All trades are settled according to a daily settlement schedule.
For the purpose of financial settlement, customers have 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
Settlement of trades is done in the same currency as trading has been carried out in. Currencies 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 intraday trades are settled in EUR for the Nordic, Baltic, German-Market and GBP for the UK market.
The designated bank account for settlement has to be opened in a bank located within the European Economic Area (EEA), and the bank has to be able to 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 the trading day, with debit due one day after and credit due two days after.
- Settlement for the intraday market is run on the trading day, with debit due two days after and credit due 3 days after.
- 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
Customers have access to a single web-based clearing and settlement system (CASS). Through this, customers have access to all the information they need.
CASS gives access to information such as:
- The whole lifecycle of a transaction, from trade to invoice.
- Invoices are accessed through a web platform.
- Simply monitor and manage your posted and required collateral, to adjust more rapidly to changes and curtail collateral cost.