Global exchange group Nasdaq OMX has delayed the migration of its Nordic and Baltic exchanges onto the INET high-speed trading platform used by the rest of the group.
INET will now be rolled out on the Copenhagen, Helsinki, Reykjavik, Riga, Stockholm, Tallinn and Vilnius stock exchanges on 8 February 2010. The changeover was originally scheduled for 30 November
2009 for Tallinn, Riga, Vilnius and Reykjavik, and for 7 December for Copenhagen, Helsinki and Stockholm.
The new schedule follows an agreement between Nasdaq OMX and the Danish Securities Dealers Association, the Federation of Finnish Financial Services and the Swedish Securities Dealers Association. The decision was taken “to ensure readiness and ample time for system testing among market participants in all seven countries, and thus safeguard a secure and seamless transition to the new trading platform,” according to a statement from Nasdaq OMX.
Nasdaq OMX’s Baltic and Nordic stock exchanges will be the last trading venues in the group to migrate to INET. All of Nasdaq OMX’s US trading platforms currently use the system, as does Nasdaq OMX Europe, the group’s pan-European multilateral trading facility.
The INET trading technology was acquired through Nasdaq’s purchase of INET ECN, an alternative US equities trading platform, in December 2005. The exchange upgraded INET in September, which cut order acknowledgment times to 250 microseconds from an average of just below 400 microseconds.