Settlement

Nord Pool follows the Norwegian Banking calendar so trades conducted on Norwegian non-banking days are invoiced on the following Norwegian banking day.

For the purpose of financial settlement, customers have to establish a designated bank account for settlement.

Currency and accounts

Trades are settled in the same currency as trading has been carried out in.

Currencies available for settlement of day-ahead trades are EUR, NOK, SEK, DKK for the Nordic, Baltic and Central Western European markets, and GBP for the GB market.

All intraday trades are settled in EUR for the Nordic, Baltic and Central Western European markets and GBP for the GB market.

The designated bank account for settlement has to be opened in a bank located within the European Economic Area (EEA) or the UK (England, Wales, Scotland & Northern Ireland).

The bank has to be able to send and receive swift messages (MT101, MT103 and MT940). 

Daily settlement

All trades are settled daily. The settlement schedule gives a schematic overview of a normal week's settlement cycles.

• Settlement is run every business day at approximately 14:15 CET/CEST.

• Day-ahead auction is settled on the trading day (D-1), with debit due on delivery day (D) and credit due D+1.
• GB half hour auction is settled the day after trading, the delivery day (D), with debit due D+1 and credit due D+2.
• Intraday market is settled the day after delivery (D+1), with debit due D+2 and credit due D+3
• Intraday auctions (IDA 1, 2 & 3) are settled on delivery day (D), with debit due D+1 and credit due D+2.
• Variable trading fees are settled daily for the Nordic, Baltic and CWE market and monthly for the GB market.
• Payments for all markets are run according to the Norwegian banking calendar.
• Payment deadlines are at 11:00 CET/CEST every business day.

Unless otherwise agreed, an invoice for a given settlement cycle will be netted as either a net debit or net credit, which will determine the payment date in line with the above schedule.

Clearing and settlement system

Customers have access to a single web-based clearing and settlement system (CASS). Through this, customers have access to all the information they need.

CASS gives access to information such as:

• The whole lifecycle of a transaction, from trade to invoice.
• Invoices are accessed through a web platform.
• Simply monitor and manage your posted and required collateral, to adjust more rapidly to changes and curtail collateral cost.