Genium INET Market Model...options and Binary options. Genium INET Market Model 4 4 Date Revision Change Description March 17, 2014 1.24 General updates to layout and language in document

GENIUM INET MARKET MODEL

NASDAQ OMX Derivatives Markets

NORDIC EQUITY DERIVATIVES

Effective March 24, 2014

Genium INET Market Model 2 2

REVISION HISTORY

Date Revision Change Description

April 8, 2010 1.0 Initial version for NASDAQ OMX Derivatives Markets

April 29, 2010 1.1 Changes made in step 3 under section 4.3.4”Calculation of EP”, and section 7.2.5 “Fill-or-Kill” under section “Time in Force”.

May 10, 2010 1.2 Clarification regarding the calculation of EP price in section 4.3.4 “Calculation of EP”.

June 7, 2010 1.3 Clarification of hidden orders in call interaction, see section 4.3.2 “Call Interaction”.

September 17, 2010 1.4 Changes: 7.1.4 Stop Orders will only be available in Swedish index futures 7.5.7 OMXS30 standardized Index futures roll (new section). This new functionality will be implemented as of the 8 of November. Clarification: 3.3 Session states during special circumstances (new section) 7.3 Reserve Orders 7.5 Combination Orders 7.5.1 Pricing combinations (new section) 7.5.4 Derived Orders, baits (new section) 7.5.5 Regeneration of baits during aggressive matching (new section) 7.5.6 Restrictions to bait generation (new section) 7.6 Order modification 8 Quotes (new section) 8.1 Single Quotes (new section) 8.2 Mass Quotes (new section) 8.3 Replacing Quotes – losing priority (new section)

October 11, 2010 1.5 4.3.2 Call Interaction, clarification regarding Stop Orders 7.1.4 Stop Order, clarification regarding Call Interaction and Price triggering 7.4.1 Price triggering, clarification regarding Stop Orders 7.5.3 Tailor-Made Combination, clarification regarding maximum ratio 7.7 Ranking of Orders, exception to the main rule 13 Appendix E Ranking of Orders, example on exception to the main rule 14 Appendix F Combinations, during special circumstances matching may be prohibited

October 18, 2010 1.6 7.1.4 Stop Order, reference added 7.4.1 Price triggering, exception to Stop Orders not being triggered if LMP is updated outside BBO 7.7 Ranking of Orders, exception to the main rule 13 Appendix E 13.1, Correction of example on exception to the main rule 13 Appendix E 13.2, new example on exception to the main rule

January 31, 2011 1.7 7.1.4 Stop Order, clarification regarding Stop Orders triggered by erroneous transactions 9 Updated Quotation lists due to changed rules regarding Series generation

April 4, 2011 1.8 4.3 Changes valid as of April 4, 2011. Introduction of an Opening Call Auction on Index futures. Extension of the Call Interaction phase in the Closing Call Auction from 60 – 90 seconds to 90 – 120 seconds. 3.1 and 3.2 Changes of trading hours and schedules due to the changes on April 4, 2011. 7.1.4, 7.4.1 and appendix 13.3 As of April 4, 2011 none of the two exceptions to the main ranking rule will trigger Stop Orders and has therefore been removed from the triggering sections. 7.4.2 Triggering on Session changes. The only available session to trigger on will be Call Interaction for Index futures.

August 31, 2011 1.9 6.2 Trade types. Changed procedures when reporting EG2.



November 14, 2011 1.10 Clarification 4.3.2.1 Call Interaction and 4.3.3.1 Call Interaction. Description of market transparency moved to section 9. 4.3.4 Calculation of EP 7.1.3 Market-to-Limit Order 7.5.4 Bait Orders 7.5.7 Dissemination of Bait Orders New sections 9 and appendix G Description of Connectivity and Protocols

April 2, 2012 1.11 11 Appendix B, Change of Danish tick sized for single stock options and futures

June 15, 2012 1.12 Removal of Russian and Baltic derivatives Changed MPS accessibility hours

August 6, 2012 1.13 3.1 Changed trading hours Norwegian derivatives

September 3, 2012 1.14 Introduction of Weekly options on OMXS30

November 26, 2012 1.15 3.1 and 3.2 New trading schedules 4.3.3.2 Uncross session deleted, allocation moved to transition from CLIN to EOTRD 4.4-4.9 New sessions 6.1.5 Deferred publication 6.2.1-6.2.2 13 App. D New Trade Report Types and clarification 7.1.1 Clarification, day orders not participating in Post Trade 7.1.2 Market orders not valid in POSTR 7.1.4 Stop Order, not valid in POSTR 7.7 Ranking of derived Orders, Clarification 16 App. G Market Transparency, updated 17 App. H Deferred publication, new 18 App. I Order management, Trade reporting and events during sessions, new

March 25, 2013 1.16 7.2 Order Price Limit. Introduction of a new Price deviation check that prevent Orders with Prices outside an allowed Price range to enter EMP.

March 26, 2013 1.17 7.2 Order Price Limit. Allowed deviations updated for options & futures on Maersk.

May 6, 2013 1.18 3.1 Changed opening hours for Norwegian Single Stock. 3.1 & 3.2 Corrected time stamps for session state TRMBD.

September 3, 2013 1.19 Section 11 Appendix B. Updated tick size table for Weekly Options.

December 9, 2013 1.20 3.1, 3.2, 4.6, 4.7 and 7.6 Extended post trade session on index futures on OMXS30 and enabling trading in the two standardized index future time spreads on OMXS30 during the post trade session 7.6, 7.3.2 and 7.3.3 GTC and GTD order are enabled in the two standardized index future time spreads on OMXS30 4.3 and 7.2.1 Call auction and Order Price Limit overview Clarification, Order Price Limit is not activated during auctions 7.1.2 and 7.1.3 and 7.6 Market and Market-to-Limit orders no longer valid for combinations 7.1.3 Market-to-Limit order Clarification on which order book price is used to determine the price of the order 7.2 Combination orders are validated by Order Price Limit 7.2.2 Market and Market-to-Limit orders are validated by Order Price Limit 7.2.4 Clarification, the quality of the BBO is validated in order to be used when calculating the reference price 7.2.4.3 New Combination Order Book Reference Price Rule implemented 7.2.5.5 – 7.2.5.7 New deviation tables implemented for combination order books 7.6.4 Bait orders are not generated if according to Order Price Limit, the Buy price is below the lower price limit or if the sell price is above the upper limit Appendix I Trade reporting clarification on what trade report types can be used electronically or via phone during which sessions 18.1 and 18.2 Clarification on time limits regarding trade reporting electronically/phone

January 20, 2014 1.21 Appendix 10 Quotation list Updated strike generation rules for Swedish Single Stock options 10.1

February 3, 2014 1.22 7.2.4 Order Price Limit reference price. The rule for selecting reference price for index futures is changed to be the same as for single stock and index options and single stock forwards/futures

February 24, 2014 1.23 Appendix 10 Updated strike price intervals for Swedish Index, Weekly options and Binary options.



March 17, 2014 1.24 General updates to layout and language in document (no material changes to content). Info on Standardized and Tailor Made Combinations in Section 7.6 extended. New section 7.10 Request For Quote.

March 24, 2014 1.25 Updates to reflect the introduction of long orders in futures time spreads on C20CAP, OMXO20, VINX30 and OMXSB; trading in the futures time spreads on C20CAP, OMXO20, and OMXSB in the post-trade session; and new strike price intervals, tick-size levels and expiration month terms for Norwegian derivatives. Update to reflect the removal of second futures time spread on OMXSB.

DEFINITIONS

The official definitions can be found in the Rules and Regulations of NASDAQ Derivatives

Markets.

BBO Best Bid Offer of an Order Book.

Call Auction process to facilitate price formation with two distinct parts:

the first part is an order management phase called Call Interaction

and the second part is a matching process for all eligible orders.

The matching process is called Uncross (as it removes all orders

with crossing prices).

Call, closing The Closing Call in Index futures (OMXS30, OMXC20, OMXO20

and OMXSB), produces the last auto matched trades of the order

book (if there are eligible orders available for matching).

EP Equilibrium Price

EMP Electronic Market Place; an abbreviation for the Exchange’s

electronic exchange trading system Genium INET.

FAK Fill-and-Kill is a Time-in-force when entering Orders.

FOK Fill-or-Kill is a Time-in-force when entering Orders.

GTC Good till Cancelled or Expiration Order. Order that is valid until the

Expiration of the Series in question.

GTD Good till Date. Order that is valid until a specified Date in the future.

LMP Last Match Price.

Member An Exchange Member, as defined in the Rules and Regulations.

Order Book Each tradable Series has an order book in Genium INET for auto-

matching of order and quotes.


Series As defined in the Rules and Regulations.

Time of agreement The time that states when the trade was agreed. Can be used at

registration of manual trades.

Time of Trade

Execution

The time at which an automatically matched trade is matched or a

manual trade has been entered.

For a manual trade it is the time at which the trade is reported for

registration.

Uncross A call ends with an Uncross where price determination and order

and trade information dissemination takes place.

VWAP Volume Weighted Average Price. Used as Expiration-day-fix on

Index products.


CONTENTS



1 INTRODUCTION

This document describes the functionalities for trading of Nordic equity derivatives on NASDAQ

OMX Derivatives Markets, the name used for the derivatives trading operations of NASDAQ

OMX Stockholm AB (the “Exchange”).

Chapter 2 describes the market structure, while chapter 3 presents an overview of the trading

hours and holiday schedules. In chapter 4, the trading sessions during a trading day is

presented. Chapter 5 describes the expiration cycles and listing of series. Chapter 6 outlines the

registration of manual trades. Chapter 7 presents the order types available and discusses the

order modification.

While the document has been prepared on the basis of the best information available, at the

moment of preparation, the Exchange accepts no liability for decisions taken, or systems work

carried out, by any party based on this document. This document does not form part of the

contractual documentation between the Exchange and its customers. Content of this document

may also be subject to discussions and in some cases approval from relevant authorities.

While the Rules and Regulations of NASDAQ OMX Derivatives Markets is a legally binding

document between Members and the exchange, the purpose of this Market Model document is

to provide additional guiding information for trading members.

Additional documents referenced in this documentation can be found at NASDAQ OMX’s official

website.


2 MARKET STRUCTURE

The market for Nordic equity derivatives consist of derivatives on Danish, Finnish, Norwegian

and Swedish shares and indexes as well as on Pan-Nordic indexes. Contracts are categorized

as standardized, on request, or flex. Trading takes place either through the electronic exchange

trading system Genium INET, through the manual exchange trading system or outside the

Exchange’s trading systems.

STANDARDIZED CONTRACTS

Standardized contracts are exchange-traded derivatives listed for trading and clearing with

standardized terms. New tradable Series are automatically created by the Exchange according

to pre-set rules.

ON-REQUEST CONTRACTS ON FINNISH SHARES

On-request contracts on Finnish shares are exchange-traded derivatives listed for trading and

clearing with standardized terms. New tradable Series are not automatically created for all

underlying shares but instead created intraday by the Exchange on request by members. For

further info see Error! Reference source not found..

FLEX CONTRACTS

The TM (Tailor Made) Clearing service offers market participants the possibility to report flex

contracts with non-standardized terms which have been negotiated and agreed bilaterally for

clearing. TM Clearing is offered on listed shares, indexes and custom made indexes. The

underlying security, expiration date, expiration type, settlement style and strike price (options) are

agreed bilaterally by the parties involved in the transaction.

ELECTRONIC EXCHANGE TRADING SYSTEM

Genium INET is the electronic exchange trading system for storing of orders, ranking of orders

and execution of trades by exchange members.

MANUAL EXCHANGE TRADING SYSTEM

The manual exchange trading system is a service for exchange members. Services include for

example matching of:

Large block trades

Combinations and spreads

Delta neutral trades

Roll of index futures


REGISTRATION OF MANUAL TRADES

Registration of trades matched outside of the exchange trading system, may be reported to the

exchange for registration via the members electronic connections to the trading and clearing

system, via phone or via a public information distribution system approved by the Exchange.

