions available under Sections

7.1, 7.3, 7.5 and 7.7 above, without making a demand on the Default Fund Participants, 

by application of Contributed Assets. Default Fund Participants will be notified of such 

realisations through their receipt of a replenishment request in accordance with Section

9.1.

8 GUARANTEE COMMITMENT

8.1 In the event of any Excess Loss allocated to Commodity Instruments and/or Financial

Instruments and/or Seafood Instruments (respectively), each Default Fund Participant

which has made contributions to the Commodity Default Fund and/or the Financial Default 

Fund and/or Seafood Default Fund (as applicable) undertakes to, without exception or 

objection and subject only to Section 8.4, upon receipt of the first written request from 

the Clearinghouse, within two (2) Business Days (excluding the day of demand) pay to 

the Clearinghouse a cash amount, into a bank account designated by the Clearinghouse, 

corresponding to its pro rata share of such Excess Losses (as calculated by the 

Clearinghouse in accordance with Section 8.2) in relation to the Commodity Default Fund 

and/or the Financial Default Fund and/or Seafood Default Fund (as applicable). 

8.2 A Default Fund Participant’s pro rata share of Excess Losses pursuant to Section 8.1 shall 

be calculated as the proportion of such Default Fund Participant’s most recent notified 

Fund Requirement in respect of the Commodity Default Fund and/or the Financial Default 

Fund and/or Seafood Default Fund (as applicable) (not including, if applicable, such part 

of the Fund Requirement which pertains to a defaulted Default Fund Sponsored 

Participant of such Default Fund Participant) relative to the sum of the most recent 

notified Fund Requirements for all Default Fund Participants in respect of the Commodity 

Default Fund and/or the Financial Default Fund and/or Seafood Default Fund (as 

applicable) (not including, if applicable, such part of any Fund Requirement which pertains 

to a defaulted Default Fund Sponsored Participant), subject in all cases to Section 8.4.

8.3 [Intentionally left blank].

8.4 The guarantee commitments under Section 8.1 shall be limited as follows:
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 11 (15)

a. It shall not exceed one hundred percent (100%) of the most recent notified Fund 

Requirement in respect of the Commodity Default Fund and/or the Financial Default 

Fund and/or Seafood Default Fund, respectively, as applicable to the relevant Default 

Fund Participant at the time of the first Excess Loss which invokes the guarantee 

commitment hereunder (not including, if applicable, such part of the Fund 

Requirement which pertains to a defaulted Default Fund Sponsored Participant of such 

Default Fund Participant); and

b. It shall be reduced and limited by an amount equivalent to such amount that the 

Default Fund Participant has replenished in accordance with Section 9.1 (as applicable) 

for any Interim Period.

9 REPLENISHMENT AND REDISTRIBUTION

9.1 Any realised Default Fund contributions shall be replenished by new contributions in 

Eligible Funds by each non-defaulting Default Fund Participant so that the Fund 

Requirement (not including, if applicable, such part of the Fund Requirement which 

pertains to a defaulted Default Fund Sponsored Participant of such Default Fund 

Participant) is fulfilled within ten (10) Business Days following a replenishment request, 

which may be notified by the Clearinghouse from the day of any realisation of a Default 

Fund Participant’s contributions to the Default Fund. During an Interim Period (as 

applicable to each Default Loss), replenished funds may only be applied in relation to 

Default Losses under Section 7.7. Following the applicable Interim Period, the replenished 

funds will be moved to their original priority level under Sections 7.1, 7.3 and 7.5, as 

applicable.

9.2 A Default Fund Participant’s obligations to replenish funds in accordance with Section 9.1

shall terminate: 

a. on the date any amount is utilised under the guarantee commitment in Section 8.1; or

b. on the date of the Default Fund Exit, provided that the Default Fund Exit occurs before 

the Clearinghouse has notified the Default Fund Participant of a replenishment request 

under Section 9.1.

9.3 Any realised Junior Capital and Senior Capital contributed by the Clearinghouse shall be 

replenished by the Clearinghouse within ten (10) Business Days from such realisation. 

During any Interim Period (as applicable to each Default Loss), replenished funds may 

only be applied in relation to Default Losses under Section 7.7. Following the applicable 

Interim Period, the replenished funds will be moved to their original priority level under 

Sections 7.2 and 7.4, as applicable.

9.4 In the event that the Clearinghouse, following a Default Loss which has yielded 

contributions by Default Fund Participants and the Clearinghouse pursuant to Section 7

above, is able to recover any Default Loss (or parts thereof) from the defaulting Relevant

Participant, the Clearinghouse shall redistribute such recovered amounts to the Default 

Fund Participants who contributed to the applicable Default Loss, including the 

Clearinghouse itself (to the extent it contributed to the Default Loss through the Senior 

Capital, the Junior Capital or otherwise). 

9.5 Redistribution of recovered amounts pursuant to Section 9.4 shall take place by applying 

Section 7 level by level in reverse order, starting from the level of priority which was last 

triggered in relation to the applicable Default Loss and ending where and when the 

recovered amount has been fully redistributed. On each level of priority to which 

redistribution is applicable, each Default Fund Participant shall be entitled to a pro rata 

reimbursement of its actual contribution of Contributed Assets to the applicable Default 

Loss, as valued on the day on which such Contributed Assets were applied to the Default 

Loss. For the avoidance of doubt, any additional and subsequent amounts recovered in 

respect of the same Default Loss shall be redistributed on the same basis, starting from 

where redistribution was previously cut off in relation to that Default Loss.

9.6 A Default Fund Participant’s right to redistribution in accordance with Sections 9.4 and 9.5 

is conditional that the Clearinghouse has not assigned its corresponding claim to the 

Default Fund Participant pursuant to Section 10.1. In cases where the claim has been 
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 12 (15)

assigned to a Default Fund Participant pursuant to Section 10.1, such Default Fund 

Participant shall be deemed to have waived its right to any amounts recovered pursuant 

to Section 9.4.

10 ASSIGNMENT OF CLAIMS

10.1 Should any contributions to the Default Fund be realised under Section 7 and/or any 

funds be paid by a Default Fund Participant under the guarantee commitment under 

Section 8.1, the Clearinghouse will upon a written request from a Default Fund 

Participant, who has suffered damage, without undue delay assign to the Default Fund 

Participant such claims that the Default Fund Participant may have against a Relevant 

Participant pro rata to that Default Fund Participant’s share of the amount covered by the 

Default Fund or through the guarantee commitment. 

11 DEFAULT FUND EXIT

11.1 Following a Default Fund Exit, the Clearinghouse shall, subject to Sections 4.8 and 11.2, 

release the Default Fund Participant’s Contributed Assets and the guarantee commitment 

on the first Contribution Day following the Default Fund Exit. However, if the Default Fund 

Exit occurs less than ten (10) Business Days prior to the date the Clearinghouse is to 

notify the next Fund Requirements in accordance with Section 5.1 in respect of such first 

Contribution Day, the Contributed Assets and the guarantee commitment will be released 

on the next Contribution Day following such first Contribution Day.

11.2 If the Default Fund Exit occurs during an Interim Period, the release of the Default Fund 

Participant’s remaining Contributed Assets and the guarantee commitment shall be 

effected on the first Contribution Day that occurs following expiration of the Interim 

Period. However, if the Default Fund Exit occurs less than ten (10) Business Days prior to 

the date the Clearinghouse is to notify the next Fund Requirements in accordance with 

Section 5.1 in respect of such first Contribution Day, the Contributed Assets and the 

guarantee commitment will be released on the next Contribution Day following such first 

Contribution Day.

12 DEFAULT FUND SPONSORED PARTICIPANTS THAT ARE “DIRECT PLEDGING 

CUSTOMERS” OR “CLEARING CLIENTS”

12.1 The Clearinghouse may approve in its sole discretion that a “Direct Pledging Customer”

under the Non-Commodity Clearing Rules or a “Clearing Client” under the Clearing Rules 

shall be considered a Default Fund Sponsored Participant. A Default Fund Participant that 

has agreed to represent such “Direct Pledging Customer” or “Clearing Client” as its 

Default Fund Sponsored Participant shall submit a written confirmation to that effect to 

the Clearinghouse, in the form required by the Clearinghouse from time to time.

A “Direct Pledging Customer” or “Clearing Client” will be released from its obligations as a 

Default Fund Participant and considered a Default Fund Sponsored Participant once the 

Clearinghouse has given its approval and confirmed that the Default Fund Participant has 

contributed the applicable Fund Requirement in relation to the Direct Pledging Customer 

or “Clearing Client” as notified by the Clearinghouse.

12.2 A Default Fund Participant that represents a “Direct Pledging Customer” or “Clearing 

Client” as its Default Fund Sponsored Participant shall, in respect of such Default Fund 

Sponsored Participant, always contribute at least the Minimum Fund Requirement that 

would have been applicable to such Default Fund Sponsored Participant if it were a 

Default Fund Participant.

12.3 A Default Fund Participant may request to terminate its obligations under these Default 

Fund Rules in relation to a Default Fund Sponsored Participant that is a “Direct Pledging 

Customer” or “Clearing Client” by giving written notice to the Clearinghouse. The Default 

Fund Participant shall send a copy of the notice to the relevant Default Fund Sponsored 

Participant. The obligations will be terminated 20 Business Days following the 

Clearinghouse’s written confirmation (not including the day of confirmation) that it is in 

receipt of the notice, such confirmation not to be unreasonably withheld, or such earlier 

day as decided by the Clearinghouse in its discretion. If notice is given during an Interim 
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 13 (15)

Period or an Interim Period is triggered before the expiry of the 20 Business Day period, 

the Clearinghouse may decide that the Default Fund Participant’s obligations shall instead 

terminate at a later Business Day, however no later than the Business Day following the 

expiry of the Interim Period. Following termination, the relevant “Direct Pledging 

Customer” or “Clearing Client” will again be considered a Default Fund Participant. 

The Default Fund Participant will remain solely responsible for all obligations which have 

arisen under these Default Fund Rules in relation to the relevant Default Fund Sponsored 

Participant before the termination is completed in accordance with the above.

12.4 Upon receipt of a copy of a notice in accordance with Section 12.3, the Default Fund 

Sponsored Participant shall within ten (10) Business Days (not including the day of 

receipt) inform the Clearinghouse how it intends to fulfill its Fund Requirement after its 

Default Fund Participant’s obligations have been terminated.

13 DEFAULT NOTIFICATION PROCEDURE

13.1 The Clearinghouse will notify Default Fund Participants in the event a default has been 

declared by the Clearinghouse. Such default notification shall be distributed as soon as 

practically possible in accordance with the Clearinghouse’s default notification procedure, 

which is available at the Clearinghouse’s Website.
Clearing Appendix 9 – Default Fund Rules 

SCHEDULE

DEFAULT FUND REQUIREMENTS

Contributions are made to the Commodity Default Fund and/or Financial Default Fund and/or 

Seafood Default Fund as well as to the Mutual Default Fund. A Default Fund Participant’s share of 

the Financial Default Fund and/or Commodity Default Fund and/or Seafood Default Fund is based 

on the Default Fund Participant’s (including its Default Fund Sponsored Participants’) 3-month 

average Initial Margin in relation to the aggregated average values of all Default Fund Participants 

and Default Fund Sponsored Participants in the respective market.

A Default Fund Participant’s share represents the share of the applicable Default Fund that the 

Default Fund Participant shall contribute to. An additional 15% of such amount is added to the 

Mutual Default Fund. Hence, the calculated contribution of a Default Fund Participant includes 

contributions to the Financial Default Fund and/or the Commodity Default Fund and/or the Seafood 

Default Fund and the Mutual Default Fund. A Default Fund Participant’s calculated Fund 

Requirement includes calculated contributions in respect of its own accounts as well as its Default 

Fund Sponsored Participants (if any). 

