Stats › Intraday et microstructure de marché › Nasdaq 2018 default
One trader's power position cost the Nordic clearing house and its members 114 million euro in a day
| Waterfall layer | Outcome | Source |
|---|---|---|
| The defaulting member's margin | Consumed, not sufficient | Swedish regulator |
| The defaulting member's own default fund contribution | Consumed, not sufficient | Swedish regulator |
| The clearing house's own set aside capital | Consumed | Swedish regulator |
| Other members' default fund contributions | Two thirds consumed | Swedish regulator |
| Replenishment | Fund fully recapitalised by members on 17 September | Swedish regulator |
The default was notified on 11 September 2018 and the position was closed in a closed auction on 12 September. The member traded Nordic and German power spread positions. The regulator describes it as a unique and serious event. No significance statistic applies to any of these figures.
A single member failed to meet a margin call on Nordic power derivatives in September 2018. Closing the position cost 114 million euro, which exhausted the member's margin, the clearing house's own capital, and two thirds of every other member's default fund contribution.
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