Market segments and types of derivatives

The following derivatives are available per market segment

Market segment Options Futures Forwards Binary options Weekly options

Danish stock, standardized x x

Danish index, standardized x x

Finnish stock, on-request x* x

Norwegian stock, standardized

x x x

Norwegian index, standardized

x x

Swedish stock, standardized x x x x

Swedish index, standardized x x x x

Pan-Nordic index, standardized

x x

Danish stock, flex x x x

Danish index, flex x x x

Finnish stock, flex x x x

Norwegian stock, flex x x x

Norwegian index, flex x x x

Swedish stock, flex x x x

Swedish index, flex x x x

Pan-Nordic index, flex x x x

*Options not listed in group 2 of the Quotation list

TRADING RIGHTS

Each member is participating in the trading activity under one or several unique member

identification codes, known as Participant codes. To each Participant Users are connected.

In the system, the trading rights are set on Participant level and the trading rights are fully

inherited on User level. This means that Users connected to the same Participant have the same

trading rights and these trading rights determine which products the User have access to trade.

Furthermore, each individual trader must possess authorization to trade as stipulated in Rules

and Regulations section 2.2.10.


3 TRADING HOURS AND HOLIDAY SCHEDULES

NORMAL TRADING HOURS, GENIUM INET

All times CET

Pre-Open Call Interaction

Continuous Trading

Call Interaction

End of Trading Statistics Day Orders Cleared

Post-Trade Terminating business day

Electronic Market Place Closed

Genium INET session state

PREOP CLIN OPEN CLIN EOTRD STATS CLEAR POSTR TRMBD EMPC

Danish Stock 08:30 – 09:00 N/A 09:00 – 16:55 N/A 16:55 16:57:10 N/A N/A 16:57:40 18:00

C20CAP Index 08:30 – 08:55 08:55 – 9:00 09:00 – 16:55 16:55 – 15:56:30 – 16:57:00

16:57:10 16:57:40 16:58:00 17:05:00 18:00

Finnish Stock 08:30 – 09:00 N/A 09:00 – 17:25 N/A 17:25 17:27:10 N/A N/A 17:27:40 18:00

Norwegian Stock 08:30 – 09:00 N/A 09:00 – 16:20 N/A 16:20 16:22:10 N/A N/A 16:22:40 18:00

OMXO20 Index 08:30 – 08:55 08:55 – 9:00 09:00 – 16:20 16:20 – 16:21:30 – 16:22:00

16:22:10 16:22:40 16:23:00 16:30:00 18:00

Swedish Stock 08:30 – 09:00 N/A 09:00 – 17:25 N/A 17:25 17:27:10 N/A N/A 17:27:40 18:00

OMXS30 Index 8:30 – 8:55 08:55 – 9:00 09:00 – 17:25 17:25 – 17:26:30 – 17:27:00

17:27:10 17:27:40 17:28:00 17:45:00 18:00

OMXSB Index 8:30 – 8:55 08:55 – 9:00 09:00 – 17:25 17:25 – 17:26:30 – 17:27:00

17:27:10 17:27:40 17:28:00 17:45:00 18:00

VINX30 Index 08:30 – 09:00 N/A 09:00 – 17:25 N/A 17:25 17:27:10 N/A N/A 17:27:40 18:00


HALF DAY TRADING HOURS, GENIUM INET

All times CET

Pre-Open Call Interaction

Continuous Trading

Call Interaction

End of Trading Statistics Day Orders Cleared

Post-Trade Terminating business day

Electronic Market Place Closed



Danish Stock N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

C20CAP Index N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Finnish Stock N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Norwegian Stock 08:30 – 09:00 N/A 09:00 – 13:00 N/A 13:00 13:02:10 N/A N/A 13:02:40 18:00

OMXO20 Index 08:30 – 08:55 08:55 – 9:00 09:00 – 13:00 13:00 – 13:01:30 – 13:02:00

13:02:10 13:02:40 13:03:00 13:10:00 18:00

Swedish Stock 08:30 – 09:00 N/A 09:00 – 12:55 N/A 12:55 12:57:10 N/A N/A 12:57:40 18:00

OMXS30 Index 08:30 – 08:55 08:55 – 9:00 09:00 – 12:55 12:55 – 12:56:30 – 12:57:00

12:57:10 12:57:40 12:58:00 13:15:00 18:00

OMXSB Index 08:30 – 08:55 08:55 – 9:00 09:00 – 12:55 12:55 – 12:56:30 – 12:57:00

12:57:10 12:57:40 12:58:00 13:15:00 18:00

VINX30 Index 08:30 – 09:00 N/A 09:00 – 12:55 N/A 12:55 12:57:10 N/A N/A 12:57:40 18:00


SESSION STATES UNDER SPECIAL CIRCUMSTANCES

In case of a suspension due to technical reasons HALT is the applicable session state. PREOP

is the applicable session state when trading shall be resumed after such a suspension. For

further details see section 4.10.

TRADING CALENDAR AND HOLIDAY SCHEDULE


4 SESSIONS DURING THE TRADING DAY

For events during sessions, see appendix I.

4.1 PRE-OPEN

During this no-matching session, only order cancellation is allowed.

4.2 CONTINUOUS TRADING

During this auto-match session each new incoming order is immediately checked for execution

against orders on the opposite side of the Order Book. Orders can be executed in full or partially

in one or more steps.

Orders in the Order Book will be matched according to the priority:

1. price; and

2. time

Buy or sell orders entered with the same price as a corresponding buy or sell order in the Order

Book will be matched into a trade.

Buy orders entered into the Order Book with a higher buy price than the sell order with the lowest

price (crossing prices), will be matched into one or more trades depending on the volume of the

incoming order and the volume and the price of the sell order(s). The matching process will try to

fill as much as possible of the volume in the incoming buy order until the limit of the crossing

prices is passed.

Sell orders entered into the Order Book with a lower sell price than the buy order with the highest

price (crossing prices), will be matched into one or more trades depending on the volume of the

incoming order and the volume and the price of the buy order(s). The matching process will try to

fill as much as possible of the volume in the incoming sell order until the limit of the crossing

prices is passed.

The price of the resting (passive) order is used if an incoming (aggressive) order has a price

better than the price of the best existing order in the order book (e.g. the sell limit is lower than

the buy limit).

The priority order in the same price level is the time when the order was accepted and stored in

the Order Book.


4.3 CALL INTERACTION

Call auctions are only applicable for index futures on OMXS30, OMXSB, OMXC20CAP and

OMXO20. Order Price Limits are not activated during Call auctions.

Trading in the applicable index futures order books starts with a Call auction process prior to

continuous trading and ends with a Call auction process after continuous trading.

Call auctions are executed for all futures Order Books per Index at the same time.

Both the Opening and Closing Call are formed with the no-matching session Call Interaction and

the sub phase Uncross.

OPENING CALL

The Call Interaction starts 5 minutes prior to continuous trading and ends with the Uncross in the

transition to continuous trading whereby determination of opening price and matching of orders

takes place.

The Call Interaction phase allows full order management.

Limit Orders, with the time in force GTC/GTD, with or without Hidden volume placed during Call

Interaction or during continuous trading and stored in EMP is valid in the Opening Call Auction.

I.e. long Orders are valid in the Opening Call Auction.

Limit Orders, with or without Hidden volume can be entered during Call Interaction.

During call interaction Combination Orders are not valid and cannot be entered.

During call interaction Stop Orders are not valid and cannot be entered.

Market Orders with the Time in Force, Fill-and-Kill, can be placed and stored during Call

Interaction and participates at EP and if any quantity remains after the Uncross it will be

cancelled. See section 7.8 for ranking of Market Orders.

Market-to-Limit Orders entered during Call Interaction are treated as Market Orders, participates

in the Uncross at EP and if any quantity remains after the Uncross it will be stored in the Order

Book at the EP.

Matching of orders takes place in the transition from Call Interaction to continuous trading and is

carried out according to the Price – Time ranking process. The hidden volume will receive a time

stamp only when the visible part of the order has been executed.


CLOSING CALL

The Index futures Order Book shifts directly into Call Interaction at the end of Continuous

Trading.

Call Interaction lasts for at least 90 and at the most 120 seconds from the end of Continuous

Trading. Call Interaction ends when the Uncross is carried out.

The Call Interaction phase allows full order management.

Limit Orders, with the time in force GTC/GTD, with or without Hidden volume placed during Call

Interaction or during continuous trading and stored in EMP is valid in the Closing Call Auction.

I.e. long Orders are valid in Closing Call Auctions.

A Limit Day Order, with or without Hidden volume placed during Call Interaction in the Opening

Call Auction or during continuous trading and stored in EMP is valid in the Closing Call Auction.

Limit Orders, with or without Hidden volume can be entered during Call Interaction.

Combination Orders are not valid during call interaction.

During call interaction Stop Orders are not valid and cannot be entered, however Stop Orders

entered during continuous trading can be cancelled.

Market Orders with the Time in Force, Fill-and-Kill, can be placed and stored during Call

Interaction and participates at EP and if any quantity remains after the Uncross it will be

cancelled. See section 7.8 for ranking of Market Orders.



Book at the EP.

Matching of Orders is carried out randomly in the Uncross between 90 and 120 seconds after the

end of continuous trading in the transition from Call Interaction to End of Trading according to the

Price – Time ranking process. The hidden volume will receive a time stamp only when the visible

part of the order has been executed.

Determination of closing price takes place in the Uncross.


CALCULATION OF EP

The prices used in the selection of EP are all existing prices between the highest and the lowest

price where Limit Orders exist, extended with one tick up from the highest, and one tick down

from the lowest price. During Call Auction the EP is calculated as follows:

1. The EP shall be the price at which the highest volume (trading volume) can be traded in the

allocation, including Hidden volume orders. Trading volume can only be achieved if the

highest bid price is higher than or is equivalent to the lowest ask price. If there is a highest

trading volume on more than one price level, go to step 2.

2. If there is more than one price level where the tradable volume is the highest, the level with

the lowest imbalance is selected. The imbalance is defined as the surplus from the

aggregated buy quantity or aggregated sell quantity after allocation of Orders. If there is

more than one price level with the lowest imbalance go to step 3.

3. The market pressure is used to decide the EP.

- Only buy pressure – select the highest price as EP

- Only sell pressure – select the lowest price as EP

- Both buy and sell pressure – then go to the next step

- Only nil pressure – then go to the next step

4. The price closest to the last updated of Last Match Price or Settlement Price shall be the EP.

It is neither possible to calculate an EP, nor possible to match orders in the Uncross, when:

No crossing orders exist; or

Only market orders exist in the order book.

4.4 END OF TRADING

The Uncross of the Closing Call takes place in the transition to End of Trading and so do the

release of Trade Reports that are subject to Deferred Publication.

4.5 STATISTICS

In this no-matching session, official High, Low, Last and Open Prices are published for each

Series.

4.6 REMOVAL OF DAY ORDERS

In this no-matching session, Goof-for-Day-orders in index derivatives are cleared from the Order

Books. All longer dated orders in index futures remain in their order books to be part of the Post-

trade session, including combination orders in standardized index futures time spreads.


4.7 POST-TRADE

In this auto-match session, trading takes place in index futures on OMXS30, OMXSB, C20CAP

and OMXO20 according to the matching principles of continuous trading. Trading in standardized

futures time spreads is available while trading in TMC Order Books is not available. Real-time

trade statistics is disseminated but trades do not contribute to official End of Trade Statistics

except for Turnover and Open Interest. Stop Orders and Market Orders are not valid during Post-

trade.

4.8 TERMINATING BUSINESS DAY

In this no-matching session electronic after-hours trade reporting is allowed.

4.9 ELECTRONIC MARKET PLACE CLOSED

During this no-matching session trade reports are no longer accepted via members electronic

connections.

4.10 EXTRAORDINARY CLOSING AND TRADING SUSPENSION

Trading may be suspended by NASDAQ OMX Derivatives Markets either due to technical

reasons or regulatory reasons. Suspensions are regulated in NASDAQ OMX Derivatives

Markets Rules.

Technical suspension means that trading is suspended when the Order Book(s) become

inaccessible for technical reasons.

Regulatory suspension means that the Order Book(s) are suspended due to rules and

regulations.

The Exchange shall provide the Exchange Members with information regarding closings and

suspensions via suitably accessible information technology.