A Default Fund specific share is calculated for each Default Fund Participant P in market M:

 

 

∑ 

A Default Fund specific share is calculated for each Default Fund Sponsored Participant C in market 

M:

 

 

∑ 

The size of the Financial Default Fund, the Commodity Default Fund and the Seafood Default Fund 

is described in sections 3.4 – 3.6 of the Default Fund Rules. CCaR is calculated for each Relevant 

Participant and CCaR Scenario in market M. The following value is calculated for each CCaR 

Scenario S:

 [ ]

The maximum CCaRS,M value is chosen as the CCaR value of day T in market M:

 [ ]

The size of the Financial Default Fund or the Commodity Default Fund or the Seafood Default Fund 

is finally determined by the 12-month maximum CCaRT,M value:

 [ ]

A Default Fund Participant’s aggregated Default Fund specific share equals the sum of its own 

share and the individual shares of the Default Fund Sponsored Participants relating to the Default 

Fund Participant. As a result, the total Default Fund contribution for a Default Fund Participant P, 

including its Default Fund Sponsored Participants C, for its exposures in market M and including 

contribution to Mutual default fund is:

 ∑ 
Clearing Appendix 9 – Default Fund Rules

COPYRIGHT © NASDAQ OMX CLEARING AB 15 (15)

If the calculated Fund Requirement would be lower than the applicable Minimum Fund 

Requirement, the Minimum Fund Requirement will be applied. For contributions in respect of 

Default Fund Sponsored Participants that are either “Direct Pledging Customers” or “Clearing 

Clients”, the Minimum Fund Requirement that would have applied to such Default Fund Sponsored 

Participant if it were a separate Default Fund Participant is applied for each such individual Default 

Fund Sponsored Participant.

The Clearing House may increase or reduce the Fund Requirement of an individual Default Fund 

Participant to take into account known or anticipated changes in clearing volume and risk,

including, but not limited to, changes resulting from account and position transfers and mergers 

and acquisitions involving the Default Fund Participant. Any such increase or reduction in a Default 

Fund Participant’s Fund Requirement shall be made at the absolute discretion of the Clearing 

House, acting reasonably.

Definitions

Initial Margin The part of the Margin Requirement that is intended to cover the 

Clearing House’s potential future exposures to Counterparties in the 

interval between the last Margin Requirement and the liquidation of 

Contracts following a Counterparty’s default.

Participant CCaR A Default Fund Participant, Default Fund Sponsored Participant and 

Default Fund Exempt Participant’s worst-case CCaR value on any given 

day. The Participant CCaR value is determined by the Worst Case 

Scenario of that participant.

CCaR The Clearing House’s risk model (Clearing Capital at Risk) which 

calculates the maximum unexpected losses (not covered by collateral) 

for the Clearing House based on current positions in Contracts under 

extreme, but plausible market movements. 

Worst Case Scenario The CCaR scenario that generates a participant’s greatest CCaR value 

is selected as the Worst Case Scenario for the purposes of determining 

the size of the relevant Default Fund. The scenarios that are used in 

the CCaR methodology are designed to reflect extreme but plausible 

market conditions.

[end of document]
Effective Date: 2015-06-08

Clearing Appendix 10

Collateral List

Commodity Derivatives

Issued by NASDAQ OMX Clearing AB
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (10)

GENERAL CONDITIONS

A) Property not specifically referenced in this appendix will be valued at zero. 

B) That portion of any approved form of collateral which exceeds the limitations which are referenced below 

will be valued at zero.

C) The Clearing House does not allow collateral issued by the Clearing Member/Clearing Client/Direct 

Pledging Customer itself, or by a company within the same group of companies as the Clearing 

Member/Clearing Client/Direct Pledging Customer.

D) For Individual Client Segregated Accounts, the Clearing House does not allow collateral issued by the 

Clearing Member holding the Individual Client Segregated Account or by a company within the same 

group as such Clearing Member.

E) All eligible collateral provided as collateral for undertakings in the clearing operations is valued in 

accordance with the following: 

 Valuations prior to discounting (haircut) are based on the 1) Last Price or 2) Bid Price at 6:30 pm, the 

previous Bank Day as referenced by Reuters. The Clearing House may, however, decide that the prices that 

the valuations are based on can be taken at another time. 

 Valuation of bonds and bills is based on settlement date, i.e. bills and bonds are valued at zero when the 

settlement date is on or after the maturity date.

 Accrued interest is excluded from the valuation of bonds at the ex-coupon day (with number of settlement 

days taken into consideration).

 Bonds are valued at zero at, and after the last ex-coupon date (before the maturity – and last coupon date) 

of the bond (with number of settlement days taken into consideration).

F) All securities accepted as collateral shall have daily prices available via Reuters. If daily prices are 

missing, the security is valued at zero.

G) Any re-calculation of surplus/deficit into Base Currency in relation to a Margin Requirement Account is 

subject to the Clearing House's currency valuation (“Haircut when converting Surplus/ Deficit into Base 

Currency” referenced below).

H) For eligible collateral to be recognized as accepted collateral, it must be properly pledged or otherwise 

provided in accordance with the Clearing Rules and instructions, and applicable law. 

I) The Concentration Limits (referenced below) is the percentage allowed of totally posted collateral in 

relation to a margin requirement account. Any collateral posted exceeding the relevant concentration 

limit is valued at zero. Concentration limits are set per collateral type (as referenced below).

J) For securities eligible as collateral, the following applies:

 Outstanding amount: All bonds approved as eligible collateral need to have a minimum outstanding amount 

of equivalent SEK 100 million per ISIN.

 Minimum rating criteria: The minimum rating criteria is per issuer or security. Rating from one rating institute 

is sufficient, but when the issuer or the security is rated by both S&P and Moody's, the lower of the two 

ratings is applicable. In cases where the minimum rating criteria is A- (S&P) and/or A3 (Moody's) and the 

issuer (or security) has been given a BBB+ rating by S&P and a A3 rating by Moody's, S&P's rating is used 

and the security is not eligible as collateral (valued at zero). 

 Maximum time to maturity: The maximum time to maturity shall not be longer than 40 years for eligible 

bonds.
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 3 (10)

K) Participants qualifying as “non-financial counterparties” as defined in EMIR, are entitled to provide a 

Bank Guarantee as Collateral. The Clearing House shall not accept any Bank Guarantee which is not 

compliant with EMIR or any other law or regulation. Such Bank Guarantee must be approved by the 

Clearing House and be issued by a bank accepted by the Clearing House. Bank Guarantees must be 

submitted to, and lodged with, the Clearing House. Participants shall, upon request by the Clearing 

House, provide new Collateral not later than ten Bank Days prior to the termination of a Bank Guarantee. 

In the event that a Bank Guarantee or the issuer of such Bank Guarantee would fail to meet any 

requirement of the Clearing House on such Bank Guarantee or such issuer or is not compliant with EMIR 

or any other law or regulation, then the participant must provide alternative Collateral to the Clearing 

House immediately upon request by the Clearing House, unless the Clearing House decides in its 

discretion to allow more time in the specific case. Bank Guarantees not qualified to be accepted 

as collateral according to Regulation (EU) No 153/2013 of 19 December 2012,

supplementing EMIR, will be disallowed as collateral after 29 February 2016. Due to this, 

the Clearing House will not accept any new such Bank Guarantees after 1 September 2015. 

Amendments of existing Bank Guarantees will still be allowed after 1 September 2015 in 

accordance to the phase-out plan as published by the Clearing House 

(http://www.nasdaqomx.com/europeanclearing/collateral-management/bank-guaranteephase-out). 

L) Bank Guarantees can be posted as Collateral in respect to positions that are:

a) Derivatives relating to electricity or natural gas produced, traded or delivered in the Union; 

b) Derivatives relating to the transportation of electricity or natural gas in the Union

M) Pre-delivered El-Certs and European Union Allowances (EUA) can be used as collateral of net-sellers of 

these contracts and up to a maximum of the net sold position. Pre-delivered assets shall be transferred 

to the Clearing House with full and valid title, free and clear of all liens, security interests, claims and 

encumbrances or any interest in or to them by any person (except where in favour of the Clearing 

House). 

N) The Clearing House is, according to article 42 of Commission Delegated Regulation (EU) No 153/2013 

supplementing EMIR only allowed to accept collateral corresponding to a predefined percentage per 

collateral issuer (where an issuer is defined so as to include all companies belonging to the same group 

of companies as the actual issuer) of the Clearing House’s total collateral. Therefore, the Clearing House 

will, in cases where there is a breach of this limit, request individual clearing participants to reduce their 

exposure toward the specific collateral issuer. In cases where the clearing participant has been 

requested to reduce its exposure towards a collateral issuer, the clearing participant shall do so, with the 

required amount, immediately upon request by the Clearing House, unless the Clearing House decides 

in its discretion to allow more time in the specific case.

O) All eligible ISIN codes can be found in CMS Web. If a security is eligible as collateral, but not specified 

as eligible in CMS Web, the Clearing House will not accept the security until such security has been 

added to the system. A request of adding a security to the system must be made no later than 3pm CET,

Monday to Friday (Swedish business days), in order for it to be available in the system the following 

business day. 

APPROVED COLLATERAL FOR CUSTOMERS PROVIDING COLLATERAL TO 

CLEARING MEMBERS

A) Collateral which is accepted according to the Swedish Bank Association's recommendations "Collateral 

ratio for securities" dated 5 March 2008. As there is no similar reference document for Denmark and 

Finland the corresponding Danish and Finnish collateral shall be valued by Clearing Members in a same 

manner as the Swedish securities specified in the above stated recommendations.
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 4 (10)

B) Deposits, in an account with the Clearing Member or - if the member is not a credit institution - a 

Custodian Institution, which are pledged by the Customer to the Clearing Member. 

As recommended in the Swedish Bank Association's 

"Collateral ratio for securities" dated 5 March 2008 

When the currency of 

collateral and Margin 

Requirement is the same

When the currency of 

collateral and and Margin 

Requirement is different

Value % Value %

100% 90%

APPROVED COLLATERAL FOR CUSTOMERS AND / OR CLEARING MEMBERS 

PROVIDING COLLATERAL TO THE CLEARING HOUSE

Concentration limits

The concentration limits below refer to the allowed percentage of totally provided collateral per Margin Requirement 

Account (MRA). If the concentration limit is 50% for the Collateral Type, only 50% of the collateral posted in relation to a 

Margin Requirement Account can belong to this Collateral Type (for Collateral Types, see below). Collateral exceeding the 

specified concentration limit will be valued at zero.

Collateral Types

Allowed collaterals are divided into the following Collateral Types with concentration limits:

1. Cash Collateral – Concentration Limit 100%

2. Government Bonds and Bills – Concentration Limit 100%

3. World Bank Green Bonds – Concentration Limit 100%

4. Covered Bonds - Concentration Limit 95%

5. Kommuninvest Bonds - Concentration Limit 95%

6. Bank Guarantees (on-demand commercial bank guarantees)

1

– Concentration Limit 100% ETF –

Concentration Limit 50%

7. Pre-delivered El-Certs and European Union Allowances (EUA) – Concentration limit 100%

8. Equities – Concentration Limit 75%

Cash Collateral – Concentration Limit 100%

Cash collateral is accepted in the following currencies. Surplus/Deficit in relation to the Margin Requirement Account 

recalculated into the Margin Requirement Account Base Currency is charged with the below specified haircuts (in case the 

surplus/deficit is in another currency than the Base Currency).

