Exchange Notice Copenhagen : Change to the threshold of Circuit Breakers

NASDAQ OMX Copenhagen, Helsinki and Stockholm has decided to change the
threshold levels for circuit breakers and trading safeguards, in order to
reduce the number of circuit breakers that are triggered and to facilitate
trading in less liquid securities. The changes that will be implemented on 1
December are: 

• Static circuit breaker levels are raised
• Dynamic circuit breaker thresholds are raised for the group containing the
least liquid stocks and penny stocks 
• Additional stocks are manually assigned to the least liquid group, based upon
large average spreads 

The change of static circuit breaker thresholds is expected to reduce the
number of circuit breaker events for large cap companies and the other changes
intend to facilitate trading in the less liquid securities. The new general
threshold values will be: 

Group/ Dynamic circuit breaker threshold/ Static circuit breaker threshold
Blue Chip Index stocks/ 3%/ 15%/
Other stocks/ 5%/ 20%/
Penny shares,
liquidity class C,
First North DK
shares with large
average spreads/ 15%/ 25%/

These are the general parameters applied, but NASDAQ OMX reserves the right to
assign different settings to individual securities in order to enable as
efficient trading as possible. What is considered to be large average spreads
can change over time, in response to trading conditions, but a 3% threshold is
currently applied. Penny shares are currently defined as shares traded at
prices below DKK 10 / EUR 1 / SEK 10. 

The changes will be implemented on 1 December.


For further information concerning this exchange notice, please contact Jakob
Havshøi Kaule or Allan Hvalsøe Olsen, telephone +45 33 93 33 66. 

NASDAQ OMX Copenhagen