Access to Market

Trading as a Trade Member

A Trade Member of NOREXECO is allowed to trade directly in the Electronic Trading System (ETS) or via the NOREXECO Market Service Desk. A Trade Member is also allowed to be a participant in Block Trades in NOREXECO Products.

A Trade Member may facilitate Direct Market Access (DMA) to its clients either directly in the ETS or by use of a third party order routing service.

Membership requirements

In order to become a Trade Member, the applicant must comply with the membership criteria of NOREXECO, have an agreement with a clearing bank at European Commodity Clearing AG (ECC), the clearing house partner of NOREXECO, and be approved as a Trading Participant by ECC.

Application process

NOREXECO and ECC have aligned the two application processes which have to be quite formal due to regulatory requirements. A membership application consists of some required information such as:

• Application forms to become a Trade Member of NOREXECO and Approved Trading Participant of ECC

• A commercial registry extract (no older than three months old)

• A duly signed and filled in ECC ‘know your customer’ (KYC) questionnaire

• Financial statements from the last fiscal year

• Organisational chart explaining the shareholder/ownership structure up to the Ultimate Parent as well as the direct and indirect beneficial owners

When both NOREXECO and ECC have approved the application, the procedure is concluded by signing a Trade Member agreement with NOREXECO and a three-party agreement between the applicant, ECC and the clearing bank.

Once you want to explore the benefits of being a trade member, or apply for membership, please contact NOREXECO and we will guide you through the process. If you want to learn more, take a look at our introduction document.

Trading venue

The NOREXECO market place is supported by an Electronic Trading System, the KBT Portal, delivered by the European Energy Exchange AG owned company KB Technology Ltd. The Portal handles orders, automatching, passing on trades to European Commodity Clearing AG (ECC) for real time clearing and information distribution. Information is distributed globally via our web site, approved Independent Software Vendors (ISVs) and financial information distributors.

Direct access to the Portal

Trade Members access NOREXECO through the browser-based trading Portal. Access is controlled by username, password, TFA and IP whitelisting. Pre-trade limits apply and risk managers may impose clearing limits. Three named Portal users are included in the standard monthly fee. Additional users can be provisioned on request.

FIX & API connectivity

Approved ISVs can connect via NOREXECO’s FIX or native API gateways. The ultimate FIX integration requires registration of a Portal user and gives Direct Market Access which covers order entry with MiFIR attributes, clearing information, pre-trade limits and market data while a less sophisticated API integration would support outgoing market data.

Conformance & onboarding

New vendor connections must complete a conformance checklist and certification environment test before production access is granted. Contact the Desk for the onboarding pack and access credentials.

Trading calendar & notices

Last trading days and final settlement dates for each contract are published in the trading calendar and exchange notices.