Currency Value after Haircut Haircut when converting Surplus/ Deficit into 

 

1

Please see section K) under the general terms above regarding the phase-out of Bank Guarantees.
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 5 (10)

Base Currency

British pounds (GBP) 100% 10%

Danish kronor (DKK) 100% 10%

Euro (EUR) 100% 10%

Norwegian kronor (NOK) 100% 10%

Swedish kronor (SEK) 100% 10%

US dollars (USD) 100% 10%

Government Bonds and Bills – Concentration Limit 100%

Type of instrument Instrument 

currency

Time until 

Maturity

Value 

after 

Haircut

Minimum 

Rating

Austrian government bills and fixed 

rate, unstructured and dated 

government bonds denominated in 

EUR. Austrian index linked bonds are 

not eligible as collateral.

EUR

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

Danish government bills and fixed 

rate, unstructured and dated 

government bonds denominated in 

DKK. Danish index linked bonds are 

not eligible as collateral.

DKK

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

Dutch government bills and fixed rate, 

unstructured and dated government 

bonds denominated in EUR. Dutch 

index linked bonds are not eligible as 

collateral. 

EUR

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

Finnish government bills and fixed 

rate, unstructured and dated 

government bonds denominated in 

EUR. Finnish index linked bonds are 

not eligible as collateral. 

EUR

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

French government bills and fixed 

rate, unstructured and dated 

government bonds denominated in 

EUR. French index linked bonds are 

EUR

0-5 years 95% S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 6 (10)

not eligible as collateral. 20-30 years 80%

>30 years 70%
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 7 (10)

Type of instrument Instrument 

currency

Time until 

Maturity

Value 

after 

Haircut

Minimum 

Rating

German government bills and fixed 

rate, unstructured and dated 

government bonds denominated in 

EUR. German index linked bonds are 

not eligible as collateral. 

EUR

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

Norwegian government bills and fixed 

rate, unstructured and dated 

government bonds denominated in 

NOK. Norwegian index linked bonds 

are not eligible as collateral. 

NOK

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

Swedish government bills and fixed 

rate, unstructured and dated 

government bonds denominated in 

SEK. Swedish index linked bonds 

denominated in SEK are also eligible 

as collateral. 

SEK

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

British government bills and fixed rate, 

unstructured and dated government 

bonds denominated in GBP. British 

index linked bonds are not eligible as 

collateral. 

GBP

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%

World Bank Green Bonds – Concentration Limit 100%

Type of instrument Instrument 

currency

Time until 

Maturity

Value after 

Haircut

Minimum 

Rating

World Bank (issuer ID: IBRD, 

International Bank of Reconstruction 

and Development) fixed rate, 

unstructured and dated green bonds 

(proceeds to support projects 

mitigating climate change,

http://treasury.worldbank.org/cmd/htm/World

BankGreenBonds.html) 

SEK, NOK, 

DKK, EUR, 

GBP, USD

0-5 years 95%

S&P: AAand/or 

Moody's: 

Aa3

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 8 (10)

Covered Bonds – Concentration Limit 95%

Type of instrument Instrument 

Currency

Time until 

Maturity

Value 

after 

Haircut

Minimum 

Rating

Fixed rate and unstructured covered 

bonds issued by Swedish issuing 

institutions (as defined under the 

Swedish Covered Bonds Issuance Act 

(SFS 2003:1223)) denominated in 

SEK.

SEK

0-5 years 93%

S&P: AAA 

and/or 

Moody's: Aaa

5-10 years 90%

10-20 years 87.5%

20-30 years 78.5%

>30 years 70%

Fixed rate and unstructured covered 

bonds issued by Danish mortgage 

credit institutions (as defined under the 

Financial Business Act (Consolidated 

act no.705 of 25 June 2012) 

denominated in DKK or EUR

DKK or EUR

0-5 years 93%

S&P: AAA 

and/or 

Moody's: Aaa

5-10 years 90%

10-20 years 87.5%

20-30 years 78.5%

>30 years 70%

Kommuninvest Bonds – Concentration Limit 95%

Type of instrument Instrument 

currency

Time until 

Maturity

Value 

after 

Haircut

Minimum 

Rating

Fixed rate and unstructured bonds 

issued by Kommuninvest under the 

“Swedish Benchmark Programme” and 

denominated in SEK.

SEK

0-5 years 95%

S&P: AA+ 

and/or 

Moody's: Aa1

5-10 years 93%

10-20 years 87%

20-30 years 80%

>30 years 70%
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 9 (10)

Bank Guarantees (on-demand commercial bank guarantees) – Concentration limit 

100%

Bank Guarantees Instrument 

Currency Value after haircut

Maximum Amount 

per margin 

requirement 

account/issuer

Minimum 

Rating

Bank Guarantees

SEK, DKK, NOK, 

EUR, GBP or 

USD

Rating Category: AAA 100% Unlimited

Please see 

below*

Rating Category: AA 97% 800 MEUR

Rating Category: A 95% 500 MEUR

Rating Category: BBB 90% 100 MEUR

*The following minimum rating criteria are applicable to issuers of on-demand commercial bank guarantees:

Issuer domicile Minimum rating *

Scandinavia (Sweden, Norway, Denmark, Finland) BBB- (S&P); and/or 

Baa3 (Moody’s)

EU (Excluding Peripherals**) BBB- (S&P); and/or 

Baa3 (Moody’s)

Peripherals and OECD*** A- (S&P); and/or 

A3 (Moody’s)

* If an issuer is rated by both agencies, the lower of the two shall be used

**Greece, Spain, Portugal, Italy and Ireland

***Excluding countries in the EU and Scandinavia (the country of domicile for an on-demand commercial bank guarantee issuer must be 

within an OECD country)

ETF – Concentration Limit 50%

Type of instrument Instrument 

Currency Value after Haircut

XACT Norden 30, ISIN SE0001710914

XACT OMXS30, ISIN SE0000693293

XACT OMXSB, ISIN SE0001056045

SEK 60%

Pre-delivered El-Certs and European Union Allowances (EUA) – Concentration limit 100%

Type of instrument Instrument 

Currency Value after Haircut

El-Certs EUR 90%

EUA EUR 90%
Clearing Appendix 10 – Collateral List

COPYRIGHT © NASDAQ OMX CLEARING AB 10 (10)

Equities – Concentration Limit 75%

Swedish equities

Only shares included in OMXS30, excluding financial shares and shares with another Nordic exchange as their primary 

market, are eligible as collateral. 

Instrument ISIN Instrument Currency

Value after 

haircut

ABB CH0012221716 SEK 68%

ALFA SE0000695876 SEK 67%

ASSA B SE0000255648 SEK 70%

ATCO A SE0000101032 SEK 70%

ATCO B SE0000122467 SEK 69%

AZN GB0009895292 SEK 75%

BOL SE0000869646 SEK 52%

ELUX B SE0000103814 SEK 64%

ERIC B SE0000108656 SEK 63%

GETI B SE0000202624 SEK 66%

HM B SE0000106270 SEK 75%

LUPE SE0000825820 SEK 57%

MTG B SE0000412371 SEK 66%

SAND SE0000667891 SEK 69%

SCA B SE0000112724 SEK 73%

SECU B SE0000163594 SEK 75%

SKA B SE0000113250 SEK 71%

SKF B SE0000108227 SEK 71%

SSAB A SE0000171100 SEK 65%

SWMA SE0000310336 SEK 75%

TEL2 B SE0005190238 SEK 63%

TLSN SE0000667925 SEK 75%

VOLV B SE0000115446 SEK 71%
Effective Date: 9 June 2016

Clearing Appendix 11 to the Clearing Rules Commodity Derivatives

Appendix 9 to the Rules and Regulations of Nasdaq Derivatives Markets

List of Approved 

Settlement Banks 

Issued by Nasdaq Clearing AB
COPYRIGHT © Nasdaq Clearing AB 2 (3)

LIST OF APPROVED SETTLEMENT BANKS 

1 APPROVED SETTLEMENT BANKS

Bank/Currency SEK NOK DKK EUR GBP USD

Danske Bank Yes Yes Yes Yes Yes

DNB Yes Yes Yes Yes Yes

Svenska 

Handelsbanken

Yes Yes

Nordea Yes Yes Yes Yes

SEB Yes Yes Yes Yes

Swedbank Yes Yes

The Bank of 

New York 

Mellon

Yes Yes Yes

Barclays Bank 

PLC

Yes Yes Yes
COPYRIGHT © Nasdaq Clearing AB 3 (3)

2 CONCENTRATION BANKS

Bank/Currency SEK NOK DKK EUR GBP USD

Riksbanken Yes

SEB Yes

Danmarks 

Nationalbank 

Yes

Bank of Finland Yes

Bank of 

England

Yes

The Bank of 

New York 

Mellon

Yes

[end of document]
Effective Date: 2 December 2013

Clearing Appendix 12

Supplemental default 

rules for Clearing 

Transactions recorded 

on Client Clearing

Accounts

Issued by NASDAQ OMX Clearing AB
Clearing Appendix 12 – Supplemental default rules for Clearing Transactions recorded on Client Clearing

Accounts

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (6)

SUPPLEMENTAL DEFAULT RULES FOR CLEARING TRANSACTIONS RECORDED ON CLIENT 

CLEARING ACCOUNTS

1 APPLICATION

1.1 Where a General Clearing Member or a Clearing Member that is a party to one or more 

Clearing Transactions recorded on an Individual Client Segregated Account or an Omnibus 

Account is subject to a Material Default Event, the Clearinghouse shall take the steps set 

out in this Appendix in respect of each such Clearing Transaction.

2 INTERPRETATION

2.1 Capitalized terms herein shall have the meanings assigned to them below and in the 

Clearing Rules.

Associated Client Transaction The transaction entered into between the Account 

Holder and the Client on registration of a Clearing 

Transaction in the name of the Account Holder but 

in respect of that Client and whose contractual 

terms are economically equivalent to such Clearing 

Transaction.

Back-up Client Clearing Member A General Clearing Member or Clearing Member 

that has agreed to act in such capacity on behalf of 

one or more Clients of another General Clearing 

Member or Clearing Member.

Client Balance In respect of an Individual Client or in respect of 

an Omnibus Account, an amount equal to (i) the 

Collateral Balance for the relevant Client Clearing 

Account plus (ii) if an amount is determined to be 

owing to the relevant Client Clearing Account 

following the termination of all Clearing 

Transactions thereon, such amount, less (iii) if an 

amount is determined to be owing from the Client 

Clearing Account following the termination of all 

Clearing Transactions thereon, such amount, less 

(iv) the costs of any hedging undertaken and any 

other costs attributable to such Client Clearing 

Account.

Client Clearing Agreement The contractual arrangement between the General 

Clearing Member or Clearing Member and its Client 

in respect of the Associated Client Transaction(s) 

and the clearing thereof.

Collateral Balance In respect of a Client Clearing Account, the value 

ascribed by the Clearinghouse to all Collateral 

provided to the Clearinghouse in respect of such 

Client Clearing Account, such value to be taken, 

where relevant, by reference to the liquidation 

proceeds for all Collateral so liquidated, and if the 

Clearinghouse in its own discretion chose to 

appropriate or liquidate the Collateral, less any 

costs incurred by the Clearinghouse in connection 

with such appropriation or liquidation.

Individual Client Has the meaning ascribed to it in section 5.

Liabilities All present and future obligations, moneys, debts 

and liabilities due, owing or incurred by the 

Account Holder to the Client under or in connection 

with the Client Clearing Agreement.
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Omnibus Clients Has the meaning ascribed to it in section 6.

3 ENTITLEMENT OF THE CLIENT

3.1 Where a Material Default Event has occurred to an Account Holder to which this Appendix 

applies, each Client of such Account Holder is entitled to request that the Clearinghouse 

takes the steps necessary to seek to facilitate the transfer of the Clearing Transactions 

and Collateral pursuant to sections 4 – 6, and if such transfer is not dealt with pursuant to 

these sections, the Client is entitled to request that the Clearinghouse pay the Client 

Balance directly to the Client, in the case of an Individual Client in accordance with 

section 8.1(b), and where such Client is an Omnibus Client, directly to the Account Holder 

to be held for the benefit of the Omnibus Clients in accordance with section 8.1(b) and 

Article 48(7) of EMIR.

