Last week NOS Clearing ASA (NOS) successfully completed delivery of the March-12 El-Certificate contracts. The last trading day for the March-12 contract was Tuesday 13th March, and the final delivery and settlement took place on Friday 16th March. The total number of delivered El-Certificates was 436 500 with total settlement of 86 million SEK.
The El-Certificate March contracts cleared by NOS are forward contracts with physical delivery of El-Certificates. Expiry settlements are settled on the NOS client accounts in the settlement bank in the currency the contracts are traded in. Physical El-Certificates are delivered to the NOS client accounts in Cesar. For Norwegian companies VAT settlement is also included in the total settlement.
As a clearing house, NOS calculates all clients’ positions for delivery on a net basis. This means that instead of delivering and settling each single contract separately to all their counterparts, each clearing member will only have one net position to deliver or receive, one settlement transaction and one counterpart - NOS.
The settlement and delivery period for the March-12 contracts followed the cycle below:
13th March: NOS calculated the final delivery details after closing hours (16:00 CET).
14th March: Delivery reports and invoices were sent to the clearing members. Members without sufficient collateral or El-Certificates confirmed respective transfers to NOS.
15th March: All payments and El-Certificates were received by NOS by the end of the day.
16th March: NOS delivered El-Certificates to the members’ accounts in Cesar. Delivery settlements were automatically transferred in the settlement bank. NOS members could take out excessive collateral or El-Certificates to their external accounts on the same day.
Maria Akkuratnova +47 23 25 93 58 firstname.lastname@example.org,