Nasdaq Clearing offers central counterparty clearing services for Nasdaq Commodities, Nasdaq Derivatives Markets, and Fish Pool. The offering includes clearing of both exchange traded and OTC contracts as well as a repo clearing service.
Board of Directors of Nasdaq Clearing AB
- Chairman: Fredrik Ekström, Vice President, Nasdaq
- Independent Board Member: Lars Nyberg (former Board Member of the Swedish Financial Supervisory Authority and former Deputy Governor of the Swedish Central Bank)
- Independent Board Member: Osmo Jauri (co-partner and owner of financial risk management systems company Model IT Oy)
- Board Member: Peter Strandell, Senior Vice President of Treasury, Nasdaq
- Board Member: Teuvo Rossi, Vice President, Nasdaq
- Board Member: Pia Warnerman, Division Corporate and Private Customers CFO and Head of Staff Functions (SEB)
- Chief Executive Officer: Julia Haglind
- Chief Risk Officer: Kjersti Ulset
- Chief Technology Officer: Daniel Sörmark
- Chief Operating Officer: Juuso Korhonen
- Chief Compliance Officer: Linn Thuvesson
- Business Services: Mattias Kronwall
- Business Development & Relations: Göran Bolin & Gustaf von Boisman
- International Affairs: Erica Brown
- Member Risk Committee: Chair - Lars Nyberg. Members - SEB, Swedbank, Uniper, Fortum, Societe Generale Newedge, Solidar, Vattenfall
- Clearing Risk Committee: Chair - Kjersti Ulset
- Default Committee: Chair – Kjersti Ulset
- Remuneration Committee: Chair – Osmo Jauri
- Audit Committee: Chair – Osmo Jauri
The strategy of Nasdaq Clearing AB (Nasdaq Clearing) is built on the following cornerstones.
Product range: Nasdaq Clearing aims to offer clearing of all Nordic derivatives products mandated for central clearing under EMIR, subject to market demand. In addition, we offer clearing of selected European derivatives products in multiple asset classes and will continuously develop this offering in close collaboration with our members.
Integrated offering: Nasdaq Clearing shall offer access to clearing of the whole product offering through one single membership. Access, rulebook and processes shall be harmonized in order to support the integrated offering. Clearing of OTC products and exchange-traded products shall be integrated and handled under a single rulebook.
Sophisticated risk management: Margin models shall be tailored to fit each asset class. Cross margining shall be offered for instruments where statistical evidence exists of price dependencies, creating margin efficiencies for clearing participants.
Capital efficiency: Nasdaq Clearing shall enable its counterparties to minimize capital requirements under CRD/CRR.
Reliable and efficient services: Nasdaq Clearing shall, through its clearing systems and operations, provide its members with reliable and efficient solutions and services.
Financial Stability: Nasdaq Clearing shall take into account the financial stability of the markets in which Nasdaq Clearing operates.
As a consequence of regulatory changes the clearing operations were separated from all other activities by way of a demerger executed in September 2013. In the demerger all non-clearing operations was transferred to a separate legal entity. This means that for the legal entity Nasdaq Clearing AB former Nasdaq Stockholm AB, the non-clearing related operation was included in the financials until August 2013.
Rules and Regulations
The Legal Status of Nasdaq Clearing AB
Nasdaq Clearing AB, a private limited company incorporated in Sweden and subject to Swedish company law, is authorized and supervised as a multi-asset clearing house by the Swedish Financial Supervisory Authority, and is also authorized to conduct clearing operations via its Norwegian branch Nasdaq Oslo by the Norwegian Ministry of Finance. As the first CCP in Europe, Nasdaq Clearing received authorization under 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”) in March 2014.
The clearing system has been approved by Finansinspektionen as a settlement system according to Systems for the Settlement of Obligations on the Financial Market Act and as such notified to the European Securities and Markets Authority (ESMA). The Norwegian Financial Supervisory Authority has also approved the clearing system under corresponding Norwegian legislation.
Nasdaq Clearing has arrangements in place with relevant Central Securities Depositories in accordance with applicable laws and regulations.
In Sweden, clearing is primarily governed by the following acts:
- 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) + Securities Market Act (2007:528)
- Systems for the Settlement of Obligations on the Financial Market Act (1999:1309)
- Financial Instruments Trading Act (1991:980)
- Rights of Priority Act (1970:979)
- Swedish Bankruptcy Act (1987:672)
- Financial Instruments Accounts Act (1998:1479)
In addition to the above-mentioned acts and Norwegian legislation applicable in respect of the Oslo Branch of the Company, Nasdaq Clearing has issued Rules applicable to its clearing activities in relation to Nasdaq Derivatives Markets and Nasdaq Commodities, respectively. The Rules, together with the membership agreements, constitute the contractual framework governing the relationship between Nasdaq Clearing and its members. The Rules become binding for members through the execution of the member agreement. The governing law for the contractual relationships between Nasdaq Clearing and the respective member is:
- Swedish law (for Nasdaq Derivatives Markets); and
- Norwegian law (for Nasdaq Commodities)