SUSPENSION DUE TO TECHNICAL REASONS (EXTRAORDINARY CLOSING)

Technical disruptions are regulated in the Rules and Regulations of NASDAQ OMX Derivatives

Markets. Trading shall be suspended if a technical disturbance causes a major part of the

Members (market shares) to lose connection to the markets.

When the electronic exchange trading system is closed, Orders may not be placed, changed or

revoked and trades cannot be matched. Trades done outside the Exchange may not be reported

for registration.

RESUMING TRADING AFTER EXTRAORDINARY CLOSING

After an extraordinary closing, trading shall be resumed as soon as the circumstances which

caused the closing no longer exist and the conditions once again exist to maintain properly

functioning exchange operations.


Resuming trading may take place not earlier than 10 minutes after the notice thereof, unless all

Exchange Members have received reasonable notice of an earlier re-opening. During the period

prior to re-opening, the exchange trading system will be accessible for Order cancellation.

SUSPENSION DUE TO REGULATORY REASONS (TRADING SUSPENSION)

The provisions contained in the Securities Market Act and any relevant subordinate legislation

shall apply to suspension of trading.

If an underlying is object to trading suspension the derivatives connected to that underlying shall

be suspended for trading.

RESUMING TRADING AFTER A TRADING SUSPENSION

When a suspension ceases, trading is resumed and the restrictions on order entry ceases.

REMOVAL OF ORDERS

Extraordinary Closing

After an extraordinary closing the Orders stored in Genium INET normally remain there. In the

event that an Order/s must be placed again, the Exchange will provide notice thereof.

Trading Suspension

After a trading suspension the Orders stored in Genium INET are normally removed. In the event

that Orders will remain in the Order Books, the Exchange will provide notice thereof.


5 EXPIRATION CYCLES AND LISTING OF SERIES

NASDAQ OMX Derivatives Markets is listing new expiration months according to the Quotation

list in the Rules and Regulations of NASDAQ OMX Derivatives Markets. See Error! Reference

source not found..

LISTING OF NEW EXPIRATION MONTHS

When a new expiration month is about to be listed the new Series will be available for trading on

the Monday in the expiration week.

SERIES LISTED

See Error! Reference source not found. for how many Series that shall be listed per expiration

month in respective Market. Error! Reference source not found. also shows the Strike Price

interval and if there is a difference in the Strike Price interval depending on remaining Term.

On the Bank Days following the initial listing day new Series are listed in accordance with

appendix A if the last transaction price in the Contract Share exceeds the second highest or is

less than the second lowest listed Exercise Price.

6 TRADE REPORTING

Trades matched outside the Exchange shall be reported to the Exchange as soon as possible

(main rule: not later than 5 minutes after the trade took place) in accordance with the NASDAQ

OMX Derivative Market Rules. Time of agreement is a field that states when the trade was

agreed upon. The field is optional.

For Trade Reporting during sessions, see appendix I.

Trades matched outside normal opening hours need to be reported / published as soon as

possible. These trades need to be reported via telephone to the Exchange.

Trade reports cannot be made via the Member’s electronic connection if the number of contracts

exceeds 50.000.

When reporting a trade the following trade report types and trade types are available.

ONE-PARTY TRADE REPORTS

Members are able to report each side of a trade for matching by the Exchange. When both

parties have reported their side of the trade and the required data matches, matching will occur.

TWO-PARTY TRADE REPORTS

One member is able to report both sides of a trade (internal crossing) when both buyer and seller

are represented by the same member firm.


MULTI-LEG TWO-PARTY TRADE REPORTS

A multi-leg Two-Party Trade Report makes it possible to enter a trade report for a combination of

Instruments, where 2 up to 10 individual Instruments along with their prices can be entered in

one transaction.

The multi-leg Trade Report is only supported as a Two-Party Trade Report.

UNMATCHED TRADE REPORTS

Members or the Exchange can cancel unmatched Trade Reports. Else, unmatched Trade

Reports will be cancelled by the system at the end of the trading day (day of entry of this report).

DEFERRED PUBLICATION

For trades matched outside the Exchange, waivers from the principle of immediate publication of

a reported trade is allowed if

the trade meets the number of contracts according to the Minimum qualifying number

of contracts in a transaction criteria set in appendix H;

the trade is made between a client and a members own account; and

the trade exposes the Member to a price risk.

A request can be made for a trade to be deferred until end of trading day in an incoming trade

report.

NB! The trade will be published immediately if the number of contracts is not sufficient.

For classification of underlying’s, see Appendix H – Deferred publication.


6.1 TRADE REPORT TYPES

The following Trade Types are supported for Manual Trades:

TRADE REPORT TYPES DESCRIPTION

Name Description Operation OMnet ext_t_state_c FIX TrdType (828)

ST Standard Trade Electronically/Phone 0 0

STOS Standard Trade, Outside Spread

Electronically/Phone 101 1001

OHT Off Hours Trade Electronically/Phone 107 1007

BT Block Trade Electronically/Phone 108 1008

EGT Exchange Granted Trade

Electronically/Phone 102 52

BTX Exchange Grated Trade, exceeding Maximum Lot Size

Phone 105 2105

BTXO Exchange Grated Trade, exceeding Maximum Lot Size, Off Hours

Phone 106 1006

EGLT Exchange Granted Trade, Late reported

Phone 103 2103

TRADE REPORT TYPES DEFINITIONS

Trade report type Definition

ST - Standard Trade The agreed price shall, at the moment of Registration, be within or at the current BBO.

STOS - Standard Trade Outside Spread The agreed price is outside the current BBO but has been within or at the current BBO during a period of 5 minutes prior to the trade report.

OHT - Off Hours Trade Shall be used when continuous trading is not proceeding if the agreed price is outside the current BBO and has not been within or at the current BBO during a period of 5 minutes prior to the application for Registration or if the price has been within or at the BBO during the current trading day – or if the agreed price is fair depending on the market conditions.

BT - Block Trade Minimum size is 1.000 contracts and if the agreed number of contracts equals or exceeds the relevant level, the trade is deferred and published in transition to End-of-Trading if reporting members choose deferred publication. If not the trade is immediately published at the time of reporting.

EGT – Exchange Granted Trade The agreed price is outside the current BBO and has not been within or at the current BBO during a period of 5 minutes prior to the application for Registration. However the price must have been within or at the BBO during the current trading day.

BTX - Exchange Granted Trade, exceeding Maximum Lot Size

The agreed number of contracts exceeds the maximum lot size (currently 50.000). Trade is deferred and published in transition to End-of-Trading if reporting members choose deferred publication. If not the trade is immediately published at the time of reporting.

BTXO - Exchange Granted Trade, exceeding Maximum Lot Size, Off Hours

The agreed number of contracts exceeds the maximum lot size (currently 50.000) and it is reported after continuous trading on the same day. Trade is immediately published at the time of reporting.

EGLT - Exchange Granted Trade, Late reported Refers to trades from a previous date that by mistake was not reported on the trading day. In order to get a registration, Trading Surveillance must be contacted, via telephone, with a motivation to seek for approval.

For details regarding Trade Information see appendix D.


7 ORDER TYPES, VALIDITY AND PRIORITY

Outlined below are the order types and conditions available for Nordic equity derivatives in

Genium INET. Each order must be placed with a valid quantity, Order Type and Time-in-Force

condition. In case of a Limit Order, a valid limit price is also mandatory. Reserve and Triggering

conditions are voluntary. It’s not possible to use more than one Triggering condition per order.

Orders cannot be placed if the quantity of the order exceeds 50 000.

For allowed Order management during different sessions, see Appendix I – Order management,

Trade reporting and events during sessions.

Allowed order types and conditions

LM

T

MK

T

MT

L

GF

D

GT

D

GT

C

GT

S

FA

K

FO

K

Reserv

e

Sto

p

SS

O

Index Fut X X X X X X X X X X X

Index Opt X X X X X X X X X X

Stock Fut X X X X X X X X X X

Stock Opt X X X X X X X X X X

OMX Fut* X X X X X X X X X X X X

Fut Cbo** X X X X X X X

TMC*** X X X X X

*OMX Fut = OMXS30 Futures

**Fut Cbo =Index Futures Time Spread Combinations

***TMC = Tailor Made Combinations

7.1 ORDER TYPES

LIMIT ORDER (LMT)

A Limit Order is an Order, to sell or buy, at a maximum purchase price or minimum selling price.

If not fully matched, it is stored in the Order Book in descending buy-price order or ascending

sell-price order and joins the queue of orders having the same price according to time priority.

If the price specified by a limit price is not valid according to the allowed tick sizes, it will be

rejected. It will only execute at prices equal to or more generous than its specified limit price.

Stored (during continuous trading) Limit Orders are valid, and new such Limit Orders can be

placed during Call Interaction.

Limit Orders can be accepted in part or in its entirety.

In Order Books participating in the Post Trade session, stored Limit Orders will be cleared from

the Order Books before the Post Trade session starts.


MARKET ORDER (MKT)

A Market Order is an Order to sell or buy at the best available price and is therefore entered

without a price. The Time in Force for a Market Order is always Fill-or-Kill or Fill-and-Kill. Any

remaining quantity will be cancelled.

Note that a Market order will trade through the Order Book until the entire quantity is filled.

No Market Orders with the Time in Force, FOK, can be placed during Call Interaction.

Market Orders are not valid in the Post Trade session.

Market Orders with the Time in Force, FAK, can be placed and stored during Call Interaction and

participates at EP and if any quantity remains after the Uncross it will be cancelled. If no EP has

been established, these Orders are disseminated without price in the Market-by-Level data.

Market Order is not a valid Order Type in Combinations.

MARKET-TO-LIMIT ORDER (MTL)

Market-to-Limit Order is an Order to sell or buy at the best visible price. The best visible price on

the opposite side of the order book is used to determine the price of the Market-to-Limit Order

and if the Order is partly matched the remainder is converted to a Limit Order priced at match

price. In comparison with a normal Market Order, the Market-to-Limit Order only executes up to

the best visible price level and therefore does not trade through the Order Book.

During the continuous matching session state a Market-to-Limit Order is immediately cancelled if

no match can be executed, e.g. if no Order exist on the opposite side of the market.



Book at the EP. If no EP has been established, these Orders are disseminated without price in

the Market-by-Level data.

Market-to-Limit Order is not a valid Order Type in Combinations.


7.2 ORDER PRICE LIMITS

OVERVIEW

Order Price Limit is a Pre-Trade Price deviation check against a reference price meaning that the

price instructions on an incoming order is compared against a reference price and if an order

deviate more than an order book configured parameter, the order will be rejected before it can

execute. Order Price Limits are not activated during auctions.

This functionality is set market wide for all participants and the limits are set by the exchange.

MARKET AND MARKET-TO-LIMIT ORDERS

Market Orders

A Market Order with the time validity Fill-or-Kill will be entirely rejected if the whole order or part of

the order would trade more aggressive than the order-price-limit.

A Market Order with the time validity Fill-and-Kill will be traded with the quantity that is equal to,

or less aggressive than, the order-price-limit. The part of the order that would trade more

aggressive than the limit will be rejected.

Market-to-Limit Orders

A Market-to-Limit Order will be rejected if the matching price is outside the order-price-limit limit.

The best visible price on the opposite side of the order book is used to compare against the

order-price-limit limit. If that price is outside the limit the order will be rejected.

ONE-SIDED PRICE LIMITS

The functionality rejects incoming Buy orders with prices above the Upper Price Limit and Sell

orders with prices below the Lower Price Limit. On the other hand, Buy orders with prices lower

than the Lower Price Limit and Sell orders with prices above the Upper Price Limit are allowed to

enter the system.

REFERENCE PRICE

The price used to decide the Upper and Lower Price Limit. The reference price selection differs

depending on product. Orders and quotes are taken into consideration when defining the BBO

and orders deriving from combinations (“bait orders”) are excluded. When using the BBO for

calculating the Reference Price the quality of the BBO is validated. I.e. if the spread is too wide

the BBO is disqualified.

Single stock forwards and futures Index futures and Index and single stock options

Reference Price Rule

The following rule for selecting reference prices is used:

- Rule:


1. The Last Match Price (LMP) is selected as reference price in the selected Series if the

price is at or within Best Bid Offer (BBO).

