Nasdaq Implements New Clearing Choice Option for Nordic Markets

As per the new initiative, Nasdaq and SIX Swiss Exchange have agreed to assimilate additional CCPs into their respective local

Nasdaq has implemented a new decision-making mechanism for CCP providers in Nordic cash equities for its members across its exchanges in Stockholm, Helsinki and Copenhagen, according to a Nasdaq statement.

In particular, Nasdaq and SIX Swiss Exchange have agreed to assimilate additional CCPs into their respective local markets – SIX x-clear AG and Nasdaq will both introduce LCH.Clearnet Ltd as a potential cash equity CCP provider as well.

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Furthermore, SIX x-clear AG and LCH.Clearnet Ltd will become compatible with their existing clearing partner of Nasdaq in the Nordics, European Central Counterparty N.V., and EuroCCP.

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At present, Nasdaq is working with its partners and affiliates on these initiatives to determine a tangible timetable for implementation. Nasdaq will serve in an advisory role in the market when such a definitively agreed timeline has been chosen. Both initiatives are subject to obligatory regulatory consent or approvals from the proper compliance channels, including the regulators of Nasdaq Nordic exchanges.

According to Senior Vice President Lauri Rosendahl, Head of European Equities at Nasdaq, in a recent statement on the clearing, “We have earlier announced our intent to pursue a competitive cash equity clearing model on the Nasdaq Nordic markets.”

“We are now confident that the competitive clearing model with three interoperating CCPs will contribute to the long-term competitiveness of Nasdaq Nordic markets and benefit the European markets as a whole,” she added.

Back in April, Nasdaq suspended trading on its Nordic Derivatives, Fixed Income and Commodities markets following the miscalculation of intraday margins on the exchange.

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