Nasdaq (Nasdaq: NDAQ) Clearing today announced a new all-time high for its clearing of Interest Rate Swaps when open interest in SEK denominated swaps reached SEK 1 trillion.
“Developing and sustaining a strong and resilient Nordic financial market is in the foundation of Nasdaq’s European business,” says Fredrik Ekström, Head of Nordic Fixed Income. “We are starting to see the effects of the European clearing obligation, and we are working in close cooperation with our members and clients to keep developing our services in a new regulatory landscape. Reaching this milestone is a strong indication that we are being successful.”
Since the clearing obligation under Article 4 of EMIR was implemented on June 16 2016, OTC derivative contracts that are subject to mandatory clearing must be cleared in an EMIR authorized CCP, such as Nasdaq Clearing.
“As a customer-owned occupational pension provider, we share a responsibility for 2 million individuals future pension,” says Michael Kjeller, Chief Investment Officer at Folksam. “Financial stability is important, and Nasdaq enables us to work with a local CCP that provides us with transparency and a strong protection against potential counterparty defaults.”
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to 3,800 total listings with a market value of $11 trillion.