2. If the LMP is not valid, Arithmetic mean of BBO is selected as reference price.

3. No reference price. (I.e. if no LMP or BBO is available no price limits will be calculated.)

This rule shall be selected for option series, single stock forwards and futures and Index futures.

Combination Order Books Reference Price Rule

The following rule for selecting reference prices is used:

- Rule:

1. Arithmetic mean of BBO is selected as reference price.

2. If there is no valid BBO available, the arithmetic mean of the implied-in BBO is selected

as reference price

3. No reference price. (I.e. if no BBO or implied-in BBO is available no price limits will be

calculated.)

This rule shall be selected for combination orders

If no reference is established whereby no price limits are active, orders entered in combinations

series are not checked against the Order Price Limit functionality. However, Bait orders deriving

from combinations are checked against Order Price Limit in the outright order books with the

exception that a combination order at order entry executes what can be executed and then

potential further bait orders are checked against Order Price Limits in the outright order books

and if a Buy bait order has a price above the Upper limit it is rounded off down to the Upper limit

and correspondingly if a Sell bait order has a price below Lower limit it is rounded off up to the

Lower limit.


UPPER AND LOWER PRICE LIMIT

The Upper and Lower Price Limit decide how much the price on an incoming order/quote can

deviate from the reference price before it is rejected.

The Upper limit is calculated as the reference price + allowed deviation and the Lower limit as the

reference price – allowed deviation.

Allowed deviation SEK, NOK and DKK

From Price Lower Limit Upper Limit Pr Unit

0,000 100,0000 100,0000 Percent (%)

2,000 1,500 1,500 Absolute

10,000 3,000 3,000 Absolute

20,000 4,000 4,000 Absolute

30,000 5,000 5,000 Absolute

Allowed deviation EUR


0,000 100,0000 100,0000 Percent (%)

0,200 0,150 0,150 Absolute

1,000 0,300 0,300 Absolute

2,000 0,400 0,400 Absolute

3,000 0,500 0,500 Absolute

Allowed deviation VINX


0,000 1,7500 1,7500 Percent (%)

Allowed deviation MAERSK


0,000 150,000 150,000 Absolute

500,000 200,000 200,000 Absolute

1000,000 400,000 400,000 Absolute

2000,000 500,000 500,000 Absolute

3000,000 600,000 600,000 Absolute

Allowed deviation Combination order books in SEK, NOK and DKK


- 999999,000 5,000 5,000 Absolute

- 20,000 4,500 4,500 Absolute

- 10,000 3,500 3,500 Absolute

- 2,000 2,500 2,500 Absolute

2,000 3,500 3,500 Absolute

10,000 4,500 4,500 Absolute

20,000 5,000 5,000 Absolute

Allowed deviation in the standardized index future time spread Combination order books

in SEK, NOK and DKK


- 999999,000 3,000 3,000 Absolute

Allowed deviation Combination order books in EUR and VINX


- 999999,000 0,500 0,500 Absolute

- 2,000 0,450 0,450 Absolute

- 1,000 0,350 0,350 Absolute

- 0,200 0,250 0,250 Absolute

0,200 0,350 0,350 Absolute

1,000 0,450 0,450 Absolute



2,000 0,500 0,500 Absolute

Allowed deviation Combination order books in MAERSK


- 999999,000 600,000 600,000 Absolute

- 3000,000 550,000 550,000 Absolute

- 2000,000 450,000 450,000 Absolute

- 1000,000 350,000 350,000 Absolute

- 500,000 250,000 250,000 Absolute

500,000 350,000 350,000 Absolute

1000,000 450,000 450,000 Absolute

2000,000 550,000 550,000 Absolute

3000,000 600,000 600,000 Absolute


7.3 TIME-IN-FORCE CONDITIONS

GOOD-FOR-DAY ORDERS (GFD)

GFD orders (also known as day orders) are valid for a trading day and any unexecuted portion is

cancelled at the end of the business day.

Orders in the Index futures are also valid during the Call Auction.

GOOD-TILL-CANCELLED (GTC)

GTC Orders are valid until it is cancelled and at the longest until the Expiration of the Series in

question. If the Order is not matched during the day it will be inserted again in the order book the

next morning when the system opens. The GTC orders will retain their original chronological

order based on original entry time into the system.

GTC orders in the Index futures, apart from combination orders, are also valid during the Call

Auction.

GTC orders in the Index futures, including combination orders in the standardized index futures

time spreads, are also valid during post-trade.

GOOD-TILL-DATE (GTD)

GTD orders are valid until a specified Date in the future. If the Order is not matched during the

day it will be inserted again in the order book the next morning when the system opens. The Date

orders will retain their original chronological order based on original entry time into the system.

GTD Orders in the Index futures, apart from combination orders, are also valid during the Call

Auction.

GTD orders in the Index futures, including combination orders in the standardized index futures

time spreads, are also valid during post-trade.

GOOD-TILL-END-OF-SESSION (GTS)

GTS Orders specifies the Session Type until the Order shall remain in effect. The Order will be

cancelled in a transition to a session not included in the current Session type.

FILL-OR-KILL (FOK)

No FOK Orders are stored in the Order Book. If a FOK Order is not matched immediately into

trade(s) in full upon entry, the order is cancelled. FOK Orders can only be used during

continuous trading.

FILL-AND-KILL (FAK)

No FAK Orders are stored in the Order Book during continuous matching. If an FAK Order is not

matched immediately into trade(s) in full or in part upon entry, the remaining part of the order is


cancelled. FAK Orders placed during Call Auction will be stored in the Order Book but the

remaining part of the order is cancelled after the Uncross.

7.4 RESERVE CONDITIONS

RESERVE ORDERS

In a Reserve Order (a.k.a. iceberg or hidden volume order), a certain portion (shown volume) of

the total volume of an order is displayed in the Order Book. Both the displayed and non-

displayed portions of the Reserve Order are available for potential execution against incoming

orders.

Reserve orders include an executable quantity that is only partially visible to the market. The

quantity is automatically refreshed from a hidden quantity once the displayed quantity is fully

executed. Refreshing the quantity (there is a time priority among reserve orders when it comes to

refreshing) is regarded as a new order from a time priority point of view, however an incoming

aggressive order will not trade through to the next level until all of the displayed and hidden

quantities available are executed.

Stored (during continuous trading) Reserve Orders are valid, and new such Reserve Orders can

be placed during Call Interaction. Their total quantity is used for the EP calculation and the

uncrossing. Their total quantity is displayed in market by price.

7.5 TRIGGERING CONDITIONS

STOP ORDERS

Stop Orders are only available in Swedish Index futures and only as Good-for-Day Orders. A

Stop Order is an Order that is stored outside the central order book with a price condition that if

triggered automatically places the order into the central order book as a Limit, Market or Market-

to-Limit Order. It’s possible to set the price condition different from the Limit Price (if any). A Stop

Order is not visible to the market before it is triggered. Stop Orders are not valid and cannot be

entered during Auctions, however Stop Orders entered during continuous trading can be

cancelled during Auctions. Stop Orders cannot be entered during, and are not valid in, the Post

Trade session. A Stop Order can be one of the following two types:

Regular Stop Order

According to the “buy high – sell low” principle, a buy Order is submitted to the market when the

price for an Instrument rises to a certain level and a sell Order is submitted when the price falls

to a certain level.

Market if Touched Stop Order

According to the “buy low – sell high” principle, a sell Order is submitted to the market when the

price for an Instrument rises to a certain level and a buy Order is submitted when the price falls

to a certain level.


A Stop Order triggered by an erroneous trade in Genium INET that is afterwards cancelled or

price adjusted, is regarded as any other order and separately subject to the cancellation and

price adjustment rules of the Exchange.

Price Condition

The Last Match Price (LMP) is used for triggering of Stop Orders. Trade reports and combination

against combination order matching updating Last Paid Prices are not considered to be LMP,

thus they do not cause any triggering. LMP originating from a combination match against outright

orders causes triggering. Stop Orders will not be triggered during Auctions.

Triggering conditions can be one of the following:

LMP >= Trigger Price

LMP <= Trigger Price

SESSION STATE ORDERS (SSO)

A Session State Order is an Order that is stored outside the central order book with a session

condition that if triggered automatically places the order into the central order book as a Limit,

Market or Market-to-Limit Order. Triggering of session changes can be used to trigger on the

session Call Interaction in Index futures, i.e. at the next Call auction. The Order is immediately

triggered at Order entry if the condition is fulfilled.

Triggering on the session continuous trading is not valid. However, placing an Order during Call

Interaction that triggers on the continuous trading will not be rejected immediately, it will be

rejected when the condition is fulfilled. I.e. the Order will be rejected in the transition to the

continuous trading session.


7.6 COMBINATION ORDERS

Combination order books refer between two and four different Series (“the legs”) that an order

which is placed into such order book (“a combination order”) simultaneously trades if matched.

There are two types of combination order books; pre-defined standardized combinations and

user-defined tailor made combinations.

Combination order books are integrated with the order books of the individual leg series and as

such combination orders can either match within the combination order book, or against outright

orders and quotes (“implied-in matching”) in the individual order books of the legs. If possible the

matching engine of Genium INET creates and publishes implied-out orders in the individual order

books of legs with a ratio of 1. The central system also supports implied-out matching of legs with

ratios larger than one, as well as implied-in matching although no such implied orders are

published. Implied-in matching will always be prioritized at order entry before matching within the

combination order book if the implied-in price equals the actual.

PRICING AND QUANTITY

The limit price of a combination order is given as the sum of each leg’s price multiplied by its ratio

relative to the order quantity. For combination bid (ask) orders, the price of a bought (sold) leg is

added, and the price of a sold (bought) leg is subtracted.

This means that the limit price of a combination order is a positive value when

the user is placing a bid and is willing to pay; or

the user is placing an offer and wants to be paid; and

a negative value when

the user is placing an offer and is willing to pay; or

the user is placing a bid and wants to be paid.

The quantity of a combination order reflects how many units of the combination it will trade if

matched. One unit of a combination trades one times the ratio of each leg. E.g. if the combination

bid order buys one “A” and sells one “B”, then a combination order quantity of 10 will if fully

matched buy 10 “A”, and sell 10 “B”.

IMPLIED ORDERS AND MATCHING

Implied-out (a.k.a. derived) orders are orders coming out of combinations into outright order

books automatically created and continuously maintained by the matching engine of Genium

INET.

For a combination leg, where possible, the central system uses the best priced outright orders

and quotes in all other legs to calculate a theoretical price needed to trade at in order to execute

one combination unit at the given net order price. Such calculated price will be placed into the

market as an implied-out order and if matched, Genium INET will simultaneously trade the


combination order against the outright orders and quotes in all other legs without execution risk.

The implied quantity attached to the theoretical price is the minimum between the combination

order quantity and the outright orders and quotes used as base for the price.

Implied-in matching means matching of a combination order immediately at entry against a price

and quantity coming into the combination out of outright orders and quotes.

Implied-out orders will if possible be re-generated during aggressive matching. Such re-

generated implied order is regarded as a new order from a time priority point of view. This means

that an incoming outright order will not trade through to the next price level until all volume

available from combination orders with generated implied-out orders have been executed.

Orders implied off-tick

Implied-out orders calculated at a price which is not a valid tick in the outright Order Book are

always rounded off to the nearest worse applicable price according the tick-size table. When an

aggressive order hits such rounded off implied order, the trade will take place at the actual price.

I.e. implied-out order are created at their actual price, but published in the order book according

to the tick-size table for the order book. This means that it is possible that incoming orders will be

matched at a better price than what is visible in the order book at entry.

Restrictions to implied order creation

Implied-out orders are not created, if according to the Order Price Limits, the bid price

is below the Lower Price Limit or if the ask price is above the Upper Price Limit.

Implied-out order that have a quantity restriction (leg ratio > 1) will be created by the

matching engine of Genium INET and receive a time stamp for time prioritization. It will

however not be published in the order book.

Implied-out orders are not created if the base is already fully committed to another

combination.

During special circumstances a combination may not be executed even though a

possibility exists. See appendix F.

Implied-out orders are not created based on other implied orders, but combination

orders can execute against implied orders if possible.

