NOS Clearing ASA (“NOS”) is pleased to launch clearing of FX Contracts from September 2011. The offering is Europe’s first for clearing of FX Products.
NOS has together with a major global FX bank developed a new concept of FX trading with clearing. The clearing members of NOS are given access to a trading facility for the world’s most traded currencies through NOS’ partner Imarex Financial Services “IFS”. The FX bank will provide access to their superior liquidity pool, render access to its trading platform and also act as NOS’ settlement bank. The FX Contracts being cleared will be defined in international industry standards.
Through this offering the clearing members of NOS are given the opportunity to trade FX Products in a state-of-the-art electronic trading system. NOS will interpose itself between sellers and buyers of FX Contracts as in other cleared market. The Clearing Member’s only counterpart and point of recourse will be NOS. FX Contracts will be subject to margin and marked-to-market evaluation.
Companies wishing to clear FX Products will become clients of IFS and clearing members of NOS. Companies already being members of NOS may begin trading FX Contracts after having been given access to the trading system and signing of a new Collateral and Settlement Account Agreement for FX Products.