Fact Book 2005 - NASDAQ OMX Trader Nordic

Market data and company news
The Exchange offers a wide range of information products
that support trading in and analysis of Danish securities.
Market data and company news are delivered in a number of
products and formats catering to the unique individual needs
of the customers.
Market data
The Exchange offers market data from the trading and
information systems. The customers receive the information
via a direct or indirect link-up with TARGIN. TARGIN is the
Exchange's newly developed distribution platform. TARGIN
was launched in 2004 and is run in cooperation with OMX
Exchanges. One link-up grants our customers access to
market data from most of the Nordic exchanges.
Vendors redistribute market data
Vendors or information redistributors are the largest buyers
of market data. Vendors have specialised in resale of market
data either in processed form to investors, analysts, portfolio
managers and private individuals, or in raw form to other
vendors who want to redistribute the information.
Members of the Copenhagen Stock Exchange
Member firms receive market data from the trading systems
in order to be able to trade on the Exchange. Members may
also use these channels to receive and redistribute market
data as vendors.
Appendices 2 and 4 contain a list of members and vendors
that redistribute electronic information from the Copenhagen
Stock Exchange.
The A and C subscriptions
Market data are offered in two core products: the A
subscription and the C subscription. The subscriptions
include information from the equity, bond, investment fund
and derivatives markets.
The A subscription includes basic analytical and master data
about each individual security, e.g. turnover-weighted average
prices of member transactions and 'all trades', high/low, best bid/
offer at closing time, observation list/suspension list. Moreover,
information on the composition of debtors in mortgage bonds is
included along with cash flows, extraordinary redemptions,
settlement days, volumes in circulation and other information
which may be used to calculate yield, duration, etc. After the
trading system has closed, calculated data such as the day's
turnover in each security and each sector, industry and industry
group indices, closing values for the various price and yield
indices, the average yield on bond groups, true yields and option
margins are disseminated.
The C subscription provides real-time information from the
trading and reporting systems. Throughout the trading day,
information on current market conditions is provided to members
and vendors. They receive pre-trade information on
accumulated order volumes for all buy and sell orders for each
individual security. In addition, they receive trading information
when a transaction is concluded and other information from the
trading system, including information on the values of the KFX,
MidCap+, SmallCap+ and KFMX indices, which are published
currently. Trading information consists of all transactions in
shares, bonds, investment certificates and derivatives listed on
the Exchange.
The Exchange offers a wide range of information products
based on the two subscriptions, which are aimed at
professional and private customers. The products may be
divided into the following categories: real-time data to
professional investors, real-time data to private investors,
delayed market data, data from the index universe, analytical
& master data and historical market data.
To these should be added the Exchange's IR products, which
are meant for the issuers on the Copenhagen Stock Exchange
(for further information, please see section on IR products).
StockWise
The Exchange offers electronic publication of the
announcements that listed companies issue in compliance
with the disclosure requirements.
KØBENHAVNS FONDSBØRS FACT BOOK 2005 49