Nasdaq Derivatives Markets - Rules & Regulations

Proposed Amendments to the Exchange Rules of Nasdaq Derivatives Markets (1 September 2026 version)

Nasdaq Stockholm AB (the “Exchange”) is proposing to amend the Exchange Rules of Nasdaq Derivatives Markets.

The changes concern market data, including market data audits. They are introduced to align with forthcoming regulatory requirements set out in Commission Delegated Regulation (EU) 2025/1156 (RTS on RCB). Similar changes are already being processed for Nasdaq Nordic Member Rules and Baltic Member Rules.

The following proposed changes will be made in Chapter 1-6 of the Exchange rules of Nasdaq Derivatives Markets:

• Editorial clarification referencing the Nasdaq Global Data Agreement. (1.4.2)
• Amendments introduced relating to the framework of market data audits. The existing Exchange Rules process for conducting routine market data audits will be replaced with a new process aligned with the criteria set out in the RTS on RCB. The scope of information that may be requested during these audits will also be more clearly defined and limited. In addition, the applicable lookback period will be aligned with the maximum period permitted under the RTS on RCB. Finally, the edits relate to a revised timeline for the completion and finalisation of market data audits. (1.4.4)

Attached is an amended draft setting out the proposed changes.

The amendments may, if so requested, be subject to consultation with the Swedish Securities Markets Association and Exchange Members in accordance with the Exchange Rules.

The amendments will come into effect on 1 September 2026.

• Chapter 1-6 - Blackline

Proposed Amendments to the Exchange and Clearing Rules of Nasdaq Derivatives Markets (15 May version)

Nasdaq Stockholm AB (the “Exchange”) and Nasdaq Clearing AB (the “Clearing House”) are proposing to amend the Exchange and Clearing Rules of Nasdaq Derivatives Markets. The tick size for Nasdaq Government Bond Futures and Mortgage Bond Futures denominated in SEK will be changed from 0.001 to 0,0001.

The amendments relate to Chapter C (Contract Specifications) of the Exchange and Clearing Rules. Attached is an amended draft setting out the changes.

The amendments may, if so requested, be subject to consultation with the Swedish Securities Markets Association and Clearing Members in accordance with the Clearing Rules.

The amendments will come into effect on 15 May 2026.

• Chapter C (joint Exchange and Clearing Rules) - Blackline

Proposed Amendments to the Exchange and Clearing Rules of Nasdaq Derivatives Markets and Nasdaq Commodities Market (9 March versions)

Nasdaq Stockholm AB (the “Exchange”) and Nasdaq Clearing AB (the “Clearing House”) are proposing to amend the Exchange Rules of Nasdaq Derivatives Markets (the “Exchange Rules”),  and the Clearing Rules of Nasdaq Derivatives Markets and the Clearing Rules of Nasdaq Commodities Market (together, the “Clearing Rules”).

The amendments primarily relate to updating the Clearing Rules to prepare for the launch of the automatic netting function (to be further described in an upcoming market notice), introducing a new section related to corporate actions, and reducing the size of the Commodity Default Fund to EUR one million to adapt to the lower volume expected once migration is completed. The amendments include changes to Chapter 2 of the Clearing Rules, Chapter C of the Exchange and Clearing Rules, List of Definitions, and Clearing Appendix 9 Default Fund Rules (for the Commodities market).

Defined terms in this letter shall have the meaning given to them in the Exchange Rules and Clearing Rules.

The amendments presented herein may, if so requested, be subject to consultation with the Swedish Securities Markets Association, Exchange Members and Clearing Members in accordance with the relevant Exchange Rules and Clearing Rules.

Chapter 2 of the Clearing Rules

• Section 2.11.6 has been updated to simplify and to better align the wording with current practice related to Physical Settlement delays and to simplify the wording related to delayed settlement costs.
• Section 2.11.10 (ii) has been updated to reflect that settlement currency cash collateral is broader than currently listed.
• Section 2.11.18 has been updated to include wording on current practice related to Physical Settlement of share forward and Physical Settlement of share options, respectively.
• Section 2.11.21 has been updated to remove reference to physical settlement of interest forwards as this a product is not available for trading or clearing.
• A new section 2.12.20 has been included to clarify the processing of corporate actions and the level of liability assumed by the Clearing House in this respect.
• A new section 2.15a has been included in preparation for the launch of the automatic netting function.

Chapter C of the Exchange and Clearing Rules

• Chapter C is updated to reflect that NOWA Futures, NIBOR-FRA (6M), and NOK Interest Rate Swap Futures, are no longer available for trading and clearing.

List of Definitions

• The definition of "Generic Rates Netting Eligible Instruments" has been removed.

Clearing Appendix 9 Default Fund Rules of the Commodities market

• Section 3.5 is amended to reflect that the minimum size of the Commodity Default Fund is lowered from EUR 5,000,000 (five million) to EUR 1,000,000 (one million).

The amendments will come into effect on 9 March 2026.

• Chapter 2 - Blackline
• Chapter C (joint Exchange and Clearing Rules) - Blackline
• List of Definitions (joint Exchange and Clearing Rules) - Blackline
• Appendix 9 - Default Fund Rules - Blackline

Proposed Amendments to the Exchange and Clearing Rules of Nasdaq Derivatives Markets (19 January 2026 version)

Nasdaq Stockholm AB (the “Exchange”) and Nasdaq Clearing AB (the “Clearing House”) are proposing to amend the Exchange and Clearing Rules of Nasdaq Derivatives Markets. The purpose of the amendments is to change the tick sizes for single-stock options denominated in DKK, NOK, and SEK.

The amendments relate to Chapter B (Contract Specifications) of the Exchange and Clearing Rules. Attached is an amended draft setting out the changes.

The amendments may, if so requested, be subject to consultation with the Swedish Securities Markets Association and Clearing Members in accordance with the Clearing Rules.

The amendments will come into effect on 19 January 2026.

• Chapter B (joint Exchange and Clearing Rules) - Blackline