Tuesday October 17 2017
News Source: Global Exchanges
Focus: Derivative Market Segment
Type: General
Country: Denmark
Link: http://business.nasdaq.com/list/Rules-and-Regulations/European-rules/nasdaq-copenhagen/index.html
On the 16th October 2017, Amendments made to the Exchange Rules and Clearing Rules of the Nasdaq Derivatives Market became effective.
The Amendments make specific changes to the existing B1 and B2 Customer Agreements with the Direct Clearing Client Agreement.
The Direct Clearing Client Agreement is a triparty agreement between the Direct Clearing Client, the Direct Clearing Agent and Nasdaq Clearing (“DCC Agreement”).
In Replacing the Agreement, the Rules introduce new definitions to certain terms. Notable changes have been made to the Default Fund Rules which now state:
Section 1.9A.22. The Minimum Fund Requirement for any Default Fund Participant that is only clearing Financial Instrument has been changed to SEK 300,000 for all Default Fund Participants (including Direct Clearing Clients).
Section 1.9.A23. It is clarified that during a transitional period (i.e. prior to 30 November 2017), Default Fund Participants that are Direct Clearing Clients cannot clear Commodity Instruments or Seafood Instruments.
Furthermore the definition of “Loss Sharing Participant” has been extended to include Direct Clearing Clients who clear Generic Rates Instrument, except those who are Loss Sharing Exempt Participants.
For additional information please click the link above.