OMX, the leading expert in the exchange industry, today introduces the MiFID
Service Menu designed to meet new opportunities and needs for market
participants and investors on the Nordic Exchange as well as new or existing
marketplaces.
The Markets in Financial Instruments Directive (MiFID) will take effect in the
EU region on November 1, 2007. The directive aims to promote further
harmonization of the EU capital markets. OMX has developed the Service Menu to
meet MiFID opportunities and needs from banks, brokers, investors, regulators,
exchanges and alternative marketplaces. The menu addresses three central needs:
• Assuring best execution for Nordic and Baltic securities
• Meeting MiFID transparency requirements
• Creating a MiFID compliant marketplace
“As a market operator and technology partner, OMX leverages its expertise in
the exchange industry to deliver value through continuous innovation and
improved efficiency of financial markets. We understand first-hand how
marketplaces work, in different regulatory environments, and the complex
technology infrastructures that power them. Our track record includes
integration of the Nordic Exchange as well as over 60 technology customers in
more than 50 countries,” says Jukka Ruuska, President of Nordic Marketplaces at
OMX.
The Service Menu provides a framework for all services targeted at helping
customers meet MiFID requirements and gain new competitive advantage. OMX has
already taken a number of initiatives that are part of the MiFID Service Menu.
The recently introduced Proximity Service helps assure best execution for
Nordic and Baltic securities by providing low latency network access to trading
and market data. Earlier this year OMX initiated an in depth consultation among
members on microstructure improvements. New tools and reports will also be
introduced to facilitate best execution policy audits.
Within the transparency requirements area, OMX has already reduced the fees
related to cash equity trades and will be extending the trade reporting
services to all EU securities. OMX will also introduce new services for
systematic internalizers as well as new transaction reporting services.
To help customers create MiFID compliant marketplaces, OMX provides business
operations services, covering all aspects from administration and market
operations to market surveillance, and outsourced back-office operations for
market participants.
For more information on the OMX MiFID Service Menu please visit
omxgroup.com/mifid.
For more information, please contact
Jonas Rodny OMX Nordic Exchange +46 8 405 72 67
About OMX | OMX is a leading expert in the exchange industry. Through the
Nordic Exchange, OMX offers access to approximately 80 percent of the Nordic
and Baltic securities market. The Nordic Exchange is a term used for marketing
purposes and is not a legal entity. It describes the common offering from the
Helsinki Stock Exchange, Copenhagen Stock Exchange, Stockholm Stock Exchange,
Iceland Stock Exchange, Tallinn Stock Exchange, Riga Stock Exchange and Vilnius
Stock Exchange. OMX integrated technology solutions cross the transaction chain
enabling efficient securities transactions for over 60 exchange organizations
in more than 50 countries. OMX is a Nordic Large Cap company in the Financials
sector on the OMX Nordic Exchange. For more information, please visit
www.omxgroup.com.
