As previously communicated in Exchange Notice (69/17), effective 2 Jan 2018 Nasdaq Stockholm introduces minimum block trade sizes and updates the conditions and threshold volumes for deferred trade-publication on the equity derivatives market. The changes are done in response to the new transparency requirements implemented by MiFIR. This notice contains information on the volume conditions and the values being applied to the trade registration facility and the manual trading system, subject to approval from regulators.
The minimum block trade sizes and the deferral threshold volumes are based on the LIS pre-trade and LIS post-trade threshold values in EUR, respectively, as published by the European Securities and Markets Authority (ESMA). The EUR notional values are converted into number of contracts by the exchange.
The minimum block trade size is the minimum number of contracts per sub-class of derivatives that can be entered into as a block trade outside the central limit order book. Any attempt by a member to report and register with the exchange a block trade which does not satisfy the minimum block trade size will be rejected. With respect to block trades in the form of strategy trades, at least one leg must comply with the minimum block trade size.
The deferral threshold volume is the minimum number of contracts per sub-class required in order for a block trade to be eligible for deferred trade-publication. If deferred trade publication is requested for such trade, the publication of the trade details is deferred until the end of the main trading session the same day. With respect to block trades in the form of strategy trades, at least one leg must meet or exceed the threshold volume in order for the whole strategy to be eligible for deferred publication.
For further information please see the attached file.