STANDARDIZED COMBINATIONS

Standardized combinations are pre-defined combination order books automatically created by

the Exchange. At all times, two futures time spread combinations are available for the indexes

OMXS30, C20CAP, OMXO20 and VINX30:

second month/front month (“the Roll”)

third month/second month


At all times, one futures time spread combination for OMXSB (second month/front month) is also

available.

The legs of these times spread combinations consist of different futures expiry months of the

same underlying, both with a ratio of one. A combination bid (ask) order will buy (sell) the longer

expiry, and sell (buy) the shorter. E.g. bid 0.95 for 25 lots in the OMXS30 December/November

time spread is an order with combination terms to buy up to 25 futures contracts of the December

expiry, and simultaneously sell as many contracts of the November expiry. The individual leg

prices are not specified, and will if matched be selected by the Exchange based on the

combination net price. I.e. the price on the bought December futures minus the price on the sold

November may not exceed 0.95. It’s possible to match such combination order in part but when

matched the order will always sell as many November futures as it buys December.

TAILOR MADE COMBINATIONS

The Tailor Made Combination (TMC) functionality supports the creation of user-defined

combination order books in in Genium INET. The creation of a TMC order book is initiated by

members which submits a request specifying the leg Series to be traded, their ratios relative to

the combination order quantity and for each leg their relative sides to the combination order (as

defined or opposite). Such TMC order book is allowed to have up to four legs and each leg’s

allowed ratio relative to the order quantity may be between one and four. It’s neither possible to

combine instruments with different currencies or contract size, nor is it possible to combine single

stock with index instruments. It’s however possible to combine single stock Series with different

underlying shares as long as they meet the former criteria (e.g. buy options on Volvo B, sell

options on Sandvik).

Requests to create a new TMC order book can be submitted via order entry interfaces during

open hours. The Exchange evaluates such request and either creates the order book according

to the market standard which might involve re-sorting of the legs, or simply communicates back

an already existing order book, meeting the submitted criteria. The Exchange will always sort

legs for new TMC order books accordingly:

1. Product type (forward before future before call option before put option)

2. Expiry (longer lifetime before shorter)

3. Most expensive (Call: lower strike before higher, Put: higher strike before lower, Equity/

Forward/Future: N/A)

Also, the Exchange will always create the first leg’s side as defined. This is an important aspect

for members to consider for order entry as it means that a combination can be created reversed

compared to the submitted request.

Once a TMC order book has been created, all market participants are notified and full order

management is immediately supported.


7.7 ORDER MODIFICATION

The priority of a stored order is retained if the volume (shown and or hidden) is reduced, if the

time validity is changed and if the fee text pass through fields are changed. Other changes such

as increase of the quantity or change of the price is equivalent to cancellation of the Order and

the placing of a new Order.

7.8 RANKING OF ORDERS

The main rule for ranking of Orders is based firstly upon best price/net price and secondly by the

longest storage time.

Exception 1: An Order which would have had higher ranking according to the main rule but is

preventing Exchange Transactions which otherwise could take place of an Order with

Combination Terms can be by-passed provided that the Orders included in the Combination

Term has different ratios. Only Orders which do not exceed three contracts can be by-passed.

See Appendix E – Ranking of orders and price triggering.

Exception 2: A bait which would have had higher ranking according to the main rule but is

preventing execution which otherwise could take place of an Order can be by-passed provided

that two passive and different combination orders are involved. Only baits, in Series also

common to two passive combination orders with different terms, can be by-passed. See

Appendix E – Ranking of orders and price triggering.

The storage time for implied-out orders is the same as for the combination order from which it is

derived. If the derived Order is regenerated and the volume is increased due to an increased

volume in the base, it receives a new time stamp.

NB! In cases where the possibility exists for execution between two Orders with combination

terms, the transaction shall be executed provided that the transaction cannot be executed

against Limit Orders without combination terms upon the same or better terms.

During Auctions, Market Orders are ranked as aggressively priced Limit Orders. Please note that

this means that Market Orders are always ranked ahead of priced Orders.

7.9 TICK SIZES

Tick size is the smallest allowed price movement and is thereby also the smallest possible

difference between the buy and sell price in an Instrument.

EXAMPLE OF THE TICK SIZES CAN BE FOUND IN APPENDIX A – QUOTATION LIST

Rules on Series listed by the Exchange and which are subject to clearing at the Clearing House

are found in Appendix 2 of the Exchange Rules of NASDAQ OMX Derivatives Markets. Below is

an outline for Nordic Equity Derivatives.


The following assets constitute Contract Base in Series listed by the Exchange.

EQUITIES

Exchange- and clearing listing

Additional Series for Options on Swedish, Danish, Finnish (with exception for group 3, which is a list on-

request market), Norwegian Equities, Weekly options and Binary options may be listed on request in

accordance with the criteria and the procedure set out below:

1. The requested strike must conform to the strike generation methodology detailed in the

Quotation List.

2. The maturity is currently listed.

3. The strike may be listed when the following conditions are met:

(a) The requested strike must not be lower than 50% ITM or greater than 50% OTM

from the T – 1 closing price of the nearest ATM option, for options with a maturity

shorter than 3 month

(b) For maturities greater than 3 months, the requested strike may not be greater than

100% from the T - 1 closing price of the nearest ATM option.

(c) 0 (Zero) strike options will not be accepted

4. The strike request is only eligible when reporting trades with a minimum of 250

contracts for all options.

5. The corresponding put/call option will be listed at the same time

6. NASDAQ OMX Derivatives Markets retains the right deny a request for a new strike

listing.

7. NASDAQ OMX Derivatives Markets retains the right to delist a strike if there is no

open interest in the requested strike

8. Only members may submit requests

9. Requests may be made to Trading Operation at NASDAQ OMX Derivatives Markets

before 16:30 CET.


1.1 SWEDISH EQUITIES (SEax) – STOCKS AND DEPOSITORY RECEIPTS LISTED IN

SEK

In the following categories of shares call and put Options,

Forwards and Futures are listed

Term and Expiration Months

Elekta (EKTAB)

Eniro (ENRO)

Getinge (GETIB)

Hexagon (HEXB)

Meda A (MEDA)

Millicom SDB (MIC)

MTG B (MTGB)

Oriflame SDB (ORI)

3 months: All months

12 months: Mar, Jun, Sep, Dec

Holmen B (HOLMB) Stora Enso R (STER)

ICA Gruppen (ICA) Swedish Match (SWMA)

Kinnevik B (KINB) Tietoenator (TIEN)

Lundin Mining (LUMI)

ABB (ABB) Sandvik (SAND) 3 months: All months

Alfa Laval (ALFA) SCA B (SCAB) 12 months: Mar, Jun, Sep, Dec

Assa Abloy (ASSAB) Scania B (SCVB) 24 months: Dec

AstraZeneca (AZN) SEB A (SEBA)

Atlas Copco A (ATCOA) Securitas B (SECUB)

Autoliv SDB (ALIV) SHB A (SHBA) Boliden AB (BOLI) SKF B (SKFB) Electrolux B (ELUXB) Skanska B (SKAB) Hennes & Mauritz B (HMB) SSAB A (SSABA) Husqvarna B (HUSQB) Swedbank (SWEDA) Investor B (INVEB) Tele2 B (TEL2B) Lundin Petroleum (LUPE) Trelleborg B (TRELB) Nordea (NDA) Volvo B (VOLVB)

Ericsson B (ERICB) 3 months: All months

Nokia (NOKI) 12 months: Mar, Jun, Sep, Dec

TeliaSonera (TLSN) 36 months: Dec

Normal exercise price interval for

categories of shares call and put

Options (SEK)

< 3 months term (SEK) < 6 months term (SEK) > 6 months term (SEK)

0 – 16 0,25 0.5 1

16 – 30 0,5 1 2

30 – 70 1 2 4

70 – 150 2,5 5 10

150 – 310 5 10 20

310 – 510 10 20 40

510 – 15 30 60


1.2 FINNISH EQUITIES (FIax) – STOCKS AND DEPOSITORY RECEIPTS LISTED IN EUR

Group 1

In the following categories of shares call and

put Options and Forwards are listed


Huhtamäki (HUH1V3) 3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

Kemira (KRA1V3) 6 months: Mar, Jun, Sep, Dec

Kone Corp (KNEBV3)

Metsä Board B (METSB3)

Metso (MEO1V3)

Nokian Tyres (NRE1V3)

Nordea FDR (NDA1V3)

Outokumpu (OUT1V3)

Outotec (OTE1V3)

Rautaruukki (RTRKS3)

Wärtsilä (WRT1V3)

YIT-Yhtymä (YTY1V3)

Additional options and forwards series on the stock classes in Group 1 are listed on request (i.e. not regularly) up

to a term of 24 months as apparent from the series designation.

Group 2

In the following categories of shares Forwards

are listed


Elisa (ELI1V3) 3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

Fortum (FUM1V3) 12 months: Mar, Jun, Sep, Dec

Neste Oil (NES1V3)

Nokia (NOK1V3)

Sampo A (SAMAS3)

Stora Enso R (STERV3)

TeliaSonera (TLS1V3)

TietoEnator (TIE1V3)

UPM-Kymmene (UPM1V3)

Additional forwards series on the stock classes in Group 2 are listed on request (i.e. not regularly) up to a term of

24 months as apparent from the series designation.


Group 3

In the following categories of shares call and put Options or Forwards are listed on request

with a Term of up to 24 months as apparent from the series designation. New underlying

instruments will be listed on request after liquidity consideration in the respective stock class.

Affecto (AFE1V3)

Ahlstrom (AHL1V3)

Amer Sports (AMEAS3)

CapMan B (CPMBV3)

Cargotec B (CGCBV3)

Citycon (CTY1S3)

Comptel (CTL1V3)

Cramo (CRA1V3)

Digia Oyj (DIG1V3)

Efore (EFO1V3)

F-Secure (FSC1V3)

Fiskars (FIS1V3)

HKScan A (HKSAV3)

Ixonos (XNS1V3)

Kesko B (KESBV3)

Konecranes (KCR1V3)

Lassila&Tikanoja (LAT1V3 )

Lemminkäinen (LEM1S3

Oriola-KD B (OKDBV3)

PKC Group (PKC1V3)

Pohjola Bank Plc. (POH1S3)

Pöyry (POY1V3)

Raisio Yhtym Vaihto-osake (RAIVV3)

Ramirent (RMR1V3)

Sanoma (SAA1V3)

Sievi Capital (SCI1V3)

Sponda (SDA1V3)

Stockmann B (STCBV3)

Talvivaara Mining Company (TLV1V3)

Technopolis (TPS1V3)

Tecnotree (TEM1V3)

Teleste (TLT1V3)

Tikkurila (TIK1V3)

Uponor (UNR1V3)

Normal exercise price interval for Group 1 and Group 3

Exercise price (EUR) < 6 months term > 6 months term

Interval (EUR) Interval (EUR)

0 – 0.6 0.05 0.1

0.6 – 3 0.1 0.2

3 – 5 0.2 0.4

5 – 20 0.5 1

20 – 38 1 2

38 – 50 2 4

50 – 5 10


1.3 DANISH Equities (DKax) – STOCKS LISTED IN DKK


put Options and Futures are listed


Carlsberg B (CARLB)

Chr. Hansen Holding (CHR) *

Coloplast B (COLOB) *

Danske Bank (DANSKE)

DSV (DSV)

D/S Norden (DNORD)

3 months: Jan, Feb, Apr, May, Jul, Aug,

Oct, Nov


FL Smidth & Co (FLS)

GN Store Nord (GN)

H. Lundbeck (LUN)

Novo Nordisk B (NOVOB)

Novozymes B (NZYMB)

Pandora (PNDORA)

Vestas Wind Systems (VWS)

TDC (TDC)

Tryg (TRYG)

* = Only Single Stock Futures available on this stock class

In the following categories of shares call and put

Options and Futures are listed with only one (1)

underlying Contract Share


A.P. Møller-Mærsk B (MAERSK)


Oct, Nov




Options (DKK)

< 6 months term (DKK) > 6 months term (DKK)

