Exchange Notice Copenhagen : Implementation of Round Lot One


Implementation of Round Lot One

With the SAXESS 5.0.1 release OMX Nordic Exchange will implement round lot size
one in Stockholm and Copenhagen, commencing September 29, 2008. Round lot one
will affect the following submarkets on the main market and First North: 
• Equities
• Warrants
• Fund units/Investment funds
• Equity rights

When implementing Round Lot One the term Odd Lot will no longer be used. The
most important consequences of introducing Round Lot One are: 
• All trades regardless of size (down to 1 share) will be match in SAXESS using
the same matching algorithm. 
• It will be easier to trade small volumes and not “get stuck” with an odd
number of shares. 
• All trades regardless of size may update “Last Paid” price. Round Lot One
will have no effect on calculation of average prices. 
• All orders regardless of size may define the spread - Meaning that even
orders for one share may move the best bid/offer price. 
Note: According to MiFID and Norex Member Rules section 5.9.3 a manual equity
trade must be on or within the Volume Weighted Average Spread in the order book
at the time of trade. 
• In SAXESS the order condition “All or Nothing” (AON) will have no effect,
while the price condition “Market Price Order” (MP) will be conditioned by a
combined use with order conditions ”Fill or Kill” (FoK) or ”Fill and Kill”
(FaK). 
• For orders with hidden volume, the minimum visible volume is one share. The
exchange will however determine the maximum size of the hidden volume. 
Note: Non-displayed orders will be implemented for orders large in scale.
• Round Lot One will not affect the parameters for Circuit Breakers or Trading
Safeguards. 

For further information concerning this notice please contact Allan Hvalsøe
Olsen or Kirsten Thaarup, telephone +45 33 93 33 66 

OMX Nordic Exchange Copenhagen

Allan Hvalsøe Olsen			Kirsten Thaarup
Key Account Manager			Key Account Manager

Attachments

exchange notice - consequenses of round lot one 22nd september 2008.pdf