A subset of structured products traded on the fixed income markets of Nasdaq Helsinki and Nasdaq Stockholm in Genium INET have been classified as securitised derivatives in accordance with MiFIR and MiFID II.
The products in question are leverage certificates such as market warrants. MiFIR stipulates that transactions in securitised 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 18 December, 2017.
Nasdaq Nordic has published a new rulebook that covers securitised 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 securitised derivatives segments in the Genium INET trading system of Nasdaq First North. The current rules in force will be applicable for the securitised derivatives until the instruments are transferred.
