Definitions. Clearing Appendix 4 Fish Derivatives
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1 Clearing Appendix 4 Fish Derivatives Definitions Account Holder means a Clearing Member holding a Clearing Account with Nord Pool Clearing. Banking Days mean the banking days specified in the Clearing Schedule. Block Contract means a Forward Contract relating to four or five Delivery Weeks identified in the Product Specification. Cash Account means a bank account opened by an Account Holder with a Settlement Bank, in the form of a Pledged Cash Account or Non-Pledged Cash Account. Cash Collateral means collateral in the form of cash deposits to the Pledged Cash Account. Cash Margin means a proportion of Daily Margin Call to be covered by cash deposit to a Pledged Cash Account or Non-Pledged Cash Account. Cash Settlement means Delivery Cash Settlement. CDA means Clearing Desk Application, being Nord Pool Clearing s electronic system for communication with Clearing Members and Trading Members. Clearing means a clearing-by-novation process where Nord Pool Clearing enters into the Transaction as central counterparty and thus becomes party to the Clearing Member acting as Forward Buyer or Forward Seller. Clearing Account means a Clearing Member s account with Nord Pool Clearing for the registration of Transactions in the name of that Clearing Member. Clearing Agreements means the agreements specified as such in the Table of Contents of Clearing Appendices means the documents specified as such in the Table of Contents of Clearing Confirmation means an electronic notice confirming that Nord Pool Clearing will provide Clearing of a Transaction. Clearing Days mean the Banking Days specified in the Clearing Schedule. Clearing Hours means the time interval during a Clearing Day when registrations are received and processed by Nord Pool Clearing, as specified in the Clearing Schedule. Clearing Rules means Nord Pool Clearing s rules for Clearing of Fish Derivatives Contracts, consisting of General Terms, Clearing Agreements and Clearing Appendices. Clearing Member means General Clearing Member or Direct Clearing Member. Clearing Member Requirements means Appendix 3 to Clearing Schedule means Appendix 2 to the Clearing Rules, specifying Clearing Days and Clearing Hours and relevant time limits for the Clearing procedures. VER 22 - APRIL2007
2 Close-Out Transaction means an opposite Transaction that is off-set against an Open Position by being registered in the same Clearing Account and allocated to the same Sub- Account. Collateral means Cash Collateral, Nord Pool Clearing Bank Guarantee and/or other forms of financial collateral approved by Nord Pool Clearing. Collateral Calls means Nord Pool Clearing's calls for Collateral from an Account Holder, consisting of Initial Margin Call, Daily Margin Call and Extraordinary Margin Call. Daily Closing Price means the closing price for each Forward Series as calculated by FishEx in accordance with their Trading Rules every Clearing Day. Daily Margin Call means Nord Pool Clearing s call for Collateral from an Account Holder to cover risks in Transactions subject to Clearing, calculated daily for each Clearing Account. Default Event is defined in Section in the Clearing Terms. Delivery Cash Settlement means the Cash Settlement to be effected between the Forward Buyer and Forward Seller upon Expiry of a Week Contract, for the difference between the Trading Price and the Reference Price in the Delivery Week. Delivery Week means the next calendar week after the Expiry Day of a Week Contract. Direct Clearing Member means a Trading Member that has entered into a Direct Clearing Member Agreement with Nord Pool Clearing for the purpose of Clearing of Transactions, Direct Clearing Member Agreement means Agreement B to the Clearing Rules entered into between the Direct Clearing Member and Nord Pool Clearing. Enforcement Act means the Norwegian Act on Debt Enforcement of 26 June 1992 No 86. Euro means the lawful currency of the member states of the European Union that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union. Expiry means end of Clearing Hours on Expiry Day. Expiry Day is a day when a contract is subject to expiry as specified in the Product Specification. Extraordinary Margin Call means Nord Pool Clearing s call for an extraordinary Collateral deposit from an Account Holder to cover risks in Transactions. Final Clearing Complaint Time means the time specified in the Clearing Schedule, when a complaint must be filed with Nord Pool Clearing. Final Collateral Time means the time specified in the Clearing Schedule, when Collateral at latest shall be provided for the Daily Margin Call. Fish Derivatives Contract means a Forward Contract or other derivatives contracts settled against the Reference Price. FishEx means FishEx ASA, operating a market place for Fish Derivatives Contracts.