4 STEPS TO BE TAKEN BY THE CLEARINGHOUSE

4.1 Where a Material Default Event has occurred to an Account Holder to which this Appendix

applies, the Clearinghouse shall:

a. take any action permitted or required by applicable law as it shall deem necessary in 

respect of the Client Clearing Accounts of the defaulting Account Holder, including 

appropriating or liquidating some or all of the Collateral provided in respect of the 

Client Clearing Accounts;

b. (i) ascertain whether each Client of the defaulting Account Holder has appointed a 

Back-up Client Clearing Member; 

(ii) ascertain whether each such Client consents to having all Clearing Transactions to 

which the defaulting Account Holder is a party relating to that Client and recorded on 

an Individual Client Segregated Account or an Omnibus Account be transferred to such 

Back-up Client Clearing Member pursuant to sections 5 or 6; 

(iii) ascertain whether each such Client consents to having all Collateral provided by 

the defaulting Account Holder relating to that Client transferred to such Back-up Client 

Clearing Member pursuant to section 5 or 6; and

(iv) once satisfied as to (i), (ii) and (iii), and subject to the request by the Back-up 

Client Clearing Member, send details of such Clearing Transactions and, where 

appropriate, Collateral and the Collateral Balance relating to such Client Clearing 

Account to such Back-up Client Clearing Member and, subject to obtaining the Back-up 

Client Clearing Member’s consent, transfer such Clearing Transactions and the 

Collateral Balance pursuant to sections 5 or 6.

5 INDIVIDUAL CLIENT SEGREGATED ACCOUNT PORTING

5.1 Where the Clearinghouse has determined that a Client of a defaulting Account Holder in 

respect of an Individual Client Segregated Account (the “Individual Client”) and its Backup Client Clearing Member have agreed that all Clearing Transactions to which the 

defaulting Account Holder is a party relating to that Client and the Collateral Balance be 

transferred to such Back-up Client Clearing Member:

a. the Clearinghouse shall (x) transfer all such Clearing Transactions to such Back-up

Client Clearing Member; or (y) terminate and close out such Clearing Transactions at 

their market value (as determined by the Clearinghouse in its discretion) and enter 

into new contracts on equivalent terms to such Clearing Transactions with such Backup Client Clearing Member in respect of such Client;

b. the Clearinghouse shall transfer the related Collateral Balance in respect of that 

Client’s Individual Client Segregated Account, having first appropriated all Collateral 

(other than cash collateral) that has not been liquidated, to the Individual Client 

Segregated Account in respect of such Client held by such Back-up Client Clearing 

Member; and
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COPYRIGHT © NASDAQ OMX CLEARING AB 4 (6)

c. the amount due to be returned to the defaulting Account Holder in respect of such 

Individual Client Segregated Account shall be reduced by an amount equivalent to the 

amount transferred under (a) and (b) above.

6 OMNIBUS ACCOUNT PORTING

6.1 Where the Clearinghouse has determined that all Clients of a defaulting Account Holder in 

respect of an Omnibus Account (the “Omnibus Clients”) have appointed the same single 

Back-up Client Clearing Member and all such Omnibus Clients and that Back-up Client 

Clearing Member have agreed that all Clearing Transactions to which the defaulting 

Account Holder is a party relating to those Omnibus Clients and the Collateral Balance be 

transferred to such Back-up Client Clearing Member:

a. the Clearinghouse shall (x) transfer all such Clearing Transactions to such Back-up 

Client Clearing Member; or (y) terminate and close out such Clearing Transactions at 

their market value (as determined by the Clearinghouse in its discretion) and enter 

into new contracts on equivalent terms to such Clearing Transactions with such Backup Client Clearing Member in respect of such Omnibus Clients;

b. the Clearinghouse shall transfer the related Collateral Balance in respect of those 

Omnibus Clients’ Omnibus Account, having first appropriated all Collateral (other than 

cash collateral) that has not been liquidated, to the Omnibus Account in respect of all 

such Omnibus Clients held by such Back-up Client Clearing Member; and

c. the amount due to be returned to the defaulting Account Holder in respect of such 

Omnibus Account shall be reduced by an amount equivalent to the amount transferred

under (a) and (b) above.

7 CONSENTS AND CONDITIONS

7.1 For the purposes of section 4.1b, the relevant Individual Client, Omnibus Clients and 

Back-up Client Clearing Member may provide their consent to the Clearinghouse orally or 

in writing (including by facsimile and email) and such consent, once received by the 

Clearinghouse, shall be irrevocable. If the Clearinghouse has not received all necessary 

consents within such time period as it determines in its sole discretion, then neither 

section 5 nor section 6 shall apply, and the Clearinghouse shall instead act in accordance 

with section 8.

7.2 For the purposes of sections 5 and 6, no transfer of the Clearing Transactions or Collateral

Balance with respect to a particular Client, or Clients in the case of an Omnibus Account, 

shall be effected by the Clearinghouse, until such time as the Clearinghouse is satisfied 

that all applicable margin requirements (if any) have been met by the Back-up Client 

Clearing Member in anticipation of such transfer.

8 ALLOCATION AND RETURN OF CLIENT BALANCE

8.1 In relation to those Clients of a defaulting Account Holder whose open Clearing 

Transactions are not dealt with pursuant to section 5 or 6 within 24 hours from calling the 

default of such defaulting Account Holder or by such later time as the Clearinghouse may 

determine in its discretion:

a. the Clearinghouse shall have the right to elect, without consulting the defaulting 

Account Holder or the Client and at the defaulting Account Holder’s or Client’s 

expense,

(i) to take one or more of the measures stated in section 8 of the General Terms of the 

Clearing Rules; and

(ii) following the taking of any such measures, calculate the Collateral Balance 

following the deduction of any costs, fees or expenses incurred by the Clearinghouse

which are associated with the taking of any such action; and

b. the Clearinghouse shall determine the Client Balance and pay an amount and/or return 

Collateral, that together constitute the value of such Client Balance, having first 

appropriated all Collateral (other than cash collateral) that has not been liquidated, to (a) 
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COPYRIGHT © NASDAQ OMX CLEARING AB 5 (6)

in the case of an Individual Client, such Individual Client or (b) when payment under (a) 

cannot be made, or in the case of Omnibus Clients, the relevant Account Holder (or any 

applicable insolvency official of such Account Holder) for the account of such Client(s) on 

terms, to the extent possible under insolvency laws applicable to the Account Holder, that 

creditors of the Account Holder other than such Client(s) (whether directly or indirectly by 

virtue of being general creditors of the Account Holder’s estate) shall not have recourse to 

such assets so delivered, subject to the execution of appropriate documentation (which 

may, without limitation, include an indemnity (secured or otherwise) and a release of the 

Clearinghouse from any liability) between the Clearinghouse and the relevant Client(s); 

and

c. the amount due to be returned to the defaulting Account Holder in respect of a Client 

Clearing Account shall be reduced by an amount equivalent to the amount returned in 

respect of that Client Clearing Account under (b) above.

9 INDEMNITY

9.1 The relevant defaulting Account Holder consents to the measures described in section 5 

and 6 or, in case no such measure is taken, the measures described in section 8 and 

agrees to indemnify the Clearinghouse for any cost or loss suffered or payment made as a 

result of the application of any of these sections. 

10 CLIENT CLEARING AGREEMENT

10.1 No Client Clearing Agreement shall include any provision, the effect of which would be to 

restrict a Client’s ability to provide consent to the transfer of Clearing Transactions and 

Collateral Balance to a Back-up Client Clearing Member pursuant section 4.1(b) or 7, or to 

otherwise limit the ability for the Clearinghouse to take any action required in order to 

execute the transfer of Clearing Transactions and Collateral Balance in accordance with

this Appendix.

10.2 The Account Holder shall enter into a Client Clearing Agreement with each Client for which 

it holds a Client Clearing Account. Such Client Clearing Agreement shall include provisions 

with the following effect:

a. Where a Material Default Event has occurred to an Account Holder to which this 

Appendix applies, each Associated Client Transaction shall automatically terminate at 

or before the same time as the related Clearing Transaction is terminated or 

transferred pursuant to section 5 or 6;

b. upon termination of an Associated Client Transaction under section 10.2(a), the value 

of each such terminated transaction shall be equal to the value of the related Clearing 

Transaction as determined by the Clearinghouse as of the time that the Clearing 

Transaction is terminated or transferred;

c. following a Material Default Event of an Account Holder, to the extent a Client receives 

(including the relevant Account Holder (or any applicable insolvency official of such 

Account Holder) receiving for the account of its Client in accordance with section 8.1b

above) payment or delivery from the Clearinghouse of an amount in respect of (a) in 

relation to an Individual Client, its Client Balance or (b) in relation to an Omnibus 

Client, the relevant pro rata share of such Client Balance, if such amount received is 

greater than the value of all Liabilities, Client covenants to pay to the Account Holder, 

as soon as reasonably practicable, upon written demand therefor, an amount equal to 

the excess, if any, of (x) the amount so paid or delivered to it, over (y) the value of all 

such Liabilities;

d. following a Material Default Event of an Account Holder, to the extent the Collateral

Balance and relevant Clearing Transactions in respect of the Client are transferred to a 

Back-up Client Clearing Member pursuant to section 5 or 6, if the value of the amount 

so transferred is greater than the value of all Liabilities, Client covenants to pay to the 

Account Holder, as soon as reasonably practicable, upon written demand therefor, an 

amount equal to the excess, if any, of (x) the value of the amount so transferred, over 

(y) the value of all such Liabilities;
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COPYRIGHT © NASDAQ OMX CLEARING AB 6 (6)

e. by entering into the relevant Client Clearing Agreement, Client agrees to indemnify the 

Account Holder and the Clearinghouse for any reasonable costs or expenses incurred 

as a result of any claims in connection with any steps taken under sections 5 and 6

brought by any Back-up Client Clearing Member (or on such Back-up Client Clearing 

Member’s behalf), or by any trustee, administrator, conservator or receiver appointed 

in respect of such Back-up Client Clearing Member or its affairs or its business, 

including reasonable attorney’s fees in connection with defending against any such 

claims, save that the Client shall not be liable to the Clearinghouse where the 

Clearinghouse has not taken normal care in exercising its right under sections 5 and 6; 

and

f. where the Clearinghouse transfers to a Back-up Client Clearing Member (x) the 

Collateral Balance in respect of a Client’s Individual Client Segregated Account to the 

Individual Client Segregated Account in respect of such Client held by such Back-up 

Client Clearing Member pursuant to section 5; and/or (y) the Collateral Balance in 

respect of Clients’ Omnibus Account to the Omnibus Account in respect of all such 

Clients held by such Back-up Client Clearing Member pursuant to section 6, such 

Collateral Balance shall thereupon constitute Collateral that has been transferred to 

such Back-up Client Clearing Member by such Client(s) under the relevant Client 

Clearing Agreement(s) and the amount due to be returned to the Client in respect of 

such Individual Client Segregated Account and/or Omnibus Account (as applicable) 

shall be increased by an amount equivalent to the amount of the Collateral Balance so 

transferred.

In the event that no such Client Clearing Agreement has been entered into, or if there are 

any deficiencies in the Client Clearing Agreement, the Account Holder and Client will be 

deemed to have been entered into an agreement incorporating the provisions set out in 

section 10.2.

