Trading Appendix 1 / Clearing Appendix 1. Definitions. Commodity Derivatives. Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Stockholm AB

Transcription

1 Trading Appendix 1 / Clearing Appendix 1 Definitions Commodity Derivatives Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Stockholm AB Effective Date: 18 May 2011

2 DEFINITIONS Account Holder Affiliate Allowance Allowance Contract Allowance Directive or Directive means a General Clearing Member, Clearing Member or a Clearing Client holding one or more Clearing Accounts with the Clearinghouse for registration of Clearing Transactions. shall in relation to a person mean any legal entity or other business organisation anywhere in the world in which the applicable person or its ultimate parent company holds a 25% (twenty-five per cent) or higher equity interest whether directly or indirectly, and whether the interest is shares, debetures or otherwise, voting or non- voting. means an EU Allowance (EUA), a Certified Emissions Reduction (CER), and/or an Alternative Allowance as further specified in the Product Specifications. means a Contract whose present or future value is correlated to Allowances. The definition includes Allowance Forward Contracts, Allowance Futures Contracts, Allowance Option Contracts and Allowance Spot Contracts. means (i) for the trading period , the provisions of Directive 2003/87/EC, as amended by Directive 2004/101/EC and Directive 2008/101EC; and (ii) for the trading period 2013 onwards, the Directive 2009/29/EC amending Directive 2003/87/EC so as to improve and extend the greenhouse gas emission allowance trading scheme of the Community, both as may be amended from time to time. Allowance Force Majeure Event Allowance Forward Contract Allowance Forward Series Allowance Futures Contract Allowance Futures Series Allowance Holding Account Allowance Option Contract Allowance Option Series Allowance Order Volume Allowance Price is defined in the Product Specifications. means any Forward Contract which is an Allowance Contract. means a Product Series of Allowance Forward Contracts. means any Futures Contract which is an Allowance Contract. means a Product Series of Allowance Futures Contracts. means any digital record of an Account Holder or the Clearinghouse in an Allowance Registry approved by the Clearinghouse that will be used to record the issue (if applicable), holding, transfer, acquisition, surrender, cancellation, and replacement of Allowances. means any Option Contract having an Allowance Contract as its Underlying Contract, as further specified in the applicable Product Specifications. means a Product Series of Allowance Option Contracts. means the CPTA Quantity specified for an Order, minimum 1,000 (one thousand) Allowances. means the Contract Price agreed for any Allowance Contract. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 2 (19)

3 Allowance Registry Allowance Scheme Rules Allowance Series means the registry established by each Member State or non- Member State pursuant to the Allowance Directive, in order to ensure the accurate accounting of the issue, holding, transfer, acquisition, surrender, cancellation, and replacement of Allowances. means the rules and regulations of participation in, and operation of, the Scheme as applicable in a Member State and certain non-member States as amended from time to time. means a Product Series consisting of Allowance Contracts. Allowance Spot Contract means a Contract specified as such in the Product Specifications, for the purchase and sale of Allowances, and which is only traded on the Final Trading Day. For the avoidance of doubt, Allowance Forward Contracts and Allowance Futures Contracts are excluded. Allowance Spot Series Allowance Transfer Allowance Transfer Request Alternative Allowance Automatic Option Exercise Banking Day Base Collateral Call Bid Broker Broker Agreement Call Option means a Product Series of Allowance Spot Contracts. means the transfer of a CPTA Quantity to a Delivery Point, in accordance with and for the purposes of the Scheme and Settlement under the Clearing Rules. means a request for Allowance Transfer issued to the relevant Allowance Registry in accordance with the Allowance Scheme Rules. means a unit of account, representing a right to emit 1 tonne of carbon dioxide equivalent, either issued by a Member State in return for a similar unit from an emissions trading scheme in a non-member State pursuant to Article 25 of the Allowance Directive or an allowance from an emissions trading scheme in a non-member State recognised by the EU Commission pursuant to the Allowance Directive, that may be used for determining compliance with emissions limitation commitments as prescribed by the Scheme Rules. means the automatic exercise of an Option Contract on the Expiry Day by the Clearinghouse on behalf of an Option Holder, in accordance with the Clearing Rules. means the banking days specified in the Trading and Clearing Schedule, whereby it is noted that separate Banking Days apply to EUR Contracts and GBP Contracts, respectively. means the Clearinghouse s initial call for Collateral from an Account Holder, to be posted before Clearing may commence. means an Order to buy. means an entity which has entered into a Broker Agreement with the Clearinghouse for reporting of Transactions for Clearing. means an agreement to be entered into between the Clearinghouse and a broker in accordance with Clearing Agreement K. means an Option Contract entitling the Option Holder, upon Option Exercise, to receive Option Cash Settlement and/or receive the Underlying Contract while the Option Writer shall pay the Call Option Cash Settlement and/or deliver the Underlying Contract, all as specified in the Product Specifications. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 3 (19)

