On Thursday 20th of September NAET held its annual autumn meeting and a key topic of conversation was obviously the default of Einar Aas. NAET is grateful that Nasdaq was able to be present and explain in further detail the chain of events leading to the default and how the default was handled.
NAET believes that the greatest possible transparency is the best way to restore trust in the marketplace and also welcomes the initiative by Nasdaq to appoint an outside counsel to examine the process. The board of NAET is also offering its market expertise to support this effort.
Going forward it is important to learn from this unfortunate event and strengthen processes and risk management and not just increase fees and margin requirements. NAET welcomes an ongoing dialogue with Nasdaq market and Nasdaq clearing on these issues.
Regarding the process of recovering further funds from Einar Aas, NAET again urges Nasdaq to be forthcoming and communicative with any new developments. It is important that also smaller stakeholders involved in the default feel that they have correct and up to date information, even if they are not able to dedicate their own legal resources to the matter on an ongoing basis.
NAET itself cannot act as a legal representative of its members, but is assisting in linking efforts from various groups of companies. Finally NAET hopes that this process will be straightforward and pragmatic so that all involved parties can leave this event behind them within a reasonable time frame.
On behalf of the Board of NAET