Swedish Regulator Approves NASDAQ OMX Clearing’s CCP Application

The Swedish Financial Supervisory Authority has approved NASDAQ OMX Clearing’s application as a central counterparty under the European Market Infrastructure Regulation (EMIR).
By Janet Du Chenne(59204)
The Swedish Financial Supervisory Authority has approved NASDAQ OMX Clearing’s application as a central counterparty under the European Market Infrastructure Regulation (EMIR).

The decision by the SFSA followed an opinion on March 12 2014 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 decision by the Swedish FSA makes NASDAQ OMX Clearing the first clearinghouse in Europe to be authorized as EMIR compliant. For banks and broker firms using NASDAQ OMX Clearing, the EMIR authorization confirms that the risk models, systems and operations are resilient and robust and have the ability to handle increased demand during periods of market stress.

NASDAQ OMX Clearing was also the first clearinghouse to have a solution that provides protection to client assets in the case of a default of a clearing member. This 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.

“This approval highlights our leading position in the clearing space,” says Hans-Ole Jochumsen, executive vice president, Transaction Services Nordic, NASDAQ OMX. “Our clearing house was the first with true multiasset derivatives clearing in Europe. Now, as the first to be EMIR authorized, we can focus on further developing our offering, including an expansion within interest rate swaps and German power derivatives, as well as introducing clearing of foreign exchange products.”

NASDAQ OMX Clearing offers clearing services in equity derivatives, interest rate derivatives and commodity derivatives.

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