Nasdaq Nordic and First North Frequently asked Questions

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1 Nasdaq Nordic and First North Frequently asked Questions SCOPE & BACKGROUND SB1. What is the expected go-live date? Expected launch 23, subject to regulatory approval SB2. What does the flow look like? Who are my contact s Nasdaq, Kirsten Thaarup Tel: LCH, Ian Mackenzie Tel: SB3. Which securities are included? All CCP eligible securities. SB4. Where will the trades settle? Settlement will take place in the relevant local CSDs. 1

2 SETTLEMENT S1. Is LCH using a settlement agent? No. LCH will have its own accounts in the relevant CSDs S2. Do settlement agents need to sign new Power of Attorney agreements? PoA will not be necessary for this business. Members or their settlement agents will be required to match against our settlement instructions in the relevant CSDs. S3. Which settlement accounts will LCH be using? We will be using segregated settlement accounts that are operated by our agent. S4. What time will settlement instructions be sent? Net settlement instructions will be sent at the EOD, at approx 21:30 (GMT). Members should be aware that we make best efforts to produce the subsequent reports thereafter, but they could be subject to delay. S5. Can a trading firm use multiple Clearing Members? Yes, the static data would need to reflect the use of more than one Clearing Member. If a trading firm has multiple Bic s then multiple Clearing Members can be used. S6. Can a trading firm use multiple custodians for settlement? Yes, the static data would need to reflect the use of custodians. Provided the static data contains valid settlement accounts within the different CSDs. S7. Who is counterparty to my trade? LCH will be the counterparty to all relevant trades executed on the Nasdaq trading platform. Receiving data from LCH R1. How will GCM s receive details of the trades done by their NCM s? There are several ways this data can be accessed. 1. LCH produces reports on its member reporting website which are updated every 15 minutes and show the accumulation of trades that day, per clearing member These reports have existed for some time and are detailed in the document Member Report LCH also offers an optional trade confirmation service. This will be on a gross trade basis and an MT518 message will be sent per trade via Swift or FIX to the clearing member upon request. Details can also be found under on the LCH website. R2. Can anyone other than Clearing Members access the member reports? Normally no, however, upon specific request, this can be negotiated. FEES & CHARGES 2

3 F1. What are the charges for using the trade confirmation service? We will pass through the SWIFT message charges. This can be paid by LCH and billed directly to the member, or, reverse billed (as the member s message rate at SWIFT will inevitably be lower). FIX messages will be through existing connectivity and maybe subject to set-up costs. F2. What clearing fees will be charged by LCH? These Nasdaq volumes will be cumulative with all volumes cleared through the EquityClear Service. With increased volumes members can reduce their, per unit cost. For full details please view: F3. Will LCH require members to increase their Default Fund contribution? No. F4. Will LCH pass through associated settlement fees? Yes. Please use the following link to view the fee schedule that is available on the website. MARGINING & TREASURY M1. How will margining be carried out? Margin rates per stock will be determined by LCHs risk department and then will be margined using the day to day EquityClear margin algorithm ERA. Margining of Nasdaq business will operate in the same way as for all EquityClear business. Securities allocated to the same portfolio margin bucket get complete correlation benefits within the ERA algorithm. M2. How are margin calls instructed and what currencies can be paid? Margining of this business will operate in the same way as for all EquityClear business. EquityClear margins are calculated in GBP however, they can be covered in the currency of the members choice. M2. What are the timings of margin requirements. Overnight calls are sent to the member s PPS bank during the night and must be confirmed by the bank by 9:00am. Members should review their overnight banking reports for confirmation. If a member is uncovered following an intra-day margin run, they will be contacted by Treasury Operations by phone and advised of the additional amount that they will be required to pay. Before 2:30pm UK time, members can elect to cover ITD margin calls in their currency of choice. After 2:30pm the only acceptable currency is USD. Debit instructions are sent to the member s PPS bank and the margin call must be confirmed by that bank within 1 hour. The member should check Banking REP00033 for written confirmation of the amount taken. This report is generally updated within 45 minutes of a margin call being processed. M3. What interest is paid on cash margin and Collateral charges? 3

