Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Stockholm launched a Tick Size Pilot (Pilot) on their respective First North equity markets on June 3, 2024. The Pilot aimed to study the positive liquidity effects of applying the highest allowed tick sizes for selected instruments under the MiFID tick size regime.

The Pilot was later extended to March 31, 2025, to collect more data on the liquidity effects. However, the expected positive outcomes were not fully realized and as a result, the Pilot will end as scheduled without further extension or becoming permanent.

Shares using the High tick size table will return to the regular MiFID tick size table^[1] as of April 1, 2025.

Legal and Market Model

The planned termination of the Pilot will be reflected in the INET Nordic Market Model valid as of April 1, 2025, which will be published on Rules and Regulations for the Nordic Markets.

Best regards,

Nasdaq Nordic

Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf. and Nasdaq Stockholm AB.

[1]Tick size table in the Annex of Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the tick size regime for shares, depositary receipts and exchange-traded funds.