11 IDENTIFICATION OF OMNIBUS CLIENTS

11.1 If in connection with a Material Default Event of an Account Holder holding an Omnibus 

Account, sufficient information is made available to the Clearinghouse including at least 

the following items: (i) the identity of each Omnibus Client in such Omnibus Account, (ii) 

details of the positions of each such Omnibus Client in such Omnibus Account, (iii) each 

such Omnibus Client’s pro rata share of the Collateral Balance of such Omnibus Account, 

and (iv) all necessary payment details, the Clearing House shall perform the relevant 

calculations specified in this Appendix and, where relevant, return any resulting balances 

directly to the relevant Omnibus Clients in a manner consistent with the provisions of this 

Appendix and Article 48 of EMIR.

[end of document]
Effective Date: 2 December 2013

Clearing Appendix 13

Supplemental default 

rules for Clearing 

Transactions recorded 

on Clearing Client 

Clearing Accounts

Issued by NASDAQ OMX Clearing AB
Clearing Appendix 13 – Supplemental default rules for Clearing Transactions recorded on Clearing Client 

Clearing Accounts

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (4)

SUPPLEMENTAL DEFAULT RULES FOR CLEARING TRANSACTIONS RECORDED ON 

CLEARING CLIENT CLEARING ACCOUNTS

1 APPLICATION

1.1 Where a General Clearing Member or Clearing Member that acts as a Client 

Representative in respect of a Clearing Client Clearing Account is subject to a Material 

Default Event, the Clearinghouse shall take the steps set out in this Appendix in respect 

of the Clearing Transactions registered on such Clearing Client Clearing Account.

2 INTERPRETATION

2.1 Capitalized terms herein shall have the meanings assigned to them below and in the 

Clearing Rules.

Back-up Client Representative In respect of a Clearing Client, a General Clearing 

Member or Clearing Member that has agreed to act 

in such capacity on behalf of such Clearing Client 

of another General Clearing Member or Clearing 

Member.

Clearing Client Clearing Account 

Assets

In respect of a Clearing Client Clearing Account, all 

Collateral in the Collateral Custody Account in the 

name of the Clearing Client pledged to, or 

otherwise provided to, the Clearinghouse in 

respect of such Clearing Client Clearing Account.

3 STEPS TO BE TAKEN BY THE CLEARINGHOUSE

3.1 Where a Material Default Event has occurred to an Account Holder to which this Appendix

applies, the Clearinghouse shall:

a. take any action permitted or required by applicable law as it shall deem necessary in 

respect of the Client Clearing Accounts managed by the defaulting Account Holder;

b. satisfy itself that the Clearing Client is not in default under its obligations to provide 

Collateral to the Clearinghouse;

c. for each Clearing Client of the defaulting Account Holder:

(i) ascertain whether such Clearing Client has appointed a Back-up Client 

Representative to act as its Client Representative in respect of the Clearing Client 

Clearing Account; 

(ii) ascertain whether such Clearing Client consents to having all Clearing 

Transactions registered on its Clearing Client Clearing Account managed by the 

defaulting Account Holder be transferred to such Back-up Client Representative

pursuant to section 4;

(iii) once satisfied as to (i) and (ii), send details of such Clearing Transactions to 

such Back-up Client Representative and ascertain whether such Back-up Client 

Representative provides its consent to open a Clearing Client Clearing Account on 

behalf of such Clearing Client; and

(iv) if such Back-up Client Representative provides its consent, ensure that such 

Back-up Client Representative has entered into such agreements as are required in 

order for such Back-up Client Representative to operate a Clearing Client Clearing 

Account on behalf of the Clearing Client.

4 CLEARING CLIENT PORTING

4.1 Where the Clearinghouse has determined that the requirements set out in section 3 have 

been met in respect of a Clearing Client, the Clearinghouse shall, subject to (a) 

satisfaction of any requirements to post Collateral and/or make payments in respect of 
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Clearing Accounts

COPYRIGHT © NASDAQ OMX CLEARING AB 3 (4)

the aggregate of all Daily Cash Settlement instructions since the last Daily Cash 

Settlement instruction was satisfied in respect of the Clearing Client Clearing Account 

managed by the defaulting Account Holder; and (b) execution by the Clearing Client of a 

Clearing Client Agreement with the Back-up Client Representative:

a. (x) transfer all such Clearing Transactions to the Clearing Client Clearing Account 

managed by such Back-up Client Representative for and on behalf of the Clearing 

Client; or (y) terminate and close out such Clearing Transactions at their market value 

(as determined by the Clearinghouse in its discretion) and enter into new contracts on 

equivalent terms to such Clearing Transactions and have such new Clearing 

Transactions registered on the Clearing Client Clearing Account managed by such 

Back-up Client Representative;

b. waive any such prior pledge or general pledge provided in the Clearing Rules or any 

pledge documentation or other security agreement entered into pursuant to the 

Clearing Client Clearing Account managed by the defaulting Account Holder on behalf 

of the Clearing Client or any such other Clearing Client Clearing Account;

c. treat the related Clearing Client Clearing Account Assets in respect of that Clearing 

Client as being provided in relation to the Clearing Client Clearing Account managed by 

such Back-up Client Representative for such Clearing Client.

5 CONSENTS AND CONDITIONS

5.1 For the purposes of section 3.1c, the relevant Clearing Client and Back-up Client 

Representative may provide their consent to the Clearinghouse orally or in writing 

(including by facsimile and email) and such consent, once received by the Clearinghouse, 

shall be irrevocable. If the Clearinghouse has not received all necessary consents within 

such time period as it determines in its sole discretion, or any other requirement in 

section 3.1 not being met, then section 4 shall not apply, and the Clearing House shall 

instead act in accordance with section 6.

6 ALLOCATION AND RETURN OF CLEARING CLIENT ACCOUNT BALANCE

6.1 In relation to a Clearing Client of a defaulting Account Holder whose open Clearing 

Transactions are not dealt with pursuant to section 4 within 24 hours from calling the 

default of such defaulting Account Holder or by such later time as the Clearinghouse may 

determine in its discretion, the Clearinghouse shall:

a. have the right to elect, without consulting the defaulting Account Holder or the 

Clearing Client and at the defaulting Account Holder’s or Clearing Client’s expense, 

(i) to take one or more of the measures stated in section 8 of the General Terms of 

the Clearing Rules which in such case shall be equally applicable to such Clearing 

Client of a defaulting Account Holder; 

(ii) following the taking of any such measures, calculate the amount due to the 

Clearinghouse or from the Clearinghouse in respect of such Clearing Client Clearing 

Account (including where appropriate any such fees, costs or expenses of the 

Clearinghouse in taking such action or making such determination); and

(iii) (x) where an amount is owed to the Clearinghouse, apply such of the Clearing 

Client Clearing Account Assets as are required to meet such amount or (y) where an 

amount is owed by the Clearinghouse, pay such amount to the Clearing Client subject 

to the execution of appropriate documentation (which may, without limitation, include 

an indemnity (secured or otherwise) and a release of the Clearinghouse from any 

liability) between the Clearinghouse and such Clearing Client.

7 TERMINATION OF CLEARING CLIENT AGREEMENT

7.1 Where 

a. the requirements set out in section 3 have been met in respect of a Clearing Client and 

the Clearinghouse has taken the steps set out in section 4.1 above; or
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COPYRIGHT © NASDAQ OMX CLEARING AB 4 (4)

b. the Client Representative’s membership agreement with the Clearinghouse has been 

terminated by the Clearinghouse; or

c. (i) there are no Open Positions registered in the relevant Clearing Accounts; and (ii) 

there is no amount owing to the Clearinghouse by the Clearing Client;

the Clearing Client may terminate its Clearing Client Agreement with the defaulting Client 

Representative.

[end of document]
Effective Date: 16 June 2014

Clearing Appendix 14

Block Trade, EFP and 

EFS Clearing 

Procedures

Commodity Derivatives

Issued by NASDAQ OMX Clearing AB
Clearing Appendix 14 – Block Trade, EFP and EFS Clearing Procedures

COPYRIGHT © NASDAQ OMX CLEARING AB 2 (2)

BLOCK TRADE, EFP AND EFS CLEARING PROCEDURES

1 APPLICATION 

1.1 These Block Trade, EFP and EFS Clearing Procedures contain detailed provisions on the 

registration and processing of Clearing Requests in respect of Block Trades, EFP and EFS, 

and form an integral part of the Clearing Rules.

2 SUBMITTAL OF CLEARING REQUESTS

2.1 Block Trades, EFP and EFS are automatically subject to Clearing pursuant to the Trading 

Rules. 

2.2 The Exchange will provide the Clearinghouse with information of all Block Trades, EFP and 

EFS registered in the Trading System, including the terms of each such Exchange 

Transaction and the Account Holders and FIN Clearing Members involved. Such notification 

by the Exchange shall constitute a Clearing Request.

3 REGISTRATION OF BLOCK TRADES/EFP AND EFS

3.1 Registration of Block Trades and EFP or EFS for Clearing shall be carried out in accordance 

with this section.

3.2 The Clearinghouse decides in its sole discretion whether or not to approve a Clearing 

Request on a continuous and revolving basis. The Clearinghouse shall not become 

counterparty to any such Block Trade, EFP, EFS or Clearing Request, and will only be 

Counterparty to the corresponding Clearing Transaction(s) when it has been Registered.

3.3 Two hours (120 minutes) after the registration of a Clearing Request in the Clearing 

System, the Clearinghouse shall decide:

a. to approve the Clearing Request and Register the corresponding Clearing Transaction; 

or 

b. to reject the Clearing Request, in which case the Account Holders and FIN Clearing 

Members involved (or their nominees) shall be informed of the decision immediately.

3.4 The Clearinghouse reserves the right to reject, cancel or refuse to approve any Clearing 

Request which in the Clearinghouse’s determination would contravene sound Clearing 

operations, the Clearing Rules, applicable law, or where there is another reasonable 

foundation for rejection. 

3.5 If a decision to reject has not been made according to Section 3.3, the Clearing Request 

shall after two hours (120 minutes) be deemed approved and Registered as a Clearing 

Transaction. A Clearing Request received by the Clearinghouse during Clearinghouse 

Opening Hours shall be processed and (unless rejected) Registered on the same Bank Day. 

3.6 The General Terms contain provisions regarding errors in Clearing Confirmations.

[end of document]
Version: May 2015

Membership Form 

NASDAQ OMX Commodities

 
INTRODUCTION

Thank you for your interest in NASDAQ OMX Commodities. If you are applying for membership this form is 

your first step towards membership, and we are looking forward to be doing business with you.

This is a joint membership form for NASDAQ OMX Oslo ASA (the exchange) and NASDAQ OMX Clearing AB

(the clearinghouse). You acknowledge that any information submitted herein, and any updates thereto,

may be shared between the aforementioned companies unless as otherwise explicitly agreed with each 

company (as appropriate). All information provided will be treated confidentially pursuant to the trading 

and/or clearing rulebooks, and any application is subject to the relevant parts of the trading and/or 

clearing rulebooks which you are deemed to agree with.

Please fill out this form carefully and make sure that the document is as complete and accurate as possible

in all relevant aspects. Any specific needs or circumstances relevant to the membership should be notified 

in this form, cf. also Section VIII below. Certain questions may not be applicable to your organization due 

to its inherent status (e.g. in case of governmental bodies), in which case you should state “N/A” and 

briefly explain why.

If you are applying for membership NASDAQ OMX Oslo ASA and/or NASDAQ OMX Clearing AB will assess 

whether your organization can be approved as an exchange and/or clearing member following receipt of a 

complete and signed form. Forms that are incomplete, whether questions are not answered or mandatory 

appendixes are missing, will not be processed. Please also note that further information may be requested 

when processing your application

If you are an existing member with NASDAQ OMX Oslo ASA and/or NASDAQ OMX Clearing AB and wish to 

make changes to your membership category or to any previously submitted information, please use this 

form for such changes also. In such case, you normally need only to fill in the parts to which such changes 

apply in Section I. All other sections will, unless new information is submitted, be deemed consistent with

the previously given information.

