Nordic Power Whale Booted Off Exchange After $117 Million Loss
- German-Nordic power spread has been widening this month
- Aas’s portfolio was liquidated on Wednesday, DN paper says
Photographer: Krisztian Bocsi/Bloomberg
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One of the most successful traders ever in the Nordic power market has been barred from trading on Nasdaq Inc. after massive losses at the start of this week.
Einar Aas, who’s been active in the market for about two decades, had taken on a position that was too big in relation to the liquidity in the market, Dagens Naeringsliv reported, citing a statement from Aas. After “extraordinary price changes,” in the Nordic and German contracts he was forced to pay the exchange his last free liquid funds. That wasn’t enough and on Tuesday he was put under administration. His portfolio was liquidated by Nasdaq on Wednesday night.