NOS has today launched a new multi-currency clearing and settlement service for the upcoming joint Swedish-Norwegian El-Certificates (Elcert) market. The new service is the result of NOS’ success in delivering a complete clearing and settlement service to the Swedish Elcert market over the past two years. The new service allows the clearing members to trade, clear and settle both spot and forward Elcert contracts in EUR, SEK and NOK.
The NOS clearing service is a neutral clearing service open to all brokers and regulated marketplaces. Cleared contracts can be traded either through a direct clearing membership with NOS, through a General Clearing Member (GCM) or a portfolio manager. The contracts are offered through the participating OTC brokers.
The contracts for the joint Elcert market are spot and forward contracts. All contracts can be traded in EUR, SEK and NOK. To eliminate currency exposure, the NOS FX clearing service can be used for hedging.
Being a member of NOS is free of charge. The only costs are transaction based clearing and delivery fees, and account management fees with DNB and the registers.
New and current clearing members can also submit existing bilateral positions for clearing. Conversion of legacy trades to cleared contracts is free of charge until March 15th 2012.
For a full description of the Elcert products, please see the Product Specification, Annex 5P.
Morten Erichsen - email@example.com, +47 23 25 93 05
Maria Akkuratnova - firstname.lastname@example.org, +47 23 25 93 58