Nordic Fixed Income Derivatives are traded and cleared in a unique market structure. Trades in fixed income derivatives are reached through bilateral negotiations between buyers and sellers, and reported to NASDAQ OMX Derivatives Markets for central counterparty clearing. NASDAQ OMX Derivatives Markets becomes the counterparty to both the buyer and seller, i.e. central counterparty (CCP) clearing. This structure combines the advantages of a cleared market, with the flexibility and the secured li