Published: 13 June 2025
This Exchange notice is to inform you of an upcoming amendment to the calculation methodology of the NOREXECO Shanghai Final Settlement Index (NSFI), a benchmark administered by NOREXECO.
The NSFI is denominated in USD and is based on the Final Delivery Settlement Price (FDSP) of the pulp futures contract listed on the Shanghai Futures Exchange (SHFE).
What is changing?
SHFE has announced a modification to its FDSP calculation. The current method, a volume-weighted average of all execution prices over the last five trading days of an expiring contract, will be replaced with the arithmetic average price of the settlement prices of that contract over the last five (5) trading days on which it was traded.
FDSP price is still quoted in Chinese Renminbi (RMB) and includes Chinese Value Added Tax (VAT). It is used as the delivery price of physical pulp related to open interest on the expiration day.
The NSFI is equal to the SHFE Final Delivery Price net of Chinese VAT and converted from RMB to USD using WM/Refinitiv Midpoint rate.
Effective Date:
NOREXECO will implement the new calculation methodology for the NSFI starting with the expiration of the 202508 contract. These amendments will take effect on July 16, 2025.
Please see the Benchmark page for the Benchmark statement.
Published: 30 April 2025
NOREXECO is the Benchmark Administrator of the NSFI benchmark - the NOREXECO Shanghai Final Settlement Index. The NSFI is denominated in USD.
The NSFI is based on the Shanghai Futures Exchange (SHFE) Final Delivery Settlement Price (FDSP) of a Pulp futures contract listed on SHFE. The NSFI is derived from the FDSP of a pulp futures contract listed on SHFE.
Currently, the FDSP is calculated as the volume-weighted average of all execution prices over the last five days of trading in an expiring contract. SHFE has decided to adjust the calculation method of FDSP from the volume-weighted average to the arithmetic average of the settlement prices of that contract over the last five trading days on which it was traded. NOREXECO is adjusting the calculation method of NSFI accordingly.
FDSP price is quoted in Chinese Renminbi (RMB) and includes Chinese Value Added Tax (VAT). It is used as the delivery price of physical pulp related to open interest on the expiration day.
The NSFI is equal to the SHFE Final Delivery Price net of Chinese VAT and converted from RMB to USD using WM/Refinitiv Midpoint rate.
According to the BMR and the Benchmark Statement, changes to the methodology shall be published and stakeholders may forward comments to the proposed changes (benchmark@norexeco.com) until 31 May 2025.
NOREXECO will start to use the new calculation method for the expiration of the 202508 contract so the amendments shall take effect on July 16.
Kongsvinger, Norway on 30 April 2025
Published: 02 December 2024
NOREXECO has, after market demand, decided to allow API based electronic access to our Electronic. Trading System (ETS). By this change, the ETS of NOREXECO can be accessed by users of approved third party systems (ISVs).
An automatching function has been added to the ETS. Every incoming Order will be validated against pre-trade limits and eventually matched with Resting Orders that meet the criteria of the incoming Order. An unmatched order will eventually be placed in the Order book according to its priority and Order criteria.
The changes mainly affects Rulebook chapters
● 4 - Trade Membership Requirements,
● 7 - General Trading Rules and
● 8 - Electronic Trading System
Contact person: Janette Bråten (operations@norexeco.com)
Published: 18 June 2024
To motivate orders on screen and general market activity, NOREXECO has decided to reduce the standard exchange fee by 50% for any Initiator (the party of a transaction that first puts the order on screen) of all transactions from 17. June 2024 until 30. September 2024.
Should you have any questions in regards to this fee reduction campaign, please contact Desk Manager Hannu Hara (hoh@norexeco.com) or the Desk (desk@norexeco.com) or need assistance publishing orders on screen.
Published: 11 January 2024
NOREXECO has decided to increase the Trading fee with EUR 0,25 to EUR 0,75 per metric ton on the above-mentioned products effective on Monday 15 April 2024. NOREXECO Rulebook Appendix 3 Fee List on and price list on will be updated accordingly.
Contact person: Janette Bråten (operations@norexeco.com)
Published: 20 December 2023
Experience the new face of Norexeco! Norexeco is thrilled to announce the launch of our redesigned website, a significant step in enhancing user experience and providing valuable market insights. This digital transformation is not just about aesthetics; it’s about functionality, speed, and reliability, all achieved through the integration of modern technologies.