EnergyWatch

Criticism pours down on Nordic energy market

Nasdaq Commodities' huge loss due to a single trader's failed bet has weakened confidence in financial energy trading and created uncertainty on the market, says CEO of interest group Energi Norge.

Criticism of the Nordic energy and commodities exchange Nasdaq Oslo is snowballing and getting bigger each day following huge losses incurred by trader Einar Aas. Aas depleted the exchange's collateral fund, which other market players such as energy companies have been obliged to cover.

"This case has weakened confidence in financial energy trading and created uncertainty on the market. It is necessary to reestablish confidence so we can maintain Nasdaq as the important market for energy customers, energy producers and traders," says CEO Oluf Ulseth from Norsk Energi, an interest group and employers' union for renewable energy companies in Norway, in a press statement.

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