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About this website
This website is intended for news, documents and discussions regarding the ongoing regulation of Nordic Securities Markets:
- The site provides information from Nordic Ministries of Finance, Financial Supervisory Authorities, Trade Associations and other industry representatives that are involved in implementing EU-directives and developing national legislation and regulation on the securities markets
- The site contains information about Nordic Securities Markets initially relating merely to the implementation of Markets in Financial Instruments Directive (MiFID)
How to navigate
For access to documents there are click-able options.
- Under the first flap “News“, please, click on the coloured words (link) to access the relevant information
- There are other flaps at the top of the page that gives various types of information e.g. the flap “EU” contains reference information about MiFID legislation and other pieces of information that has a more permanent status than the information under flap “News”
- Under “Archives” previous news are recorded in a search-able form. If a sign like this […] appears please click the headline of the article to retrieve the remainder of the text. If the relevant link is not marked please click the headline of the article to re-activate the link
- The flap ”Time lines” contains common documents e.g. time lines for transposition and implementation of MiFID in the five Nordic Countries.
- On the upper part of the right hand margin are the click-able headlines of the most recent published news
- On the lower part of the right hand margin there are the click-able categories under which all posts related to the category are displayed. The number indicates the number of posts published. f a sign like this […] appears in the text please click the headline of the article to retrieve the remainder of the text. If the relevant link is not marked please click the headline of the article to re-activate the link
Press release about Nordic Securities 2006-10-30
A new regulation of the securities market is underway within the EEA based upon MiFID (Markets in Financial Instruments Directive).
All member states must have transposed MiFID by means of legislation and by regulations issued by the competent authorities by February 1, 2007. Credit institutions and investment firms ought to implement those new requirements by November 1, 2007. The objectives of the directive are to achieve a true single market for the securities markets, increased competition between stock exchanges and other venues and increased investor protection.
The securities market in the Nordic and Baltic area is currently undergoing an increased integration. The trading already takes place on the same platform and with the same trading rules, delivered by OMX (the stock exchange group), in Denmark, Finland, Iceland, Norway, Sweden, Estonia, Latvia and Lithuania. OMX is also the owner of all stock exchanges except the Norwegian and is in the final stage of acquiring the Icelandic exchange. In the post-trade area (clearing and settlement) there is currently an integration project, Nordic Single, in which the Swedish VPC and its Finnish subsidiary APK is engaged.
Several Nordic banks and investment firms have long been represented in two or more Nordic or Baltic countries. For these institutions it is important not only that the trading and post trading infrastructure is integrated but also that the legal environment they have to comply with is similar.
In order to facilitate and contribute to the implementation process the trade associations are deeply involved in discussing the regulatory developments with ministries and competent authorities. They also provide their member firms with all information about the interpretation of MiFID provisions that is needed to help them implement the numerous new IT-systems, procedures and routines that they may need.
In order to facilitate this work there is currently collaboration between the five Nordic trade associations and they have opened a joint public website www.nordicsecurities.org where law proposals, regulations, and other documents referring to MiFID are published, and which is updated on a regular basis.
For further information please contact:
Bank and Securities Dealers Association of Iceland
Tel: +3545 910 000
Email: gudjon@sbv.is +35 4591 0000
Danish Securities Dealers Association
Tel: +45 3370 1064
Email: sin@dbmf.dk
Finnish Association of Securities Dealers
Tel: +3589 6689 1716
Email: markku.savikko@apvy.fi
Norwegian Securities Dealers Association
Tel: +47 2200 7412
Email: mce@nfmf.no
Swedish Securities Dealers Association
Tel: +468 5626 0701
Email: vigg.troedsson@fondhandlarna.se
