OM Launches Clearing Service For Nordic Electricity

Nord Pool Clearing, the clearing organization for the Nordic power exchange Nord Pool, has launched a new clearing system for the electricity derivative market. It started on 1 April. The implementation was done after more than a year of testing

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Nord Pool Clearing, the clearing organization for the Nordic power exchange Nord Pool, has launched a new clearing system for the electricity derivative market. It started on 1 April.

The implementation was done after more than a year of testing by both Nord Pool Clearing and OM Technology as system provider. During last month a parallel operation of existing and the new clearing system was carried out.

In December 2002, Nord Pool Clearing ASA reached a five-year co-operation agreement with OM Technology for the provision and facility management of OM’s SECUR clearing system.

“This clearing agreement with OM Technology enables us to consolidate our position as a clearing house in the Nordic electricity derivatives market while simultaneously enhancing our position to offer services for the European market”, explains Geir Reigstad, Managing Director of Nord Pool Clearing ASA. “This agreement with OM Technology also extends the scope of our long-term co-operation with one of the world’s leading providers of transaction technology.”

“OM is pleased to be the systems provider to the world’s most successful power exchange”, adds Ulf Lidman, Senior Vice President, OM Technology, and continues: “The agreement is a result of our effort to create and retain a strong home market and we have now secured a higher degree of presence on the Nordic market.”

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