NASDAQ OMX NORDIC REVISES EXCESSIVE ORDER ENTRY RATIO
Stockholm, November 21, 2013 –NASDAQ OMX (NASDAQ: NDAQ) Nordic will implement changes in cash equity market pricing structure for members on its Danish, Finnish and Swedish markets effective of December 2, 2013. The order to trade ratio will be amended from 250:1 to 100:1.
The fee on excessive order entry was originally introduced on July 1, 2011 and applied in case of order to trade ratio exceeding 250:1. NASDAQ OMX Nordic now revises the model for calculating an excessive order entry.Orders above a weighted order to trade ratio of 100:1 will be subject to a surcharge in order to maintain and achieve improvements in the quality of displayed liquidity.
“These changes are made to support the aim of NASDAQ OMX Nordic to protect investors and the public interest by introducing measures to improve the equity trading and IPO climate in Sweden, Denmark and Finland. The excessive order entry fee is designed to reduce the number of non-actionable orders in the market, thereby promoting greater order interaction and increasing the quality of market data,” said Lauri Rosendahl, Head of Equity and Derivatives Market at NASDAQ OMX Nordic.
The weighted order-to-trade ratio is calculated on a monthly basis for each of the three Nordic exchanges separately. The weight of an order depends on its proximity to the BBO price at the time of entry. The fee for orders which exceed the weighted order-to-trade ratio remains the same and is DKK 0.07 per order on the Danish market, EUR 0.01 per order on the Finnish market, and SEK 0.09 per order on the Swedish market.
About NASDAQOMX Group
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond, our technology drives more than 80 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world’s securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to more than 3,300 listed companies worth over $7 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. NASDAQ OMX Nordic is not a legal entity but describes the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm and Iceland. To learn more, visit www.nasdaqomx.com. Follow us on Facebook (www.facebook.com/NASDAQ) and Twitter (www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. NASDAQ OMX cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about our capital return initiatives. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX’s control. These factors include, but are not limited to, NASDAQ OMX’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ OMX’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on NASDAQ OMX’s website at http://www.nasdaqomx.com and the SEC’s website at www.sec.gov. NASDAQ OMX undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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