Fact Book 2005 - NASDAQ OMX Trader Nordic

Share and bond trades executed by mortgage members off
exchange must be reported according to the same reporting
rules that apply to the Exchange's member firms. Mortgage
banks pay an annual membership fee of DKK 100,000.
The trading and membership fees are available at the
Exchange's website www.cse.dk.
Membership of the FUTOP Clearing Centre
The FUTOP Clearing Centre is a wholly owned subsidiary of
the Copenhagen Stock Exchange and the main object of the
Clearing Centre is to guarantee the performance of the
futures and option contracts listed on the Copenhagen Stock
Exchange.
Securities traders may be admitted as members of the
FUTOP Clearing Centre. The conditions - like the conditions
of membership of an exchange - are laid down in the Danish
Securities Trading Act.
To be eligible for membership of the FUTOP Clearing Centre
the following requirements must be met:
• The applicant must be subject to the supervision of the
Danish Financial Supervisory Authority, or the national
supervisory authorities if the applicant is not from
Denmark
• The company must be authorised by its supervisory
authority to trade futures and options
• The company shall maintain minimum capital corresponding
to the capital requirements applicable to investment
companies.
Material documenting that the admission requirements have
been met must accompany the membership application
together with information about the ownership structure and
activities of the company, including the annual accounts for
the past years.
Member firms may join the Clearing Centre as a general
clearing member, a direct clearing member or a non-clearing
member.
No initial fee is payable for connection to the FUTOP
Clearing Centre, and no annual membership fee is payable.
Members and customers only pay a fee for the trades that
they have concluded. Fees are laid down in the rules and
regulations of the FUTOP Clearing Centre and are available
at www.cse.dk.
Finally, members shall make contributions in the form of
variable subordinated capital, the size of which is related to
the trading volume. Variable subordinated capital is adjusted
once every quarter.
At the end of 2004, there were six members of the FUTOP
Clearing Centre, see appendix 3.
48 KØBENHAVNS FONDSBØRS FACT BOOK 2005