Stockholm and Helsinki stock exchanges donate disciplinary fines to new foundation
Stockholm and Helsinki stock exchanges donate disciplinary fines to new foundation The boards of directors of the Stockholm Stock Exchange and the Helsinki Stock Exchange have decided to donate all disciplinary fines imposed by the exchanges' disciplinary committees to a foundation newly established by OMX Exchanges for the purpose of conducting research involving securities markets in Finland and Sweden. Confidence is one of the foremost assets of a stock exchange. OMX Exchanges is engaged in a continuous effort to maintain and strengthen the prevailing confidence in its exchanges. As part of this work, the boards of directors of the Stockholm Stock Exchange and the Helsinki Stock Exchange have decided not to retain the proceeds from the fines imposed by the exchanges' disciplinary committees. The decision also pertains to the fines imposed in 2004, which will also be donated to the foundation. The goal is to include the Copenhagen Stock Exchange and the Danish securities markets in the foundation at a later stage. The purpose of this initiative is to contribute to the enhancement of the competence and competitiveness of the financial markets of these two countries. It will also strengthen confidence in these markets, which will benefit both investors and the companies that need capital. If a company is suspected of acting in breach of the stock exchange's rules and regulations, the matter is always investigated by the exchange's Surveillance function. Minor breaches result in written criticism of the company. More serious cases are referred to the Disciplinary Committee. There are Disciplinary Committees in both Sweden and Finland, which are completely independent of the respective exchange. The sanctions possible for companies are a warning, a fine or de-listing. In 2004, the disciplinary fines imposed in Sweden and Finland totaled MSEK 2.9. The Board of Directors of the new foundation will include representatives of the academic world in the two countries. The foundation will be established during April. For more information, please contact: Jukka Ruuska, President, OMX Exchanges +46 8 405 6701 Anders Ackebo, Senior Vice President Surveillance, OMX Exchanges + 46 8 405 7010 About OMX Exchanges | OMX is a leading partner for more efficient securities transactions. OMX consists of two divisions: OMX Technology and OMX Exchanges. Through the OMX Exchanges division, OMX owns and operates the equity and derivatives exchanges in Copenhagen, Stockholm, Helsinki, Tallinn, Riga and Vilnius as well as the central securities depositories in Estonia and Latvia. Through OMX Exchanges, OMX offers access to approximately 80 percent of the Nordic and Baltic Securities market. For more information, please visit www.omxgroup.com. PDF
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