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The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announces that BHF-BANK has become a General Clearing Member (GCM) at Nord Pool Clearing ASA, a part of NASDAQ OMX Commodities. BHF-BANK is the first German institute to be listed as a GCM at Nord Pool, Europe's largest power exchange.
As a GCM, BHF-BANK will be in a position to perform clearing for customers and Non-Clearing Members, i.e. clients that are not admitted to clearing at Nord Pool Clearing ASA.
"In recent years BHF-BANK has become one of the leading providers of clearing services for exchange-traded energy derivatives and energy related products on all major European energy exchanges," said Vincent van Lith, Head of Derivatives Services at BHF BANK. "By adding this new service we will continue to expand our number one position in global energy clearing."
The new member category is counterpart to the clearinghouse for both proprietary trading and client trading. The Nord Pool Clearing's existing member categories will continue unchanged in addition to the new member GCM category.
Back in December 2006, BHF-BANK was admitted as a trading and clearing member by Nord Pool and was the first bank to offer integrated trading and third party clearing services at the exchange. By linking up with Nord Pool, BHF-BANK completed its concept of being a pan-European energy clearer. Today, BHF-BANK offers one-stop clearing services at the eight major energy exchanges in Europe.
Geir Reigstad, Head of NASDAQ OMX Commodities added:
"We are very satisfied with BHF-BANK signing up as our first German GCM, as
NASDAQ OMX Commodities sees great potential for developing our business in
Germany further. BHF can now offer its existing and prospective customers, which
currently are not members at Nord Pool, the opportunity to become a NCM at Nord
Pool in addition to the existing facility of trading and clearing German, Nordic
and Dutch power derivatives and carbon products. This will hopefully lower the
barriers to trade these markets for BHF customers."
