Power trader default hammers Nasdaq, puts CCPs on trial

Derivatives clearing specialists were left scrambling for information this week as lone Norwegian trader Einar Aas defaulted on his Nordic and German power portfolio, creating a €107m hole in Nasdaq Clearing's €166m Commodity Member Default Fund.

  • By Costas Mourselas, Ross Lancaster
  • 13 Sep 2018

In an announcement on Wednesday, Nasdaq Clearing said one of its clearing members had breached its commodity derivatives market clearing rules and had been declared in default on Tuesday. The German and Nordic power markets had moved against the trader on Monday, according to a source.

Nasdaq said Aas's ...

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