The Company is a provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services. NASDAQ OMX Clearing is the first clearing house to be authorised as EMIR compliant and determined as a qualifying CCP (QCCP) under Basel III/CRR IV. Very few bilateral contracts with known counterpart are traded, mostly smaller test contracts for new members. While I can see how IM would not be sufficient for a 17 times(!)
"This approval highlights our leading position in the clearing space," says Hans-Ole Jochumsen, Executive Vice President, Transaction Services Nordic, NASDAQ OMX. The company’s tech solutions reach approximately 70 exchanges, clearing organizations, and central securities depositories in over 50 countries, while its surveillance solutions are offered to exchanges, regulators, and brokers worldwide. The NASDAQ OMX Group was founded in 1971 and is headquartered in New York, New York, United States. Regulatory Information.
"Nasdaq OMX Clearing, the multi-asset clearing house based in Stockholm, today announced that the Swedish FSA (SFSA) has approved the application as a central counterparty under the European Market Infrastructure Regulation (EMIR). For Finextra's free daily newsletter, breaking news and flashes and weekly job board.EMIR is the EU regulation that, similar to Dodd Frank in the U.S., followed the decision by the political leaders of G20 in 2009 to mandate central counterparty clearing of OTC derivatives in order to mitigate the systemic risk in the financial markets and increase stability.The decision by the Swedish FSA makes NASDAQ OMX Clearing the first clearing house in Europe to be authorised as EMIR compliant. This best-in-class model for segregating and protecting customer assets has now been reviewed and considered EMIR compliant and the members of NASDAQ OMX Clearing can offer this to their customers.NASDAQ OMX Clearing offers a full range of clearing services in equity derivatives, interest rate derivatives and commodity derivatives. It's the fourth largest derivatives clearing house in Europe and the second largest in the clearing of OTC interest rate swaps.The decision by the SFSA followed an opinion on March 12th by a college of regulators and central banks from Denmark, Finland, Norway, Sweden, and the UK, as well as the European Central Bank (ECB) and the European Securities and Markets Authority (ESMA).The integrated multi-asset risk management and clearing platform provided by NASDAQ OMX Clearing enables leading capital efficiencies through cross margining between exchange traded and OTC traded contracts and a net margin figure acr across asset classes. For my part I thought it would be instructive to look at what the CPMI-IOSCO Quantitative Disclosures that all CCPs publish on a quarterly basis tell us about Nasdaq Clearing and its Commodities clearing service.Presumably these were the only firms large enough to be able to take over these positions at such short notice.NASDAQ’s lookback for commodity IM calibration is just 1 year, not 2 years.A Total Initial Margin required of EUR 1.5 billion, half from members (house) and the balance from clients.
NASDAQ OMX Clearing was also the first clearing house to have a solution that provides protection to client assets in the case of a default of a clearing member.
To strengthen distribution new Trade membership agreements are introduced for Financial Institutions, Non-Clearing members and Brokers. The QCCP status means that financial firms dealing with the clearing house are subject to significantly lower capital requirements compared to a non-QCCP. But that can be a double edged sword, as most members would not want IM to be so high as to never require the use of a default fund, that would make clearing more expensive for all.So a lot to digest there, the one that stands out for me is that with 213 member participants, press reports state that only were invited to 4 bid in the default auction with one buying the whole portfolio?After all an experienced professional trader should not end up in this position.Or is the fact that the loss was contained within Default Resources, testament to the fact that Clearing worked as intended and every now and again such events happen?
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