4 Cascading Cash Collateral Cash Margin Cash Settlement Cash Settlement Amount Certified Emissions Reduction (CER) CET CfD Buyer CfD or Contract for Difference CfD Price CfD Seller CITL or Community Independent Transaction Log Clearing means that the Open Positions in a Product Series at the end of the Final Trading Day is transformed into Open Positions in one or more other Product Series as specified in the Product Specifications. means collateral in the form of cash deposits to a EUR Pledged Cash Account or a GBP Cash Collateral Account. In case of amounts deposited to a EUR Pledged Cash Accounts, amounts will only be considered Cash Collateral to the extent such amounts are blocked against withdrawals from the Account Holder, as further regulated by the EUR Pledged Cash Account Agreement. means a portion of a Daily Margin Call that must be covered by cash deposit to a EUR Pledged Cash Account or EUR Non- Pledged Cash Account or a GBP Cash Collateral Account. means a Settlement, or the portion of a Settlement, which is to be performed by payment of cash. means the aggregated net cash amount owing to the Clearinghouse from an Account Holder or payable by the Clearinghouse to an Account Holder, as calculated for each Clearing Account and in relation to its associated EUR Cash Account and/or GBP Settlement Account. means a unit of account on a Government or Intergovernmental registry representing 1 tonne of carbon dioxide equivalent, as issued by the CDM Executive Board in accordance with Decision 17 (17/CP.7) of the Conference of the Parties to the UNFCCC. means the local time in Oslo, Norway. means a party to a CfD that in Expiry Market Settlement is entitled to any positive difference between Final Closing Price and CfD Price and in Spot Reference Cash Settlement entitled to the positive difference between Spot Reference Price and Final Closing Price, while under an obligation to pay the CfD Seller any negative differences. means a contract specified as such in the Product Specifications, where the underlying Spot Reference Price is the difference between different Spot Reference Prices as further defined in the Product Specifications. means the Contract Price agreed for any individual CfD Contract. means a party to a CfD Contract that in Expiry Market Settlement is entitled to any positive difference between CfD Price and Final Closing Price, and in Spot Reference Cash Settlement to the positive difference between Final Closing Price and Spot Reference Price, while under an obligation to pay the CfD Buyer any negative differences. has the meaning given to the independent transaction log in Article 20 of the Allowance Directive. means a clearing-by-novation process where the Clearinghouse enters into the Transaction as central counterparty and thus becomes Counterparty to the Account Holders involved. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 4 (19)

5 Clearing Account Clearing Agreements Clearing Appendices Clearing Client Clearing Client Agreement Clearing Confirmation Clearing Day Clearing Hours Clearing Member Clearing Membership Agreement means an Account Holder s account with the Clearinghouse for registration of Clearing Transactions. References to the Clearing Account shall be deemed to include the associated Intraday Account and all associated Clearing Portfolios where relevant. means the template agreements specified as such in the Table of Contents of the General Terms of the Clearing Rules, or a sign-on agreement based upon such template document, or such other document to the same effect, as the Clearinghouse in its discretion has agreed to substitute any of the foregoing. means the documents specified as such in the Table of Contents of the General Terms of the Clearing Rules. means an entity (other than the Clearinghouse) being party to a valid and effective Client Clearing Agreement in capacity as such. means a sign-on agreement, in substantially the format of Clearing Agreement C, between a Clearing Member, the Clearinghouse and another party, establishing the rights and obligations of the other party as Clearing Client and the rights and obligations of the Clearing Member as its Client Representative. means a confirmation from the Clearinghouse, in the form of a Final Trade List, to the General Clearing Member(s) and/or Clearing Member(s) involved, that the Clearinghouse will provide Clearing of a Transaction. In case of Exchange Transactions, the Transaction Confirmation from the Exchange also serves as a Clearing Confirmation. means the Banking Days specified in the Trading and Clearing Schedule as applicable to each Product. means the time interval during a Clearing Day when Exchange Transactions and/or Clearing Requests are received and processed by the Clearinghouse, as specified in the Trading and Clearing Schedule. means an entity (other than the Clearinghouse) being party to a valid and effective Clearing Membership Agreement. means a sign-on agreement, in substantially the format of Clearing Agreement B, between the Clearinghouse and another party, providing the other party with access to Clearing as a Clearing Member. Clearing Platform means the Clearinghouse s system for registration and processing of Clearing Transactions and Clearing Requests as further defined in the Clearing Platform User Terms. Clearing Platform User Terms means Clearing Appendix 5 Clearing Portfolio means a sub-account to a Clearing Account containing information relating to a set of the Clearing Transactions registered to that Clearing Account. Clearing Request Clearing Rules means a request for Clearing of a OTC Transaction. means the Clearinghouse s rules for Clearing of Transactions in Listed Products and Non-Listed Products consisting of the General Terms and the Clearing Appendices, as may be amended from time to time. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 5 (19)

