Fact Book 2005 - NASDAQ OMX Trader Nordic

to communicate information about other associations and
investment companies.
Listed investment certificates, etc.
Listing on the Copenhagen Stock Exchange's market for
investment certificates grants the individual funds status as
listed securities. Listed investment certificates are traded in
the same trading system as shares. Rules, market
surveillance and trading rules are similar to those on the
equity market. The rules applicable to other types of
associations are the same as the rules that apply to
investment funds.
The current pricing, i.e. bid and ask prices, and executed
trades may be tracked throughout the day via the Exchange's
information systems and on the Exchange's website
www.cse.dk.
At the end of 2004, a total of 160 funds (183 Isin codes) were
listed on the main market.
The XtraMarked
On 1 March 2002, the Copenhagen Stock Exchange opened
the XtraMarked. The XtraMarked is an authorised
marketplace and to begin with it was a marketplace for nonlisted
investment funds. In 2004, the rules applicable to the
XtraMarked were amended so that other associations may
be admitted to trading on the XtraMarked. The rules are the
same as those applicable to the Exchange's market for listed
investment certificates.
The XtraMarked commands the same trading system that is
used for trading in securities listed on the Copenhagen Stock
Exchange. Trading in investment certificates on the
XtraMarked is monitored in the same way as trading in listed
securities. The same rules also apply to the market
participants in terms of both price manipulation and insider
trading.
The current price formation, i.e. bid/offer prices as well as the
concluded trades can be tracked via the Exchange's
information systems throughout the day, including on
www.xtramarked.dk.
At end-2004, 62 investment funds (71 Isin codes) were
admitted to trading on the XtraMarked. 29 banks and
brokerage houses were members of the XtraMarked.
The XtraList
In August 2003, the Exchange introduced the XtraList, which
contains price information on a number of unlisted
investment funds and investment companies. Funds, etc on
the XtraList are neither listed on the Exchange nor admitted
to trading on the XtraMarked, consequently, they are not
subject to any Stock Exchange regulation. The XtraList is an
enhanced information service for investors and investment
funds and companies.
On www.xtralist.dk the investors have easy access to
information on e.g. volume in circulation, issue and
redemption prices and net asset value which is submitted to
the Exchange. At end-2004, there were 43 unlisted
certificates and investment companies on the XtraList (66
Isin codes).
Share indices and yield averages
The Danish equity market is classified according to the
'Global Industry Classification Standard' (GICS), which has
been developed by Morgan Stanley Capital International Inc.
and Standard & Poor's. GICS classifies the companies
based on the activity that generates the major part of the
turnover, alternatively the income. The model divides stocks
into four levels, and it therefore offers extremely good
possibilities of a very precise classification. The classification
provides portfolio managers and private investors with an
accredited tool to compare companies and industries across
different markets.
The Copenhagen Stock Exchange calculates various share
indices each day. The indices are primarily calculated based
on the GICS classification on the levels sector, industry
group and industry along with the free float adjusted
benchmark indices KBX, SmallCap+ and MidCap+. The
Copenhagen Stock Exchange also calculates the KAX All-
Share Index and the special indices KFX and KFMX.
Many professional investors are pleased that the Exchange
also calculates yield indices, which can be employed as
benchmarks for investments in Danish shares. A yield index
40 KØBENHAVNS FONDSBØRS FACT BOOK 2005