No.09/2008 Handling of Elbas trading when in inside position

Nord Pool Spot (NPS) has, after dialogue with participants, the product group for the physical market and the Market Council, decided to change the NPS market conduct rules appendix 6 section 3.1, so that it reads:

“Participants and Clearing Customers may not place, change or remove Bids or actively enter into Transactions in the Physical Markets when holding Inside Information as defined in Enclosure 1 (“Disclosure Rules and Definition of Inside Information”).”

To the participants this implies that instead of actively entering the Elbas system to cancel all bids they must refrain from trading, cancelling or adding bids in Elbas until the inside information is published. Since it is not allowed to remove existing bids while holding inside information it is however permissible to be the passive party of a transaction while holding inside information.

In addition a minor correction is made in the market conduct rules section 3.3, specifying the rule on so-called Chinese Walls.

The changes will take effect from 1 March 2008.

Please, also see the FAQ published on www.nordpool.com => regulation and compliance => market surveillance.

Lysaker, 22 February 2008

For further information, please contact Nord Pool Spot:

Hilde Rosenblad, manager compliance trading dept., phone +47 6752 8030

Eeva Kantanen, attorney at law, market surveillance, phone + 47 6752 8019/21