The UK power market offering from NASDAQ OMX Commodities and Nord Pool Spot to launch 28 September 2009
Oslo 24 April 2009 - The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announced today a new launch date for the market and clearing services of the UK physical wholesale power market. The 28 September launch by the UK Futures and Options Association (FOA) and NASDAQ OMX Commodities/Nord Pool Spot (N2EX) will ensure market readiness for the comprehensive power market solution.
Prior to launch, the UK participants will conduct necessary market readiness activities, including training, connectivity testing and trial auctions. N2EX will also expand its offering by providing clearing through UK settlement banks, available from the third quarter.
Geir Reigstad, Head of NASDAQ OMX Commodities, said, "In collaboration with the FOA and the market participants, we have decided 28 September as the launch date for the physical market services. This will facilitate market readiness processes within legal, financial, clearing and IT-operations. N2EX have now finalized the products description for the physical market and will be able to start testing in May, as soon as the participants are connected to our trading and clearing platform."
Erik Sæther, CEO of Nord Pool Spot AS said, "N2EX is satisfied with the cooperation of the FOA members since the project start in November 2008. We will fulfil the criteria set out in the FOA's Request for Proposal for the new UK power market and have established a market council for the market initiative, securing focus on the implementation of the RFP response into the market."
The launch is subject to necessary regulatory consent.
About N2EX:
N2EX is the name of the UK power market offering from NASDAQ OMX Commodities and Nord Pool Spot, but it is not a legal entity. A web site, www.N2EX.com, will be launched within market opening and provide market information and documentation for both the physical and financial UK power market.
NASDAQ OMX Commodities and Nord Pool ASA provide access to the world's largest power derivatives markets and one of Europe's largest carbon markets. NASDAQ OMX Commodities is responsible for the international derivative and carbon products offering, and also operates the clearing business and offers consulting services to commodities markets globally. Nord Pool ASA is responsible for the exchange operations and trading activities, including ownership of the Nordic derivative products. NASDAQ OMX Commodities and Nord Pool ASA have more than 385 members from 22 countries across a wide range of energy producers and consumers, as well as financial institutions. NASDAQ OMX Commodities is an entity in the NASDAQ OMX GROUP. For more information, please visit www.nasdaqomx.com/commodities and www.nordpool.com.
Nord Pool Spot AS has been operating spot market for power since 1991. Nord Pool Spot AS operates today the Nordic day-ahead market Elspot, the intra-day Elbas market, and a Danish market for gas. Nord Pool is the leading power exchange in Europe, with 15 years of experience offering derivate trading which now includes contracts for Nordic, German and Dutch power as well as carbon contracts.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,800 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com.
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The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's internal reorganization, products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements. There can be no assurance that the FSA will give the NASDAQ OMX applicant the authorization and permissions which it seeks.
Media Contacts:
The NASDAQ OMX Group, Inc.
Lars Galtung
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lars.galtung@nasdaqomx.com
Bethany Sherman
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bethany.sherman@nasdaqomx.com