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Swedish regulator fines Nasdaq EUR 30m over Aas default


27 Jan 2021 09:23

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27 Jan 2021 09:23

(Montel) Sweden’s financial regulator Finansinspektionen on Wednesday issued Nasdaq Clearing a warning for “serious deficiencies in its operations” following the Einar Aas default in 2018 and issued a fine of SEK 300m (EUR 29.7m).

“The requirements the firm placed on the clearing members' financial and operational capacity were insufficient,” added the regulator.

This follows an investigation into the Nordic clearing house initiated by the default by the Norwegian trader in September 2018, which blew a EUR 114m hole in the default fund of the Nasdaq Commodities exchange.

Violated regulations
Nasdaq Clearing was in violation of EU regulations “which resulted in prohibited exposures to credit and market risks”, said the Swedish regulator.

“The breaches also resulted in unacceptable risks in Nasdaq Clearing's operations, which could have had a very serious impact on the financial system.”

Nasdaq Clearing had since taken measures to rectify these deficiencies, it added.

Spokesman David Augustsson of Nasdaq Commodities told Montel it was too early to say if Nasdaq Clearing would accept the fine or appeal it and would not comment further.

(EUR 1 = SEK 10.09)

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