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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007<br />

In conclusion, a fast implementation of an<br />

advanced mature market exchange model<br />

can be harmful to the long term development<br />

of an emerging market as it may result in<br />

inefficiencies along the entire securities value<br />

chain. Moving too fast could result in defining<br />

strict rules and regulations that are<br />

misinterpreted by the market and become<br />

impossible to fulfil. Another example is that<br />

the exchange develops too advanced<br />

products that the market does not<br />

understand.<br />

Based on experience from working with our<br />

own markets and consultancy assignments<br />

within emerging markets, OMX recommends<br />

the following steps to enable the smooth<br />

development of emerging markets:<br />

• Understand which development phase your<br />

market is in. Identify the bottlenecks and the<br />

most essential development steps for this<br />

phase to improve market efficiency.<br />

• Learn from others. But adapt and simplify<br />

existing models and theories to fit the local<br />

market. Harmonize with international<br />

standards where possible and explain the key<br />

market differences to international investors.<br />

• Clarify the roles and responsibilities of the<br />

market stakeholders, understand the key<br />

drivers, and address the entire value chain in<br />

the development work.<br />

• Build transparency and trust to secure both<br />

domestic and international confidence in the<br />

market.<br />

These recommendations increase the<br />

probability of improving securities market<br />

efficiency, and facilitate prioritization and<br />

accomplishment of development initiatives.<br />

About OMX<br />

OMX is a leading expert in the exchange<br />

industry. Through the Nordic Exchange in<br />

Copenhagen, Stockholm, Helsinki, Iceland,<br />

Riga, Tallinn and Vilnius, OMX offers access<br />

to approximately 80 percent of the Nordic and<br />

Baltic securities market. Our integrated<br />

technology solutions span the transaction<br />

chain enabling efficient securities<br />

transactions. With more than 60 customers in<br />

over 50 countries, OMX is the world’s<br />

foremost provider of marketplace solutions for<br />

exchanges, clearing organizations and central<br />

securities depositories. OMX is a Nordic<br />

Large Cap company in the Financial sector on<br />

the OMX Nordic Exchange. For more<br />

information, please visit www.omxgroup.com<br />

No. 1 in marketplace solutions<br />

Widely known for our electronic trading<br />

platforms, OMX provides world leading<br />

technology solutions across the transaction<br />

chain. Our systems and services are<br />

designed to help exchanges, clearing<br />

organizations and central securities<br />

depositories meet the extreme demands of<br />

the securities industry with efficiency and<br />

flexibility.<br />

OMX leverages its expertise to develop<br />

solutions that are in sync with today’s fast<br />

evolving financial markets and changing<br />

technology standards. We offer systems,<br />

systems support, operational services, and<br />

advisory services that promote efficient<br />

securities transactions.<br />

Through advisory services OMX offers<br />

business insight gathered by people in the<br />

exchange industry, delivered by people within<br />

the exchange industry. The advisory team<br />

brings together:<br />

• Exchange and securities industry<br />

professionals<br />

• Industry technology experts<br />

• Management consulting professionals<br />

OMX is working world-wide, advising clients<br />

from the entire value chain. Projects are run in<br />

both mature markets and emerging markets.<br />

CONTACT INFORMATION<br />

Contact Name Mr. Adam Kostyal E-mail adam.kostyal@omxgroup.com Website www.omxgroup.com<br />

PAGE 15

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