The Nord Pool market (the Nordic Power Exchange) is the single power market for Norway, Denmark, Estonia^[1], Sweden and Finland. It was the world's first multinational exchange for trading electric power.^[2][3] As of 2008^[update], Nord Pool is the largest power derivatives exchange and the second largest exchange in European Union emission allowances (EUAs) and global certified emission reductions (CERs) trading.^[4] The derivatives and emission allowances and credits market is operated by Nord Pool ASA while the physical electricity market is operated by Nord Pool Spot AS. The international derivative products, the clearing house and the consulting services are provided through the cooperation with NASDAQ OMX Commodities.