(Adds comment from Nasdaq)
By Terje Solsvik and Gwladys Fouche
OSLO, Jan 10 (Reuters) - Nasdaq’s Nordic commodity exchange in Oslo failed to supervise trading members adequately, relying too heavily on shared resources with other Nasdaq units and blurring responsibilities, Norway’s Financial Supervisory Authority said on Thursday.
The report, the result of investigations that followed the default in September of Norwegian power trader Einar Aas, said Nasdaq must report on corrective measures by March 1.
Members of Nasdaq’s Nordic commodities exchange were forced to replenish 114 million euros ($131 million) of clearing house contingency funds that were lost in the default.
In a partly redacted document, the FSA also said it had uncovered that deputies of Aas had traded through his membership of the exchange, and criticised Nasdaq’s own investigation and follow-up of these trades as inadequate.
“Finantilsynet (FSA) is also critical of the fact that the company has not informed the supervisory authority on its own initiative,” it added.
Nasdaq said it had received the report from the Norwegian FSA and was reviewing it in detail to address any concerns.
“We continue to communicate and work with regulators, our members and other stakeholders in order to further enhance our Exchange and Commodities business,” a company spokesman said. ($1 = 0.8677 euros) (Reporting by Terje Solsvik and Gwladys Fouche; Editing by Dale Hudson and David Evans)