HEX Integrated Markets and the Copenhagen Stock Exchange, Oslo Brs and Iceland Stock Exchange have agreed a new NOREX co-operation agreement.
According to the agreement, HEX Integrated Markets Ltd – representing Stockholmsbrsen, who is already a member of NOREX, Helsinki Exchanges, Tallinn Stock Exchange and Riga Stock Exchange – will become part of the NOREX alliance.
Including HEX Integrated Markets, the NOREX alliance now covers the whole Nordic region and two thirds of the Baltic area, comprising seven exchanges and four clearing houses.
The NOREX objective is to create a joint, fully integrated market place for financial instruments, generating benefits for customers, including increased liquidity, more efficient member access, broader service range and lower costs when connecting to Nordic markets.
The NOREX alliance is based on co-operation between independent parties and builds on the principles of a common trading system and common regulatory framework.
The implementation of the common SAXESS trading platform at the Helsinki, Tallinn and Riga exchanges is estimated to be in place by the end of September, after which access to securities from seven markets will be available through one trading system.
In conjunction with the implementation of the trading system, the common NOREX Member Rules will be implemented at Helsinki Exchanges and introduced as amendments to the rulebooks of Tallinn Stock Exchange and Riga Stock Exchange, respectively.