IT - INET Nordic - NASDAQ OMX Nordics and Baltics introducing Volatility Guards (84/10)

2010-06-23

Exchange Notice

IT 84/10

IT - INET Nordic - NASDAQ OMX Nordics and Baltics
introducing Volatility Guards                    

NASDAQ OMX Nordic will introduce Volatility Guards on its Nordic and Baltic     
equity markets to reduce the likelihood of trading incidents and to reduce the  
impact of sudden and extraordinary liquidity.                                   

The NASDAQ OMX Nordic Volatility Guard is a trading pause and resumption process
designed to restore an orderly market in a single order book traded on NASDAQ   
OMX Nordic and Baltic exchanges in Stockholm, Helsinki, Copenhagen, Iceland,    
Tallinn, Riga and Vilnius.                                                      

The Nordic Volatility Guards will be utilized if an order deviates too much in  
percentage from the last sale price (Dynamic Volatility Guard) or from the      
reference price, which is normally the day's opening price (Static Volatility   
Guard). When the Volatility Guard is triggered, continuous trading is halted    
followed by an auction period which lasts 60* seconds, after which the order    
book moves back to continuous trading.                                          

NASDAQ OMX Nordic Volatility Guard trigger thresholds*

                                              Dynamic           Static
Volatility 
                                              Volatility 
                                                   Guard**           Guard*** 
OMXS30/OMXH25/OMXC20stocks                            3%               10% 
Other stocks and ETFs                                 5%                15% 
First North stocks                                   10%                15% 
Penny/illiquid stocks                                15%                20% 
* Current plan, final thresholds (including the Baltic and Icelandic equity 
markets) and length of the auction period will be confirmed prior to launch ** 
Order's price difference from last sale price *** Order's price difference from 
reference price (usually the day's opening price) 

Please note! You can find more info about the Nordic Volatility Guards here and 
about other enhancements of INET Nordics, at the Member Extranet INET Nordic    
Enhancement web-page.                                                           

Time schedule                                                                   
The Nordic Volatility Guards is targeted to be implemented in production        
September 27, 2010.                                                             

Availability in our test facility, OTF, is scheduled for mid August. Final      
configuration details on applied thresholds will be communicated in end August. 
A confirmed time schedule and more details on this initiative will be           
communicated not later than July 2.                                             

Questions and feed-back                                                         
For further information and feedback concerning this information please contact 
your key account manager.                                                       

Best regards,    
NASDAQ OMX Nordic

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