STOCKHOLM, Sweden, March 26, 2004 (PRIMEZONE) -- The trading hours of the equity and derivatives markets at Stockholmsborsen and Helsinki Exchanges are to be harmonized in line with the creation of one, integrated Nordic and Baltic home market. The harmonized trading hours will be 09:00-17:30 CET.
The harmonized trading hours will come into effect in conjunction with the implementation of the SAXESS trading system in the Helsinki, Tallinn and Riga markets, which is scheduled to take place by the end of September 2004. The harmonization of trading hours was decided after consultations with members.
"Harmonization of trading hours is another important step towards achieving our vision of a fully integrated Nordic and Baltic securities market," says Jouni Torasvirta, President of Cash Markets. "As the securities markets become increasingly international, the harmonization of trading hours in line with the main European markets will further strengthen the competitiveness of listed companies in the Nordic region and will attract local and international investors," Torasvirta continues.
Compared with current trading hours, the trading day will be extended by 30 minutes in the morning at Stockholmsborsen and by 30 minutes in the evening at Helsinki Exchanges. Due to decreased demand among trading members, the evening trading session at Helsinki Exchanges will be discontinued.
The structure of the equity-trading day will also be harmonized, by Helsinki Exchanges introducing a closing call, a form of electronic auction. The opening and closing procedures at Stockholmsborsen and Helsinki Exchanges will be in line with European practice.
Outline of the new trading day at Stockholmsborsen and Helsinki Exchanges, CET: Equities 08:45-09:00 Opening call 09:00 Opening prices 09:00-17:20 Continuous trading 17:20-17:30 Closing call 17:30 Closing prices Derivatives 09:00-17:20 Continuous trading
About OMHEX
OMHEX owns and operates the largest securities market in Northern Europe and is a leading provider of marketplace services and solutions for the financial and energy markets. OMHEX consists of two divisions: HEX Integrated Markets and OM Technology. Through its exchange operations within Stockholmsborsen, HEX Helsinki (Helsinki Exchanges), HEX Tallinn and HEX Riga, the HEX Integrated Markets division offers investors access to 80 percent of the Nordic and Baltic equity market. HEX Integrated Markets also operates CSD's in Finland, Estonia and Latvia. OM Technology is a world-leading provider of solutions and services (outsourcing and transaction processing) based on pioneering and proven technology. For more information, visit www.omhex.com.
Fact sheet
Current trading hours at New trading hours1 at
Stockholmsborsen, CET Stockholmsborsen 2, CET
Equities Equities
09:15-09:30 Opening call 08:45-09:00 Opening call
09:30-17:20 Continuous trading 09:00 Opening prices
17:20-17:30 Closing call 09:00-17:20 Continuous trading
17:30 Closing prices 17:20-17:30 Closing call
Derivatives 17:30 Closing prices
09:30-17:20 Continuous trading Derivatives
09:00-17:20 Continuous trading
Current trading hours at New trading hours1 at Helsinki
Helsinki Exchanges, CET Exchanges, CET
Equities Equities
08:00-09:00 Opening call 08:45-09:00 Opening call
09:00-17:00 Continuous trading 09:00 Opening prices
17:00 Closing prices 09:00-17:20 Continuous trading
17:03-18:30 Continuous trading, 17:20-17:30 Closing call
part II - Evening trading session
Derivatives 17:30 Closing prices
09:00-17:00 Continuous trading Derivatives
09:00-17:20 Continuous trading
1 As of the implementation of SAXESS in Helsinki, Tallinn and Riga, which is scheduled to take place by the end of September 2004.
2 Trading days prior to public holidays, meaning days when the banking sector applies reduced opening hours, will be designated half trading days.
Opening and closing calls
A call is a type of electronic auction attended by buyers and sellers of shares. Among other benefits, the call procedure facilitates efficient pricing and reduces the risk of price fluctuations. The call is open, meaning that buyers and sellers will be able to see the current equilibrium price of a share. The morning call will commence at 08:45, at which time the buy and sell prices will become visible. The closing call will commence at 17:20 and be concluded at 17:30. Closing prices will be determined at 17:30.
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The following files are available for download:
http://www.waymaker.net/bitonline/2004/03/26/20040326BIT00030/wkr0001.doc
http://www.waymaker.net/bitonline/2004/03/26/20040326BIT00030/wkr0002.pdf