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Norway: Tip-off brings Nasdaq hammer down on member of electricity giant

By  |  February 20, 2013
Norway: Tip-off brings Nasdaq hammer down on member of electricity giant

According to reports, a member of Norway-based Nordic Power Exchange, a derivative of Nasdaq OMG Group Inc., may be fined up for $450,000 for price-fixing. The member is accused of upping bids of a July 2012 contract. The news comes as the Federal Energy Regulatory Commission is cracking down on price-fixing in the US’s energy market; Nasdaq’s Nordic is the largest power derivatives market on the globe. Media are reporting that Nasdaq’s investigation in Norway began from a tip-off. As a result, its internal Market Surveillance filed a recommendation to the Diciplinary Committee. While sanctions have not yet been decided, possibilities include a written warning or $450,000 in fines, according to Erik Korsvold, head of market surveillance at Nordic. Korsvold noted that a decision will likely be made in about four weeks.

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