Based on positive feedback from the member consultation during the summer 2006 OMX has decided to implement Trading Safeguards in the SAXESS trading system as of April 2nd 2007. Norex Member Rules 1.7, chapter 5.4.8 has been adjusted to use for introducing Trading Safeguards for all Norex Exchanges.
The purpose of Trading Safeguards is to reject orders that deviate from a given reference price. OMX has decided to use the last traded price as the reference price to make the safeguards dynamic. In the opening auction the previous day’s closing price will be the reference price. If that is not available, the last paid price will be the reference price. Overnight orders that are outside the price range will be cancelled before trading starts each day.
