Settlement

Nord Pool follows the Norwegian banking calendar. Therefore, trade invoicing, and payment processing, are performed only on Norwegian banking days.

Clearing and Settlement Schedule

Nord Pool’s settlement schedule gives a schematic overview of a normal week's settlement cycles. You can find a detailed overview of Nord Pool’s Settlement Schedule here.

As part of Nord Pool’s Settlement Schedule, trade invoicing runs every Norwegian business day at approximately 14:15 CET/CEST.

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 referenced Settlement Schedule.

Currency and accounts

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

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 must be opened in a bank located within the European Economic Area (EEA) or the UK (England, Wales, Scotland & Northern Ireland).

The bank must be able to process urgent payments and send/receive SWIFT messages: MT101 (Request for Transfer), MT103 (Payment Confirmation) and MT940 (Customer end-of-day Statement).

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 detailing sales, purchases and fees.
• Monitor and manage your posted and required collateral.