In the coming months, several members of Nasdaq Clearing may carry out account and position transfers as part of a process to set up new memberships or change their memberships from the UK to EU27, largely driven by Brexit preparations.
To take into account the potential changes in open interest and risk resulting from such account and position transfers the clearing house will where required, in accordance with the Default Fund Rules, carry out additional calculations of default fund requirements for the entities involved in the transfer. Based on the calculation, the respective entities default fund requirements will be adjusted to reflect the open interest and risk after the transfer.
The additional calculations and adjustments will only affect entities involved in the transfer and will not reduce the size of the relevant default fund or the waterfall. This notice is made in accordance with the Default Fund Rules1.
For further information regarding this exchange notice please contact Clearing Risk Management, telephone +46 8 405 70 88, or clearing.risk@nasdaq.com.
1Section 5.2 of Clearing Appendix 9 – Default Fund Rules to the Nasdaq Commodities Clearing Rules and section 1.9A.21 of Appendix 16 –Default Rules to the Clearing Rules of Nasdaq Derivatives Markets