Membership in the Nordic Exchange is mandatory if direct access to trading is required. The Nordic Exchange requires that the exchange members fulfill all membership criteria at all times. The criteria are different depending on if the member is a cash member or a derivatives member.

Cash members of the Nordic Exchange have to possess minimum equity capital of 730 000 EUR. Members shall conduct investment business in a fit and proper manner, have a stable organization and secure technical system – an important consideration given that a direct technical connection to the Exchange’s trading system is used. The exchange traders must be authorized by the Nordic Exchange and the member must have at least two traders employed. In addition to being supervised by a public authority, the member should have relevant authorizations to conduct investment services. The member should have access to clearing and settlement, either through membership to the local CSD or a custodian bank. For detailed information on the membership requirements for the cash market, please see NOREX Member Rules 4.2

The same requirements mostly apply for a derivatives membership as for cash membership, with some variation due to the different market and trading structures. The financial criteria for derivatives members differ depending on if a member is a trading member or a clearing member. A trading member of the derivatives market has to possess minimum equity capital of 730 000 EUR, while clearing membership carries a higher requirement (10 million SEK) because of the increased counterparty risk. If the member is a clearing member, they should have a minimum of two employees authorized to work with SECUR, the Nordic Exchange’s back-office system. Traders trading in the derivatives market should be authorized to use the CLICK trading system. For detailed information on the membership requirements for the derivatives market, please see Rules & Regulations 2.2 and 3.2.