1.1 Members are required to decide which type of arrangement they will have for clearing and settling their trades.
Members of the Nasdaq Nordic exchanges can execute trades that are cleared bilaterally or through CCP. The requirements for membership are dependent on the clearing solution. The general membership requirement for members is that appropriate clearing and settlement arrangements must be in place for the trades which are going to be executed.
To trade CCP instruments a member is required to have appropriate clearing arrangements in place with a central counterparty either directly or via a General Clearing Participant. Nasdaq Nordic will ask a CCP for a form verifying that the member has clearing arrangements in place.
Nasdaq Nordic supports competitive central counterparty model with interoperating CCPs, which allows members the choice of a CCP from EuroCCP N.V., LCH.Clearnet Ltd and SIX x-clear Ltd. Please find more information about CCPs:
To trade bilaterally cleared instruments, a member is required to either be a member of the relevant Central Securities Depository (CSD) or to settle through a custodian bank.
Please find more information about Cash Equity post trade arrangements
1.2 Unregulated Firm or Regulated Firm
We welcome member applicants who are authorized by a European Financial Supervisory Authority (regulated members) and member applicants who are not authorized by a European, or equivalent, Financial Supervisory Authority (un-regulated members).
A Member shall possess equity capital equivalent to not less than €730 000. Nasdaq Nordic may choose to grant restricted membership which gives a Member the right to trade solely on its own account and exclusively instruments cleared and settled via a central counterparty to an applicant domiciled within the European Economic Area and that has equity capital equivalent to not less than € 50 000 .
Non-regulated members can only trade CCP cleared instruments. Nasdaq Nordic will ask a CCP for a form verifying that the non-regulated member has clearing arrangements in place.