OMX Nordic Exchange to implement non-displayed orders on September 29th, 2008

In order to further improve the competitiveness and the attractiveness of the Nordic Markets in the changing European trading landscape, OMX Nordic Exchange is planning to introduce non-displayed orders (i.e. zero iceberg orders) for orders in line with the large in scale criteria (LIS) specified in MiFID. 
Non-displayed orders meeting the LIS criteria will be implemented in Helsinki, Stockholm, Copenhagen and Iceland on September 29th, 2008. The implementation is subject to approval from the Financial Supervisory Authorities.
Implementation of non-displayed order functionality aims to better facilitate large orders in the order book by reducing market impact and risk of front running. The implementation of non-displayed orders will also offer an alternative to trading outside the market.
Other trading venues in Europe have similar trading functionality in place. 
The decision to implement non-displayed orders was based on the results of a member consultation, which showed support for the functionality. 
Non-displayed orders will be prioritized after visible orders and ordinary iceberg orders. 

In Helsinki, this change will affect the main Finnish market (OMX HEL Equities) and First North Helsinki (First North HEL).

In Stockholm, this change will affect the main Swedish market (OMX STO Equities) and First North Sweden (First North STO). 
In Copenhagen, this change will affect the main Danish market (OMX CPH Equities) and First North Denmark (First North).
On Iceland, this change will affect the following submarket on the main Icelandic market (OMX ICE Equities, OMX ICE Alternative Market and OMX ICE Fund units) and on First North Iceland.