Nord Pool Spot has updated the Trading Agreements for its members to align them with the rulebook that took effect 1 January 2011, and the new Clearing rules taking effect from 1 January 2012.
As a result all our members trading on Elspot and Elbas in 2012 will need to sign new Trading Agreements. Members will be contacted by Nord Pool Spot from January to March 2012 and fully informed about the signing procedures for the new Trading Agreements. There are no material changes in the new agreements being issued.
Main changes to the Trading Agreements
From 1 January 2012 there is only one agreement for all members to sign in order to trade on both Elbas and Elspot. Nord Pool Spot AS replaces Nord Pool Finland OY as the legally responsible counterparty for trading on Elbas.
The portfolio agreement is being removed as a separate agreement and all portfolios registered with our members are now part of an annex to the Participant Agreement. In order to simplify the registration process and any amendments from our members, all authorized contacts for trading and settlement on Nord Pool Spot’s markets will be registered in an annex to the new Participant Agreement.
What does this mean for Nord Pool Spot members?
- All Participants will need to sign a new agreement.
- All Clients will need to sign a new agreement.
- Signing new agreements will have no impact on settlement accounts and clearing processes with Nord Pool Spot.
Aligned and corrected names
Please note that as part of this process Nord Pool Spot will also align the names used of all its members and agreements.
|Member||Means an entity that has entered into a valid and effective Participant agreement or Client Agreement for trading in Nord Pool Spot's Physical Markets. The notion includes Participants, Client representatives and Clients.||None|
|Participant||Means a person or legal entity who has signed the Participant Agreement. Clients are not comprised by the notion. Client Representatives are comprised.||Participant Agreement|
|Client||Means an entity that has entered into a valid and effective Client Agreement as well as an agreement with a Client Representative in accordance with which the Client Representative shall perform Trading for the Client’s account and represent the Client towards Nord Pool Spot.||Client Agreement|
|Client representative||Means a Participant that has the right to trade for its own account and obligated to trade on behalf of its Clients.||Participant Agreement|
About Nord Pool Spot
Nord Pool Spot runs the leading power market in Europe and offers both day-ahead and intraday markets to its customers. 350 companies from 18 countries trade on the market. The Nord Pool Spot group has offices in Oslo, Stockholm, Helsinki, Copenhagen, Tallinn and London. In 2010 the group had a total turnover of 310 TWh, which includes the auction volume in the UK market N2EX.
Lysaker, 20 December 2011
For further information, please contact:
Stina Johansen, Communications Manager Nordic, +47 916 50 603