6 Clearing Transaction Clearinghouse Client Clearing Account Client Representative Client Transaction Close-Out Transaction Collateral Collateral Arrangement Collateral Call Collateral Provider Combination Order Compliance Period means a Transaction that is registered and approved for Clearing by way of a Clearing Confirmation. means NASDAQ OMX Stockholm AB, a Swedish company with reg. no in the Swedish company register, acting through its Norwegian branch NASDAQ OMX Oslo NUF with reg. no in the Norwegian company register. means a Clearing Account of a General Clearing Member which has been designated as a Client Clearing Account, and to which only Client Transactions may be allocated and registered. means a Clearing Member being party to one or more valid and effective Clearing Client Agreement(s) in capacity as such. means a Transaction that a General Clearing Member or Client Representative registers for Clearing on behalf of a GCM Client or Clearing Client respectively. means a Clearing Transaction to be (wholly or partially) off-set against an Open Position. means any Cash Collateral or other security in favour of the Clearinghouse provided by an Account Holder under a Collateral Arrangement. means an arrangement establishing security in favour of the Clearinghouse, for the purpose of securing the rights of the Clearinghouse in respect of the Account Holder s obligations towards the Clearinghouse under the Clearing Rules, through either (or a combination) of Clearing Agreements E-I, or such other similar written arrangement as the Clearinghouse may approve of in its sole discretion. means any call for Collateral from an Account Holder, consisting of Base Collateral Calls, Daily Margin Calls and Extraordinary Margin Calls. Where nothing else is specified, references to the Collateral Calls shall be deemed to include all calls for Collateral applicable at the time in relation to each Clearing Account and/or Account Holder. means in relation to a EUR Bank Guarantee or a GBP Bank Guarantee the issuer of such guarantee, and in relation to a EUR Pledged Cash Account the EUR Settlement Bank holding such account. In case of other Collateral, the Collateral Provider shall mean the provider and/or holder of such Collateral. means an Order to concurrently buy and/or sell Contracts in two or more different Product Series. means (i) (ii) for the period : the relevant subsequent fiveyear period referred to in Article 11(2) of the Allowance Directive, as specified for the relevant Product Series; and for the period from 2013 onwards: the period referred to in Article 11 (2) cf Article 11 (1) of the Allowance Directive, as specified for the relevant Product Series. Contact Person means a natural person appointed and authorised as such in accordance with the Trading Rules in respect of Trading and/or the Clearing Rules in respect of Clearing. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 6 (19)

7 Contract Contract Price Contract Volume Contract Time Counterparty CPTA or Compliance Period Trade Allowance CPTA Quantity Daily Cash Settlement means a Transaction (or a part of a Transaction) for the Trade Lot of a Listed Product or Non-Listed Product. means the cash value price agreed for each Contract in a Transaction, which the Buyer is obligated to pay and the Seller is entitled to receive, expressed in the relevant currency and excluding VAT and Relevant Taxes. means the volume of each Contract, as expressed in the volume unit of the applicable Product (e.g. MW for Electricity Contracts). means the point in time where the seller and the buyer enter into a Transaction, regardless of the form or format used to facilitate such agreement. In respect of Clearing Transactions, Contract Time refers to the relevant time of the original Transaction that is subject to Clearing. means the buyer or the seller in a Transaction, and includes the Clearinghouse acting as central counterparty in all Clearing Transactions. means, in relation to an Allowance Contract, an Allowance that the seller agrees to transfer to the buyer and the buyer agrees to accept from the seller according to the Specified Compliance Period. means the number of Allowances specified in an Order or Transaction for one or more Allowance Contacts. means a Cash Settlement between the Clearinghouse and Account Holders for the Daily Cash Settlement Amount. Daily Cash Settlement Amount Daily Closing Price Daily Margin Call means the Cash Settlement Amount applicable to each relevant Clearing Day in accordance with Section 6.1 of the General Terms of the Clearing Rules. means the closing price in each Product Series calculated for each Trading Day in accordance with Section 7.1 of the General Terms of the Trading Rules. means the Clearinghouse s call for Collateral from an Account Holder to cover obligations under Clearing Transactions, calculated daily for each Clearing Account pursuant to the Clearing Rules. Daily Market Settlement means a mark-to-market Cash Settlement for Futures Contracts, to be calculated and performed each Clearing Day in accordance with Section 4.2 of the General Terms of the Clearing Rules. Day Contract Default Event Delivery Day Delivery Period means a Futures Contract where the Delivery Period is one day. is defined in Section of the General Terms of the Clearing Rules. means the calendar day specified in the Product Specifications in relation to each Allowance Series, by which an Allowance Transfer from the Clearinghouse to the buyer shall be completed for that Allowance Series. means the time period following the Last Trading Day, when a Spot Reference Cash Settlement and Expiry Market Settlement shall be conducted as specified in the Product Specifications. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 7 (19)

