Nordic Growth Market unveils plans for MiFID services
From November 1 Nordic Growth Market, a Swedish exchange, will launch new services in order to help resolve the requirements raised in the Markets in Financial Instruments Directive (MiFID), which will take effect on the same date.
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This will include a new price structure focused on improving the business efficiency of the members.
Nordic Growth Market, NGM, will offer its members the possibility to trade liquid Nordic shares, as specified by the European Commission, on its exchange platform with a reduced price structure in accordance with the new directive.
It will also be possible for Systematic Internalisers to comply with MiFID by using the new pre-trade price quoting service as well as the post-trade reporting facility that NGM offers. The exchange will distribute all market data to the leading market data vendors and distributors on a Nordic as well as on a global basis.
With the experience and technology from the regulated markets operated by NGM, outsourced MTF management will be offered. NGM will manage technology, administration and also assist in the process with the local regulatory authority.
NGM is a challenger to the existing national monopolies in the Nordic region and the changes that MiFID brings about make it possible for NGM to assist the banks and brokers with additional targeted services at competitive prices.
More than 2200 instruments are listed on the markets operated by NGM. Including NDX, the Nordic Derivatives Exchange, NGM is the largest exchange in the Nordic region for derivative leverage products like plain vanilla and knockout warrants.
"This evolution is a natural step in the continued growth of our exchange. We have had a good dialogue with members, their providers of trading solutions and other market participants" says Ulf Cederin, CEO of NGM.