IT - Helsinki Stock Exchange to abolish technical spread validation on manual trades (20/07)

The OMX Nordic Exchange is continuously working to improve its market microstructure, and wants to offer its members more flexible off-order book trading services during continuous trading.

Based on customer feedback, the Helsinki Stock Exchange has decided to abolish technical spread validation on manual trades in the SAXESS trading system starting June 4, 2007. In the new market practice trades are not rejected by the SAXESS system when an off-order book manual trade price is outside the prevailing spread at the time of entering the transaction.

The change will be valid on all Helsinki Stock Exchange submarkets during continuous trading. There will be no changes to the spread validation during after market trading.

The new configuration will be available for testing in SAXESS test system SAXTST3 from May 2, 2007.

Attached to this IT notice you will find a member letter.