Apart from being the first foreign unit trusts on the XtraMarked, it is also the first certificates to be issued and traded in another currency than Danish kroner.
Two unit trust funds will be listed from Sparinvest Sirius. The fund Sparinvest Sirius Focus issues its certificates in USD, and the trade currency will also be USD, while the certificates in Sparinvest Sirius Select will be issued and traded in EUR.
Sparinvest Sirius Focus pursues an active strategy by investing in 20-40 shares listed on American exchanges. Sparinvest Sirius Select invests in several industries in order to reduce risk. Both funds differ from traditional funds as they do not pursue a "buy & hold" strategy. This means that the funds have the possibility of switching to cash or bonds during periods when the equity market is turbulent. The funds are primarily aimed at placing pension funds.
Previously, all trading in shares and unit trust certificates listed on either the Copenhagen Stock Exchange or the Exchange's XtraMarked was effected in Danish kroner, irrespective of the currency in which the security was issued.
Senior Vice President Peter Belling commented: "The investors will now have easy and efficient access to foreign unit trusts through the Danish market without having to pay high costs on the trading and settlement sides, which is often the case when an investor seeks to trade in foreign securities on markets abroad. With the new funds, the XtraMarked shows potential for an especially wide range of investment opportunities for both the private and professional investors.
Managing Director Henrik Lind-Grønbæk, Sparinvest SA in Luxembourg said: "From a foreign unit trust's point of view it is essential to make it easier to invest in the unit trust's certificates, and also that trading, pricing and settlement take place as efficiently and smoothly as possible for Danish investors. Being the first foreign unit trust in Denmark, Sparinvest in Luxembourg has chosen to admit its funds to listing on the Exchange's XtraMarked. The unit trust is also the first foreign trust that is registered with the Danish Securities Centre. In the near future, we will introduce a further four funds on the Exchange's XtraMarked."
