NASDAQ OMX - Nordic Securities Markets Bjørn Sibbern
NASDAQ OMX - Nordic Securities Markets Bjørn Sibbern
NASDAQ OMX - Nordic Securities Markets Bjørn Sibbern
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Changes in the <strong>Nordic</strong> & European Exchange landscape<br />
1998: Merger between OM<br />
& Stockholm Stock Exchange<br />
2004: Acquisition of<br />
Vilnius Stock Exchange<br />
2006: Merger of <strong>OMX</strong> and<br />
Iceland Stock Exchange<br />
2008: Merger of <strong>OMX</strong> and<br />
<strong>NASDAQ</strong><br />
2009: EDX<br />
Agreement<br />
terminted<br />
2012/13 EMIR: Mandatory clearing<br />
of eligible OTC derivatives<br />
1998 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014<br />
2003: Merger of <strong>OMX</strong> and<br />
HEX, including Tallinn &<br />
Riga exchanges<br />
2005: Merger of <strong>OMX</strong> and<br />
Copenhagen Stock Exchange<br />
2008: Acquisition of Nord Pool<br />
Creation of Commodities business<br />
Ownership<br />
consolidation<br />
Few platforms<br />
Consolidations<br />
•Between Regulated<br />
<strong>Markets</strong> and MTFs<br />
•Mergers between<br />
crossing networks<br />
and MTFs<br />
• Mergers of<br />
European CSDs<br />
Consolidation<br />
Fragmentation<br />
Consolidation<br />
2007: MiFID (I)<br />
Concentration rule abolished<br />
Entrance of new market participants MTFs<br />
Introduction of dark pools and Internalizers<br />
Competition in European equity business<br />
Fragmentation og liquidity and data<br />
2014 MiFID (II):<br />
• Potential creation of a new category<br />
of multilateral trading venue i.e. OTFs<br />
• More transparency<br />
• Trading of eligible OTC derivatives<br />
on organized venues
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