OMX opens Nordic exchange
Paul O'Mahony · 2 Oct 2006, 10:07
Published: 02 Oct 2006 10:07 GMT+02:00
"This is an important milestone in the integration of the Nordic financial market," said Magnus Böcker, CEO of OMX.
The new Nordic list will replace the current lists in Stockholm, Copenhagen and Helsinki. Companies from the three countries are to be presented on a common list and divided by segment in accordance with the Global Industry Classification Standard (GICS). This means they will be classified first by market capitalization (Large, Mid and Small Cap), then by industry sector.
"The launch of a common presentation for Finnish, Swedish and Danish companies is one visible step in the financial innovation process in the region. The joint presentation gives investors more to choose from and by focusing on industry sectors we make it easier to compare companies in the same industry across the region," said Jukka Ruuska, President business area Nordic Marketplace at OMX.
In addition to a common presentation, OMX is also launching Nordic indexes, Nordic information offering and harmonized listing requirements. With these new innovations OMX claims to be "contributing to increased visibility for Nordic listed companies across the region and internationally.
"That is of utmost importance in the highly competitive global financial markets," said Hans Ole Jochumsen, President business area Information Service & New Markets at OMX.
Norway however has elected to stay out of the deal. Bente A. Landsnes, CEO of the Oslo stock exchange, is not interested in a merger with the OMX Nordic Exchange.
"OMX and the Oslo Stock Exchange have different strategies. Our strategy is to develop the Norwegian Market to make the Norwegian economy as visible as possible both internationally and domestically," she told Svenska Dagbladet.