8 Delivery Point Deviation Margin Electricity CfD Series Electricity Forward Contract Electricity Forward Series Electricity Futures Contract Electricity Futures Series Electricity Option Contract Electricity Option Series Electricity Series Enforcement Act ERU or Emission Reduction Unit ETS means the Allowance Holding Account specified as such in a schedule to the General Clearing Membership Agreement, Clearing Membership Agreement or Clearing Client Agreement. means the price margins specified in the Transaction Error Schedule, to be subtracted from or added to a reference price as further specified when dealing with Transaction errors. means a Product Series of Electricity CfD Contracts. means a Financial Electricity Contract which is also a Forward Contract. means a Product Series of Electricity Forward Contracts. means a Financial Electricity Contract which is also a Futures Contract. means a Product Series of Electricity Futures Contracts. means an Option Contract with a Financial Electricity Contract as its Underlying Contract. means a Product Series of Electricity Option Contracts. means a Product Series of Financial Electricity Contracts. means the Norwegian Act on enforcement of debts of 26 June 1992 No 86. means a trading unit under the Kyoto Protocol representing a reduction of greenhouse gases under the joint implementation mechanism. means the Exchange s system for registration and processing of Orders and Exchange Transactions, as further defined in the ETS User Terms. ETS User Terms means Trading Appendix 5. EU EU Allowance Scheme EUA or EU Allowance EUR Pledged Cash Account EUR Bank Guarantee EUR Cash Account EUR Contracts EUR Non-Pledged Cash Account means the European Union as it exists from time to time. see Scheme. means an allowance as defined in the Allowance Directive. means a EUR Cash Account used for Cash Collateral deposits and Cash Settlements in accordance with the EUR Pledged Cash Account Agreement. means a standard on-demand guarantee document based on the form set out in Clearing Agreement F, accepted by the Clearinghouse and provided by a bank or financial institution acting as a Collateral Provider in respect of an Account Holder s obligations towards the Clearinghouse. means a bank account opened by an Account Holder with a EUR Settlement Bank, in the form of a EUR Pledged Cash Account or EUR Non-Pledged Cash Account. means all Contracts other than the GBP Contracts. means a EUR Cash Account to be utilised for Cash Settlements in accordance with the EUR Non-Pledged Cash Account Agreement. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 8 (19)

9 EUR Non-Pledged Cash Account Agreement EUR or Euro EUR Pledged Cash Account Agreement EUR Security Collateral Agreement EUR Settlement Bank EUR Settlement Bank Agreement EURIBOR Excess Emissions Penalty means an agreement between an Account Holder, the Clearinghouse and a Settlement Bank, substantially corresponding to Clearing Agreement E2 or such other format to the same effect as the Clearinghouse in its discretion has agreed to. means the lawful currency of the Member States of the European Union that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on the European Union. means an agreement between an Account Holder, the Clearinghouse and a Settlement Bank, substantially corresponding to Clearing Agreement E1 or such other format to the same effect as the Clearinghouse in its discretion has agreed to. means a sign-on agreement, in substantially the format of Clearing Agreement D, entered into between an Account Holder and the Clearinghouse, providing the Clearinghouse with security rights in respect of Collateral. means a bank which is identified as such in the List of Settlement Banks. means Clearing Agreement D, entered into between the Clearinghouse and a EUR Settlement Bank. means the interest rate for Euro deposits for a period of one month that appears on Reuters Page EURIBOR01 (or such other screen display or service as may replace it for the purpose of displaying the interest rates for Euro deposits offered in the euro-zone) as at a.m. (Central European Time) on the relevant due day, and where the amount or any part of it remains overdue one month after the due day such interest rate as appears on such page for such deposits as at such time as at the day one month after the due day and thereafter as at monthly intervals until the amount is no longer overdue; or if no such interest rate appears on Reuters (or such replacement), the arithmetic mean (rounded upwards to 3 decimal places) of the rates per annum at which each of not less than two major banks in the Euro-zone interbank market quoted that they were offering Euro deposits in an amount comparable with that overdue amount to major banks in the Euro-zone inter bank market for a period of one month as at a.m. (Central European Time) on the due day or as at the day one month after the due day or as at monthly intervals thereafter as the case may be. has the meaning given to it in the Allowance Directive. Exchange means NASDAQ OMX Oslo ASA, a public limited company with company number in the company register of Norway. Exchange Act means the Norwegian Act on Exchanges of 29 June 2007 No 74. Exchange Appeal Committee means a committee independent of the Exchange appointed by the Ministry of Finance, which is an appeal committee for decisions made by the Exchange as further specified in the Exchange Regulations. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 9 (19)

