Nasdaq OMX Nordic, operator of stock exchanges in Denmark, Sweden and Finand, has announced the launch of a new portfolio of exchange-traded funds (ETFs) that will allow its members to trade internationally-recognised indices in local currency.
Trading of the ETFs will start from October pending regulatory approval and will be issued by Swedish bank HQ Bank. ETFs will be based on indices calculated by Nasdaq OMX and traded on Nasdaq OMX Stockholm. HQ Bank has said it plans to list around ten ETFs by January 2010.
“Through this partnership with HQ Bank we are able to offer both institutional and retail investors in the Nordics the same trading opportunities in ETFs as investors around the world,” said Jenny Rosbery, deputy CEO, Nasdaq OMX Nordic. “The expansion of our ETF offering matches customer needs and is an important step in developing our local market, which holds great potential for this type of product.”
Mikael Konig, CEO at HQ Bank, added, “Our ETF portfolio provides a perfect complement to managed funds, and is an investor-friendly and cost-efficient tool for index investments as the products are traded the same way as equities on a liquid market.”