The main differences between the NOS Clearing Rules and the Clearing Rules of NASDAQ OMX Commodities are related to the following areas:

• Choice of law and arbitration. The NOS Clearing Rules are subject to UK law and arbitration in London while the Clearing Rules of NASDAQ OMX Commodities are subject to Norwegian law and arbitration in Oslo and the NASDAQ OMX Financial Rulebook is subject to Swedish law.
• Transfer of title of cash collateral. Collateral in the form of cash will be transferred to NASDAQ OMX Stockholm AB by way of security (transfer of title).
• Choice of law for the Collateral and Default Fund accounts. Default Fund- and Collateral Custody Account Agreements are subject to Swedish law.

NASDAQ OMX will provide a Memorandum of law on request.

The Clearing Rules of NASDAQ OMX Commodities are now updated to reflect the implementation of the new NASDAQ OMX Collateral Management System (CMS):

• Clearing Rules

REQUIRED DOCUMENTATION (FOR NON-NASDAQ OMX MEMBERS)

Various documents will need to be signed by migrating members in preparation for the merger of NOS Clearing ASA into NASDAQ OMX Stockholm AB. For NOS members who are not members of NASDAQ OMX, the following documentation is required:

1. Membership Form
   Provide detailed information about the applicant company and contact persons . (1 original signed by the member).
2. Clearing Membership Agreement or General Clearing Membership Agreement
   The Clearing Membership Agreement/General Clearing Membership Agreement will set out the right and obligations of NASDAQ OMX as the Clearinghouse and each clearing member/general clearing member in relation to commodity derivatives clearing activity. (2 originals signed by the member)
3. Collateral Custody Account Agreements
   The Collateral Custody Accounts are used to post collateral to NASDAQ OMX and the Collateral Custody Account Agreement will set out the right and obligations of NASDAQ OMX Stockholm AB as a Custodian and each clearing member/general clearing member in relation to the Collateral Custody Accounts. (2 originals for each Collateral Custody Account (for example one house account and one client account, signed by the member)
4. Default Fund Custody Account Agreement
   The Default Fund Custody Account is used to post funds and assets to NASDAQ OMX Stockholm AB Default Fund. The Default Fund Custody Account Agreement will set out the rights and obligations of NASDAQ OMX and each clearing member/general clearing member in relation to the Default Fund Custody Account.(2 originals for each Default Fund the member will participate in, for example general commodity default fund (incl. freight, iron ore and fuel oil) and seafood default fund, signed by the member)
5. Mandate (settlement)
   Agreement between NASDAQ OMX Stockholm AB and the member. The Mandate regulates the rights of NASDAQ OMX Stockholm AB of issuing payment instructions to the member’s settlement bank. (2 originals signed by the member)
6. Power of Attorney (settlements)
   In the Power of Attorney (“PoA”) the member authorizes its settlement bank to rely and act on payment instructions from NASDAQ OMX and debit the clearing member/general clearing member’s account on behalf of NASDAQ OMX. (Signed by the settlement bank and the member. Send the signed original to the settlement bank for countersignatures and send a copy of the fully signed PoA to NOS)
   Please note that for member using Bank of New York as settlement bank, you will need to use a BONY approved PoA. This can be downloaded here.
7. Standing Settlement Instructions – Cash
   Use this form to provide details of instructions for cash callback and other payments in NASDAQ OMX Default fund and Collateral Management Service. (1 original signed by the member)
8. CMS – Member Preferences
   Select a base currency for Collateral Management service and select a currency for payment of fees. (one original signed by the member)
9. Collateral Management Web – Request for Access
   Appoint a main user for the Collateral Management Web application. (1 original signed by the member) 
    

REQUIRED DOCUMENTATION (FOR EXISTING NASDAQ OMX MEMBERS)

NOS members that are already members of NASDAQ OMX Financial Derivatives Market or members of NASDAQ OMX Commodity market, only have to sign and submit the following agreements and documents:

• Default Fund Custody Account Agreement
  (Only applicable for members required to contribute to a new Default Fund)
• Mandate (settlement)
  (Only applicable for members using a new settlement bank/new accounts/new currencies)
• Power of Attorney (settlements)
  (Only applicable for members using a new settlement bank/new accounts/new currencies)
• Collateral Custody Account Agreements 
  (Only applicable for NASDAQ members who wants to separate Collateral Accounts, i.e. one for USD and one for EUR)
• The Entry Form is applicable if additional contact persons are to be added.