All trades are settled according to a daily settlement schedule. For the purpose of financial settlement, members need to establish a designated bank account for settlement. Trades conducted on Norwegian non-banking days are invoiced on the following Norwegian banking day.
Currency and accounts
The settlement of trades is done in the same currency as trading has been carried out in. The currencies that are available for settlement of day-ahead trades are EUR, NOK, SEK, DKK for the Nordic, Baltic, German-market and GBP for the UK market. All Intra-Day trades are settled in EUR for the Nordic, Baltic, German-Market and GBP for the UK Market.
It is required that the designated bank account for settlement is opened in a bank located within the European Economic Area (EEA), and that the bank can send and receive swift messages (MT101, MT103 and MT940/MT942).
All trades are settled daily. The settlement schedule gives a schematic overview of a normal week's settlement cycles.
- Settlement is run every business day at 14:00 CET
- Payment deadlines are at 11:00 CET every business day
- Settlement for the day-ahead market is run on T, with debit due T+1 and credit due T+2
- Settlement for the intraday market is run on T+1, with debit due T+2 and credit due T+3
- Payments for the Nordic, Baltic and German market is run in accordance to the Norwegian Banking Calendar
- Payments for the UK market is run in accordance to the UK Banking Calendar
- Variable trading fees are settled daily for the Nordic, Baltic and German market
- Variable trading fees are settled monthly for the UK market
Clearing and Settlement System (CASS)
Nord Pool customers have access to a single web-based clearing and settlement system (CASS). Through this, customers have access to all the information they need, but also a direct communication link to the Nord Pool Clearing Team through a messaging function connected to the Nord Pool ticketing system.
The clearing and settlement system gives customers access to information such as:
- Entire transaction lifecycle - View the whole lifecycle of a transaction, from trade to invoice, within one, easy-to-use system.
- Invoice Portal – With the new system, invoices are accessed through a web platform, removing the need for email.
- Collateral Portal – Simply monitor and manage your posted and required collateral, to adjust more rapidly to changes and curtail collateral cost.