Nasdaq default came at time of mass margin breaches

The default at Nasdaq Commodities in September last year occurred during a period when many clearing members incurred margin breaches, public disclosures show.

On September 11, lone trader Einar Aas was declared in default by the central counterparty (CCP) after failing to post sufficient margin to cover losses suffered from the widening of the spread between Nordic and German power futures. The default wiped out his initial margin, €7 million ($8 million) of Nasdaq's own capital, and two

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