Default history

NOS was the central counterparty clearing house for financial derivatives traded at Oslo Stock Exchange from 1990 to September 2006. In 1997, a Norwegian securities firm, Noka Securities, went bankrupt and consequently defaulted according to the rules. All client positions were transferred to another clearing member without any loss to NOS.

In June 2004, a member member, Navitrans Maritme Inc., defaulted on its obligations towards NOS. NOS, in its role as guarantor, indemnified its other members. The positions of the defaulting member were closed at a cost of NOK 58.6 million, which was recognised as a loss in NOS’ 2004 accounts. NOS pursued the company, its directors and owners down several legal avenues until 2009 without being able to recover any funds. Navitrans Maritime Inc filed for bankruptcy.