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Trader Who Blew €114M For Nasdaq Reaches Creditor Deal

Law360, London (November 16, 2018, 5:32 PM GMT) -- A trader who prompted Sweden's markets regulator to investigate Nasdaq’s clearinghouse buffers when he blew a €114 million ($133 million) hole in the Nordic energy market has reached an agreement with his creditors.

Nasdaq said Thursday a deal has been reached between Norwegian derivatives trader Einar Aas and its central clearinghouse members who were forced to pitch in to replenish the losses from an emergency fund that helps ensure the safety of derivatives trading in European electricity markets.

Aas declared on Sept. 11 that he did not have sufficient collateral set aside to cover his aggressive position when bets on the...
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Kirkland & Ellis LLP has redefined what it means to be the biggest of BigLaw — weighing in at 2,116 attorneys by year end 2018 and becoming the first firm since Law360 began tracking law firm head counts to top 2,000 U.S.-based attorneys.