Nasdaq Nordic

Nasdaq Nordic is the common name for the subsidiaries of Nasdaq, Inc. that provide financial services and operate marketplaces for securities in the Nordic and Baltic regions of Europe.[2]

"OMX" redirects here. For other uses, see OMX (disambiguation).

Nasdaq Nordic
TypeSubsidiary
IndustryFinancial services
Founded2003
HeadquartersStockholm, Sweden
Key people
Hans-Ole Jochumsen
ProductsStock exchanges
RevenueSEK 4.305 billion (2007)[1]
Number of employees
1,638 (2007)[1]
ParentNasdaq, Inc.
Websitewww.nasdaqomxnordic.com
The old Stockholm Stock Exchange building

Historically, the operations have been known by the company name OMX AB (Aktiebolaget Optionsmäklarna/Helsinki Stock Exchange), which was created in 2003 upon a merger between OM AB and HEX plc. In 2015, the legal entity OMX AB was renamed Nasdaq AB, but it also operates under the alias Nasdaq OMX AB.[3][4] The operations have been part of Nasdaq, Inc. (formerly known as Nasdaq OMX Group) since February 2008.[5]

History

Origins

OM AB (Optionsmäklarna) was a futures exchange founded by Olof Stenhammar in the 1980s to introduce trading in standardized option contracts in Sweden. OM acquired the Stockholm Stock Exchange in 1998[6] and unsuccessfully attempted acquisition of the London Stock Exchange in 2001.[7] During the dot-com bubble in the early 21st century, OM, together with investment bank Morgan Stanley Dean Witter, launched a virtual European stock exchange called Jiway. The project was not successful[8] and was cancelled on 14 October 2002.[9]

Acquisition of other exchanges

On 3 September 2003, the Helsinki Stock Exchange (HEX) merged with OM, and the joint company became OM HEX.[10] On 31 August 2004, the brand name of the company was changed to OMX.[11] OMX then acquired the Copenhagen Stock Exchange in January 2005[6] for €164 million.[12] On 19 September 2006, the Iceland Stock Exchange owner Eignarhaldsfelagid Verdbrefathing (EV) announced it would be acquired by OMX in a deal valuing the company at 250 million SEK.[13] The transaction was completed by the end of the year.[6]

The company took a 10% stake in Oslo Børs Holding ASA, the owner of the Oslo Stock Exchange in October 2006. As of September 2016, Nasdaq is not a major shareholder in the Oslo Stock Exchange holding company, which following a merger is currently called Oslo Børs VPS Holding ASA. Nasdaq has, however, publicly stated its interest in eventually acquiring the Oslo Stock Exchange.[14][15][16]

In November 2007, OMX acquired the Armenian Stock Exchange and Central Depository.[17]

Expansion of offerings

In December 2005, OMX started First North, an alternative exchange for smaller companies, in Denmark. The First North exchange expanded to Stockholm in June 2006, Iceland in January 2007 and Helsinki in April 2007.[18] The Markets Technology division of Computershare was acquired in 2006. The acquisition greatly expanded its product offerings and made its client list the largest of all trading system technology providers.

On 2 October 2006, the group launched a virtual Nordic Stock Exchange after merging the individual lists of shares traded at its three wholly owned Nordic exchanges into a combined Nordic List.[19] Companies listed on the Iceland Stock Exchange have also since been merged into the list. OMX also launched a pan-regional benchmark index known as the OMX Nordic 40 on the same date; however, the individual exchanges have also retained their own national benchmark indices.

NASDAQ takeover
Former logo used from 1971 to 2014, with Nasdaq logo added in 2007.

On 25 May 2007, NASDAQ agreed to buy OMX for US$3.7 billion.[20] In August, however, Borse Dubai offered US$4 billion, prompting speculation of a bidding war.[21] On 20 September 2007, Borse Dubai agreed to stop competing to buy OMX in return for a 20% stake and 5 percent of votes in NASDAQ as well as NASDAQ's then 28% stake in the London Stock Exchange.[22] In a complex transaction, Borse Dubai acquired 97.2% of OMX's outstanding shares before selling them on to NASDAQ.[23] The newly merged company was renamed the NASDAQ OMX Group upon completion of the deal on 27 February 2008.

