Nasdaq OMX Group (NASDAQ:NDAQ) today completed the integration of NOS Clearing ASA into Nasdaq OMX Clearing AB.
Thereby NASDAQ OMX Commodities continues its global expansion strategy into new markets. The integration of NOS Clearing products and staff provides NASDAQ OMX Clearing with additional capabilities in the global commodities markets. Clients across the globe gain access to a wide variety of new products including tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore and electricity certificates.
"We are delighted that we have reached this milestone," said Bjørn Sibbern, Head of NASDAQ OMX Commodities. "The product set fits perfectly with our strategy to expand our presence in the global commodities and energy space, considering that freight is a key part of the energy supply chain. Additionally we are including seafood derivatives to our product mix. We are pleased to be able to bring our global customer base a comprehensive clearing platform for commodities."
NOS Clearing is a Norwegian based clearing house for tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore and electricity certificates. It has been the leading clearing house for tanker derivatives since 2001. It was acquired by NASDAQ OMX in 2012 and the transition of integrating NOS Clearing into NASDAQ OMX Clearing AB originally began in 2013.
As part of the integration, NASDAQ OMX introduces its Block Trade Facility for additional Commodities instruments on April 7, 2014. The Block Trade Facility allows exchange members, including Non-Clearing Members and Block Broker Members, to report trades executed in accordance with the exchange rules but outside the electronic order book to the exchange for subsequent clearing. Trades through the Block Trade Facility are considered exchange transactions and subject to market surveillance and post-trade transparency. The Block Trade Facility will allow for greater market transparency and conforms to new regulatory requirements.