Nasdaq Nordic and Nasdaq Baltic confirm that the relevant updates, following the publication of the annual transparency calculations by ESMA, will be implemented for Nasdaq Nordic and Nasdaq Baltic Equity Instruments in the INET Nordic trading system, effective Monday, April 7, 2025.

The ESMA calculations include the following for applicable Equity Instruments:

• the determination of the average daily number of transactions (ADNT) on the most relevant market in terms of liquidity (MRM), relevant for the determination of the tick-size regime as specified in Commission Delegated Regulation 2017/588 (RTS 11);
• the liquidity assessment as specified Commission Delegated Regulation 2017/567;
• the determination of the most relevant market in terms of liquidity (MRM) as specified in Commission Delegated Regulation 2017/587 (RTS 1);
• the determination of the average daily turnover (ADT) relevant for the determination of the pre-trade and post-trade large in scale (LIS) thresholds as specified in Commission Delegated Regulation 2017/587 (RTS 1).

Use of the above calculations is described in the INET Nordic Market Model.

As a consequence of the update, the liquidity band and consequently the tick size (applicable for Instruments with MiFIR identifier SHRS or DPRS), large in scale threshold and liquidity status determined for Equity Instruments traded on Nasdaq Nordic and Nasdaq Baltic, may change as of the effective date of April 7, 2025.

Enclosed list provides a simulation of updates to the liquidity band (column “New ADNT Level From*”), which determines the tick size for current Equity Instruments. It includes also updates for the large in scale threshold and liquidity status. Please note that the list is not a substitute for the official calculations carried out and published by the competent authorities for the implementation of the Commission Delegated Regulation 2017/588.

Implementation details – reference data

The applicable liquidity band for tick size, as well as liquidity status, pre-trade and post-trade LIS thresholds and MRM effective April 7, 2025, will be distributed via Genium Consolidated Feed (GCF) and File Delivery System (FDS) on Monday, April 7, 2025, as part of the other Nasdaq Nordic and Nasdaq Baltic reference data.

Please note that while ESMA transparency data is generally calculated and published annually, there may be changes from one day to another.

INET Nordic Production impact

Good-till-cancelled (GTC) orders that are carried over to April 7, 2025 and may fall off tick, will be rounded to a less aggressive price (default) or rejected if preferred by Member.

Market Model

The updates described in this notice are made in accordance with INET Nordic Market Model, available at the Rules and Regulations for the Nordic Markets website.

Support

For technical questions, please contact:

Nasdaq Exchange Services

Tel: +46 8 405 7700

E-mail: EMO@nasdaq.com

Best regards,

Nasdaq Nordic and Nasdaq Baltic

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