A PYMNTS Company

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

By  |  February 20, 2013

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.