Published: 2017-10-31 17:55:54 CET
Listing and Trading Operations
IT information

IT – INET Nordic – Update: Nasdaq Nordic introduces new market segments for instruments classed as securitized derivatives and transfers these to First North (76/17)

As previously communicated in 62/17, 58/17 and 55/17, Nasdaq Nordic is intending to transfer the existing Market Segments for warrants and certificates on the Copenhagen, Helsinki and Stockholm regulated markets to respective First North Multilateral Trading Facilities (MTFs) operated by Nasdaq Nordic.

 

Main updates

 

The intention to migrate and related time schedule has been discussed and confirmed with the Nordic Financial Supervisory Authorities.

 

Migration will start November 15, 2017 with new Market Segments available for early migration and new listings. Migration will be completed by an automatic transfer of all remaining Order books the evening November 30, 2017, effective December 1, 2017.

 

Based on MiFiD II requirements Nasdaq Nordic has decided to create additional Market Segments when transferring the Market Segments for Exchange Trading Notes (ETNs). Following new Market segments on respective Market will therefore be created:

 

  • (1) Tracker Certificates; and
  • (2) Leverage Certificates.

 

These Market Segments will fully support Market Maker Orders (MMO) used for Market Making purposes, please see 70/17.

 

Additionally, based on Member request, a third transitional Market Segment will be added on First North Sweden for:

 

  • (3) Tracker Certificates non-MMO.

 

This Market Segment will not support MMO and will be provided for a selected group of Order books during a transitional period for those Market Makers not able to support MMO. This Market Segment will be transferred to First North Sweden on December 1, 2017 and it will be provided to the end of Q1, 2018 after which it will cease to exist.

 

This Market Segment will also differ in terms of the Trading Schedule, where the Order books will utilize the current production Trading Schedule, with a randomized opening auction uncrossing between 09:00:25 and 09:00:30 CET. In addition Safeguards in Opening auction and Volatility Guards will apply due to MiFID II requirements. Separate notice will follow on the configuration of these mechanisms to manage volatility.

 

Migration plan

 

The transfer will be completed in a three step process where the new market segments under respective First North MTFs will be available in production on mid November 2017. A migration period for moving a limited set of existing instruments for verification will follow and as of December 1, 2017, trading will continue on the new market segments under First North in Copenhagen, Helsinki and Stockholm. This effectively means that the last day of trading in warrants and certificates on the existing market segments on the regulated market will be November 30, 2017. Please find the detailed time schedule further down in this notice.

 

 

INET identifiers:

 

Current market segments will be permanently closed at the end of the trading day on November 30, 2017, with the exception that the Market Segment OMX STO Exchange Traded Notes (158) will move under First North with a new segment name STO NMMO Tracker Certificates. The trading will continue on the new and moved market segments on First North MTFs as of 1th of December.

 

 

Current Exchange/MIC Current Market Segment name New Exchange/MIC New Segment Name Segment Symbol Seq. No
XCSE OMX CPH Certificates (168) FNDK CPH Certificates CPH CERT 206
XCSE OMX CPH Warrants (167) FNDK CPH Warrants CPH WAR 207
XHEL OMX HEL Certificates (159) FNFI HEL Certificates HEL CERT 189
XHEL OMX HEL Covered Warrants (64) FNFI HEL Warrants HEL WAR 187
XSTO OMX STO Certificates (160) FNSE STO Certificates STO CERT 188
XSTO OMX STO Warrants (4) FNSE STO Warrants STO WAR 186
XCSE OMX CPH Exchange Traded Notes (196) FNDK CPH Tracker Certificates CPH TRA 208
XCSE OMX CPH Exchange Traded Notes (196) FNDK CPH Leverage Certificates CPH LEV 209
XHEL OMX HEL Exchange Traded Notes (157) FNFI HEL Tracker Certificates HEL TRA 210
XHEL OMX HEL Exchange Traded Notes (157) FNFI HEL Leverage Certificates HEL LEV 211
XSTO OMX STO Exchange Traded Notes (158) FNSE STO Tracker Certificates STO TRA 212
XSTO OMX STO Exchange Traded Notes (158) FNSE STO Leverage Certificates  STO LEV 213
XSTO OMX STO Exchange Traded Notes (158) FNSE STO NMMO Tracker Certificates STO TNM 158

 

 

 

Opening Hours:

 

There will be no changes in the current opening hours.

