Nasdaq Fined $36 Million After Power Trader Default (1)

Sweden’s Financial Supervisory Authority slapped one of its biggest fines ever on a unit of Nasdaq Inc. for its role in the unprecedented default of power trader Einar Aas.

Nasdaq Clearing AB had “serious deficiencies in its operations,” because it failed to ask Aas for enough collateral to cover his trades, as well as having insufficient margin calls due to incorrect calculations, the watchdog said in a statement on Wednesday. Other traders had to chip in to cover the $117 million loss in September 2018.

Aas’s default came after almost two decades as the most successful trader in the ...