As communicated earlier in exchange notices on December 4 and December 7, a subset of structured products traded on the fixed income markets of Nasdaq Helsinki and Nasdaq Stockholm in Genium INET are classified as securitized derivatives in accordance with MiFIR and MiFID II. The products in question are leverage certificates such as market warrants. MiFIR stipulates that transactions in securitized derivatives must be cleared by a CCP when traded on a regulated market. As a consequence, the instruments will be transferred to the multilateral trading facility Nasdaq First North, operated by Nasdaq Nordic on December 18, 2017. Further information and background to the transfer is found in the attached regulatory notice.
Nasdaq Nordic has decided to publish a new rulebook that covers securitized derivatives traded in Genium INET on a new market segment on its multilateral trading facility (MTF), Nasdaq First North. The name of the new segment of Nasdaq First North is Nasdaq Structured Leveraged Products.
The Rulebook is to a large extent a copy of relevant parts in the Nasdaq Stockholm Rule Book for issuers, the Nasdaq Copenhagen Rules for issuers of bonds and the current Chapter 5 of the Rules of the Exchange of Nasdaq Helsinki, applicable for the Exchange’s regulated markets. There are no substantial changes in the rules.
The new Rulebook will enter into force on 18 December 2017 and will govern the securitized derivatives segments in the Genium INET trading system of Nasdaq First North. The current rules in force will be applicable for the securitized derivatives until the instruments are transferred.
The new Rulebook “Rules of Nasdaq First North Structured Leveraged Products” is available as an attachment to this exchange notice and can be found on Nasdaq’s website here [http://business.nasdaq.com/list/Rules-and-Regulations/European-rules/common/index.html#tcm:5044-18973].
New Market segment identifiers:
| Genium INET Market segment | MIC | Genium INET source code | GCF ID |
| STO FN Structured Lev Products | FNSE | 179 | 830 |
| HEL FN Structured Lev Products | FNFI | 184 | 832 |
Products that are currently listed on Nasdaq Stockholm will be transferred to a new segment of Nasdaq First North Stockholm and products listed on Nasdaq Helsinki will be transferred to a new segment of Nasdaq First North Helsinki.
Questions and feedback
For further information concerning this exchange notice please contact Axel Holm, +46 8 405 6812 axel.holm@nasdaq.com, or Angelica Nordberg, +46 8 405 66 33, angelica.nordberg@nasdaq.com
