© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. IR Symposiet October 2, 2008.

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Presentation transcript:

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. IR Symposiet October 2, 2008

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 2 A World in Transition Every day media tells us that we need to do something... What?

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 3 Smart Pool Baika l Competitive EU Landscape: Trading-Clearing-Settlement Clea- ring Settle- ment NASDA Q OMX Europe Burgund y Derivatives trading Equities trading ED X NASDA Q OMX DM IDE M Eurex Clearin g FWB/ DB Eure x LCH Clearn et LS E Borsa Italian a Turquoise NYSE Euronex t Liffe Liffe Clearing CC& G EMC F Euroclea r NCSD Clearstream Monte Titoli NASDA Q OMX DM Clearing Central Bank Eur o CC P NYSE Euronex t Euro Milleniu m Liquidn et BAT S MiFID The Code T2 S The Code Chi- X NASDAQ OMX Nordic Exchanges SW X SIS x- clear SI S Octopu s Link-Up POSI T ProjectRainbowProjectRainbow BES T

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 4 New Trading Venues Chi-X has emerged a serious competitor to established exchanges in Europe -Has been able to take around 5% of all the share trading in Europe -Has over 15% of all trading in FTSE 100 stocks listed on LSE Other new venues are: -Turquoise -BATS Europe -NASDAQ OMX Europe -Burgundy

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 5 Chi-X Weekly Total Turnover

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 6 Chi-X Market Share in the Nordic Markets

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 7 NASDAQ OMX Europe Setup -London based MTF (FSA regulated) -Proven low latency matching engine (INET) Equities trading -Total: European blue chips -Cover all main European indices -Composite displayed/non-displayed book -Pre and post-trade anonymity -Consolidated European Best Bid Offer -Order routing functionality Market data -Low latency data feed -Full depth order book access -Members and vendors treated equally Connectivity services -Co-location in the City of London -Carrier of choice Value based fees -Liquidity provider-taker model Market coverage -Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland, UK All stocks traded in local currency: -DKK, EUR, GBP, NOK, SEK, SFR Post trade -CCP partnership -Domestic settlement

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 8 The Way Forward for the Nordic Market CCP for cash trading Improved latency – Inet Nordic EDX – developing the Nordic clearing house Part of a global exchange Multi asset class exchange

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 9 Not only threats – a lot of possibilities New assets Clearing New segments Listing

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 10 Business Opportunities OTCExchange Business Opportunities High transparency High standardization High regulation Low transparency Low standardization Low regulation

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 11 Exchange Traded vs. OTC Traded Transparency Liquidity Standardization Security Legal framework Concentration of order flow Ease of valuation Independent Limited liquidity Low grade of standardization Counterparty risk Problematic valuation No concentration of order flow Low transparency Not independent Stock ExchangeMarketplace operator

© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.