Norway Demands Change After Nasdaq Power Trade Failure
Law360, London (January 10, 2019, 8:16 PM GMT) -- Nasdaq Inc. was given a March deadline by Norway's financial services regulator on Thursday to introduce new supervisory reforms in the wake of a massive default on its Nordic energy exchange last year.
The Financial Supervisory Authority of Norway — known as Finanstilsynet — has demanded that the commodities exchange send it a report on “corrective measures” it plans to implement by March 1, as it published its findings into the handling of power trader Einar Aas, which left a €114 million euro ($131 million) hole in Nasdaq’s Nordic clearing house buffers after his deals went sour in September.
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