Execution versions of relevant trading and/or clearing agreements will be issued when an applicant is 

approved as member, and for existing members when and if the changes necessitates updated documents

and are approved. A member will be able to commence/continue trading and/or clearing under its 

requested/revised setup following the due execution of any applicable agreements and completion of 

necessary technical setup etc.

The at any time prevailing template agreements and trading and clearing rulebooks are available at: 

http://www.nasdaqomxcommodities.com/membership/legalframework/

Should you have any questions to this form, the application process, or any other matters, please do not 

hesitate to contact your NASDAQ OMX contact person who will be happy to assist you. You may also find 

contact details and relevant information on our website http://www.nasdaqomxcommodities.com/

Once completed the form (and appendices) should be sent to:

Electronic copy (PDF or similar format): 

salescommodities@nasdaqomx.com

Hard copy (per post): 

NASDAQ OMX 

Att: Memberships

Tullvaktsvägen 15

SE-105 78 Stockholm

SWEDEN
 1(7)

NASDAQ OMX COMMODITIES - MEMBERSHIP FORM

Date (day/month/year) of this form:

NAME OF COMPANY (the “Company”)

Membership Status NASDAQ OMX account manager (DELETED “if applicable”)

Applicant Existing member

I. MEMBERSHIP OVERVIEW

1. Type of exchange membership (NASDAQ OMX Oslo ASA):(check one only)

(A) Exchange Member (requires clearing membership)

(B) Non-Clearing Member (requires General Clearing Member)

- Name of General Clearing Member: 

(C) None (i.e. clearing membership only)

(D) Block Broker Member (please fill in section I (3), II, III (1-5), V and VII)

2. Type of clearing membership (NASDAQ OMX Clearing AB):(check one only)

(A) General Clearing Member

(B) Clearing Member

(C) Clearing Client (requires Client Representative)

- Name of Client Representative: 

(D) None (only applicable for Non-Clearing Members, ref above)

(E) Non Exchange Trading Broker (please fill in section I (3), II, III (1-5), V and VII)

3. Company requests access to the following products/markets:(check all applicable)

(A) EUR Power*

(B) GBP Power**

(C) EUR Allowances

(D) USD Freight, Fuel Oil

(E) USD Iron Ore

(F) NOK Seafood

(G) EUR Electricity Certificates

(H) SEK Electricity Certificates

*Electricity Nordic, Electricity Germany, Electricity Netherlands

**Electricity UK, Natural Gas

4. Please answer “yes” or “no” to each of the statements below. (not applicable to Block Broker 

Members)

Yes No

(A) Company will trade for hedging purposes.

(B) Company will trade for speculation purposes.

(C) Company will trade exclusively on own account.

(D) Company will execute third party (client) orders and transactions in its own name.

(E) Company will appoint non-employees as (authorised) traders.

(F) Company will provide third parties (clients) with direct market access, sponsored access or 

similar arrangements.

(G) Company’s activities, or parts thereof, will be performed outside of the European Economic Area.

5. Company intends to use the following collateral provider(s) for bank guarantee or letter of credit:

6. Company intends to use the following banks for cash collateral and settlement:

7. Company intends to use cash, guarantee or securities as Collateral

8. Please specify which trading and backoffice application you will use

Name of trading application used by Applicant:

Name of back office application used by Applicant:
 2(7)

II. CORPORATE

1. Full name of Company, as well as any trade names in use:

2. Previous company name(s) and trade name(s) and date of name change (if applicable) during last 3 years:

3. Registered address of Company. Please state visiting address in addition to any PO Box address.

4. Country of incorporation:

5. Type of corporation (limited liability company, partnership etc):

6. Company registration number and (native and English) name of applicable registry:

7. Date of establishment:

8. Website address (if any):

9. Please provide a copy of the company registration certificate or similar official documentation relating to the 

current legal status of the Company under its applicable jurisdiction. Please provide comment if the issue 

date of this document is older than two (2) months, or if you have other comments.

See Appendix II.9 

10. Please provide a copy of articles of association or similar constitutional documents. Please also comment 

below if you deem this to be helpful for our understanding.

See Appendix II.10 

11. Please provide details of (i) any shareholders holding 10 % or more of the shares, including (ii) any 

ultimate beneficial owner(s) controlling 30% or more of the shares or voting rights. If the Company is part 

of a group please provide a group chart. If this information is included in annual reports etc which are 

attached to this document, a precise reference will be sufficient.

sdsd See Appendix II.11 

12. Who are the authorised signatories of the Company for the membership, including all collateral 

arrangements etc? Please provide list of signatories or other documentation if available, and comment if 

date of issue is older than two (2) months..

See Appendix II.12 

III. BUSINESS AND ORGANISATION

1. Approximate number of staff engaged with Company: (employees and contingent staff separately)

2. Country(ies) from which the trading and clearing activities will be operated:

3. Please provide name and internal title of persons in management (use closest match)

(A) CEO ;

(B) CFO ;

(C) Head of Trading ;

(D) Head of Compliance ;

(E) Head of Back Office ;

(F) Head of Risk Control ;

(G) Head of Legal ;

4. Please provide details of Company’s board directors (names, address etc)

See Appendix III.2 

5. Please provide a general description of the Company’s current business and organisation structure. If this 

information is included in documentation attached to this document, a precise reference will be sufficient.

See Appendix III.3 

6. Please provide a brief account of Company’s (including its managers’) experience with commodities trading 

and its investment strategy. If this information is included in documentation attached to this document, a 

precise reference will be sufficient.

See Appendix III.4
 3(7)

7. Please provide information if the Company currently hold, or is in the process of applying to, memberships 

with other relevant markets (clearing organizations etc.)? If yes then please quote which one and for how 

long (since year).

8. Please answer “yes” or “no” to each of the statements below. Yes No

(A) Company’s main business consists of dealing on own account in commodities and/or commodity 

derivatives.

(B) Company’s main business consists of dealing on behalf of clients in commodities and/or 

commodity derivatives.

(C) Company’s transactions in commodity derivatives are ancillary to its main business.

(D) Company is part of a group of companies and it’s transactions in commodity derivatives are

ancillary to the main business of its group as a whole.

(E) Company is part of a group of companies whose main business is the provision of investment or 

banking services.

IV. FINANCIAL

1. Please quote Company’s estimated total equity at the end of the last calendar month (in EUROs), and what 

month/year this relates to:

2. Please provide the most recent (A) audited financial statements and (B) annual report for the Company. If 

existing, please also provide (C) interim report(s) following the last audited financial statements. Please 

comment below if relevant.

See Appendix IV.2 

3. Does the Company have any credit ratings from recognized credit rating firms? Please provide copies if 

possible.

See Appendix IV.3 

4. Are there any known liabilities, exposures or other risks which could have a material impact on the 

Company’s balance sheet, its liquidity, or its business as a whole (other than such risks as applies in 

general to all comparable entities, if any)? Please provide details if relevant.

See Appendix IV.4 
 4(7)

V. LEGAL AND REGULATORY

1. Is the Company regulated within the categories recognized by the EU Markets in Financial Instruments 

Directive 2004/39/EC (MiFID) or a credit institution licensed in accordance with legislation implementing the 

Directive 2006/48/EC (Consolidating Banking Directive) or any equivalent regulation? If yes please provide 

details on what regulatory status and relevant supervisory authority is applicable, together with appropriate 

documentation. Yes No

 

See Appendix V.1 

2. Please provide an affirmative representation whether the Company is a U.S. person or not. 

For purposes of this rule, U.S. person means: (i) any natural person who is a resident of the United States; 

(ii) any estate of a decedent who was a resident of the United States at the time of death; (iii) any 

corporation, partnership, limited liability company, business or other trust, association, joint-stock company, 

fund or any

form of enterprise similar to any of the foregoing (other than an entity described in prongs (iv) or (v), below) 

(a ‘‘legal entity’’), in each case that is organized or incorporated under the laws of a state or other jurisdiction

in the United States or having its principal place of business in the United States; (iv) any pension plan for 

the employees, officers or principals of a legal entity described in prong (iii), unless the pension plan is 

primarily for foreign employees of such entity; (v) any trust governed by the laws of a state or other 

jurisdiction in the United States, if a court within the United States is able to exercise primary supervision 

over the administration of the trust; (vi) any commodity pool, pooled account, investment fund, or other 

collective investment vehicle that is not described in prong (iii) and that is majority-owned by one or more 

persons described in prong (i), (ii), (iii), (iv), or (v), except any commodity pool, pooled account, investment 

fund, or other collective investment vehicle that is publicly offered only to non-U.S. persons and not offered 

to U.S. persons; (vii) any legal entity (other than a limited liability company, limited liability partnership or 

similar entity where all of the owners of the entity have limited liability) that is directly or indirectly majorityowned by one or more persons described in prong (i), (ii), (iii), (iv), or (v) and in which such person(s) bears 

unlimited responsibility for the obligations and liabilities of the legal entity; and (viii) any individual account 

or joint account (discretionary or not) where the beneficial owner (or one of the beneficial owners in the case 

of a joint account) is a person described in prong (i), (ii), (iii), (iv) (v), (vi), or (vii).

Based on the above meaning of a U.S. person we hereby represent that the Company:

is a U.S. person 

is not U.S. person

See Appendix V.2 

 

3. Is the Company aware of any current or anticipated breach of any of the representations and 

warranties of the Trading Rules and/or the Clearing Rules (as applicable)? Yes No

4. If the applying legal entity is subject to EMIR trade reporting, please state the correct Legal Entity Identifier 

(LEI) to be used for this purpose.

VI. NON-FINANCIAL COUNTERPARTY – USE OF BANK GUARANTEE

This Section VI only needs to be answered if the Company contemplates to use commercial bank guarantees as 

collateral in clearing. Commercial bank guarantees may only be used by so-called “non-financial counterparties.

Please confirm by ticking the box that the Company is a “non-financial counterparty” as defined in 

Regulation (EU) No 648/2012 (EMIR) and thus entitled to use bank guarantees under such Regulation. 

Please see definition below. 

A non-financial counterparty is a company established in the European Economic Area which does not fall under 

the definition of ‘financial counterparty’ in EMIR. 

A financial counterparty means 

- an investment firm authorised in accordance with Directive 2004/39/EC, 

- a credit institution authorised in accordance with Directive 2006/48/EC, 

- an insurance undertaking authorised in accordance with Directive 73/239/EEC, 

- an assurance undertaking authorised in accordance with Directive 2002/83/EC, 

- a reinsurance undertaking authorised in accordance with Directive 2005/68/EC, 

- a UCITS and, where relevant, its management company, authorised in accordance with Directive 2009/65/EC, 

- an institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC 

and 
 5(7)

- an alternative investment fund managed by AIFMs authorised or registered in accordance with Directive 

2011/61/EU.

VII. OTHER

1. Please provide a contact person for the application process

(A) Name

(B) Phone (int. format)

(C) E-mail

2. Is there any other information which in the Company’s view could be of relevance to the assessment of 

Company’s membership eligibility, and which has not been addressed in this form?

See Appendix VI.2 
 6(7)

VIII. ADDITIONAL QUESTIONS (IF APPLICABLE)

This Section VIII does not need to be answered if: (i) the Company has its registered place of business within 

the European Economic Area; and (ii) either one of the following statements apply (please check off):

The Company holds a MiFID authorisation (ref item V.1 above)

The Company itself, or it’s wholly owning parent company, is a publicly listed company on a MiFID 

regulated market or similar market outside of the EEA; or the Company is a governmental body or wholly 

owned by one. (documentation must support this alternative)

The Company was established more than three (3) years ago and audited financial statements for the last 

three (3) years are provided herewith (ref item IV.2 above).

