Tallinn, Helsinki and Riga stock exchanges successfully switched over to the new trading system SAXESS

27.09.2004 TLN

Tallinn Stock Exchange
27.09.2004

At 10.00 hours today, 27 September, the Baltic and Nordic stock exchanges successfully switched over to the new trading system SAXESS. The Stockholm, Oslo, Iceland and from today also the Tallinn, Helsinki and Riga stock exchanges trade in the SAXESS system. The Lithuanian exchange plans to transfer to the new system in 2005.

“The launch of a single trading system was a great leap forward in developing an integrated Baltic and Nordic securities market, and all the actors on the market will benefit from it,” said Gert Tiivas, CEO of the Tallinn Stock Exchange at the opening of the system.

The aim of launching a single trading system in the Baltic and Nordic countries is to offer easier access to the markets. Besides, the Baltic states can now be viewed as a single investment area – the differences between the Estonian and Latvian markets will decrease in the first stage, and Lithuania will join the system in the second stage in 2005 – and this will be of benefit to investors, stock exchange members, listed companies as well as information vendors.

A web site of Baltic securities information is also available from today to offer investors trading information, press releases and statistics about the Tallinn and Riga exchanges, and information on the BALTIX, RIGSE and TALSE indices. The website can be found at www.ee.omxgroup.com under “Trading Information ”.

“The single trading system, unification of rules and easier access to information will broaden the opportunities of investors and provide for a greater trading activity of foreign investors,” added Tiivas. According to Tiivas, the unification makes it possible for more foreign investors to come to the Estonian market and for new companies to be listed on the Tallinn exchange.

The importance of the further development of the Baltic and Nordic integrated securities market was also stressed at today’s opening of the trading system. While a settlement link has been created now between the Estonian and Latvian depositories so that investors can purchase securities from the Riga exchange and keep them on and pay for them from their accounts in Estonia, a similar system involving the depositories of other states has to be launched in order to create a single market.

A decision of the TSE enters into force today, giving A/S Latvias Unibanka membership of the TSE and its brokers the right to use the SAXESS trading system.

For a detailed overview of the SAXESS system and the related changes please see http://www.ee.omxgroup.com/saxesslaunch_en   


The Tallinn Stock Exchange organises securities trade and secondary market in Estonia. The Tallinn Stock Exchange is a part of the OMX Exchanges division, which also owns and operates securities exchanges in Sweden, Finland, Latvia, and Lithuania.

The NOREX membership rules established on the NOREX exchanges regulate the use of the trading system, requirements for exchange members and brokers, and trading activities. Tallinn Stock Exchange is a member of NOREX since 7 April 2004.