0 – 6 0.5 1

6 – 30 1 2

30 – 70 2.5 5

70 – 200 5 10

200 – 1500 10 20

1500 – 2000 50 100

2000 – 5000 100 200

5000 – 10000 250 500

10000 – 30000 500 1000

30000 – 1000 2000


1.4 NASDAQ OMX NORWEGIAN EQUITIES (NNOax) – STOCKS LISTED IN NOK

Group 1

In the following category of shares call and

put Options, Forwards and Futures are listed


DnB NOR ASA (DNBNON) 3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

Gjensidige Forsikring ASA (GJFN)

Marine Harvest ASA (MHGN)


Norsk Hydro ASA (NHYN)

Norske Skogindustrier ASA (NSGN)

Orkla ASA (ORKN)

Petroleum Geo-Services ASA (PGSN)

Renewable Energy Corp ASA (RECN)

Royal Caribbean Cruises Ltd (RCLN)

Seadrill Ltd (SDRLN*)

Storebrand ASA (STBN)

Subsea 7 S.A. (SUBCN)

Telenor ASA (TELN)

Yara International ASA (YARN)

* 100% dividend adjusted



Statoil ASA (STLN)


3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

12 months: Mar, Sep

24 months: Jun, Dec



Options (NOK)


0 – 2 0.1 0.1 0.2

2 – 5 0.25 0.25 0.5

5 – 16 0.25 0.5 1

16 – 30 0.5 1 2

30 – 80 1 2 4

80 – 200 2.5 5 10

200 – 400 5 10 20

400 – 600 10 20 40

600 – 15 30 60


1.7 SWEDISH EQUITIES – INDEX (OMXS30)

Expiration Months

3 months 12 months 36 months

Call and Put Options,

Futures Contracts

FEB, APR, MAY,

JUL, AUG, OCT,

NOV

MAR, JUN, SEP,

DEC

DEC

Normal exercise

price interval for

categories of

shares call and put

Options:

Exercise Price

(SEK)

Interval< 1 month

term

Interval< 3 months

term

Interval< 12 months

term

Interval> 12 months

term

0 – 1 000 5 5 10 20

1 000 – 5 10 20 40

Start value: 125

(30/9 1986, Split

4:1 27/4)

1.8 SWEDISH EQUITIES - INDEX (OMXSB)

Expiration months

6 months 24 months

Futures Contracts MAR, JUN, SEP DEC

1.9 NASDAQ OMX NORWEGIAN EQUITIES - INDEX (OMXO20)

Expiration months

Call and Put Options, Futures Contracts


JAN, FEB, APR, MAY, JUL, AUG, OCT, NOV MAR, JUN, SEP DEC

Normal exercise price interval for categories

of shares call and put Options:

Exercise Price

(NOK)

Interval< 1 month

term

Interval< 3 months

term

Interval< 12 months

term

Interval> 12 months

term

0 – 150 2.5 2.5 2.5 5

150 – 500 2.5 2.5 5 10

500 – 1 000 5 5 10 20

1 000 – 5 10 20 40


1.10 DANISH EQUITIES– INDEX (OMXC20CAP)

Expiration months

3 months 9 Months


Futures Contracts

JAN, FEB, APR, MAY, JUL,

AUG, OCT, NOV

MAR, JUN, SEP, DEC



Exercise Price (DKK) Interval for Option

contracts with a Term

less than 6 months

Interval for Option


more than 6 months

0 – 500 5 10

500 – 1000 10 20

1000 – 20 40

Start value: 3 juli 1989: 100

1.11 NORDIC EQUITIES - INDEX (VINX30)

Expiration months

3 months


Futures Contracts

All months



Exercise Price (EUR) Interval for Option


less than 6 months

Interval for Option


more than 6 months

0 – 1 000 10 20

1 000 – 20 40

Start value: 100 (29/12, 2000)


1.12 WEEKLY OPTIONS – INDEX (OMXS30) IN SEK

Expiration Weeks

2 weeks

Call and Put Options Week 1,2, 4 and

where applicable 5

of the month

Normal exercise price

interval for

categories of shares

call and put Options:

Exercise Price (SEK) Interval for Weekly

Option contracts

0 – 1 000 5

1 000 – 5

1.14 TM (NON-STANDARDISED PRODUCTS)

TM Contracts are Registered following acceptance of application for Registration.

1.15 BINARY OPTIONS, OVER UNDER - STOCKS AND INDEX LISTED IN SEK Group 1

In the following categories of instruments OverUnder are listed with a Term of three months

ABB (ABB)

Ericsson B (ERICB)

Hennes & Mauritz B (HMB)

Nokia (NOKIA)

Nordea (NDA)

OMXS30 index (OMXS30)

SEB A (SEBA)

SHB A (SHBA)

Swedbank (SWEDA)

TeliaSonera (TLSN)

Volvo B (VOLVB)

Expiration months

3 months

Group 1 All months

Exercise price intervals

Same as for standard options on the underlying instrument in question.


1.16 SWEDISH EQUITIES (SEetf) – EXCHANGE TRADED FUNDS IN SEK

In the following categories of Exchange Traded Funds call

and put Options are listed


XACT OMXS30 ETF (XACT) 3 months: All months


Normal exercise price interval

for categories of call and put

options on ETFs (SEK)

< 6 months term (SEK) > 6 months term (SEK)

0 – 50 1 2

50 – 150 2 4

150 – 500 5 10

500 – 10 20


Appendix B – Tick Sizes.


7.10 REQUEST FOR QUOTE

The Request For Quote (RFQ) functionality allows members to request a one- or two-sided

quote to the central order book of a specified instrument. Such RFQ can be submitted with or

without an indicative quantity attached to it. Once submitted, a RFQ is visible to the entire market

and all market participants can respond to it with single orders or quotes in the applicable order

book.

The RFQ functionality is available in order books for

OMXS30 index options (including binary & weekly);

Options (including binary), forwards and futures on Swedish shares;

Options on exchange traded funds in SEK;

Options and forwards on Finnish shares and depository receipts on request;

VINX index options;

Options and futures on Danish shares;

OMXC20CAP index options;

Options, forwards and futures on Norwegian shares;

OMXO20 index options; and

Tailor Made Combinations.

The RFQ functionality is neither available for outright index futures, nor standardized index

futures time spread combinations.


8 QUOTES

Market Makers are offered quoting capability.

8.1 SINGLE QUOTES

Quoting is provided in one Series by a special type of transaction that includes both a bid and

offer with corresponding prices and quantities. Price quotation can be single-sided or two-sided,

i.e. the bid or offer or both the bid and offer can be provided in one transaction.

8.2 MASS QUOTES

Mass Quotes are supported to provide quoting in up to 37 Series in the same underlying using

one transaction including both bids and offers with corresponding prices and quantities. Mass

quotes can be single-sided or two-sided, i.e. the bids or offers or both the bids and offers can be

provided in one transaction.

8.3 REPLACING QUOTES – LOSING PRIORITY

A previous quotation can be replaced by a new quotation in the same order book (it is possible to

replace only one side with the other retaining its priority). This is done in an automatic manner to

enable market makers to provide continuous quotes. Replacing and changing quotes always

leads to lost priority.

9 CONNECTIVITY AND PROTOCOLS

9.1 TRADING

Genium INET offers two interfaces for Trading; the OMnet API and the FIX protocol. The

supported functions per protocol are outlined below.

Function OMnet FIX

Order entry & mgmt. X X

Trade reporting X X

Single quotes X

Mass quotes X X

RFQs X

MM Protection X

Trade drops X X

9.2 MARKET DATA AND TRANSPARENCY

Market Data is available directly from Genium INET via two protocols; OMnet and ITCH. Market

Data is also available from the Genium Consolidated Feed via the TIP protocol.

Market Transparency is different throughout the trading day, depending on Trading Session and

Protocol. See Appendix G – Market transparency.


APPENDIX A – QUOTATION LIST

Rules on Series listed by the Exchange and which are subject to clearing at the Clearing House

are found in Appendix 2 of the Exchange Rules of NASDAQ OMX Derivatives Markets. Below is

an outline for Nordic Equity Derivatives.

The following assets constitute Contract Base in Series listed by the Exchange.

EQUITIES

Exchange- and clearing listing

Additional Series for Options on Swedish, Danish, Finnish (with exception for group 3, which is a list on-

request market), Norwegian Equities, Weekly options and Binary options may be listed on request in

accordance with the criteria and the procedure set out below:

10. The requested strike must conform to the strike generation methodology detailed in the

Quotation List.

11. The maturity is currently listed.

12. The strike may be listed when the following conditions are met:

(d) The requested strike must not be lower than 50% ITM or greater than 50% OTM

from the T – 1 closing price of the nearest ATM option, for options with a maturity

shorter than 3 month

(e) For maturities greater than 3 months, the requested strike may not be greater than

100% from the T - 1 closing price of the nearest ATM option.

(f) 0 (Zero) strike options will not be accepted

13. The strike request is only eligible when reporting trades with a minimum of 250

contracts for all options.

14. The corresponding put/call option will be listed at the same time

15. NASDAQ OMX Derivatives Markets retains the right deny a request for a new strike

listing.

16. NASDAQ OMX Derivatives Markets retains the right to delist a strike if there is no

open interest in the requested strike

17. Only members may submit requests

18. Requests may be made to Trading Operation at NASDAQ OMX Derivatives Markets

before 16:30 CET.


1.1 SWEDISH EQUITIES (SEax) – STOCKS AND DEPOSITORY RECEIPTS LISTED IN

SEK

In the following categories of shares call and put Options,

Forwards and Futures are listed


Elekta (EKTAB)

Eniro (ENRO)

Getinge (GETIB)

Hexagon (HEXB)

Meda A (MEDA)

Millicom SDB (MIC)

MTG B (MTGB)

Oriflame SDB (ORI)

3 months: All months


Holmen B (HOLMB) Stora Enso R (STER)

ICA Gruppen (ICA) Swedish Match (SWMA)

Kinnevik B (KINB) Tietoenator (TIEN)

Lundin Mining (LUMI)

ABB (ABB) Sandvik (SAND) 3 months: All months

Alfa Laval (ALFA) SCA B (SCAB) 12 months: Mar, Jun, Sep, Dec

Assa Abloy (ASSAB) Scania B (SCVB) 24 months: Dec

AstraZeneca (AZN) SEB A (SEBA)

Atlas Copco A (ATCOA) Securitas B (SECUB)

Autoliv SDB (ALIV) SHB A (SHBA) Boliden AB (BOLI) SKF B (SKFB) Electrolux B (ELUXB) Skanska B (SKAB) Hennes & Mauritz B (HMB) SSAB A (SSABA) Husqvarna B (HUSQB) Swedbank (SWEDA) Investor B (INVEB) Tele2 B (TEL2B) Lundin Petroleum (LUPE) Trelleborg B (TRELB) Nordea (NDA) Volvo B (VOLVB)

Ericsson B (ERICB) 3 months: All months

Nokia (NOKI) 12 months: Mar, Jun, Sep, Dec

TeliaSonera (TLSN) 36 months: Dec



Options (SEK)


0 – 16 0,25 0.5 1

16 – 30 0,5 1 2

30 – 70 1 2 4

70 – 150 2,5 5 10

150 – 310 5 10 20

310 – 510 10 20 40

510 – 15 30 60


1.2 FINNISH EQUITIES (FIax) – STOCKS AND DEPOSITORY RECEIPTS LISTED IN EUR

Group 1


put Options and Forwards are listed


Huhtamäki (HUH1V3) 3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

Kemira (KRA1V3) 6 months: Mar, Jun, Sep, Dec

Kone Corp (KNEBV3)

Metsä Board B (METSB3)

Metso (MEO1V3)

Nokian Tyres (NRE1V3)

Nordea FDR (NDA1V3)

Outokumpu (OUT1V3)

Outotec (OTE1V3)

Rautaruukki (RTRKS3)

Wärtsilä (WRT1V3)

YIT-Yhtymä (YTY1V3)

Additional options and forwards series on the stock classes in Group 1 are listed on request (i.e. not regularly) up

to a term of 24 months as apparent from the series designation.

