NASDAQ OMX expands cooperation with Polish Power Exchange

NASDAQ OMX expands cooperation with Polish Power Exchange - Polish members can now access the global Carbon Market - Trading technology agreement extended

 

18/06/09

The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announces that NASDAQ OMX has expanded its cooperation with the Polish Power Exchange, Towarowa Giełda Energii (TGE). TGE has signed agreements for joining the NASDAQ OMX carbon market and extended its trading technology agreement with NASDAQ OMX.

The TGE, along with the Polish Commodity Clearing House (IRGiT) and NASDAQ OMX Commodities have agreed that Polish Power Exchange members will be provided access to NASDAQ OMX's global carbon market as Non-Clearing Members under TGE and IRGit. This will allow them to trade European Emission Allowances (EUA's) and Certified Emission Reductions (CER's). TGE will have responsibility for their member's trading activity in the carbon market, while IRGiT will be responsible for the clearing of carbon transactions made by TGE members. This will include collaterals, clearing and contracts delivery. The start up of the new CO2-venture will be operational as of January 1, 2010.

"Poland is influenced by the carbon market across many sectors, and we hope to increase the trading activity of the Polish companies in the global CO2 market. These agreements will enable Polish exchange members to act in the global carbon market by using their existing trading facilities and agreements with the TGE," said Grzegorz Onichimowski, President of The Management Board of TGE.

"This agreement highlights our strengthened carbon offering and increasing interest among the leading European financial companies and market places within the commodities sector," said Fredrik Voss, Vice President of Business Development and Carbon Markets. He continued, "We are very proud to welcome Towarowa Giełda Energii as a new participant in the NASDAQ OMX carbon market. NASDAQ OMX is able to provide TGE members with a broad carbon offering from EUA spot contracts to EUA and CER's forwards for each year until 2014, including strips and swaps."

In addition, TGE will extend its use of the trading system CONDICO, to be provided by NASDAQ OMX through 2014.

Regarding the technology extension, Mr. Onichimowski commented, "We have been working with NASDAQ OMX for 4 years, and the extension of the CONDICO agreement is a proof point to our confidence in their world-leading technology. A technology solution that is secure and stable, built for increasing scale and speed is a prerequisite to be competitive for the future, and this is what we get as a partner with NASDAQ OMX."

"We are proud to be a long-standing technology partner to TGE. Our relationship has been very constructive and we look forward to supporting TGE in their future growth," said Lars Ottersgård, Senior Vice President NASDAQ OMX Market Technology.