10 Exchange Member Exchange Membership Agreement Exchange Regulations Exchange Trader Exchange Trading Exchange Transaction or Exchange Trade Expiry Expiry Day Expiry Market Settlement Extraordinary Margin Call means an entity (other than the Exchange) being party to a valid and effective Exchange Membership Agreement or Non- Clearing Membership Agreement. means a sign-on agreement, substantially corresponding to Trading Agreement A, between a the Exchange and another party, granting the other party access to Exchange Trading as an Exchange Member. means Regulation No 0975 of 29 June 2007 with any subsequent amendments, issued by the Ministry of Finance. means a natural person appointed and authorised by an Exchange Member in accordance with the Trading Rules. means Trading in a Listed Product carried out by an Exchange Member through a Trading Facility. means a Transaction that is entered into through the Trading Facilities, and excludes its corresponding Clearing Transaction unless specifically stated. means the termination of a Financial Electricity Contract, triggering the Settlements and possible Option Exercises as further provided for in the Clearing Rules. means the day when an Option Contract automatically expires, being also the last day for Option Exercise as set out in the Product Specifications. means a Cash Settlement for Electricity Forward Contracts, in accordance with Section 7.2 of the General Terms of the Clearing Rules. means the Clearinghouse s call for an extraordinary Collateral deposit from an Account Holder to cover risks in registered Transactions in accordance with Section 5.4 of the General Terms of the Clearing Rules. Fee List means the joint Trading Appendix 7 and Clearing Appendix 7. Final Allocation Time Final Clearing Complaint Time Final Closing Price Final Collateral Time Final Correction Time Final Trade List means the time specified in the Trading and Clearing Schedule, when all Transactions in an Intraday Account must be allocated to another Clearing Account. means the time specified in the Trading and Clearing Schedule, when a complaint must be filed with the Clearinghouse. means a price set in accordance with Section 4.3 of the General Terms of the Trading Rules, or Section 6.4 of the General Terms of the Clearing Rules, for each Product Series. means the time specified in the Trading and Clearing Schedule, when Collateral at latest shall be provided for the Daily Margin Call. means the time specified in the Trading and Clearing Schedule, when corrections of Transaction errors at latest must be effected by the Exchange, upon which the registration of Transactions with the Clearinghouse becomes final. means an electronic report made available by the Clearinghouse after Clearing Hours to Account Holders having entered into Transactions on the relevant Clearing Day. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 10 (19)

11 Final Trading Day or Last Trading Day Final Transaction Complaint Time Final Transaction Confirmation Time Financial Electricity Contract Force Majeure Event Forward Contract Forward Price Forward Series Futures Contract Futures Price Futures Series GBP Account Bank GBP Bank Guarantee means a day specified in relation to each applicable Product Series to be the final day for Exchange Trading in that Product Series. means the time specified in the Trading and Clearing Schedule, when a complaint by an Exchange Member on a Transaction error at latest must be received by the Exchange. means the time specified in the Trading and Clearing Schedule, when Transaction Confirmation at latest shall be forwarded to the Exchange Member by the Exchange. means a Contract whose value is linked to the Spot Reference Prices quoted for electric power. This definition includes Electricity Futures Contracts, Electricity Forward Contracts, Electricity Option Contracts and CfD Contracts. means the occurrence of an event which (i) is outside the reasonable control of the affected party and (ii) which prevents such party from performing one or more of its obligations under the Trading Rules or the Clearing Rules and (iii) such event or the impact of such event on the party's performance of relevant obligation(s) could not reasonably have been overcome or have been prevented by such party within the time allowed for performance of the relevant obligation(s). For the purposes of this definition, acts of God or the public enemy, acts of a civil or military authority, terrorist or other criminal action, civil unrest, embargoes, fire, flood, labour dispute, unavailability or restriction of computer or data processing facilities, or unavailability or restriction of settlement systems or of bank transfer systems, shall normally be deemed to be outside the reasonable control of a party, provided that the party has otherwise acted with such prudence and care as could reasonably be expected of that party. means a Contract specified as such in the Product Specifications for the purchase and sale of a particular quantity of an asset or the cash equivalent of the asset s value against Reference Price, at a predetermined price at a future time or time period. means the Contract Price agreed for any individual Forward Contract. means a Product Series of Forward Contracts. means a contract specified as such in the Product Specifications, and which is subject to Daily Market Settlement, for the purchase and sale of a particular quantity of an asset, or the cash equivalent of the asset against a Reference price, at a predetermined price at a specified future time or time period. means the Contract Price agreed for any individual Futures Contract. means a Product Series of Futures Contracts. means a bank in the United Kingdom that is authorised by the Clearinghouse to hold GBP Cash Collateral Accounts on behalf of Account Holders. means an on-demand guarantee based on the form set out in Clearing Agreement I, provided to and accepted by the Clearinghouse by a bank or financial institution acting as Collateral Provider in respect of an Account Holder's obligations to the Clearinghouse. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 11 (19)

