Global exchange group Nasdaq OMX is to extend its trading hours for all asset classes on its Baltic exchanges, in a bid to generate greater trading activity and attract more foreign investors.
From 2 February 2009, the group’s exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania), will extend trading by two hours. The trading day on the Baltic exchanges will now close at 16.00 instead of 14.00.
According to Nasdaq OMX, the initiative is being introduced due to a closer correlation between the local and international member network of the Baltic markets and that of other securities markets in Europe.
The new trading hours will better correspond to the working hours of other markets in Europe and allow Baltic investors more time to follow and react to global trends.
“Extending trading hours means investors will have more freedom to trade when it is convenient for them,” said Henrik Elfving, president of Nasdaq OMX Baltic market. “We were satisfied with the results when a joint trading system, SAXESS, was introduced in the Baltic market. In the longer term, we expect to see a positive impact also from extension of the trading hours. We are committed to make the Baltic market as accessible to investors as the major markets are.”
SAXESS is the core trading platform for Nasdaq OMX’s Nordic exchanges, which operates across Sweden, Finland and Denmark.