OMHEX markets to adopt new trading system

19.02.2004 TLN

Tallinn Stock Exchange press release
19.02.2004

As the first step in creating an integrated Nordic and Baltic marketplace, the exchanges in Tallinn, Riga and Helsinki will adopt a new trading platform by the end of September.

Migration to the same trading system with Sweden, Denmark, Iceland and Norway means that there will be seven exchanges trading in the same platform.

Companies listed in Tallinn and Riga will start trading in Baltic list, based upon which the exchanges will start calculating the Baltic index. The calculation of Estonian TALSE index will continue, in Latvia the current indices will be terminated and a new capitalisation-based index will be introduced.

Tallinn and Riga exchanges will have identical trading day length and structure. Estonia will keep euro as its trading currency, whereas local lat will remain the trading currency in Latvia.

Members operating in several OMHEX markets will benefit the most from the migration. Common trading and market data systems will enable members to rationalise their operations. Harmonised requirements and rules for members will be adopted. Applying membership in both, Tallinn and Riga exchanges will be simplified as documents must be provided only to one exchange. Due to legislative requirements, relevant approval from securities market supervisors still need to be obtained.

System migration will not immediately bring any substantial changes to the end-investors. In a long-term perspective, the investors should benefit from higher efficiency and better liquidity of the markets.

As a next step towards creating an integrated market, OMHEX markets plan to adopt single settlement system, rulebook and orderbook by 2006.

The final date of trading platform adoption as well as further details will be announced separately.

Additional information:

Gert Tiivas
CEO of HEX Tallinn
+372 640 8802

Eva Palu
HEX Tallinn communications manager
+372 640 8802