Fact Book 2005 - NASDAQ OMX Trader Nordic

• Jenny Rosberg has been appointed President of Cash
Market Sweden.
• Jouni Torasvirta has been appointed President of Cash
Market Finland. Jouni Torasvirta will also continue as
President of the Helsinki Stock Exchange.
• Jan Ovesen has been appointed President of Cash Market
Denmark.
• Henrik Paulsson will continue as President of Derivatives
Markets.
• Peter Belling has been appointed President of Information
Services.
• Johan Rudén has been appointed President of Baltic
Markets. In addition, Daiga Auzina-Melalksne has been
appointed Head of operations in Latvia.
• Anders Ackebo will continue as Head of Surveillance.
NOREX - Nordic Exchanges A/S
The NOREX Alliance
NOREX is the name of the strategic cooperation between the
Nordic and Baltic exchanges. In 1997, the exchanges in
Copenhagen and Stockholm signed a cooperation
agreement on the establishment of a common Nordic
securities market. In 2000, Oslo Børs and Iceland Stock
Exchange joined the alliance and in 2004, HEX Integrated
Markets (now OMX Exchanges) became a partner. The latter
represents the Stockholm Stock Exchange (already a
partner) and the exchanges in Helsinki, Tallinn, Riga and
Vilnius.
The objective of the alliance is to attract and retain investors,
issuers and members through active and binding
cooperation. This is achieved by concentrating liquidity in an
easily accessible and cost-effective market of high quality
and transparency. The alliance is founded on cooperation
between independent exchanges and is based on the
following principles:
• One order book for each security
• Common trading system
• Common rules for listing, membership and trading
• Cross membership
Special initiatives in 2004
In August 2004, the NOREX board elected Jukka Ruuska,
President of OMX Exchanges, Chairman of NOREX.
In connection with OMX Exchanges becoming a partner in
NOREX in April 2004, a new NOREX agreement was signed;
consequently, the ownership structure is as follows:
• OMX Exchanges: 50 per cent (including the
shares previously held by
the Stockholm Stock
Exchange).
• Oslo Børs: 23 per cent
• Copenhagen Stock Exchange: 23 per cent
• Iceland Stock Exchange: 4 per cent
The FUTOP Clearing Centre A/S
The FUTOP Clearing Centre is the Danish clearing house for
futures and options traded on the Copenhagen Stock
Exchange. The Clearing Centre is a wholly owned subsidiary
of the Copenhagen Stock Exchange, and the main objects of
the Clearing Centre are the following:
• to guarantee the performance of the contracts
• to lay down rules regulating issuance, clearing and
settlement
• to be instrumental in promoting an orderly and secure
market.
Trading in futures and options means that the parties have
accepted a number of terms and conditions attached to
future trade in the underlying asset. The Clearing Centre's
principal duty is to guarantee that the promises made are
kept. Thus, the Clearing Centre acts as a central
counterparty to all trades, representing the buyer towards the
seller and vice versa.
To meet its guarantee obligations, to ensure stability and
efficient risk management and compliance with the rules laid
down by the supervisory authority, the Clearing Centre has
prepared a set of rules, which affiliated members and the
members' customers must observe. The rules comprise the
Clearing Centre's rules governing provision of margin, which
is the primary form of collateral. Moreover, the guarantee is
based on the equity of the Clearing Centre and variable
34 KØBENHAVNS FONDSBØRS FACT BOOK 2005