Group 2

In the following categories of shares Forwards

are listed


Elisa (ELI1V3) 3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

Fortum (FUM1V3) 12 months: Mar, Jun, Sep, Dec

Neste Oil (NES1V3)

Nokia (NOK1V3)

Sampo A (SAMAS3)

Stora Enso R (STERV3)

TeliaSonera (TLS1V3)

TietoEnator (TIE1V3)

UPM-Kymmene (UPM1V3)

Additional forwards series on the stock classes in Group 2 are listed on request (i.e. not regularly) up to a term of

24 months as apparent from the series designation.


Group 3

In the following categories of shares call and put Options or Forwards are listed on request

with a Term of up to 24 months as apparent from the series designation. New underlying

instruments will be listed on request after liquidity consideration in the respective stock class.

Affecto (AFE1V3)

Ahlstrom (AHL1V3)

Amer Sports (AMEAS3)

CapMan B (CPMBV3)

Cargotec B (CGCBV3)

Citycon (CTY1S3)

Comptel (CTL1V3)

Cramo (CRA1V3)

Digia Oyj (DIG1V3)

Efore (EFO1V3)

F-Secure (FSC1V3)

Fiskars (FIS1V3)

HKScan A (HKSAV3)

Ixonos (XNS1V3)

Kesko B (KESBV3)

Konecranes (KCR1V3)

Lassila&Tikanoja (LAT1V3 )

Lemminkäinen (LEM1S3

Oriola-KD B (OKDBV3)

PKC Group (PKC1V3)

Pohjola Bank Plc. (POH1S3)

Pöyry (POY1V3)

Raisio Yhtym Vaihto-osake (RAIVV3)

Ramirent (RMR1V3)

Sanoma (SAA1V3)

Sievi Capital (SCI1V3)

Sponda (SDA1V3)

Stockmann B (STCBV3)

Talvivaara Mining Company (TLV1V3)

Technopolis (TPS1V3)

Tecnotree (TEM1V3)

Teleste (TLT1V3)

Tikkurila (TIK1V3)

Uponor (UNR1V3)

Normal exercise price interval for Group 1 and Group 3

Exercise price (EUR) < 6 months term > 6 months term

Interval (EUR) Interval (EUR)

0 – 0.6 0.05 0.1

0.6 – 3 0.1 0.2

3 – 5 0.2 0.4

5 – 20 0.5 1

20 – 38 1 2

38 – 50 2 4

50 – 5 10


1.3 DANISH Equities (DKax) – STOCKS LISTED IN DKK


put Options and Futures are listed


Carlsberg B (CARLB)

Chr. Hansen Holding (CHR) *

Coloplast B (COLOB) *

Danske Bank (DANSKE)

DSV (DSV)

D/S Norden (DNORD)


Oct, Nov


FL Smidth & Co (FLS)

GN Store Nord (GN)

H. Lundbeck (LUN)

Novo Nordisk B (NOVOB)

Novozymes B (NZYMB)

Pandora (PNDORA)

Vestas Wind Systems (VWS)

TDC (TDC)

Tryg (TRYG)

* = Only Single Stock Futures available on this stock class

In the following categories of shares call and put

Options and Futures are listed with only one (1)

underlying Contract Share


A.P. Møller-Mærsk B (MAERSK)


Oct, Nov




Options (DKK)

< 6 months term (DKK) > 6 months term (DKK)

0 – 6 0.5 1

6 – 30 1 2

30 – 70 2.5 5

70 – 200 5 10

200 – 1500 10 20

1500 – 2000 50 100

2000 – 5000 100 200

5000 – 10000 250 500

10000 – 30000 500 1000

30000 – 1000 2000


1.4 NASDAQ OMX NORWEGIAN EQUITIES (NNOax) – STOCKS LISTED IN NOK

Group 1




DnB NOR ASA (DNBNON) 3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

Gjensidige Forsikring ASA (GJFN)

Marine Harvest ASA (MHGN)


Norsk Hydro ASA (NHYN)

Norske Skogindustrier ASA (NSGN)

Orkla ASA (ORKN)

Petroleum Geo-Services ASA (PGSN)

Renewable Energy Corp ASA (RECN)

Royal Caribbean Cruises Ltd (RCLN)

Seadrill Ltd (SDRLN*)

Storebrand ASA (STBN)

Subsea 7 S.A. (SUBCN)

Telenor ASA (TELN)

Yara International ASA (YARN)

* 100% dividend adjusted



Statoil ASA (STLN)


3 months: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

12 months: Mar, Sep

24 months: Jun, Dec



Options (NOK)


0 – 2 0.1 0.1 0.2

2 – 5 0.25 0.25 0.5

5 – 16 0.25 0.5 1

16 – 30 0.5 1 2

30 – 80 1 2 4

80 – 200 2.5 5 10

200 – 400 5 10 20

400 – 600 10 20 40

600 – 15 30 60


1.7 SWEDISH EQUITIES – INDEX (OMXS30)

Expiration Months



Futures Contracts

FEB, APR, MAY,

JUL, AUG, OCT,

NOV

MAR, JUN, SEP,

DEC

DEC

Normal exercise

price interval for

categories of

shares call and put

Options:

Exercise Price

(SEK)

Interval< 1 month

term

Interval< 3 months

term

Interval< 12 months

term

Interval> 12 months

term

0 – 1 000 5 5 10 20

1 000 – 5 10 20 40

Start value: 125

(30/9 1986, Split

4:1 27/4)

1.8 SWEDISH EQUITIES - INDEX (OMXSB)

Expiration months

6 months 24 months

Futures Contracts MAR, JUN, SEP DEC

1.9 NASDAQ OMX NORWEGIAN EQUITIES - INDEX (OMXO20)

Expiration months

Call and Put Options, Futures Contracts


JAN, FEB, APR, MAY, JUL, AUG, OCT, NOV MAR, JUN, SEP DEC



Exercise Price

(NOK)

Interval< 1 month

term

Interval< 3 months

term

Interval< 12 months

term

Interval> 12 months

term

0 – 150 2.5 2.5 2.5 5

150 – 500 2.5 2.5 5 10

500 – 1 000 5 5 10 20

1 000 – 5 10 20 40


1.10 DANISH EQUITIES– INDEX (OMXC20CAP)

Expiration months

3 months 9 Months


Futures Contracts

JAN, FEB, APR, MAY, JUL,

AUG, OCT, NOV

MAR, JUN, SEP, DEC



Exercise Price (DKK) Interval for Option


less than 6 months

Interval for Option


more than 6 months

0 – 500 5 10

500 – 1000 10 20

1000 – 20 40

Start value: 3 juli 1989: 100

1.11 NORDIC EQUITIES - INDEX (VINX30)

Expiration months

3 months


Futures Contracts

All months



Exercise Price (EUR) Interval for Option


less than 6 months

Interval for Option


more than 6 months

0 – 1 000 10 20

1 000 – 20 40

Start value: 100 (29/12, 2000)


1.12 WEEKLY OPTIONS – INDEX (OMXS30) IN SEK

Expiration Weeks

2 weeks

Call and Put Options Week 1,2, 4 and

where applicable 5

of the month

Normal exercise price

interval for

categories of shares

call and put Options:

Exercise Price (SEK) Interval for Weekly

Option contracts

0 – 1 000 5

1 000 – 5

1.14 TM (NON-STANDARDISED PRODUCTS)

TM Contracts are Registered following acceptance of application for Registration.

1.15 BINARY OPTIONS, OVER UNDER - STOCKS AND INDEX LISTED IN SEK Group 1

In the following categories of instruments OverUnder are listed with a Term of three months

ABB (ABB)

Ericsson B (ERICB)

Hennes & Mauritz B (HMB)

Nokia (NOKIA)

Nordea (NDA)

OMXS30 index (OMXS30)

SEB A (SEBA)

SHB A (SHBA)

Swedbank (SWEDA)

TeliaSonera (TLSN)

Volvo B (VOLVB)

Expiration months

3 months

Group 1 All months

Exercise price intervals

Same as for standard options on the underlying instrument in question.


1.16 SWEDISH EQUITIES (SEetf) – EXCHANGE TRADED FUNDS IN SEK

In the following categories of Exchange Traded Funds call

and put Options are listed


XACT OMXS30 ETF (XACT) 3 months: All months


Normal exercise price interval

for categories of call and put

options on ETFs (SEK)

< 6 months term (SEK) > 6 months term (SEK)

0 – 50 1 2

50 – 150 2 4

150 – 500 5 10

500 – 10 20


APPENDIX B – TICK SIZES

Market segment

Options Futures/Forwards Binary options Weekly Options

Price interval

Tick size Price interval

Tick size Tick size Price interval

Tick size

Danish stock < 0.10 0.10 - 1.0 1.0 - 4.0 > 4.00 Maersk

0.01 0.10 0.25 0.50 25

< 0.10 0.10 – 4.00 > 4.00 Maersk

0.01 0.05 0.25 25

Danish index < 0.10 0.10 – 4.00 > 4.00

0.01 0.05 0.25

< 0.10 > 0.10

0.01 0.05

Finnish stock 0.01 0.01

Norwegian stock

< 0.25 0.25 – 4.00 4.25 – 8.00 > 8.00

0.01 0.05 0.10 0.25

0.01

Norwegian index

< 0.25 0.25 – 4.00 4.25 – 8.00 > 8.00

0.01 0.05 0.25

< 1000 > 1000

0.10 0.25

Swedish stock < 0.10 0.10 – 4.00 > 4.00

0.01 0.05 0.25

0.01 0.01

Swedish index < 0.10 0.10 – 4.00 > 4.00

0.01 0.05 0.25

< 0.10 0.10 – 4.00 4.00 – 50.00 > 50.00

0.01 0.05 0.10 0.25

0.01 < 0.10 0.10 – 4.00 > 4.00

0.01 0.05 0.25

Euro index < 0.10 0.10 – 4.00 > 4.00

0.01 0.05 0.10

0.10

All standardized combinations order books have the same tick sizes tables as their individual leg

Series except for the OMXS30 futures time spreads, which have a constant tick size of 0.05.

Tailor Made Combination order books have a constant tick size of 0.01.


APPENDIX C – DAILY SETTLEMENT PRICES

INDEX FUTURES

The future nearest to expiration

The settlement price is equal to the Last Paid Price if the Last Paid Price is at or within the

closing BBO. If the Last Paid Price is outside the closing BBO the average of the BBO is used

given that both a bid and ask price exist. If there is no closing BBO the settlement price is

theoretically calculated on the basis of the underlying value.

On the expiration day the future second nearest to expiration is considered to be the future

nearest to expiration.

On the expiration day regarding the future nearest to expiration the settlement price is

determined with a VWAP.

The futures not nearest to expiration

The settlement price is theoretically calculated on the basis of the fixing value of the future

nearest to expiration.

SINGLE STOCK FUTURES

The settlement prices, for all Single Stock futures, are theoretically calculated on the basis of the

underlying prices.


APPENDIX D – TRADE STATISTICS

ELECTRONICALLY MATCHED TRADES

Electronically matched trades update:

Last price

Last quantity

High

Low

Open price

Turnover

Open Interest

REPORTED TRADES

ST - Standard Trade

Updates:

Last price

Last quantity

High

Low

Open price

Turnover

Open Interest

Last Trade Report price

Last Trade Report quantity

STOS - Standard Trade, Outside Spread

Updates:

High

Low

Turnover

Open Interest




OHT - Off Hours Trade

Updates:

Turnover

Open Interest



BT - Block Trade

Updates:

High

Low

Turnover

Open Interest



EGT- Exchange Granted Trade

Updates:

High

Low

Turnover

Open Interest



BTX - Exchange Granted Trade, exceeding maximum lot size

Updates:

High

Low

Turnover

Open Interest




BTXO - Exchange Granted Trade, exceeding maximum lot size After Hours

Updates:

Turnover

Open Interest



EGLT - Exchange Granted Trade, Late Reported

Trade is not published publicly.


APPENDIX E – RANKING OF ORDERS AND PRICE TRIGGERING

EXCEPTION 1 TO THE MAIN RULE REGARDING RANKING

An outright order which would have had higher ranking according to the main rule but is

preventing execution which otherwise could take place with a combination order can be by-

passed provided that the legs in the Combination have different ratios. Only Orders which do not

exceed three contracts can be by-passed. See example below.

Given the following Order Books:

No implied-out order is created in Order Book A (the combo calculates against the best price

level in Order Book B,3@4,5 and that Order is to small).

