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NASDAQ OMX, EMCF Unveil Central Counterparty Clearing In Nordic Region

To increase market liquidity by building an open, competitive CCP model in the Nordics

NASDAQ OMX Nordic, a part of The NASDAQ OMX Group, together with EMCF (European Multilateral Clearing Facility), has launched a full central counterparty clearing (CCP) service on the NASDAQ OMX exchanges in Copenhagen, Helsinki and Stockholm.

Reportedly, NASDAQ OMX has introduced mandatory CCP on nine Nordic securities: three Finnish, Swedish and Danish stocks respectively. The NASDAQ OMX has said that the introduction of central counterparty clearing in the Nordic equity markets is part of its strategy to increase market liquidity by building an open, competitive CCP model in the Nordics. Additionally, NASDAQ OMX Nordic and its three CCP partners – EMCF, SIX X-clear and Euro CCP – have further agreed to achieve competitive clearing by January 2010.

Hans-Ole Jochumsen, president of NASDAQ OMX Nordic, said: “The Nordic equity markets have taken a quantum leap from bilateral clearing to central counterparty clearing in record time. The Nordic CCP solution has been designed and implemented in close cooperation with our customers, and I would like to thank them for their commitment and determination to accomplish the fastest CCP implementation in history.”

Jan Booij, chief executive of EMCF, said: “The launch is a major step closer to achieving greater market liquidity and a competitive CCP model for the Nordic region. We are pleased to be extending our reach in this territory and working in close collaboration with NASDAQ OMX.”