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  • Nasdaq Statement Regarding Member Default

    Date 14/09/2018

    At Nasdaq, our primary focus is the protection of our clients and the integrity of our markets. With respect to the events of this week we want to remain transparent and provide the following details.

    • On Tuesday, September 11, Nasdaq Clearing declared a member in default.
    • The defaulted portfolio contained a large spread position between Nordic and German Power that was negatively impacted by extraordinary fluctuations in the spread. When the member no longer could meet the margin requirement due to the losses in the portfolio, Nasdaq Clearing had to declare the member in default.
    • Our rules require that we then close out the portfolio as soon as possible to mitigate further risk of loss. Nasdaq data analysis concluded that the market movement was 17 times larger than the normal observed daily spread changes, which was confirmed by two external parties, and could be characterized as a true “Black Swan” event.
    • The defaulting portfolio was closed out according to Nasdaq Clearing’s close-out procedures and has been fully contained. Within 48 hours all of the positions had been closed through an auction.
    • However, the close out resulted in a loss for Nasdaq Clearing that exceeded the defaulting member’s collateral and default fund contribution. The loss meant that Nasdaq Junior Capital of EUR 7 million and a portion of the Commodity Member Default fund, amounting to EUR 107M needed to be utilized.   The utilization of the Default Fund impacted the 166 clearing member firms with capital contributions into the Default Fund on a pro-rata basis.

  • HKEX To Offer Meituan Futures And Options And Include Meituan On Key Lists

    Date 14/09/2018

    • Meituan Futures and Options to be introduced on 20 September
    • Issuers can list Meituan derivative warrants when Meituan shares debut
    • Meituan shares to be included in Designated Securities Eligible for Short Selling when they begin trading

  • Minutes Of The London FXJSC Meeting - 3 May 2018

    Date 14/09/2018

    The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.

  • Malawi Stock Exchange Weekly Summary Report - 14 September 2018

    Date 14/09/2018

    Click here to download Malawi Stock Exchange's weekly summary report.

  • HKEX Joins World Economic Forum As Strategic Partner Associate

    Date 14/09/2018

    Hong Kong Exchanges and Clearing Limited (HKEX) announced today (Friday) that it has become a Strategic Partner Associate of the World Economic Forum (WEF), the international organisation for public-private cooperation.

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