12 GBP Cash Collateral Account GBP Collateral Security Deed GBP Contract GBP Letter of Credit GBP or Pounds Sterling GBP Settlement Account GBP Settlement Account Instructions GBP Settlement Bank GCM Client General Clearing Account General Clearing Member or GCM General Clearing Membership Agreement General Terms Give Up GMT Hedge Transaction Insolvency Event Installation means a designated blocked, segregated account opened by the Account Holder or a Collateral Provider with a GBP Account Bank to hold Cash Collateral on behalf of the Account Holder, and which is charged in favour of the Clearinghouse in accordance with a GBP Collateral Security Deed. means a deed which is based on the form set out in Clearing Agreement G, and which is issued by a Collateral Provider and approved by the Clearinghouse in respect of the Account Holder s obligations towards the Clearinghouse. means the Contracts defined as GBP Contracts in the Product Specifications. means a standby letter of credit based on the form set out in Clearing Agreement H, provided to and accepted by the Clearinghouse by a bank or financial institution acting as a Collateral Provider in respect of an Account Holder's obligations to the Clearinghouse. means Great Britain Pound, being the lawfully currency of the United Kingdom. means an account with a GBP Settlement Bank that is used for Cash Settlement purposes in respect of GBP Contracts and that is subject to a GBP Settlement Account Instructions. means an instructions letter based on the form set out in Clearing Agreement J which is executed by the Account Holder and approved by a GBP Settlement Bank. means a bank which is identified as such in the List of Settlement Banks. means any client of a General Clearing Member. means any Clearing Account of a General Clearing Member which is not a Client Clearing Account. means an entity (other than the Clearinghouse) being party to a valid and effective General Clearing Membership Agreement. means a sign-on agreement, substantially corresponding to substantially corresponding to Clearing Agreement A, between the Clearinghouse and another party, providing the other party with access to Clearing as a General Clearing Member. means a document titled as such, with standard terms for Trading or Clearing constituting a part of either the Trading Rules or the Clearing Rules respectively. means a request by an Account Holder to transfer a Clearing Transaction in whole or in part to the Clearing Account(s) of a different Account Holder. means the local time in London, England. means a Transaction that reduces the market risk of an Open Position, not being a Close-Out Transaction. A Hedge Transaction need not be in the same Product Series as the Open Position. is defined in Section 8.6 of the General Terms of the Clearing Rules. has the meaning given to it in the Allowance Directive. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 12 (19)

13 Intraday Account Last Trading Day LIBOR List of Settlement Banks Listed Product Loss Manual Option Exercise Margin Currency Market Conduct Rules means a General Clearing Member s or Clearing Member s Clearing Account for interim registration of all Transactions. see Final Trading Day. means the interest rate for a period of one month that appears on Reuters Page LIBOR01 (or such other screen display or service as may replace it for the purpose of displaying the interest rates for pounds sterling deposits offered in the United Kingdom) as at a.m. (GMT) on the relevant due day, and where the amount or any part of it remains overdue one month after the due day such interest rate as appears on such page for such deposits as at such time as at the day one month after the due day and thereafter as at monthly intervals until the amount is no longer overdue; or if no such interest rate appears on Reuters (or such replacement), the arithmetic mean (rounded upwards to 3 decimal places) of the rates per annum at which each of not less than two major banks in the London interbank market quoted that they were offering pounds sterling deposits in an amount comparable with that overdue amount to major banks in the London-zone inter bank market for a period of one month as at a.m. (GMT) on the due day or as at the day one month after the due day or as at monthly intervals thereafter as the case may be. means a listing of the EUR Settlement Banks and GBP Settlement Banks that from time to time are approved by the Clearinghouse as such, as from time to time may be updated, amended and published on the Exchange s website and/or through the ETS. means any Product admitted by the Exchange for Exchange Trading as specified in the Product Specifications. means an amount that a Counterparty reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of Transactions under the Clearing Rules in respect of an Insolvency Event or Default Event, including any loss of bargain, cost of funding (based on the actual costs of the Counterparty whether or not greater than market costs) or, at its election but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment required to have been made and not made on or before the termination day. The Counterparty may (but need not) determine its Loss by reference to quotations of average relevant rates or prices from two or more leading brokers in the trading market who are independent of the Clearinghouse. means the Option Exercise of an Option Holder, in accordance with the General Terms of the Clearing Rules, which is not Automatic Option Exercise. means the currency (either Euro or Pounds Sterling, depending on the member s choice) in which the Collateral Calls are made and met. means Trading Appendix 6 and Clearing Appendix 6, with rules on market conduct under surveillance by the Exchange. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 13 (19)

14 Market Maker Market Maker Agreement Market Maker Hours Market Maker Spread Market Maker Volume Market Surveillance Marrakech Accords means an Exchange Member who has undertaken towards the Exchange to quote binding Bids and Offers in Listed Products as further specified in the applicable Market Maker Agreement. means an agreement entered into between the Exchange and another party, entitling and obliging the other party to act as Market Maker. means time interval during Trading Day when Market Makers are required to quote Orders in the relevant Product Series. means the maximum quotable net spread for Bids and Offers for a Market Maker in a Product Series at any time. means the minimum contract volume to be quoted by a Market Maker in a Product Series at any time. means the organisational unit responsible for monitoring compliance with the Market Conduct Rules and such other matters as set out in the Market Conduct Rules. means the decisions taken by the Conference of the Parties at its seventh meeting as contained in the UNFCCCC documents FCCC/CP/2001/13 and FCCC/CP/2001/13/ Add.1 Add.4. Material Default Event Material Non-Compliance Event Member State is defined in Section of the General Terms of the Clearing Rules. is defined in Section 8.2 of the General Terms of the Trading Rules. means any one of the signatories to the European Community from time to time. Membership Requirements means Clearing Appendix 8. Month Contract MTS Net Position Non-Clearing Member or NCM Non-Clearing Membership Agreement Non-Compliance Event Non-Listed Products Offer Open Interest means an Electricity Forward Contract or Electricity Futures Contract where the Delivery Period is one calendar month as further specified in the Product Specifications. means the Exchange s telephone based service for Exchange Trading. see Open Position. means an entity (other than the Exchange) being party to a valid and effective Non-Clearing Membership Agreement. means a sign-on agreement, substantially corresponding to Trading Agreement A, between the Exchange and another party, granting the other party access to Exchange Trading as a Non- Clearing Member. is defined Section 8.1 of the General Terms of the Trading Rules. means Products that are admitted for Clearing with the Clearinghouse, but are not Listed Products. means an Order to sell. means the aggregated net balance of Open Positions in a Product Series, as registered by the Clearinghouse. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 14 (19)

