Disciplinary Committee at OMX Nordic Exchange Stockholm fines Carnegie Bank A/S


Carnegie Bank A/S has contravened the OMX Nordic Exchange Stockholm's rules
concerning trading in derivative instruments by having a broker place orders
for derivative instruments with the sole intention of misleadingly affecting
the price of another derivative instrument. Subsequently, the broker was able
to implement transactions in the other instrument at a price that exceeded the
price that would have applied had the orders not been placed. The OMX Nordic
Exchange Stockholm's Disciplinary Committee has ruled that Carnegie Bank A/S
must pay a fine of SEK 300,000. 

In accordance with the rules and regulations for trading in derivative
instruments on the OMX Nordic Exchange Stockholm, an exchange member is not
permitted to consciously or negligently disseminate incorrect or misleading
information, or in any other way take misleading actions that could affect the
price or the order situation for an instrument or underlying instrument that is
listed on the Exchange. 

At the end of April 2007, a broker employed by Carnegie placed buy and sell
orders for an index future in a manner that resulted in the price of four
options in the same index changing so that it became possible for the broker to
sell 50 contracts pertaining to each option at a price that exceeded the price
that would have applied had the placing of orders for the future not occurred.
A few seconds after the transactions involving the options had been
implemented, the broker revoked his orders for the future contracts, which
resulted in the prices for both the future contracts and the options reverting
to the levels that had pertained prior to the placing of orders for the
futures. 

The Disciplinary Committee shared the Exchange's view that the placing of
orders in the future contracts had been implemented solely in order to affect
the price of the options and thus was not matched by any intention to implement
a trade in the future contracts. Even though the transactions did not involve
any substantial amounts, the Disciplinary Committee concluded that they
represented a serious breach of the regulations and ordered Carnegie to pay a
penalty of SEK 300,000. 


For further information, please contact
Jonas Rodny, OMX	+46 8 405 72 67



About the Disciplinary Committee | The role of OMX Nordic Exchange in
Stockholm's Disciplinary Committee is to consider suspicions regarding whether
Exchange Members, brokers or listed companies have breached the rules and
regulations applying on the Exchange. If the Exchange suspects that a member,
broker or listed company has acted in breach of the Exchange's rules and
regulations, the matter is reported to the Disciplinary Committee. The Exchange
investigates the suspicions and pursues the matter and the Disciplinary
Committee issues a ruling regarding possible sanctions. The sanctions possible
for listed companies are a warning, a fine or delisting. The fines that may be
imposed range from one to 15 annual fees. The sanctions possible for Exchange
Members are a warning, a fine or debarment, while brokers may be warned or have
their brokerage license rescinded. The Disciplinary Committee's Chairman and
Deputy Chairman must be lawyers with experience of serving as judges. At least
two of the other members of the Committee must have in-depth insight into the
workings of the securities market. 

Members: Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice
Marianne Lundius (Deputy Chairman), Madeleine Leijonhufvud (professor), Stefan
Erneholm (company director) and Hans Mertzig (company director). Deputy
Members: Hans Edenhammar (MBA), Claes Beyer (lawyer), Jack Junel (company
director), Ragnar Boman (MBA) and Carl Johan Högbom (MBA). 

About OMX | OMX is a leading expert in the exchange industry. The OMX Nordic
Exchange comprises over 800 companies including its alternative market First
North. OMX provides technology to over 60 exchanges, clearing organizations and
central securities depositories in over 50 countries. The Nordic Exchange is
not a legal entity but describes the common offering from OMX exchanges in
Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. OMX is a
Nordic Large Cap company in the Financials sector on the OMX Nordic Exchange.
For more information, please visit www.omxgroup.com. 

Attachments

20071017_pr_carnegie danmark_eng.pdf