 

Turnover Lists and List population ids:

 

New turnover lists and list population ids will be created for the instruments traded on the new market segments for Tracker Certificates and Leverage Certificates. Please find the table describing the details of the current and future turnover list and list population ids below. There will be no changes in the current turnover lists and list population ids for Warrants and Certificates.

 

 

Exchange List Name Code List ID List Population name List Population ID Change description
XCSE Exchange Traded Notes DKK ETN DKK 124612 ETNs Copenhagen 123654 Will be deactivated 2017-11-30
FNDK CPH Tracker Certificates CPHTC 124629 CPH Tracker Certificates 123676 NEW
FNDK CPH Leverage Certificates CPHLC 124630 CPH Leverage Certificates 123681 NEW
XHEL Exchange Traded Notes EUR ETN EUR 124611 ETNs Helsinki 123653
 
Will be deactivated
2017-11-30
FNFI HEL Tracker Certificates HELTC 124631 HEL Tracker Certificates 123677 NEW
FNFI HEL Leverage Certificates HELLC 124632 HEL Leverage Certificates 123680 NEW
XSTO Exchange Traded Notes SEK ETN SEK 124610 ETNs Stockholm 123652 Will be deactivated
2017-11-30
FNSE STO Tracker Certificates STOTC 124633 STO Tracker Certificates 123678 NEW
FNSE STO Leverage Certificates STOLC 124634 STO Leverage Certificates 123679 NEW

 

 

New Market Segment ”STO NMMO Tracker Certificates (158) STO TNM” will be included in “STO Tracker Certificates (212) STO TRA” turnover lists.

 

Market access:

 

Members trading in Securitized Derivatives today that do not have access to First North market(s) are required to be activated in order to trade the instruments in scope after the transfer to First North. For more information regarding the activation procedure, please contact Nasdaq Cash Equity Operations at operator@nasdaq.com.   

 

 

Test system:

 

There will be test instruments configured on each new Market Segment as of October 9, 2017. Please find the attached excel sheet containing the identifiers of the instruments available for testing on the new Market Segments.

 

 

Time schedule:

 

  • INET Test (NTF) and GCF TST4 – October 9, 2017
  • INET Test (M2) and GCF TST3 – October 9, 2017
  • Market Segment STO NMMO Tracker Certificates (158) STO TNM available in NTF (GCF TST4) and M2 (GCF TST3) test environments – November 6, 2017
  • Dates for INET and GCF production launch:

 

  1. New market segments available– by November 15, 2017
  2. New market segments available for test transfer of a limited set of existing instruments from the regulated market to new market segments under First North – November 15, 2017 until the end of the trading day on November 30, 2017
  3. Closure of the market segments on the regulated market and transfer of the remaining instruments to the new market segments under First North:
    a. Closure of the existing Market Segments on the regulated markets: End of trading day on November 30, 2017
    b. All instruments traded on First North Sweden, First North Denmark, First North Finland: December 1, 2017

 

Market Model

 

The Nasdaq Nordic Market Model will be updated and the new versions will be effective as of November 15 and December 1, 2017

 

 

 

 

Testing support

 

For technical questions relating to testing, please contact Nasdaq Cash Equity Operations:

Tel: +46 8 405 6410
E-mail: operator@nasdaq.com

Best regards,

Nasdaq Nordic

 

 

 

 

 

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.


IT INET Nordic Update Nasdaq Nordic introduces new market segments for instruments classed as securitized derivatives and transfers these to First No.pdf