15 Open Position or Net Position Opposite Positions Option Buyer Option Contract Option Exercise Option Exercise Price Option Exercise Settlement Option Exercise Time Option Fixing Price Option Holder or Option Buyer Option Premium Option Seller Option Series Option Settlement Option Writer or Option Seller Order means a net position created by aggregating and netting all purchase or sales Transactions in a Product Series within the same Clearing Account, as calculated and notified by the Clearinghouse to the Account Holder in the Statement of Account. means purchase and sales Transactions in the same Product Series. see Option Holder. means a contract specified as such in the Product Specifications for the potential purchase and sale of a specific quantity of an Underlying Contract (as set out in the Product Specifications) at a stipulated future date, and according to which the Option Holder, against payment of the Option Premium, has the right, but not the obligation, to buy (in case of a call) or to sell (in case of a put) such quantity of the Underlying Contract against payment of the Option Exercise Price. means an Option Holder s exercise of its rights under an Option Contract, either through Automatic Option Exercise or Manual Option Exercise. means the price set in the Product Specifications for an Option Series, which shall be applied in the Option Exercise Settlement (commonly referred to as strike price ). means the registration of the Underlying Contract(s) against payment of the Option Exercise Price. means the time when an Option Exercise will become effective, pursuant to the Product Specifications. means a price calculated on the Expiry Day for each Option Series, to be used for Automatic Option Exercise purposes. means the party to an Option Contract who is entitled, but not obliged, to perform an Option Exercise (i.e. to buy and receive the Underlying Contract in case of a Call Option and to sell and deliver the Underlying Contract in case of a Put Option) against payment of the Option Exercise Price. means the Contract Price payable from the Option Holder to the Option Writer under an Option Contract. see Option Writer. means all Option Contracts with the same contractual terms, except for the Option Premium. means Premium Settlement and Option Exercise Settlement. means the party to an Option Contract who is obliged, in case of an Option Exercise, to perform its rights and obligations under the Option Contract (i.e. to sell and deliver the Underlying Contract in case of a Call Option and to buy and receive the Underlying Contract in case of a Put Option) against receipt of the Option Exercise Price. means an offer to sell or buy a Listed Product that an Exchange Member registers in ETS or calls in to MTS. Trading Procedures means Trading Appendix 4. OTC Clearing Procedures means Clearing Appendix 4. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 15 (19)

16 OTC Trading OTC Transaction Pending Settlement Premium Settlement Principal Trading Principal Transaction Product Product Calendar Product Series or Series Product Specifications Put Option Reconciliation Deadline Reference Price Registration of Underlying Contract Regulatory Body Relevant Authority means Trading that is carried out outside the Trading Facilities. means a Transaction entered into through OTC Trading. means Settlements calculated by the Clearinghouse that is not due. means the Option Holder s payment of Option Premium to the Option Writer. means an Exchange Member's Trading at its own account and risk. means a Transaction entered into by a General Clearing Member or Clearing Member at its own account and risk. means all Product Series with the same contractual terms (as set out in the Product Specifications and the Product Calendar) except for the Delivery Day and/or Delivery Period and/or the Expiry Day and/or Final Trading Day, whether in Listed Products or Non-Listed Products. means a listing of the specific terms for each Product Series (dates, length, Contract Code etc), as from time to time may be updated, amended and published on the Exchange s website and/or through the ETS. means all Contracts with the same contractual terms (as set out in the Product Specifications and) except for the Contract Price. means the joint Trading Appendix 2 and Clearing Appendix 2, as applicable to each Product. means an Option Contract entitling the Option Holder, upon Option Exercise, to receive Option Cash Settlement and/or to deliver the Underlying Contract while the Option Writer shall pay the Put Option Cash Settlement and/or receive the Underlying Contract, all as specified in the Product Calendar. means 30 April of any calendar year in relation to the immediately preceding calendar year, or as otherwise specified in the Scheme Rules. means Spot Reference Price or any other reference price as specified in the Product Specifications. means Option Exercise Settlement where a new Underlying Contract is registered on the Clearing Accounts of the Option Holder and Option Writer. means the Ministry of Finance, FSAN and any other public body with jurisdiction over the Exchange and/or the Clearinghouse. means the body established by a Member State or non-member State from time to time to administer the Scheme in its jurisdiction. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 16 (19)

