Nasdaq OMX Stockholm, the Swedish bourse operated by exchange group Nasdaq OMX Nordic, is to increase its Norwegian stock universe and introduce central counterparty (CCP) clearing for all Norwegian equities.
The latest move will apply more pressure to Norway’s national exchange Oslo Børs, the only independent stock exchange in the Nordic region. Since it started trading Norwegian stocks, Nasdaq OMX Stockholm has built up a 2.51% market share in the country, according to last week’s figures from the Fidessa Fragmentation Index, a weekly analysis of on-order book liquidity across Europe.
From 20 November, Nasdaq OMX Stockholm will add four Norwegian stocks – Tomra Systems, PA Resources, Atea and Cermag – bringing its total offering to 30 of Norway’s most liquid equities.
Central counterparty clearing for Norwegian stocks on Nasdaq OMX Stockholm will be introduced from tomorrow, provided by European Multilateral Clearing Facility (EMCF), the pan-European clearer in which Nasdaq OMX owns a 22% stake.
As a result, Nasdaq OMX Stockholm is currently the only regulated market to offer central counterparty services in Norwegian stocks. Oslo Børs has said it will introduce CCP clearing from Q1 2010. Pan-Nordic multilateral trading facility Burgundy also introduced CCP clearing via EMCF at the start of October. In addition, as part of EMCF’s ‘fee holiday’, all clearing fees will be waived until 8 December.
“We are very pleased with the development of our Norwegian market and are looking forward to further expanding our offering for customers interested in trading all Nordic securities on one market and through one trading system,” said Hans-Ole Jochumsen, president of Nasdaq OMX Nordic, in a statement. “We have had a steady inflow of new members connecting to this market and we feel comfortable reaching our goal of five percent market share in Norwegian securities by year-end.”