NOS Clearing (NOS) has always promoted open clearing models where the clearing members can execute trades through exchanges, OTC-brokers and banks, and still maintain only one single clearing account with NOS. This open model is now being offered to the salmon derivatives market. NOS will co-operate with, and have a list of “approved brokers” that are allowed to submit trades to NOS for clearing. NOS expects this adjustment to add flexibility and increase liquidity, and thereby benefit the clearing members. It will also improve the process of attracting new companies to the market, both geographically and from new segments.
The cleared products will be identical to what our members trade today; cash-settled futures and options on the Fish Pool Index (FPI). Fish Pool will continue to secure the high quality of the tradable index, and also will continue to distribute daily forward curves used by NOS for risk assessment and settlement calculation. Fish Pool is the seafood derivatives market’s only regulated exchange.
The daily clearing operations under the open model will be identical to what the clearing members are familiar with today. All trades will be confirmed by the member wherever traded and booked on the clearing account with NOS the same day. Clearing members will be able to buy through one broker, sell through another, and have a netted position with NOS with settled profit and loss. In this way the clearing members will have only one counterpart, and reduce the level of locked up capital to a minimum.
The new open clearing solution will be available to our clearing members from Monday March 19th. Approved brokers in all market segments can be found here:
For any questions, please do not hesitate to contact NOS Clearing ASA:
Senior Vice President
Tel: +47 23 25 93 04/+47 959 41 794
Tel: +47 23 25 93 05/+47 907 36 398
Anette Bergvoll Nilsen
Clearing & Settlement
Tel: +47 23 25 93 08/+47 993 60 909