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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Since MiFID a lot of adjustments have been made to adapt to the<br />
competition and changing market conditions<br />
2007: MiFID<br />
Concentration rule abolished<br />
Entrance of new market participants MTFs<br />
Introduction of dark pools and Internalizers<br />
Competition in European cash equity business<br />
Fragmentation og liquidity and data<br />
2014 MiFID II:<br />
• Creation of a OTF category of multilateral trading venue<br />
• More transparency<br />
• Trading of eligible OTC derivatives on organized venues<br />
2012/13 EMIR: Mandatory clearing<br />
of eligible OTC derivatives<br />
2007 2008 2009<br />
2010 2011 2012<br />
2013 2014<br />
<strong>NASDAQ</strong> <strong>OMX</strong> <strong>Nordic</strong> Market Model changes due to legislation, competition or market preasure for harmonisation<br />
Internal initiative:<br />
• Harmonizing market<br />
model<br />
• Lowering trading<br />
fees<br />
Internal initiative:<br />
• Introducing CCP in<br />
<strong>Nordic</strong> LargeCap<br />
Internal initiative:<br />
• Implementation of<br />
INET for Equities<br />
• Introducing Co-Lo<br />
•Introducing <strong>Nordic</strong>@<br />
Mid dark pool<br />
Internal initiative:<br />
• Implementation of<br />
Genium INET<br />
• Introducing a Orderto-Trade<br />
ratio fee<br />
• Lowering trading<br />
fees<br />
Changes in the future<br />
due to increasing market<br />
demand / pressure<br />
Ext. initiative/demand:<br />
• Implementing OTC/SI<br />
offering<br />
Ext. initiative/demand:<br />
• MTF’s introducing<br />
CCP clearing<br />
• MTF’s pressuring for<br />
harmonized Tick-sizes<br />
by dumping spreads<br />
Ext. initiative/demand:<br />
• Implementing FESE<br />
Tick-Size for LargeCap<br />
• Introducing<br />
Norwegian trading<br />
with CCP clearing and<br />
routing<br />
• Lowering trading<br />
fees<br />
Ext. initiative/demand:<br />
• <strong>Nordic</strong> Smart Order<br />
Routing - Feb 2011<br />
• CCP Interoperability<br />
• Pressure for further<br />
Standardization<br />
of the <strong>Nordic</strong> markets<br />
• Extending CCP scope?<br />
• European Tick-Size<br />
harmonization outside<br />
Blue-Chip shares?<br />
• PoTa for all instruments?<br />
• Extending and<br />
harmonizing opening/<br />
closing hours in Europe?<br />
• Consolidation of data?<br />
• ???
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