4 On cash, we pay Sonia minus 30bps. On collateral, we charge an accommodation fee of 10 bps for the utilised collateral balance. The charge is applied in the currency of the liability covered. DOCUMENTATION D1. Will I require a new static data form or can I use existing set-up? EquityClear members can continue with existing relationships but will be required to complete a new static data form. D2. How will I provide information to LCH for opting into this service? EquityClear members should contact us to confirm their interest in this service. We will advise the necessary documents to be completed and they will be sent to you for completion. D3. Will I need to fill in a form for testing? If you wish to test then, yes, a form will be sent to you. This needs to be completed and returned. D4. Will there be a new NCM/GCM/LCH agreement? No, it will be covered by relationships as stated in the static data form.. D5. What is the process for offering clearing services or self clearing? Those wishing to use LCH as a new member will be required to complete the new membership pack and associated documents. Part of the Criteria for Clearing Members ICM Capitalisation of 5m GCM Capitalisation of 10m For further LCH membership information please use the following link. TESTING T1. Does LCH provide or indeed mandate member testing? We offer to our members the opportunity to test. This is entirely optional and is up to the member whether they wish to utilise this. T2. Will member testing involve LCH s settlement agent? No, testing is envisaged to demonstrate to clearing members that trades will be received by EquityClear from Nasdaq and the relevant reports produced, thus enabling members to have sufficient information to facilitate settlement instructions in the CSD. OPERATIONAL OP1. How will buy-ins be handled? As per our standard buy-in process, under our EquityClear procedures within section 2D. OP2. Is netting available, is it mandatory and how does it work? 4

5 We offer various types of netting, and choices of aggregation. At end of day, once the gross trade reconciliation with Nasdaq has completed, the day s gross trades flagged for netting will be netted and instructed to the relevant CSD. TECHNOLOGY / FILE CONTENT TF1. What trade source/ MIC will be used? For real time trade confirmations and member reports the Nasdaq trade source IDs will be XCSE, XHEL, and XSTO depending on the Exchange which the trade was executed. TF2. Is the TradeSrcRef in EREP0006 equal to the Nasdaq reference? Yes TF3. What values will we receive in TradeType field? All Nasdaq trades will be of type TRAD TF4. Will we be notified of Cancellations? Yes. TF5. What trade source information can I expect to see within EREP0006? Members that choose to use the service will access our EquityClear reports. The Nasdaq data will be additional information and there will be no change to the existing reports. TF6. Where can I obtain my netted transactions/positions? The net settlements are generated at end of day are listed in Member Report EREP0005 Netting Net Trades for Settlement. TF7. Will the settlement instruction reference appear on the MT518 message? No, there s no settlement information on the MT518 trade confirmation. The Trade Source reference will appear in the COMM field. TF8. Will LCH provide the settlement Instruction reference? LCH will provide its settlement instructions in reports EREP0005. On the instructions from LCH, it s the SEME reference On the message back from CSDs, it s the RELA reference. 5

6 FT9. FILE FORMATS MT518 Swift confirmation messages 1:F01TESTBIC1X }{2:I518LCHLGB2EAVTXN} {3:{108:LCHECLBFGB050231}} {4: :16R:GENL :20C::SEME//IBBBD :23G:NEWM :22F::TRTR/LCHL/TRAD :16R:LINK :20C::COMM//TEST7777 :16S:LINK :16S:GENL :16R:CONFDET :98A::TRAD// :98A::SETT// :90B::DEAL//ACTU/EUR4, :94B::TRAD//EXCH/XOSL :19A::SETT//EUR8000, :22H::BUSE//SELL :22H::PAYM//APMT :16R:CONFPRTY :95R::SELL/LCHL/TESTBIC1XXX :22F::TRCA//PRIN :20C::PROC//TEST7777 :70C::PACO//SGCA/AAAH :16S:CONFPRTY :16R:CONFPRTY :95R::BUYR/LCHL/LCHLGB2E :22F::TRCA//PRIN :16S:CONFPRTY :36B::CONF//UNIT/2000, :35B:ISIN CH :16S:CONFDET -} Appendix 1 6

7 CSD Codes for member reporting CSD Code EUBE XCVM EUFR EUNE OEKO MOTI APKE VPSN DAKV VPDK CRES SCLV VPCS KDPW ECLR SCOM CSD DESCRIPTION Indirect / Eclr BE Indirect / Interbolsa PT Indirect / Eclr FR Indirect / Eclr NL Indirect / OEKO AT Indirect / Monte Titoli IT Indirect / NCSD FI Indirect / VPS NO Indirect / Clearstream DE Indirect / VPS DK Indirect / Crest Indirect / SCLV ES Indirect / NCSD SE Indirect / Poland Direct / Eclr Bank Direct / SIS 7

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