OMX Exchanges' marketplaces in Helsinki, Tallinn and Riga have today successfully launched the common Nordic trading platform SAXESS™, already in use at the Stockholm Stock Exchange, for trading on the cash markets.
The launch of SAXESS, developed and operated by OMX Technology, is a milestone in OMX's effort to realize the vision of an integrated Nordic and Baltic securities market.
The harmonization of cash markets today provided additional customer benefits, such as harmonized trading hours between the Helsinki and Stockholm stock exchanges as well as harmonized Nordic and Baltic trading rules. Including the OMX Exchanges markets, SAXESS and the common NOREX Member Rules are now in use in seven Nordic and Baltic marketplaces: Copenhagen, Oslo, Iceland, Stockholm, Helsinki, Tallinn and Riga. Further benefits are expected next year, when the Vilnius Stock Exchange is expected to adopt the common trading system.
"The implementation of SAXESS supports our strategy and vision. It will increase the efficiency and the competitiveness of the Nordic region as a financial market and provide benefits for issuers, market participants and investors. The successful harmonization of cash markets is a major achievement," said Magnus Böcker, President and CEO of OMX, expressing appreciation for the efforts of all market participants.
OMX Exchanges now offers access to 80 percent of the Nordic and Baltic equity market through a single access point to the common trading platform. At the end of August, OMX Exchanges offered services to 507 listed companies and about 160 trading members. The total market value of all listed companies amounted to EUR 415 billion.