No implied-out is published in Order Book B since all or none Orders are not allowed, i.e. the

combo has to sell at least 4 contracts or multiples of 4 contracts. The combo can actually sell

40@4,25.

Order Book A

100@16 - 100@18

Order Book B

100@4 3@4,5 - 100@5

Combination Order Book A/B

ratio buying 1 of Order Book A and selling 4 of Order Book B

10/40@1 -


An incoming Order to buy 60@4,25 (in green) in Order Book B:

Results in the following trades:

Order Book A, 10 @ 18

Order Book B, 40 @ 4,25

Leaving the resulting Order Books:

The buy Order of 3@4,5 has been by-passed due to insufficient quantity.

Order Book A

100@16 - 100@18

Order Book B

100@4 60@4,25 3@4,5 - 100@5



10/40@1 -

Order Book A

100@16 - 90@18

Order Book B

100@4 20@4,25 3@4,5 - 100@5



-


EXCEPTION 2 TO THE MAIN RULE REGARDING RANKING

An implied-out order which would have had higher ranking according to the main rule but is

preventing execution which otherwise could take place with an outright order can be by-passed

provided that two passive and different combination orders are involved. Only implied-out order,

in Series also common to two passive combination orders with different terms, can be by-passed.

See example below.

Given the following Order Books:

Single orders in black, baits in different colors generated from the combination order books with

corresponding colors. Note that implied-out orders are only based on outright orders for

example; the bid 10@1105,25 in order book C is calculated against 1104 in order book B.

Order Book A

50@1103 - 50@1103,25 10@1103,25

Order Book B

50@1104 10@1104,25 - 50@1104,5 50@1105

Order Book C

50@1105 10@1105,25 - 50@1106,25

Combination Order Book B/A

ratio buying 1 of Order Book B and selling 1 of Order Book A

10@1,25 -

Combination Order Book C/B

ratio buying 1 of Order Book C and selling 1 of Order Book B

10@1,25 -


An incoming Order to sell 10@1105,25 in Order Book C:

Results in the following trades:

Order Book C, 10@1105,25

Order Book B, 10@1104

Leaving the resulting Order Books:

Note that the bid 10@1, in combination C/B is selling at 1104 and not 1104,25 because a

passive combination never trades against another passive combination i/e the LMP will be

outside BBO. The bait, 10@1104,25 in order book B was therefore by-passed. This can only

happen in the order book that combination B/A and C/B have in common.

Order Book A

50@1103 - 50@1103,25 10@1103,25

Order Book B

40@1104 10@1104,25 - 50@1104,5

Order Book C

50@1105 - 50@1106,25

Combination Order Book B/A

ratio buying 1 of Order Book B and selling 1 of Order Book A

10@1,25 -

Combination Order Book C/B

ratio buying 1 of Order Book C and selling 1 of Order Book B

-


APPENDIX F – PROHIBITED COMBINATION MATCHING

Due to the fact that implied-out orders are not generated if the base is fully committed as the

base to another combination, there are special situations where a combination may not be

executed even though a possibility exists.

If the bases in the combination are already fully committed to other combinations, incoming

orders will not be executed (even though it seems to be possible) towards the combination since

the combination needs a created implied-out order to trigger re-calculation due to changed BBO.

If the combination order is changed (leading to a new order entry) the combination will be

triggered with a re-calculation and if still possible it will be executed.

Any new order sent in to the combination will lead to a re-calculation and if still possible it will be

executed. However if the new combination order has a better price than the blocked combination

order, that order will be executed first.


APPENDIX G – MARKET TRANSPARENCY

OMNET

Type of Data No-matching Auto-match Call Auction

- Market-by-Order Not disseminated in real time. Anonymous full Order Depth of stored orders with their shown quantity retrieved if queried.

Not disseminated in real time. Anonymous full Order Depth of stored orders with their shown quantity retrieved if queried.

No.

- Market-by-Level Five best price levels with aggregated shown quantity.

Five best price levels with aggregated shown quantity.

Five best price levels with aggregated shown and hidden quantity. All orders priced at or better than the EP are included in the first price level.

- Equilibrium Data N/A N/A EP and aggregated shown and hidden equilibrium quantity. Bid or ask price of surplus that will remain in the order book after the Uncross. Surplus quantity that will remain in the order book after the Uncross.

Public Deal Information (Trade Ticker)

Trade Reports disseminated on a trade-by-trade basis.

Trade Reports and electronically matched trades disseminated on a trade-by-trade basis.

Trade Reports disseminated on a trade-by-trade basis, uncross trades at session transition.

ITCH


- Market-by-Order Anonymous full Order Depth of stored orders with their shown quantity disseminated in real time.

Anonymous full Order Depth of stored orders with their shown quantity disseminated in real time.

No order depth disseminated during Call Interaction. Anonymous full Order Depth of stored order with their shown quantity disseminated once uncrossed.

- Market-by-Level No No No

- Equilibrium Data N/A N/A EP and aggregated shown and hidden equilibrium quantity on bid and ask side.


No Electronically matched trades disseminated on a trade-by-trade basis.

Uncross trades at session transition.


TIP


- Market-by-Order Not disseminated in real time. Anonymous full Order Depth of stored orders with their shown quantity retrieved if queried.

Not disseminated in real time. Anonymous full Order Depth of stored orders with their shown quantity retrieved if queried.

No.

- Market-by-Level Five best price levels with aggregated shown quantity.

Five best price levels with aggregated shown quantity.

Five best price levels with aggregated shown and hidden quantity. All orders priced at or better than the EP are included in the first price level.

- Equilibrium Data N/A N/A EP and aggregated shown and hidden equilibrium quantity. Bid or ask price of surplus that will remain in the order book after the Uncross. Surplus quantity that will remain in the order book after the Uncross.


Trade Reports disseminated on a trade-by-trade basis.

Trade Reports and electronically matched trades disseminated on a trade-by-trade basis.

Trade Reports disseminated on a trade-by-trade basis, uncross trades at session transition.


APPENDIX H – DEFERRED PUBLICATION

TRADE PUBLICATION

For trades matched outside EMP, NASDAQ OMX allows waivers from the principle of immediate

publication of a reported trade

if the trade meets the number of contracts according to the Minimum qualifying

number of contracts in a transaction criteria set in appendix [XX];

if the trade is made between a client and a members own account; and

if the trade exposes the Member to a price risk.

A request can be made for a trade to be deferred until end of trading day in an incoming trade

report.

NB! The trade will be published immediately if the number of contracts is not sufficient.

CLASSIFICATION OF UNDERLYING’S

Swedish Equities: SE-ax, OMXS30, OMXSB and ETF options

Class in terms of average daily turnover (ADT) in equities in number of shares

Group 1

Group 2

Group 3

Group 4

Group 5

ADT < 1.500.000

1.500.000 < ADT < 2.500.000

2.500.000 < ADT < 5.000.000

5.000.000 < ADT < 10.000.000

ADT > 10.000.000

ALIV AZN ENRO GETIB HEXB HOLMB ICA KINB MEDA MIC MTGB OMXSB ORI PAR STER SWMA TIEN TRELB

ABB ALFA ASSAB HUSQB INVEB LUPE NOKI SCVB SECUB SHBA SKAB SSABA TEL2B

ATCOA BOLI ELUXB HMB LUMI SCAB SKFB

SAND SEBA SWEDA

ERICB NDA OMXS30 TLSN VOLVB


Danish Equities: DK-ax and OMXC20CAP


Group 1

Group 2

Group 3

Group 4

Group 5

ADT < 1.500.000

1.500.000 < ADT < 2.500.000

2.500.000 < ADT < 5.000.000

5.000.000 < ADT < 10.000.000

ADT > 10.000.000

CARLB DANSKE DNORD DSV FLS GN LUN MAERSK NOVOB NZYM PNDORA TORM TRYG

TDC VWS OMXC20CAP

Norwegian Equities: NNO-ax and OMXO20


Group 1

Group 2

Group 3

Group 4

Group 5

ADT < 1.500.000

1.500.000 < ADT < 2.500.000

2.500.000 < ADT < 5.000.000

5.000.000 < ADT < 10.000.000

ADT > 10.000.000

GJFN NSGN RCLN YARN

ORKLA PGSN SDRLN SUBCN

DNBN NHYN TELN OMXO20

RECN STBN STLN

MHGN


Finnish Equities: FI-ax


Group 1

Group 2

Group 3

Group 4

Group 5

ADT < 1.500.000

1.500.000 < ADT < 2.500.000

2.500.000 < ADT < 5.000.000

5.000.000 < ADT < 10.000.000

ADT > 10.000.000

AHL1V3 AMEAS3 BAS1V CGCBV3 CPMBV3 CRA1V3 CTY1S3 DOV1V3 EFO1V3 ELI1V3 FIS1V3 FSC1V3 HKSAV3 HUH1V3 KCR1V3 KESBV3 KNEBV3 KRA1V3 LEM1S3 MEO1V3 METSB3 NDA1V3 NES1V3 NRE1V3 OKDBV3 OTE1V3 PKC1V3 POH1S3 POY1V3 RAIVV3 REG1V3 RMR1V3 RTRKS3 RUG1V3 SAA1V3 SAMAS3 SCI1V3 SDA1V3 SFT1V3 STCBV3 TEM1V3 TIE1V3 TII1V3 TIK1V3 TLS1V3 TLT1V3 TLV1V3 TRH1V3 TTM1V3 UNR1V3 WRT1V3 YTY1V3

FUM1V3 STERV3 UPM1V3

OUT1V3 NOKIV3


Minimum qualifying number of contracts

Permitted delay for publication

Minimum qualifying number of contracts in a transaction for permitted delay

Group 1

Group 2

Group 3

Group 4

Group 5

Until end of trading day 1.000

2.000

3.000

4.000

5.000


APPENDIX I – ORDER MANAGEMENT, TRADE REPORTING AND EVENTS DURING SESSIONS

INDEX DERIVATIVES

EMP Pre-Open

EMP Call Interaction

EMP Continuous Trading

EMP Call Interaction

EMP End of Trading

EMP Statistics

EMP Day Orders are cleared

EMP Post-Trade Index futures

EMP Terminating business day

EMP Electronic Market Place Closed



Type No matching Auction Auto-match Auction No matching No matching No matching Auto-match No matching No matching

Order management Futures

Delete Full Full Full None None None Full None None

Order management Options

Delete Delete Full None None None None Delete (long) Orders

None None

Order management Combos

None None Full None None None None None None None

Trade Reporting (trade report types) Electronically

ST, STOS, BT, EGT,

OHT OHT OHT None OHT OHT

Trade Reporting (trade report types) Phone

EGLT EGLT ST, STOS, BT, EGT, BTX, EGLT

OHT, BTXO, EGLT

OHT, BTXO, EGLT

OHT, BTXO, EGLT

None OHT, BTXO, EGLT

OHT, BTXO, EGLT

OHT, BTXO, EGLT (until 19:00 CET)

At Transition Uncross CLIN Uncross CLIN Release of Deferred Trades

End of trade Statistics

Automatic delete of Day Orders

Settlement Prices (~17:40)

Final Turnover & Open Interest (~19:25)


SINGLE STOCK DERIVATIVES

EMP

Pre-Open EMP Continuous Trading

EMP End of Trading

EMP Statistics

EMP Terminating business day

EMP Electronic Market Place Closed


PREOP OPEN EOTRD STATS TRMBD EMPC

Type No matching Auto-match No matching No matching No matching No matching

Order management Futures & Options

Delete Full None None None None

Order management Combos

None Full None None None None

Trade Reporting (trade report types) Electronically

ST, STOS, BT, EGT

OHT OHT OHT

Trade Reporting (trade report types) Phone

EGLT ST, STOS, BT, EGT, BTX, EGLT

OHT, BTXO, EGLT

OHT, BTXO, EGLT

OHT, BTXO, EGLT

OHT, BTXO, EGLT (Until 19:00 CET)

At Transition Release of Deferred Trades

End of trade Statistics

Settlement Prices (~17:40)

Final Turnover & Open Interest (~19:25)

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Genium INET Market Model...options and Binary options. Genium INET Market Model 4 4 Date Revision Change Description March 17, 2014 1.24 General updates to layout and language in document