About N2EX

In January 2010, NASDAQ OMX Commodidites and Nord Pool Spot announced the successful launch of N2EX, a new market for UK energy contracts. The UK physical power market solution, including technical trading and clearing, a regulatory framework, clearing procedures and Elexon approvals of clearinghouse requirements, was launched 12 January 2010.

Following an extensive tender process, NASDAQ OMX Commodities and Nord Pool Spot was chosen as the preferred marketplace for trading of UK energy contracts by the Futures & Options Association (FOA) to provide market and clearing services for the UK wholesale power market.

N2EX is not a legal entity, but the name of the market which NASDAQ OMX Commodities and Nord Pool Spot operate in the UK. NASDAQ OMX Clearing is the authorized clearinghouse

Nord Pool Spot is the global leader in the creation and operation of physical power markets with a tradition of success dating back to 1993. NASDAQ OMX Commodities Europe is the world's leading power derivatives and carbon exhange. NASDAQ OMX is a pioneer in exchange development and technology, and currently supplies exchange technology to over 70 financial marketplaces in over 50 countries.

N2EX will benefit from this combination of expertise as a consolidated solution for UK energy trading is developed.

NASDAQ OMX Commodities Europe opened the market for trading UK power futures 31 January 2011.The UK power futures contracts are listed and traded on the commodity derivatives exchange NASDAQ OMX Commodities Europe.The N2EX day-ahead auction is the reference price for the UK power futures.

The N2EX spot market was launched 5 April 2011, completing the market offering of physical power products to be traded on the UK day-ahead auction, and the continuously traded prompt and spot markets.

• The physical market is operated jointly by Nord Pool Spot and NASDAQ OMX Commodities
• The futures market is operated by NASDAQ OMX Commodities

The N2EX offering as originally accepted by the FOA, has been further developed and tailored to better suit the UK power market needs during the last months, following many valuable and appreciated discussions between FOA members and N2EX.

For further information, please see status market launch - N2EX letter to transitional market council 28 August