Overview

Integrated trading and clearing solution

The exchange platform for N2EX is provided by NASDAQ OMX and is based on a combination of two proven state of the art software solutions – CONDICO and SAPRI.

The integrated SAPRI and CONDICO platform offer members an integrated exchange trading and clearing solution providing everything from price discovery and matching (auction and continuous) to notification, credit risk management and financial settlement.

The trading and the clearing parts of the solution are tightly integrated which allows for straight through processing of all trades and the provisioning of position and margining information based on latest position and price information intraday.

The CONDICO trading solution will be used for the continuous prompt market as well as for OTC trade reporting, and SAPRI for the day-ahead auction market. The post-trade processing including clearing, settlement, and notification for all markets will be done using the CONDICO clearing platform.

The exchange platform provides secure access and easy to use interfaces by which the market participants have access to all relevant business functionalities and information (CONDICO trade, SAPRI trade, CONDICO clearing station).

Members will be able to access the exchange platform in one of two ways:

• via the easy to use proprietary trade and back-office applications.

• using the Open API for full integration in their local member trading environment. One can either connect through the open XML based API or through the CONDICO FIX gateway.