IT – OMX Nordic Exchange to implement non-displayed orders on September 29, 2008 (77/08)

As earlier communicated OMX Nordic Exchange* will introduce non-displayed orders (i.e. zero iceberg orders) which meet 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, commencing September 29th, 2008. In Iceland the implementation is still subject to the Icelandic Financial Supervisory Authority’s approval.

Please note that the All or None (AoN) function will not be implemented in connection of non-displayed orders as earlier communicated.
Implementation of non-displayed orders aims to better facilitate large orders in the order book without market impact or risk of front running. The implementation of non-displayed orders will offer an alternative to trading outside the market.

Other exchanges in Europe have similar trading functionalities in place. 
The decision to implement non-displayed orders was based on the results from a member consultation, which showed support for the functionality. 

Non-displayed orders will be prioritized after visible orders and ordinary iceberg orders. 

System test in SAXTST1 has been available for equity related markets in Helsinki and Iceland since June 30, 2008. Equity related markets in Stockholm and Copenhagen were available September 4th, 2008.

For specification of Large in Scale orders please see the enclosed table.
In the enclosed table, with ADT values for Icelandic krona (ISK), column five and six has been corrected compared to what was in the earlier notice.

Please see the attached file for more information.

-------
* For the purpose of this notice OMX Nordic Exchange refers to OMX Nordic Exchange Copenhagen A/S, OMX Nordic Exchange Helsinki Oy, OMX Nordic Exchange Iceland hf. and OMX Nordic Exchange Stockholm AB
-------