The following timeline outlines the consolidation through mergers and acquisitions among bourses in the European Union, which has taken place since the 1990s in response to financial harmonisation and liberalisation. Current, independent (parent) exchange companies are shown in colour.

    Intercontinental Exchange, Inc.
  New York Stock Exchange, Inc. NYSE Euronext, Inc.
    London Traded Options Market London International Financial Futures and Options Exchange Euronext N.V.
      London International Financial Futures Exchange
    London Commercial Sale Rooms London Commodity Exchange  
Amsterdam Exchanges N.V. (Amsterdam Bourse)     Euronext N.V.
    Bourse de Valeurs Mobilières de Bruxelles S.A. (Brussels Bourse)
  Société des Bourses Françaises S.A. (Paris Bourse)
    Bolsa de Valores de Lisboa e Porto (Lisbon Bourse)
          Irish Stock Exchange  
                Oslo Stock Exchange Oslo Børs Holding ASA Oslo Børs VPS Holding ASA  
                                      Verdipapirsentralen Verdipapirsentralen ASA  
                                    VP Securities A/S  
                  Borsa Italiana S.p.A. (Italian Bourse) London Stock Exchange Group plc  
    London Stock Exchange plc  
                                              Statnett Marked AS   Nord Pool Spot AS Nord Pool AS  
                                              Nord Pool ASA    
                                National Association of Securities Dealers, Inc. (NASD) NASDAQ NASDAQ OMX Group, Inc. Nasdaq, Inc.
                      Stockholm Stock Exchange OM AB OM HEX AB OMX AB
                          Helsinki Stock Exchange Helsinki Exchanges Group Plc
                                                Tallinn Stock Exchange  
                                              Riga Stock Exchange  
                                              Vilnius Stock Exchange
  Copenhagen Stock Exchange  
                                          Iceland Stock Exchange  
                                                          Armenian Stock Exchange  
                                                SIX Swiss Exchange AG
                      Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (Spanish Bourses)  
                          Budapest Stock Exchange     Budapest Stock Exchange
          Wiener Börse AG (Vienna Stock Exchange) Central and Eastern Europe Stock Exchange Group AG Vienna Stock Exchange
                                                Burza cenných papírů Praha, a.s. (Prague Stock Exchange)  
                                            Ljubljana Stock Exchange      
                                              Zagreb Stock Exchange
Frankfurter Wertpapierbörse AG (Frankfurt Stock Exchange)   Deutsche Börse AG (German Bourse)
                                  Centrale de Livraison de Valeurs Mobilières Cedel International  
                                                              European Energy Exchange  
                                                        Eurex Exchange  
                                                        STOXX
1585
1602
1625
1698
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1769
1771
1792
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1864
1912
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Exchanges
Locations

The following exchanges, with official market names within parentheses, are operated by Nasdaq Nordic:[24]

Divisions

The company's stock market activities are categorized into three divisions:

  • Nordic Market (Copenhagen, Stockholm, Helsinki, Iceland)
  • Baltic Market (Tallinn, Riga, Vilnius)
  • First North (alternative exchange)

Technology

In North America, OMX supports its most high-profile customers such as the Financial Industry Regulatory Authority (FINRA), ICAP, ISE, and IDCG, which are powered by OMX trading systems such as X-stream, CLICK, CONDICO and SAXESS.

OMX is the world's leading provider of central securities depository (CSD) technology. Its Equator CSD product is used by clients in Europe, the Middle East, Africa and the Caribbean.

Central counterparty clearing (CCC) technology is a significant potential growth area for OMX. OMX's SECUR clearing[25] and Genium trading platform[26] facilitate trade novation, derivatives clearing, risk management and improved liquidity. SECUR clearing and Genium trading technology are in production around the world.