3 Force Majeure is defined in the Clearing Rules General Terms Chapter 8. Forward Buyer means a party to a Forward Contract that is entitled to a Delivery Cash Settlement for the difference between the Reference Price and the Trading Price, with an obligation to pay Nord Pool Clearing any such negative differences. Forward Contract means a Fish Derivatives Contract between a Forward Buyer and a Forward Seller, establishing rights and obligations to carry out Cash Settlements. Forward Seller means a party to a Forward Contract entitled to a Delivery Cash Settlement for the difference between the Trading Price and the Reference Price, with an obligation to pay Nord Pool Clearing any such negative differences. Forward Serie means all Forward Contracts with the same contractual terms as specified in the Product Specification, except for the Trading Price. FSAN means The Financial Supervisory Authority of Norway, organised in accordance with the Norwegian Act on Banking, Insurance and Investment Firm Supervision of General Clearing Member means a credit institution that has entered into a General Clearing Member Agreement with Nord Pool Clearing for the purpose of Clearing of Transactions on behalf of Trading Members, as identified in the list of General Clearing Members displayed on a web-site designated by Nord Pool Clearing. General Clearing Member Agreement means Agreement A to the Clearing Rules entered into between the General Clearing Member and Nord Pool Clearing. General Terms means a document with standard terms for Clearing constituting a part of Hedge Transaction means a Transaction that reduces the market risk of a Transaction, not being a Close-Out Transaction. Initial Margin Call means Nord Pool Clearing s initial call for Collateral from an Account Holder, to be posted before Clearing may commence. Insolvency Event is defined in the Clearing Rules General Terms Chapter 7. Last Trading Day means a day specified in the Product Calendar, being the last day for registering Transactions. Loss means an amount that a party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the Transactions under the Clearing Rules in respect of an Insolvency Event or Material Default Event relating to Nord Pool Clearing, including any loss of bargain, cost of funding (based on the actual costs of the Account Holder party, whether or not greater than market costs) or, at its election but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment required to have been made and not made on or before the termination date. Loss does not include the Account Holder s legal fees and out-of-pocket expenses. The party Account Holder may (but need not) determine its Loss by reference to quotations of average relevant rates or prices from two or more leading brokers in the trading market who are independent of Nord Pool Clearing.
4 Material Default Event is defined in the Clearing Rules General Terms Section Non-Pledged Cash Account means a Cash Account to be utilised for Cash Settlements. Non-Pledged Cash Account Agreement means Agreement D to the Clearing Rules, entered into between an Account Holder, Nord Pool Clearing and a Settlement Bank, regulating a Non-Pledged Cash Account in this bank. Nord Pool Clearing Bank Guarantee or Bank Guarantee means Agreement E to the Clearing Rules a standard on-demand guarantee document to be issued by a financial institution in favour of Nord Pool Clearing. Nord Pool Clearing means Nord Pool Clearing ASA, a public limited company operating as a clearing house authorised under the Securities Trading Act Open Position means a novation Transaction established by aggregating and netting all buy Transactions and/or sales Transactions in a Forward Series recorded in a Clearing Account and for General Clearing Members allocated to the same Sub-Account. Pending Settlement means a settlement amount calculated by Nord Pool Clearing that is not due and therefore has not yet been included in the Delivery Cash Settlement amount. Pledged Cash Account means a Cash Account pledged in favour of Nord Pool Clearing, used for Cash Collateral and Cash Settlements. Pledged Cash Account Agreement means Agreement C to the Clearing Rules entered into between an Account Holder, Nord Pool Clearing and a Settlement Bank, regulating a Pledged Cash Account in this bank. Product Calendar means the list of Forward Series with standardised terms eligible for Clearing as displayed on a web-site designated by Nord Pool Clearing. Product Specification means Appendix 1 to the Clearing Rules, defining the products. Reference Price means the market price for delivery of the relevant volume of fish products in the Delivery Week, as further specified in the Product Specification. Regulatory Body means the Ministry of Finance, FSAN and any other public body with jurisdiction over FishEx and/or Nord Pool Clearing. Security Collateral Agreement means Agreement C to the Clearing Rules, entered into between an Account Holder and Nord Pool Clearing, providing Nord Pool Clearing with security rights in respect of Collateral. Settlement means the Delivery Cash Settlement and the clearing fees. Settlement Bank means a bank having entered into a Settlement Bank Agreement with Nord Pool Clearing, as further identified in the list of Settlement Banks displayed on a website designated by Nord Pool Clearing. Settlement Bank Agreement means Agreement I to the Clearing Rules entered into between a Settlement Bank and Nord Pool Clearing. Settlement Day means the Clearing Days specified in the Product Specification, when Cash Settlement shall take place in a Forward Series.
5 Settlement Time means the time specified in the Clearing Schedule when the Settlement shall be effected. Statement of Account means a notice from Nord Pool Clearing to each Account Holder each Clearing Day, stating Transactions and Open Positions, Daily Margin Calls and Cash Settlement amounts regarding its Clearing Account with Sub-Accounts. Sub-Account means an account established under a Clearing Account opened in the name of a General Clearing Member, for the purpose of identifying the Transactions relevant to each Trading Member represented by such General Clearing Member. Trading Member means a party that has entered into a trading agreement with FishEx, that is either represented by a General Clearing Member or acts as Direct Clearing Member in respect of Clearing of Transactions with Nord Pool Clearing. Trading Price or Agreed Price means the price agreed between Forward Buyer and Forward Seller when entering into a Forward Contract. Transaction means one or several Fish Derivatives Contracts. Week Contract means a Forward Contract where the delivery period is one week as specified in the Product Calendar.
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