Fact Book 2005 - NASDAQ OMX Trader Nordic

illion. The number of trades executed automatically in the
system also reached new highs at 1.7 million trades. The
previous record set in 2003 was 1.3 million trades worth DKK
262.7 billion.
A total of 2.5 million trades were executed, which is the
highest volume in the history of the Exchange. The previous
record set in 2000 of just under 2.1 million was broken by 19
per cent. The number of trades increased by 31 per cent
compared with 2003.
The ten largest members' share of trading amounted to 67
per cent in 2004, down from 71 per cent in 2003. At the same
time, the development in remote members' market share
shows that again in 2004 the rising turnover was due to a
growing interest in Danish shares from foreign investors as
the remote members' share of the turnover rose from 20 per
cent in 2003 to 24 per cent in 2004.
In 2004, liquidity in the order books improved, which is also
reflected in the record-breaking activity in the trading system.
The difference between the buying and selling prices in the
order books has thus narrowed from 0.39 per cent in the 4 th
quarter of 2003 to 0.26 per cent in the 4 th quarter of 2004 for
the KFX shares. The MidCap+ and SmallCap+ shares also
saw improvements as the spread narrowed from 0.81 per
cent and 1.39 per cent in the 4 th quarter of 2003 to 0.61 and
1.14 per cent, respectively, in the 4 th quarter of 2004. 1
Listed and non-listed investment funds
Listed investment certificates
On the market for listed investment certificates turnover also
boomed. Total turnover in the listed investment certificates
reached DKK 40.6 billion, which is 46 per cent higher than in
2003, when turnover amounted to DKK 27.7 billion.
Non-listed investment certificates
On the XtraMarked, where non-exchange listed investment
certificates may be admitted to trading, total turnover came to
DKK 37.6 billion, which corresponds to a 3 per cent rise on
2003, when turnover reached DKK 36.3 billion.
1. Turnover-weighted averages
The derivatives market
Activity on the derivatives market fell in 2004 compared with
2003. The fall was attributable to slower turnover in both
futures and options on the KFX Index, whereas turnover on
single shares rose by 3 per cent. A total of 556,348 indexlinked
products changed hands in 2004, down from 626,191
in 2003. A total of 147,655 equity products changed hands as
against 142,702 in 2003. Trading was distributed on 556,734
futures contracts compared with 618,061 in 2003, and
147,269 option contracts in 2004, down from 150,832 in
2003.
The increase in the number of traded equity products reflects
a keener interest in using derivatives for hedging and
exposure in the underlying equity market.
The bond market
Volume of bonds in circulation
At the end of 2004, a total of 2,232 bonds issued by 87
issuers were listed on the Copenhagen Stock Exchange. The
listed bonds included 161 government bonds, 1 international
organisation, 1,873 mortgage credit bonds, 49 asset backed
securities and 148 corporate bonds.
In 2004, 115 new bonds were admitted to listing on the
Copenhagen Stock Exchange, of which 38 were mortgage
credit bonds, 54 were corporate loans, 16 were asset backed
securities and 7 were government bonds.
The total market value of the listed bonds came to DKK
2,781 billion at end-2004, which corresponds to a 9 per cent
rise on end-2003. The largest group is the mortgage credit
bonds with a market value of DKK 1,974 billion, or 71 per
cent of the total market value of the listed bonds.
Turnover
The activity on the bond market was on a par with 2003. The
year's total turnover amounted to DKK 7,059 billion, which is
some 3 per cent higher than in 2003. An all-time high activity
on the bond market in December improved the year's total
turnover significantly. The December turnover was strongly
affected by the refinancing of the popular adjustable rate
loans and the new loans with an interest rate cap. The
KØBENHAVNS FONDSBØRS FACT BOOK 2005 31