17 Relevant Tax Representation Required Authorisations Scheme or EU Allowance Scheme Scheme Rules means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest or penalties) that is imposed by any government or other taxing authority directly in respect of any payment or transfer request under the Trading Rules and/or the Clearing Rules other than stamp, registration, documentation or similar tax. Relevant Tax does not include, without limitation, income tax, taxes on emissions or the activities giving rise to emissions (as the term emissions is defined in the Scheme) or taxes imposed generally on a Counterparty s business, or Value Added Tax. means the representations made by an Exchange Member in accordance with the Trading Rules or an Account Holder in accordance with the Clearing Rules. means all governmental and other licences, authorisations, permits, consents, contracts and other approvals (if any) that are required to enable the party to fulfil any of its obligations under the Trading Rules and/or the Clearing Rules. means the scheme of transferring Allowances between (a) entities within the EU and /or (b) entities in third countries, in either case as recognized in accordance with, and subject to, the procedure of the Allowance Directive established in, and as implemented by the national laws of, each Member State and certain non-member States. means the rules and regulations of participation in, and operation of, the Scheme, as applicable in a Member State and certain non-member States as amended from time to time. Securities Trading Act 2007 The Norwegian Securities Trading Act of 29 June 2007 No 75. Series Settlement Settlement Day or Settlement Date Settlement Format or Settlement Form Specified Compliance Period Spot Reference Cash Settlement Spot Reference Price Spread Statement of Account see Product Series. means that cash payment is made and received between the Counterparties, against delivery and receipt of the relevant asset where applicable, in fulfilment of the Counterparties respective obligations pursuant to a Clearing Transaction. means the Clearing Day when the relevant Settlement shall take place for a Product Series as specified in the relevant Product Specifications. means any form of Settlement applicable to a product as specified in the Product Specifications. means the Compliance Period relevant to an Allowance Series, as specified in the Product Specifications. means a Cash Settlement between the Counterparties to be performed in accordance with Section 7.3 of the Clearing Rules. means a price reference, as further specified in the Product Specifications for each Product to which such a price reference applies. means the best bid price and offer price in a Product Series registered in ETS at a point of time. means a notice from the Clearinghouse to Account Holder each Clearing Day, stating Transactions recorded that Clearing Day and Net Positions, Daily Margin Calls, Settlement information and other information regarding a Clearing Account. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 17 (19)

18 Take Up Tick Size Trade Information Trade Lot Trading Trading Account Trading Agreements Trading and Clearing Schedule Trading Appendices Trading Day Trading Facilities Trading Hours Trading Rules Transaction Transaction Confirmation means a Clearing Request in the form of an acceptance of a request for Give Up registered by a receiving General Clearing Member or Clearing Member. means the minimum price step when increasing or decreasing the price of a Contract in the ETS. means any aggregated information on Orders and Transactions registered with or called in or reported to the Exchange and/or the Clearinghouse, in raw or enhanced form, including Daily Closing Prices and other index values, daily volume, open balance and historical information on such matters. means the minimum Contract Volume of each Product, as specified for the relevant Product Series as set out in the Product Specifications. The volume of each Order must be divisible into whole Trade Lots.. means the process of the buyer and seller entering into a Transaction by Exchange Trading or OTC Trading. means an Exchange Member s account with the Exchange for registration of Exchange Transactions. means a template agreements specified as such in the Table of Contents of the Trading Rules, or a sign-on agreement based upon such template document, or such other document to the same effect, as the Exchange in its discretion has agreed to substitute any of the foregoing. means the joint Trading Appendix 3 and Clearing Appendix 3. means the documents specified as such in the Table of Contents of the General Terms of the Trading Rules. means a day when the Exchange is open for Exchange Trading, as further specified in the Trading and Clearing Schedule. means ETS and/or MTS. means a period of time determined by the Exchange every Trading Day when the Trading Facilities are open for Exchange Trading, as further specified in the Trading and Clearing Schedule. means the Exchange s rules for Exchange Trading in Listed Products consisting of the General Terms and the Trading Appendices, as may be amended from time to time. means any agreement for one or more Contracts entered into as an Exchange Transaction or OTC Transaction, including Clearing Transactions. means the Exchange s immediate confirmation of Exchange Transactions to an Exchange Member in ETS or by MTS. Transaction Error Schedule means Schedule 1 to Trading Appendix 4 Transaction Volume Underlying Contract means the volume of a single Transaction, calculated as the aggregate of the Contract volume and the number of Contracts. means the specific asset(s) that an Option Contract conveys the right to buy (in the case of a call) or sell (in the case of a put), as specified in the Product Specifications in relation to each Option Series. COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 18 (19)

19 UNFCCC Independent Transaction Log UNFCCC or United Nations Framework Convention on Climate Change has the meaning given to it in Decision 19/CP7 of the Marrakech Accords. means the United Nations Framework Convention on Climate Change adopted in New York on May 9, Value Added Tax or VAT means any value added tax imposed in an applicable jurisdiction,, or any replacement or other tax levied by reference to value added to a transaction. Violation Charge Week Contract means the fee that the Exchange may charge in the event of a breach of the Market Conduct Rules, as further specified in the Market Conduct Rules. means a Futures Contract where the Delivery Period is one week as specified in the Product Specifications. [end of document] COPYRIGHT NASDAQ OMX OSLO ASA and NASDAQ OMX STOCKHOLM AB 19 (19)