NASDAQ OMX Nordic: Derivatives: Guidelines for the treatment of dividends on derivative contracts (63/10)

The European Corporate Actions Committee (ECAC) has defined guidelines for the
treatment of corporate actions on derivative contracts when the payment of
dividends are postponed or cancelled due to the COVID-19 crisis. The Member
Exchanges of ECAC are: Borsa Italiana, Eurex Deutschland, Euronext, ICE Futures
Europe, MEFF (BME Group) and Nasdaq Stockholm. 

Given the current market conditions, clarity is crucial with regards to whether
derivative contracts will be adjusted for the payment of dividends that are
postponed or cancelled due to the COVID-19 crisis. 

Nasdaq Stockholm is pleased to inform Market Participants that the ECAC has
defined guidelines to assist in determining whether the announcement of
dividends will result in an adjustment on derivative contracts in the current
circumstances: 

  -- Should the issuer provide a clear reference in its published material that
     the dividends to be distributed are those in relation to the appropriation
     of profit for 2019, or in lieu of 2019; these dividends will be considered
     ordinary, irrespective of whether the issuer designates these dividends as
     extraordinary.

  -- Should the issuer not provide a clear reference to the appropriation of
     profit for 2019 in the published material and designates a dividend as
     extraordinary; these instances will be reviewed on a case-by-case basis by
     ECAC Members

  -- Should the issuer provide a clear reference that the dividend is additional
     with respect to dividends deriving from the distribution of the normal
     profits for the year or with respect to the current dividend policy; this
     dividend will be considered as special.

The guidelines set out herein are provided for informational purposes only and
are intended to harmonise adjustment decisions between the Member Exchanges of
ECAC where possible. The guidelines shall not supersede the rules as set out in
each individual Member Exchange's Corporate Action Policy, which shall be final
in determining the treatment of dividends declared by Issuers. 

For further information concerning this exchange notice please contact Håkan
Walden, telephone [phone].

Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=777351