Nasdaq has announced a default on the Nordic Commodities market in this notice, which has been followed by this statement identifying the defaulting party as Einar Aas, a private trader. There will be a contribution call for 100 million Euros in total to the default fund that will be made from clearing members. The losses have arisen out of a spread position between the Nordic and German power markets. This article on FT.com describes the default, cause and losses in more detail.