OMX's technology customers include:

See also

References
  1. "OMX Financial Year-End Report 2007" (PDF). OMX. Archived from the original (PDF) on 29 May 2008. Retrieved 29 February 2008.
  2. "Nasdaq Nordic and Nasdaq Clearing Appoint New Board Members". NASDAQ. 12 July 2016. Archived from the original on 14 September 2016. Retrieved 11 August 2016.
  3. Bakie, John (30 October 2014). "Nasdaq drops OMX name from branding". The Trade. London. Archived from the original on 20 September 2016. Retrieved 12 June 2015.
  4. "Nasdaq AB". Solidinfo.se (in Swedish). Archived from the original on 26 August 2016. Retrieved 11 August 2016.
  5. http://www.securitiesindustry.com/news/22064-1.html%5B%5D Article on Nasdaq's Acquisition of OMX
  6. "Milestones". NASDAQ OMX Group. Archived from the original on 26 August 2010. Retrieved 28 September 2010.
  7. Treanor, Jill (10 December 2002). "Stock Exchange teams up with OM". The Guardian. London. Archived from the original on 10 September 2014. Retrieved 29 February 2008.
  8. "OM losses shock analysts". BBC News. 18 April 2001. Archived from the original on 12 May 2006. Retrieved 29 February 2008.
  9. "City briefing: Jiway eases bourse clutter". The Guardian. London. 15 October 2002. Archived from the original on 9 September 2014. Retrieved 29 February 2008.
  10. Leighton-Jones, Phillipa (4 September 2003). "OMHex appoints new chief executive as trading begins". Financial News. Archived from the original on 17 May 2011. Retrieved 29 February 2008.
  11. "OMHEX changes name to OMX". Finextra. 31 August 2004. Retrieved 29 February 2008.
  12. Akerhielm, Maria (16 November 2004). "OMX to Buy Copenhagen Exchange". Dow Jones Newswires. Archived from the original on 10 March 2016. Retrieved 29 February 2008.
  13. "OMX to buy Iceland bourse owner in all share deal". AFX News. 19 September 2006. Retrieved 29 February 2008.
  14. "Top 20 Shareholders". Oslo Børs VPS. Archived from the original on 23 September 2016. Retrieved 2 September 2016.
  15. "About Oslo Børs VPS". Oslo Børs VPS. Archived from the original on 31 August 2016. Retrieved 2 September 2016.
  16. "Nasdaq interested in Oslo Bors, but feels Norwegian chill". Reuters. 31 March 2016. Archived from the original on 15 September 2016. Retrieved 2 September 2016.
  17. "OMX - press release". Cision Wire. Archived from the original on 16 July 2009. Retrieved 21 November 2007.
  18. "OMX: First North Services Expand to Finland". Business Wire. 3 April 2007. Retrieved 29 February 2008.
  19. "The OMX Nordic Exchange strengthens its position as a leading European marketplace" (Press release). OMX. 2 October 2006. Retrieved 29 February 2008.
  20. "Nasdaq bids $3.7bn for Nordic OMX". BBC News. 25 May 2007. Archived from the original on 4 October 2007. Retrieved 29 February 2008.
  21. "Dubai in $4bn bid for Nordic OMX". BBC News. 17 August 2007. Archived from the original on 23 November 2008. Retrieved 29 February 2008.
  22. Magnusson, Niklas; McSheehy, Will (20 September 2007). "Dubai to Buy Stakes in Nasdaq, LSE; Strikes OMX Deal". Bloomberg. Archived from the original on 16 January 2008. Retrieved 29 February 2008.
  23. "Borse Dubai completes planned sale of OMX to Nasdaq". International Herald Tribune. Associated Press. 27 September 2007. Retrieved 29 February 2008.
  24. "Nordic Large Cap". NASDAQ. Archived from the original on 23 August 2016. Retrieved 11 August 2016.
  25. "SECUR clearing solution" (PDF). Archived (PDF) from the original on 26 November 2011. Retrieved 9 October 2011.
  26. "Genium INET Trading" (PDF). Archived from the original (PDF) on 26 November 2011. Retrieved 8 October 2011.
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