OMX to halve trade reporting fees in time for MiFID

OMX to halve trade reporting fees in time for MiFID

The OMX Nordic Exchange is to halve its trade reporting fees in November to coincide with the introduction of the Markets in Financial Instruments Directive (MiFID) and the arrival of new competition from investment banks.

The fee reductions relate to cash equity trades reported to the Stockholm, Copenhagen and Helsinki exchanges, and follow an earlier move in April when charges were cut by 50%. The latest round of cuts will cost the Exchange an additional Skr25 million in annual revenue, on top of the Skr50 million already lost from the April price-cutting exercise.

Jukka Ruuska, president Nordic Marketplaces says that in addition to the fee cut, OMX will simplify the reporting facility and extend the offer to securities from all over the European Union.

Other exchange venues across Europe have moved to cut fees for trade reporting as the MiFID rule changes free banks from the onus of reporting trades through regulated exchanges.

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