* Nasdaq OMX Nordic clearing house offers some discounts
* "Green" bonds eligible as collateral
* Seeking to take advantage of EU authorisation
LONDON, April 30 Transatlantic exchange operator
Nasdaq OMX has lowered clearing fees and expanded the
list of assets that can be used as collateral at its Nordic
clearing house after the business was authorised under new
European Union rules.
The changes signal an attempt to challenge LCH.Clearnet, the
clearing house majority-owned by the London Stock Exchange
which is the leading clearing house for interest rate
swaps but has yet to be authorised by the EU.
Deutsche Boerse's Eurex Clearing received the
green light from European regulators earlier this month.
Global regulators decided after the 2007-09 financial crisis
that derivatives such as interest rate swaps and credit default
swaps, previously bought and sold through dealers, should be
traded on electronic platforms, centrally cleared and recorded,
in the interest of improved clarity and reducing risk.
Europe's clearing houses had to reapply to operate in the
region under the new legislation, known as the European Market
Infrastructure Regulation (EMIR).
Nasdaq's Nordic clearing house was the first to be
reauthorised, a step that started the clock for the European
Securities and Markets Authority to decide which types of
derivatives contracts must be cleared across the 28-country
Being first to clear the regulatory approval gave Nasdaq a
head start in preparing for mandatory clearing of derivatives
and in attracting clients to its services.
A clearing house is backed by default funds to ensure a
trade is completed even if one side goes bust.
In a statement, Nasdaq said the extensive work carried out
to win approval had enabled its clearing house to enhance and
streamline its procedures and increase efficiencies.
Stockholm-based Nasdaq OMX Clearing will introduce two new
fee and rebate models for clients clearing large volumes of
fixed income products denominated in Swedish crowns. They will
be available from Jan. 1, 2015.
In the interim, Nasdaq is offering discounts including
reduced registration and settlement fees for some interest rate
swaps and has lowered the charge for the safekeeping of
Nasdaq also said certain "green" bonds - bonds used to
support private sector investments in renewable energy and
energy efficiency - would be eligible for use as collateral.
(Reporting by Clare Hutchison; Editing by Mark Potter)