September 14, 2018 / 11:48 AM / 2 months ago

Nasdaq Clearing sets up second fund of $22 million to help shield Nordic Commodities market

OSLO (Reuters) - Nasdaq Clearing will deposit a temporary capital of 200 million crowns ($22.22 million) to shield its commodities market and its members for an interim period of 90 days, the exchange said on Friday.

Following the default of a private Norwegian trader earlier this week, Nasdaq Clearing asked its members on Wednesday to pay 107 million euros into its contingency fund within two business days or risk being declared in default themselves.

“Τhe Temporary Junior Capital would be utilized first, before the remaining funds in the existing Commodity Default Fund... Replenished member funds would be the last tranche to be utilized during the interim period,” Nasdaq said in a statement.

($1 = 9.0020 Swedish crowns)

Reporting by Lefteris Karagiannopoulos, editing by Gwladys Fouche

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