When used below, the term “Relevant Person” means the Company, its board directors, senior management and 

any person controlling 30 % or more of the shares or voting rights directly or indirectly.

1. Please answer “yes” or “no” to the questions below. Yes No

(A) Has any Relevant Person ever been convicted in a court of law of any theft, embezzlement, 

fraud, misfeasance, malpractice or other similar misconduct, or of any other serious criminal 

offence? Has any Relevant Person been the subject of any such proceedings or been 

investigated for the same?

(B) Has any Relevant Person ever had a judgement debt or similar against it, been the subject of 

any bankruptcy proceedings or proceedings for the sequestration of its estate, or entered into a 

voluntary agreement with any of its creditors to prevent any such proceedings?

(C) Has any Relevant Person ever had a judgement from a court of law against it which it has failed 

to satisfy within the applicable deadline or otherwise breached the conditions for?

(D) Has any Relevant Person ever been:

i.Refused entry to or been dismissed or requested to resign from, any profession, vocation, office 

or employment or from any fiduciary office or position of trust whether or not remunerated?

ii.Refused, restricted in, or had suspended, the right to carry on any trade, business or profession 

for which specific licence, authorisation, registration, membership or other permission is 

required?

iii.Disqualified by a court from acting as a director of a company or from acting in a management 

capacity or conducting the affairs of any company, partnership or unincorporated association?

(E) In relation to activities regulated by a Financial Supervisory Authority, or any other regulatory or 

private body associated to such activities (including any exchange or clearing memberships or 

similar) has any Relevant Person ever:

i.Been refused, had revoked, restricted, suspended or terminated, any licence, authorisation, 

registration, notification, membership or other permission granted by any such body?

ii.Been criticised, censured, disciplined, suspended, expelled, fined or been the subject of any 

other disciplinary or intervention action by any such body?

iii.Resigned whilst under investigation by, or been required to resign from, any such body?

iv.Decided, after making an application for any licence, authorisation, registration, notification, 

membership or other permission granted by any such body, not to proceed with it?

v.Been the subject of any civil action which has resulted in a finding against any Relevant Person

by a court?

(F) Is any Relevant Person currently aware of anyone's intention to initiate any proceedings as 

described under items (A) – (E) above in against it?

2. If the answer to any of the questions under item 5 was “Yes”, please provide details below:

See Appendix VII.2
 7(7)

On behalf of the Company I confirm that the information herein and any accompanying documentation to the best 

of our knowledge is accurate, true and complete in all material respects, and that we will give notice of any

relevant changes to the information provided herein. We are aware that any incorrect or incomplete information 

given in relation to our membership or membership application, as well as any failure to update such information,

may constitute a breach of the clearing and/or trading rules. 

Place and Date

Authorised 

Signature

Name 

Title

Authorised 

Signature

(if applicable)

Name 

Title
 1(1)

CHECKLIST AND LIST OF APPENDIXES

This document is primarily the Company’s internal use and although use is encouraged it is not strictly required to 

be filled out or supplied with the membership form.

Please organize appendixes in the order set out below, with the applicable appendix reference (e.g. Section II, 

question 11 = II.11) in the upper right corner on page 1 of each document in portrait orientation. A checklist has 

been provided for your convenience below.

Please observe the following in relation to the “Status” column (Note that additional information may nevertheless 

be requested at a later stage):

M – Mandatory. Documentation is mandatory for all applicable. Please ensure that all mandatory appendixes

are included with the application.

S – Supplementary. Information is mandatory for all, but separate documentation is not required as it is 

sufficient that the information is stated in the application form. May also be used where use of the 

application format is inconvenient.

O – Optional. Information is not mandatory and/or application format is inconvenient

The application and all supporting documents must be provided in the English, Swedish, Danish or Norwegian 

language. In case of translations, please provide both the original and translated versions. Translations must be 

official and in-house translations are generally not accepted.

Ref Appendix Description Status Included

Yes No

II Corporate

9 Company certificate or similar official documentation M

10 Articles of association or similar constitutional documents. M

11 Details of shareholders, ultimate beneficial owner(s) and group chart. S

12 Official list of authorised signatories or similar (preferably max 2 months old) M

III Organisation

2 Members of Board of Directors S

3 Description of the Company’s business and the operational and legal structure 

and (if relevant) its group of companies

S

4 Experience with commodities and commodity derivatives trading S

IV Financials

2(a) Most recent audited financial statements M

2(b) Most recent annual report M

2(c) Most recent interim report (if existing) M

3 Credit ratings O

4 Supplementary financial information O

V Legal and Regulatory

1 Documentation regarding MiFID status (if applicable) M

2 Representation that the Company is not a U.S. person S

VII Other 

2 Other supplementary information O

VIII Additional Questions

2 Supplementary information to questionnaire S
FINANSTILSYNET

Norway

Translation update January 2013

This translation is for information purposes only. Legal authenticity remains with the official

Norwegian version as published in Norsk Lovtidend.

Act of 7 December 1956 No. 1 (last amended 14 December 2012)

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act)

Section 1 This Act provides for the supervision of:

1. Commercial banks,

2. Savings banks,

3. Non-life insurance companies, including the general agents (principal agents) in

Norway of foreign non-life insurance companies, and reinsurance companies,

4. Life insurance companies, including general agents (principal agents) in Norway of

foreign life insurance companies,

5. Branches of credit institutions as mentioned in section 1-4 first subsection no. 4 and no. 5 of Act 

of 10 June 1988 No. 40 on Financing Activity and Financial Institutions insofar as their activity in

Norway is concerned,

6. Finance companies and mortgage companies; see section 3-1of Act of 10 June 1988 No. 40 on 

Financing Activity and Financial Institutions,

7. Any person who is required under section 4-1 of Act of 10 June 1988 No. 40 on Financing 

Activity and Financial Institutions to notify Finanstilsynet (Financial Supervisory Authority of 

Norway) of organised or commercial intermediation of loans,

8. Any undertaking falling within section 1-3 first subsection nos. 1 to 6 of Act of 10 June 1988 No. 

40 on Financing Activity and Financial Institutions, or which the King pursuant to section 1-3 

second subsection excepts from any of the provisions of the Act, when it is decided that 

Finanstilsynet shall oversee the business,

9. Auditors and firms of auditors approved under the Auditors Act,

10. Regulated markets,

11. Securities registers,

12. Maritime insurance associations; see Act of 3 July 1953 No. 2,

13. Representative offices in Norway of foreign financial institutions,

14. Investment firms and other undertakings carrying on business connected with

securities trading, and of compliance with provisions on securities trading laid down in or

pursuant to law,

15. Private, municipal and county municipal pension funds and Norges Bank’s pension

fund,

16. Defined contribution pension undertakings,

17. Insurance mediation activity,

18. Payment institutions and other undertakings entitled to provide payment services as mentioned 

in section 4b-1 of the Financial Institutions Act,

19. Authorised external accountants and firms of accountants,

20. Other undertakings to the extent provided in or pursuant to special legislation.

Where an institution as mentioned in the first subsection forms part of a group, other companies in 

the group shall also be subject to supervision pursuant to this Act. Where required on supervisory 
grounds, this also applies to those parts of the business of the companies in the group that are not 

otherwise covered by the provisions of this Act.

This Act also provides for the supervision of foreign undertakings corresponding to undertakings as 

mentioned in the first subsection, or which carry on activity corresponding to activity as mentioned 

in the first subsection, and foreign undertakings corresponding to undertakings as mentioned in 

section 2a-6 first subsection (b) and (e) of Act of 10 June 1988 No. 40 on Financing Activity and 

Financial Institutions to the extent that they carry on activity in Norway. 

Rules of this Act concerning institutions apply equally to natural persons as mentioned in the first 

subsection.

Section 2 Supervision is carried out by Finanstilsynet. The King may make further regulations on 

the activity of Finanstilsynet.

Finanstilsynet is managed by a board of five members. The members and their alternates are

appointed by the King. The King nominates the chairman and vice chairman of the board. The 

director general of Finanstilsynet is appointed by the King for a period of six years. The members of 

the board and their alternates are appointed for a period of four years. The King may lay down 

instructions for the board.

Two members are elected by and from among the employees to supplement the board when it deals 

with administrative business. The election arrangement is agreed upon by negotiation with the 

employees, and in the absence of such agreement is stipulated by the ministry.

Norges Bank shall have an observer on the board. The observer is entitled to speak and to submit 

proposals, but not to vote. The observer and his/her alternate are appointed by the ministry for a 

period of four years following a proposal from Norges Bank.

Finanstilsynet may engage state authorised and registered accountants and persons with other expert 

knowledge to perform assignments within Finanstilsynet's area of responsibility.

Finanstilsynet may appoint committees to undertake independent investigations within

Finanstilsynet's area of responsibility. Institutions and officers and employees of financial

institutions under Finanstilsynet's supervision are subject to the same disclosure duty towards such a 

committee as towards Finanstilsynet; see section 3, second and third subsections. As part of its 

investigation, the committee may require evidence to be taken in court pursuant to section 44 of the

Courts of Justice Act. The members of the committee are subject to a duty of confidentiality as 

stated in section 7 fifth subsection and must, except as otherwise stipulated or premised upon 

appointment, follow such rules as apply to members of the board of Finanstilsynet.

The ministry may decide that the expenditure on assignments as mentioned in the two preceding 

subsections shall be refunded entirely or in part by the institutions at which the assignments have 

been carried out.

Section 3 Finanstilsynet shall ensure that the institutions it supervises operate in an appropriate and 

proper manner in accordance with law and provisions laid down pursuant to law and with the 

intentions underlying the establishment of the institution, its purpose and articles of association.
Finanstilsynet shall ensure that the institutions it supervises attend to consumer interests and rights 

in their activities.

Finanstilsynet shall examine financial statements and other records of the institutions and shall 

otherwise carry out such investigations of their position and activity as Finanstilsynet deems 

necessary. Institutions are obliged at all times to furnish all information that Finanstilsynet may

require and to give Finanstilsynet access to, and in the event hand over to Finanstilsynet for

inspection, their records, registered accounting information, accounting documentation, ledgers, 

documents, computers or other technical aids and material that is available via such aids and 

holdings of whatever nature.

If the disclosure obligation imposed on an institution pursuant to the second subsection is not

complied with, the disclosure obligation may be imposed on the individual officers and employees

of the institution. The institution shall as a rule be notified in such cases. The auditor may be

ordered to disclose information which appears in the annual financial statements, account form,

summary of staff pay-and-deduction statements, auditor's records and auditor's report.

Section 3a The appointed auditor at institutions as mentioned in section 1 first subsection is obliged 

to report to Finanstilsynet immediately any circumstance concerning the activities of the institution 

which comes to his knowledge during the performance of his auditing duties which may

1. involve contravention of provisions regulating the institution's activities if such contravention 

may cause withdrawal of the institution's authorisation to carry on business,

2. harm the continued operation of the institution, or

3. entail that the financial statements will not be approved or that a qualified opinion will be issued.

The reporting obligation pursuant to the first subsection applies equally to circumstances which 

come to the auditor's knowledge during the performance of his auditing duties for undertakings with 

which the institution has close connections. "Close connections" means a situation where two or 

more natural or legal persons are connected with each other by virtue of

(a) a capital interest, i.e. by holding or controlling at least 20 per cent of an undertaking's voting 

rights or capital, or

(b) control, i.e. through a connection between a main undertaking and a subordinate undertaking or 

through a connection between any natural or legal person and an undertaking. As a general rule 

control is deemed to be present where persons or undertakings own or control at least 20 per cent of 

the shares or votes in the institution, and where the institution owns or controls at least 20 per cent 

of the shares or votes in an undertaking, or where undertakings form part of the same group as the 

institution. Any subordinate undertaking of a subordinate undertaking is also regarded as a 

subsidiary of the main undertaking at the head of the undertakings. A situation where two or more

natural or legal persons are permanently connected with a person through control is also regarded as 

a close connection between such persons. The ministry may make further provision regarding what 

are to be regarded as close connections.

