A report has been published by Finanstilsynet, the Norwegian National Competent Authority, on the issues that contributed to a large default that took place last September 2018 on the Nordic power market (see here). The report identifies issues with the exchange operator who, according to this report on Reuters, relied too heavily on resources in the group, did not supervise member adequately and had unclear reporting lines between entities.

This report on the Montel web site further elaborates that Einar Aas, the trader involved, had nominated both a deputy and an “unnamed person” to trade on his behalf, where the unknown trader did not have adequate credentials. This article on the FT web site suggests that some of the requirements of MIFID II were also not met.