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© 2012, N2EX. All Rights Reserved.
New versions of the N2EX rulebooks
Following discussions with market participant and the ongoing sign-up process, new versions of the Trading Rules and the Clearing Rules have been issued. The changes will come into effect on 11 January 2010, and entail only minor changes and clarifications to the current rulebooks.
The changes are in key terms as follows:
Clearing Rules
Rules and procedures relating to Extraordinary Margin Calls have been changed and updated. As part of this, the provisions relation to posting of Collateral for regular Collateral Calls have also been clarified although no change has been made. This change affects the General Terms of the Clearing Rules, Sections 8.1.2 [new], 8.1.3 [new], 8.4.5 [updated], 8.4.6 [new]. Previous Section 5.4.5 [replaced] has been moved and incorporated into Section 8.1.2 [new].
Provisions relating to self-billing have been inserted into the General Terms of the Clearing Rules; please see Section 10.1.2 [new]. Subsequent clauses under Section 10.1.x have been renumbered accordingly.
Provisions relating to VAT invoices have been inserted into the General Terms of the Clearing Rules; please see Section 10.2.3 [new] and 10.2.4 [new]. Subsequent clauses under Section 10.1.[x] have been renumbered accordingly.
A clarification as to the use of Collateral Providers has been introduced in a new Section 5.4.5 [replacement]. The change clarifies the Clearinghouse’s position in relation to use of Collateral posted or held by Affiliates. The new provision furthermore clarifies the Clearinghouse’s right to reject Collateral in certain instances.
The Broker Agreement template has been updated with minor clarifications and adjustments. The changes will not affect current agreements and the previous version will still be accepted for sign-up purposes.
Trading Rules
The Trading Schedule (Trading Appendix 4) has been updated to reflect that the Prompt Market will not be open for trading on business holidays.
The Market Conduct Rules (Trading Appendix 5) have been updated as follows:
(i) An exception to the insider trading rules in relation to the trading of Transmission Licensees; Section 3.1.3 (f) [new]
(ii) A Market Participant who’s identity has been disclosed in relation to an investigation may require that the results of the investigation are also made public; Section 7.2 [new]. Section 7 has also been renamed, the previous Section 7.2 [moved] has become Section 7.1 [replaced], and the previous Section 7.1 [moved] has been moved to Section 6.5 [new] for structural consistency. A few minor adjustments have been made to the wording Section 7 for clarification and semantic purposes.
The Participant Agreement template has been updated with minor clarifications and adjustments. The changes will not affect current agreements and the previous version will still be accepted for sign-up purposes.