The Nasdaq OMX Group (NASDAQ:NDAQ) announced today a new launch date for the market and clearing services of the UK physical wholesale power market.
The 28 September launch by the UK Futures and Options Association (FOA) and NASDAQ OMX Commodities/Nord Pool Spot (N2EX) will ensure market readiness for the comprehensive power market solution.
Prior to launch, the UK participants will conduct necessary market readiness activities, including training, connectivity testing and trial auctions. N2EX will also expand its offering by providing clearing through UK settlement banks, available from the third quarter.
Geir Reigstad, Head of NASDAQ OMX Commodities, said, "In collaboration with the FOA and the market participants, we have decided 28 September as the launch date for the physical market services. This will facilitate market readiness processes within legal, financial, clearing and IT-operations. N2EX have now finalized the products description for the physical market and will be able to start testing in May, as soon as the participants are connected to our trading and clearing platform."
Erik Sæther, CEO of Nord Pool Spot AS said, "N2EX is satisfied with the cooperation of the FOA members since the project start in November 2008. We will fulfil the criteria set out in the FOA's Request for Proposal for the new UK power market and have established a market council for the market initiative, securing focus on the implementation of the RFP response into the market."
The launch is subject to necessary regulatory consent.