Circumstances which the auditor reports in diligent good faith to Finanstilsynet shall not be

regarded as breaches of the duty of confidentiality pursuant to law, regulation or agreement,

and shall not entail liability.

Section 4 Finanstilsynet may order the institutions it supervises:
1. to arrange audits in conformity with the rules laid down by Finanstilsynet and to arrange

annual financial statements and registration of accounting information in the prescribed manner,

2. to arrange their internal control in accordance with the provisions laid down by

Finanstilsynet,

3. to submit statements and information in the manner prescribed by Finanstilsynet and

which Finanstilsynet considers it needs in order to discharge its functions, including for

statistical purposes, and to send such statements and information to authorities in other states that 

oversee entities corresponding to those mentioned in section 1 first subsection.

4. to maintain a higher capital ratio than the statutory minimum requirement,

5. to restrict overall credit to a customer to a lower amount than the statutory maximum,

6. to alter the composition of the control committee,

7. to rectify the matter if an institution's bodies have failed to discharge their duties as required by 

provisions laid down in or pursuant to law, or have acted in breach of the terms of the institution’s 

licence. The same applies if an institution’s bodies have failed to comply with the institution’s 

articles of association or with internal guidelines adopted in conformity with provisions laid down 

in or pursuant to law,

8. to rectify any inappropriate investment of the institution's funds, and to organise their activity to 

conform to resolutions adopted pursuant to law by the Storting, the King, a ministry or Norges 

Bank.

The rules of the Private Limited Companies Act and the Public Limited Companies Act regarding 

audits may be overridden by rules as mentioned in the first subsection no. 1.

Section 4a Should Finanstilsynet assume that someone without the necessary authorisation is

engaged in activities covered by section 1 first or third subsection, it may issue an order to halt such 

activities. If Finanstilsynet deems it necessary, for the purpose of deciding whether an order 

pursuant to the first sentence should be issued, it may instruct the person it assumes to be in charge 

of such activity to provide information about the activity. Section 3 third subsection

applies. An order to provide information may also encompass an undertaking's parent company or 

the parent company in the group of which the undertaking forms part, except where the undertaking 

forms part of a group under supervision; see section 1 second subsection.

Section 4b Finanstilsynet may order an undertaking which is 

- an associate of (see Financial Institutions Act section 2a-2(f)),

- a participating undertaking in (see Financial Institutions Act section 2a-2(g)), or

- an associate of a participating undertaking in

an institution as mentioned in section 1 first subsection nos. 1-6 or no. 14 or a corresponding 

foreign institution, to disclose the information which Finanstilsynet requires and which is necessary 

in order to oversee such institutions. Finanstilsynet may only direct such an order to undertakings 

which are not subject to supervision provided Finanstilsynet has asked the institution subject to 

supervision to provide the information, and this information has not been delivered. 

Section 5 Finanstilsynet may convene meetings of the board of directors, control committee and

supervisory board or similar controlling bodies of institutions which are under its supervision. At 

such meetings and at general meetings Finanstilsynet may be represented and may submit 
proposals, but may not vote. If an extraordinary general meeting is not convened when so requested 

by Finanstilsynet, Finanstilsynet may convene such a meeting.

As part of its supervisory activity Finanstilsynet may require evidence to be secured by a court 

pursuant to section 44 of the Courts of Justice Act. Any request to secure evidence shall be 

submitted to the court of first instance in the district in which those who are to be questioned reside 

or are present or where real evidence is to be examined. Section 28-3 subsection (3) and section 28-

4 of the Dispute Act also apply.

Section 6 Contravention of provisions applying to institutions that are supervised by Finanstilsynet 

may be reported to the prosecuting authority or to the public authority within whose jurisdiction the 

matter specifically falls.

When Finanstilsynet in the course of its work suspects the existence of circumstances that may 

involve the proceeds of a criminal act, or circumstances falling under the General Civil Penal Code 

section 147 a or section 147 b, information to this effect shall be forwarded to the National 

Authority for Investigation and Prosecution of Economic and Environmental Crime, ØKOKRIM.

Section 7 Board members and employees of Finanstilsynet, including persons as mentioned in 

section 2 fifth subsection, must treat as confidential any information about a customer's affairs 

which may come to their knowledge in the course of their work. They must not make use of such 

information for commercial purposes. The duty of confidentiality pursuant to this provision and the 

provisions of the Public Administration Act does not apply to disclosure of information to Norges 

Bank, other EEA states' central banks or supervisory authorities which conduct supervision as 

mentioned in section 1 first subsection nos. 1 to 6, nos. 9, 10, 14 or no. 18 or supervision of 

companies that manage securities funds. Neither does the duty of confidentiality prevent 

Finanstilsynet from passing to a stock exchange authorised under section 2-1 of Act of 17 

November 2000 No. 80 relating to Regulated Markets (Stock Exchange Act), to a securities register

authorised under section 3-1 of Act of 5 July 2002 No. 64 on Registration of Financial Instruments

(Securities Register Act) or to a clearing house authorised under section 6-1of Act of 19 June 1997 

No. 79 on Securities Trading (Securities Trading Act), information on circumstances that is 

necessary for the discharge of those institutions' statutory functions. The ministry may make rules to 

the effect that the duty of confidentiality shall not apply in relation to supervisory authorities in nonEEA states which conduct supervision as mentioned in the third sentence. The ministry may make 

further provision concerning Finanstilsynet's exchange of information with those authorities and 

bodies in respect of which the duty of confidentiality does not apply.

Board members and employees of Finanstilsynet must not be employed by or take paid work with 

or be a member of the board of directors, supervisory board or corresponding body of any

institution under Finanstilsynet's supervision.

Such institutions shall not grant loans against endorsement or other guarantee furnished by a board 

member or employee of Finanstilsynet or by a partnership of which such board member or 

employee of Finanstilsynet is a partner. Nor shall they grant loans to officers or board members of 

Finanstilsynet without in each case obtaining the consent of the appropriate ministry as regards 

loans to Finanstilsynet's board members or directors or the consent of the director general of 

Finanstilsynet as regards loans to other employees. Board members, alternates and directors of 

Finanstilsynet shall, pursuant to further rules laid down by the King, furnish information about 
trading in financial instruments for own account and about the customer relationships they enter 

into with institutions that are supervised by Finanstilsynet.

Board members and employees of Finanstilsynet may not own shares in or participations issued by 

institutions subject to supervision. The ministry may grant dispensation from this prohibition.

The King may by regulations impose a prohibition or other restrictions on the right of employees of 

Finanstilsynet to acquire or dispose of shares or other equity instruments quoted on a Norwegian 

stock exchange or authorised marketplace, or derivatives or other rights to such instruments or 

derivatives. Such prohibition or other restrictions may also apply to trades in the name and for the 

account of another person. Provision may also be made regarding employees' duty to report 

transactions in financial instruments to Finanstilsynet or the ministry, including acquisitions and 

disposals by close relatives as mentioned in section 1-5 subsection (2) of the Private Limited 

Liability Companies Act. The reporting obligation with regard to close relatives may also cover 

financial instruments issued by institutions under supervision or derivatives of such financial 

instruments. 

The provisions of this section apply equally to alternates, observers and observers' proxies to the 

board of directors.

Section 8 Finanstilsynet shall prepare all cases falling within its area of responsibility in which the 

final decision rests with the King or a ministry.

Finanstilsynet submits each year a report on its activity to the appropriate ministry.

Finanstilsynet publishes each year an overview of the conduct and result of the periodic quality 

assurance review; see section 5b-2 of the Auditors Act.

Section 9 The expenses on supervision shall be levied on those institutions which pursuant to

section 1 or other special statutory authority are under supervision at the start of the budget year. 

The expenses are distributed among the various groups of institutions according to the extent of the 

supervision. The expenses on supervising compliance with the general provisions governing 

securities trading, and expenses on supervising compliance with the Act of 17 November 1999 No. 

95 on Payment Systems etc., are levied based on the size of the amounts resulting from the 

distribution pursuant to the preceding sentence. Such costs shall not be levied on real estate

agencies or debt collection agencies; auditors or auditing firms; accountants, accounting firms or 

accounting pools. Finanstilsynet's expenses on oversight pursuant to section 15-1 subsection (3) of 

Act of 29 June 2007 No. 75 on Securities Trading and on the appeal board pursuant to section 15-8 

of the same Act shall be levied on issuers of transferable securities quoted on a regulated market in 

the EEA that have Norway as their home state. Finanstilsynet's expenses on the appeal board 

pursuant to section 9-2a third subsection of the Auditors Act shall be levied on auditors and audit 

firms. Finanstilsynet's expenses on enforcement of the Act on Mandatory Occupational Pensions are 

levied on institutions that are entitled to offer mandatory occupational pension schemes pursuant to

the Defined Benefit Pensions Act and the Defined Contribution Pensions Act. Finanstilsynet's 

expenses on control of prospectuses pursuant to the Securities Trading Act chapter 7 are levied on 

issuers of transferable securities quoted on a regulated market in the EEA that have Norway as its 

home state. Revenues from fees charged by Finanstilsynet in the course of its activity are deducted 

from the levy imposed on the group of entities to which the fees refer. 
In those groups mentioned in section 1 first subsection nos. 1, 2, 6, 8 and 15, the distribution is 

based on the size of the institution's total assets at the start of the year or at the time the institution 

comes under supervision, nonetheless such that the ministry stipulates for each year a minimum and 

maximum amount which can be levied on the individual institution in each group. For a commercial

bank formed pursuant to section 4 third subsection of the Commercial Banks Act, a separate amount

may be stipulated based on the extent of the supervision. Distribution within groups mentioned 

under section 1 first subsection nos. 3, 4 and 12 is based on the size of the total premium income for 

direct insurance contracted in Norway. The ministry may nonetheless for each year stipulate a 

minimum and maximum amount which may be levied on the individual institution in each group. 

The distribution within groups falling within section 1 first subsection nos. 5, 7, 9, 10, 11, 13, 14, 

17 and 19 is done pursuant to rules made by the ministry. Where supervision is pursuant to section 

1 second subsection or other special statutory authority, see section 1 first subsection no. 20, the

distribution within each group is done pursuant to rules made by the ministry. Levying shall be 

carried out by Finanstilsynet, but shall be approved by the ministry.

That part of the costs which is levied on home savings associations shall be paid by the Treasury.

The levied amounts are a basis for enforcement of distraint.

The announcements which Finanstilsynet forwards to the Norwegian Gazette pursuant to the

Insurance Companies Act of 29 July 1911 shall be paid for by the insurance company concerned.

Section 10 Any officer or employee of an institution under the supervision of Finanstilsynet who 

wilfully or through negligence contravenes this Act or provision or order issued pursuant thereto or 

is an accomplice to such contravention shall be punishable by fines or by imprisonment of up to one 

year, or both, unless the offence comes under a more severe penal provision. Where particularly 

aggravating circumstances are present, imprisonment of up to three years may be imposed. Any 

person, officer or employee of an undertaking who wilfully or through negligence contravenes an 

order issued pursuant to section 4a shall be subject to the same penalties.

If an order issued by Finanstilsynet under provisions laid down in or pursuant to law is not

complied with, the ministry in question may decide that the persons or the institution, the parent 

company of the institutions or the parent company in the group of which the institution forms part,

that are required to comply with the order, shall pay a cumulative daily fine until the circumstance 

in question is rectified. The imposition of a fine is a basis for enforcement of distraint.

Section 11

I. This Act comes into force immediately.