Fact Book 2005 - NASDAQ OMX Trader Nordic

onds that they put up for sale in the market. In this way, all
bond members can place bids on the new bonds. The
mortgage banks use this type of trading especially in
connection with bond issues that serve as a basis for the
refinancing of adjustable rate loans.
Round lot and odd lot orders
When an order is placed in the trading system, a distinction is
made between round lot orders and odd lot orders. An order
must be of at least one round lot in order to create the
spread, i.e. the difference between the best bid and offer in
the trading system for the share in question.
The value of a round lot for shares is approx. DKK 20,000 for
KFX shares and DKK 10,000 for other shares and
investment certificates. Since the shares are traded in
number of shares, a round lot order will be the number of
shares that equals the above amounts, however, rounded to
1, 5, 10, 20, 25, 50, 100 shares.
An odd lot order consists of a number of shares that are
lower than the number of shares that constitute a round lot. It
is possible to trade orders down to one single share in the
trading system, however, odd lot orders cannot be traded at
prices that differ from the 'last price paid'. The 'last price paid'
is defined as the price of the latest executed trade equal to or
above one round lot. If the order is less than one round lot, it
will have lower priority in the matching procedure - which
results in a trade - than an order that equals or is above one
round lot. Odd lot orders executed outside the trading system
shall not be reported to the Exchange.
The number of government bonds included in a round lot
represents a value of nom. DKK 1,000, and the number of
mortgage bonds and other bonds included in a round lot
represents a value of nom. DKK 1,000,000 for benchmark
bonds and DKK 100,000 for other bonds. The nominal value
of odd lot orders is less than DKK 1,000,000 and DKK
100,000, respectively. Bonds may also be traded in odd lot
orders of less than one round lot both in and outside the
trading system. Bond trades involving less than DKK 10,000
shall not be reported to the Exchange.
The equity market
The MidCap+ and SmallCap+ segments are popular
The small and medium-sized companies have shown a keen
interest in joining the new plus segments MidCap+ and
SmallCap+, which were established in April 2003. The plus
segments comprise companies that make a special effort to
ensure that their shares live an active life on the Exchange,
i.e. are characterised by high liquidity, high standards of
disclosure and activities to build investor goodwill.
Twice a year, at the beginning of June and December,
respectively, the Copenhagen Stock Exchange selects the
constituent shares of the plus segments, and new revised
plus portfolios become effective at the beginning of July and
January each year. Moreover, both a price and a yield index
are calculated on the plus segments (see Share indices and
yield averages).
A total of 26 companies qualified for the MidCap+ segment
and 38 companies (39 shares) for the SmallCap+ segment
that became effective at the beginning of January 2005.
Strategic cooperation with ATP
In the spring, the Copenhagen Stock Exchange and ATP
(The Danish Labour Market Supplementary Pension)
initiated strategic cooperation on the Folkebørsen, which
opened on 1 January 2005 as the electronic trading platform
for investment certificates for pension clients covered by the
Special Pension Savings Scheme (SP savings). The
Folkebørsen makes it possible to choose between approx.
180 different Danish and foreign funds.
The Copenhagen Stock Exchange will monitor that the
investment funds comply with the disclosure requirements
and ensure that the prices and intrinsic values are published
daily so that the pension clients are sure to get the adequate
information. Moreover, the Exchange performs the
administration of the investment funds registered with the
Folkebørsen.
KØBENHAVNS FONDSBØRS FACT BOOK 2005 37