“Nasdaq, the principal trading exchange where futures contracts tied to physical energy markets in the Nordic region are transacted, said a clearing member had defaulted on Tuesday after they were unable to meet margin calls at its clearing house on loss-making trades.”
USAGOLD note: Over €100 million vanishes. . . exchanges and a clearing house cover losses. There is no way to know how much of this sort of thing is lingering out there in trader land. Nor do we know how much of the global financial system is at risk. In this particular case, we do not know what other trading entities might be at risk.