MIGRATION COMPLETED SUCCESFULLY
Nasdaq Clearing would like to formally announce the completion of the position migration to Euronext Clearing. All migrated positions are now subject to the rules, regulations and procedures established by Euronext Clearing.
Migration Status:
The transfer of positions from Nasdaq Clearing to Euronext Clearing has been completed as planned. Euronext Clearing Members have validated their migrated positions and confirmed successful reconciliation during the designated window earlier today.
Legal Effect of the Migration:
In accordance with the terms of the Consent to Migration Letter entered between Nasdaq Clearing, Euronext Clearing and your institution, Euronext Clearing has assumed legal liability for the migrated positions, subject to the rules of Euronext Clearing. Nasdaq Clearing has been released and discharged from its obligations in respect of the same migrated positions, subject to the terms of the Consent to Migration Letter, and Nasdaq Clearing has no further legal liability to any Account Holders in respect of the migrated positions.
Next Steps:
Nasdaq Clearing will update the migrated position records in the Nasdaq clearing system on Sunday, March 15 before 12:00 CET, reflecting the closure of all migrated positions. Nasdaq Member will be able to verify the closure of positions using Q-port/Accounts/Positions window after the Exchange & Clearing Information is published on Sunday.
Excess collateral will be returned on Monday, March 16 and will follow Nasdaq Clearing’s regular procedures. Nasdaq Clearing will recalculate the size of the Commodities Default Fund and release excess contributions in accordance with its Clearing Rules. Full release of the Default Fund will take place following termination of membership.
For any questions or follow-up items, please contact:
Nasdaq Clearing Operations
Email: clearing@nasdaq.com
Phone: +46 8 405 6880
Euronext Client Readiness
Email: CCP-readiness@euronext.com
Phone: +39 06 32 39 52 30