IT - INET Nordic – Expanded CCP scope in Denmark and Sweden (113/14)


Effective February 16, 2015, Nasdaq Copenhagen and Nasdaq Stockholm will introduce CCP clearing on the mid cap shares.

As advised about in IT Notice published December 2, 2014 IT - INET Nordic – Expanded CCP scope in Denmark and Sweden Nasdaq Nordic has decided to expand the scope of instruments that are CCP cleared on Nasdaq Copenhagen and Nasdaq Stockholm to include shares in the mid cap segments. Currently, shares in the OMXC20 and OMXS30 indexes as well as large cap shares constitute the CCP scope on the two exchanges.

The expansion requires:

  • names changes for certain market segments
  • a new market segment on Nasdaq Copenhagen.

The expansion does not require:

  • updating of protocols
  • changes to current functionality for mid cap shares. For example will tick sizes remain as are, and the scheduled intraday auction on the Danish mid cap shares will remain as is.

Time line

  • INET test environment (OTF) and GCF4:                    from January 19, 2015
  • INET production and GCF production:                         from February 16, 2015

 

Market segment set up on Nasdaq Copenhagen

  • “OMX CPH Equities”, ID 14:
    • currently, the segment holds both mid and small cap shares
    • the small cap shares will be moved to a new market segment whereafter the segment will hold mid cap shares only
    • due to the fact that mid cap shares run the scheduled intraday auction, the segment will change its name to “CPH Equities intraday cross CCP”
    • the segment ID does not change, it remains to be 14
  • A new market segment “CPH Equities intraday cross”:
    • small cap shares currently on “OMX CPH Equities” will be moved to this new segment
    • the new segment ID wil be 203
    • the order books that move keep their current order book IDs
    • Nasdaq will add the new segment to all drop copy filters that are currently configured to listen to “OMX CPH Equities”, ID 14.
  • Market segment “OMX CHP Equities CCP”, ID 183:
    • holds all shares that are CCP cleared
    • will change its name to “CPH Equities CCP”
    • there are no other changes to this segment, and the segment ID remains to be  183.

The “OMX” is removed from the market segment names in order to be in line with the recent brand name change from NASDAQ OMX to Nasdaq.

 

Market segment set up on Nasdaq Stockholm

  • “OMX STO Equities”, ID 2:
    • currently, the segment holds mid cap shares
    • the mid cap shares will be moved to segment “OMX STO Equities CCP”, ID 182, which will then hold all shares that are CCP cleared
    • after the move, segment “OMX STO Equities” is empty. It will, however, not be deleted; we will keep it for future use
  • “OMX STO Equities CCP”, ID 182:
    • the mid cap shares currently on segment “OMX STO Equities” will be moved to this segment
    • the segment will change its name to “STO Equities CCP”
    • the segment ID does not change, it remains to be 2
  • “OMX STO Equities intraday cross”, ID 202:
    • holds small cap shares
    • will change its name to “STO Equities intraday cross”
    • the segment ID does not change, it remains to be 202

The “OMX” is removed from the market segment names to be in line with the recent brand name change from NASDAQ OMX to Nasdaq.

 

Activities on impacted order books on launch

Impacted order books are those that move from one market segment to another. In the enclosed Excel please find an overview of the order books (see the tabs at the bottom). Please note that impacted order books may change prior to launch due to possible delistings and new listings. An update will be published closer to launch.

The enclosed Excel also includes an overview of the market segments now and after launch.

Impacted order books (those that move from one segment to another):

  • Will be flushed during post-trade on Friday February 13, 2015 (17:00 CET for Copenhagen and 17:30 CET for Stockholm)
  • Good-til-cancel orders will be deleted, and particpants will have to consider reentering them on Monday February 16, 2015
  • Trades with deferred publication will be published on Friday February 13, 2015 before close (17:20 CET for Copenhagen and 18:00 for Stockholm).

 

INET Nordic Market Model

The changes will be updated in the Markel Model, Appendix S, and published no later than mid January, 2015 on http://www.nasdaqomx.com/listing/europe/rulesregulations/

 

Support

If you have any questions regarding this Exchange Notice, please contact Nasdaq Nordic Tech Support at: +46 8 405 6410, operator@nasdaq.com

 

Encl: Order Books and Overview of Market Segments

 

Best regards

Nasdaq Nordic

 

Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, Nasdaq Vilnius, Nasdaq Clearing and Nasdaq Broker Services are respectively brand names for NASDAQ OMX Copenhagen A/S, NASDAQ OMX Helsinki Ltd., NASDAQ OMX Iceland hf., NASDAQ OMX Riga AS, NASDAQ OMX Stockholm AB, NASDAQ OMX Tallinn AS, NASDAQ OMX Vilnius, NASDAQ OMX Clearing AB, NASDAQ OMX Broker Services AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm


Attachments

IT Notice 113-14 - Order Books and Overview of Market Segments - 2014-12-19.xlsx IT Notice 113-14 - INET - Expanded CCP scope in Denmark and Sweden - 2014-12-19.pdf