Regulation (EU) no. 600/2014 on Markets in Financial Instruments [MIFIR] has introduced, under Article 29, the clearing obligation for derivatives traded on the markets by requiring the regulated market operator to ensure that all derivative transactions concluded on the regulated market are centrally cleared by a Central Counterparty (CCP). MTFs do not fall within the scope of Article 29 and allow the current regulatory framework applicable to these financial instruments and their issuers to remain unchanged as well as the same operating characteristics in place today and similar protection for investors.
Due to the above reasons Nasdaq Nordic will close the regulated market for Securitized Derivatives (Warrants and Certificates) and at the same time launch a substitute market under the respective First North MTFs (First North Denmark, First North Finland, First North Sweden). The new market will have the same characteristics in terms of issuers' obligations, in terms of rules for member participation and trading functionalities.
Current market segments will be permanently closed at the end of the trading day on November 30, 2017. The trading will continue on the new market segments on First North MTFs as of 1th of December.
Current Current Market New New Segment Segment Seq. Exchange/MIC Segment name Exchange/M Name Symbol No IC XCSE OMX CPH FNDK CPH CPH CERT 206 Certificates (168) Certificat es XCSE OMX CPH Warrants FNDK CPH CPH WAR 207 (167) Warrants XHEL OMX HEL FNFI HEL HEL CERT 189 Certificates (159) Certificat es XHEL OMX HEL Covered FNFI HEL HEL WAR 187 Warrants (64) Warrants XSTO OMX STO FNSE STO STO CERT 188 Certificates (160) Certificat es XSTO OMX STO Warrants FNSE STO STO WAR 186 (4) Warrants
There will be no changes in the current opening hours.
Turnover Lists and List population ids:
There will be no changes in the current turnover lists and list population ids.
Members trading in Securitized Derivatives today that do not have access to First North are required to be activated in order to trade the instruments in scope after the transfer to First North. For more information regarding the activation procedure, please contact Nasdaq Cash Equity Operations at firstname.lastname@example.org.
There will be will be test instruments configured for each new Market Segment as of October 9, 2017. Please contact email@example.com for details.
-- INET Test (NTF) and GCF TST4 - October 9, 2017 -- INET Test (M2) and GCF TST3 - October 9, 2017
-- Tentative dates for INET and GCF production launch:
1. New market segments available- November 15, 2017 2. New market segments available for test transfer of a limited set of existing instruments from the regulated market to new market segments under First North - November 15, 2017 until the end of the trading day on November 30, 2017 3. Closure of the market segments on the regulated market and transfer of the remaining instruments to the new market segments under First North:
-- Closure of the existing Market Segments on the regulated markets: End of trading day on November 30, 2017 -- All instruments traded on First North Sweden, First North Denmark, First North Finland: December 1, 2017
The Nasdaq Nordic Market Model will be updated and will be effective as of November 15, 2017
For technical questions relating to testing, please contact Nasdaq Cash Equity Operations:
Tel: +46 8 405 6410 E-mail: firstname.lastname@example.org
Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn and Nasdaq Vilnius are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf., Nasdaq Riga AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS and AB Nasdaq Vilnius. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius.