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Fortum to pay $23 million to Nasdaq after Norway trader's default

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Fortum to pay $23 million to Nasdaq after Norway trader's default
Finnish energy company Fortum sign is seen at their headquarters in Espoo, Finland July 17, 2018. REUTERS/Ints Kalnins   -   Copyright  Ints Kalnins(Reuters)
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OSLO (Reuters) – Finnish energy firm Fortum <FORTUM.HE> will pay approximately 20 million euros ($23 million) to help replenish a Nasdaq Commodities contingency fund after the default of a private Norwegian trader, the company said on Friday.

Electricity derivatives trader Einar Aas earlier this week racked up losses he could not cover, leaving commodities companies who are part of the Nasdaq clearing house, and the exchange itself, to plug a 114 million euro hole.

Nasdaq said on Thursday it had covered 7 million euros of the losses, and told members of its commodity clearing operation – which include Fortum – to pay the remaining 107 million within two business days or risk being declared in default themselves.

(Reporting by Terje Solsvik; Editing by Mark Potter)

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