September 13, 2018 / 1:18 PM / 6 days ago

Nasdaq says clearing members must pay $117 mln after power trader's default

OSLO, Sept 13 (Reuters) - Commodities members of Nasdaq Clearing must pay 100 million euros ($116.75 million) by Monday to refill a fund put aside to cover defaults, which used most of its capital to cover losses after a power trader’s default, Nasdaq said on Thursday.

Fluctuations in power prices led to the default of a Nordic electricity trader, with the exchange having to confiscate his portfolio to cover the losses it incurred as a result of the event, Nasdaq said.

“Nasdaq Clearing used 100 million euros from the default fund to cover losses and it also incurred a minor loss itself... Commodities members have two business days to put together the amount back to the default fund,” said a Nasdaq spokesman. (Reporting by Lefteris Karagiannopoulos, editing by Terje Solsvik)

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