no 47/17 Nasdaq Commodities prepares for MiFID II/MiFIR

Nasdaq Commodities is preparing for the implementation of Directive 2014/65/EU – MiFID and Regulation 2014/600/EU – MiFIR, which will take effect in the EU on January 3, 2018. Due to the new legislation, Nasdaq Commodities will introduce significant changes to systems, processes and regulatory framework. The technical upgrade will be made to the Genium INET platform November 20, 2017. Updated Market Model and Rulebooks will be published in due course during the fall.


Delayed implementation of MiFID II in Norway

Nasdaq Commodities offers trading on two trading venues, Nasdaq Oslo ASA based in Norway and Nasdaq Stockholm AB based in Sweden. As recently communicated by the Norwegian Financial Supervisory Authority Finanstilsynet, Norway, as an EEA country, will be delayed in implementing MiFID II/ MiFIR. As of today it is not clear when MiFID II / MIFIR will be implemented in Norway, but as a consequence of this delay, MiFID II / MiFIR will not apply to the trading venue Nasdaq Oslo ASA and its Norwegian members from Jan 3, 2018.

The delay implicates by example that position limits will not be enforced in Norway and that Nasdaq Oslo ASA will not require mandatory position reporting from members, independently of member jurisdiction, until the new legislation is implemented in Norway. Independently of the delay, multiple changes will be introduced to systems, process and the regulatory framework to prepare for MiFID II / MIFIR. Further information on the arrangements for members of Nasdaq Oslo ASA will be presented following consultation with Finanstilsynet during October, 2017. It is emphasized that Nasdaq Commodities recommends Norwegian members to continue necessary preparations for the implementation of MiFID II / MiFIR.

For Nasdaq Stockholm AB and members thereof who access Nasdaq Commodities, MiFID II / MiFIR will apply from January 3, 2018. Any deviating requirements for these members due to Nasdaq Commodities’ common order book on Nasdaq Stockholm AB and Nasdaq Oslo ASA will be communicated separately if relevant.


Further Information on changes and activities during 2017

Please visit the Nasdaq MiFID II site with an overview of how MiFID II impacts Commodities derivatives.

On our technical information page you can find more information on the changes. To stay updated on the technical changes, it is recommended that members subscribe to IT notices; the most recent IT information on the incoming MiFID II Genium INET release 5.0.0201 is message 30/17.


Please reach out to your Key Account Manager for further information on the scope of changes introduced by MiFID II.


For additional information, please contact the Nasdaq MiFID II Member Readiness team:

Nasdaq MiFID II Readiness MiFID2.QA@nasdaq.com

 

Media contact:

Sara Aadnesen, Director Corporate Communications, phone +47 9060 0759, sara.aadnesen@nasdaq.com

 

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets.  As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of over $8.8 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaq.com/ambition or www.nasdaqomx.com.


About Nasdaq Commodities

Nasdaq Commodities is the brand name for the worldwide suite of commodity related products and services offered by Nasdaq. The Nasdaq Commodities offerings include power, natural gas and carbon emission markets, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services.

Nasdaq Oslo ASA is the commodity derivatives exchange authorized by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. All trades with Nasdaq Oslo ASA are subject to clearing with Nasdaq Clearing.


About Nasdaq Clearing

Nasdaq Clearing is the trade name of Nasdaq Clearing AB which is authorized and supervised as a multi-asset clearinghouse by the Swedish Financial Supervisory Authority in Sweden as well as authorized to conduct clearing operation in Norway by the Norwegian Ministry of Finance.


For more information, visit www.nasdaqomx.com/commodities

The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither The Nasdaq Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

 

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