How Star Power Trader Cleared Own Trades and Lost Millions
- Nasdaq in talks with Einar Aas about how to recover funds
- Old boss is surprised Aas was trading in his own name
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The question on everyone’s mind in the wake of Einar Aas’s default and expulsion from the Nasdaq Inc.’s Nordic power market is -- how was he allowed to act as his own clearer?
The answer: By showing a total net worth of at least 70 million euros ($81 million) based on the latest tax records, an individual can gain membership on the exchange and trade for themselves. The person also would need proven experience buying and selling electricity, derivatives and with the Nordic electricity market, according to a list of criteria obtained by Bloomberg News.