Information To Recipients Of Market Information In Connection With The Transfer Of Derivatives To CLICK

As announced in Briefing no. 93 the board of directors of the Copenhagen Stock Exchange and the FUTOP Clearing Centre has approved the rules regulating derivatives trading in CLICK and clearing via SECUR. The new systems will be introduced on 27 November 2000. The future platform for futures contracts on bonds has not been determined yet. ELECTRA will be closed down on 27 December 2000.

The transfer of derivatives from ELECTRA to CLICK is the last step in the phasing out of the ELECTRA system. Shares and bonds have been transferred to SAXESS, derivatives will be transferred to CLICK, and market data in the A subscription will after the closing down of ELECTRA only be distributed via the MVS platform of the Danish Securities Centre, cf. previously released information. In future real-time information from the various market segments will only be accessible via a link-up to the trading platforms (SAXESS/CLICK).

Since it is not possible to transfer open positions between the existing clearing system and the new one, and since derivatives contracts which expire in December still exist in the clearing platform, these contracts may be traded in ELECTRA and cleared in the FUTOP system until expiry. The last contract will expire on 27 December; ELECTRA will subsequently be closed down as a trading system and a market information distribution platform. Until the contracts in question expire the market data will come from the existing information channels, i.e. ELECTRA/NMF.

All new derivatives will be established in CLICK and information about these contracts will not be distributed via ELECTRA, but through CLICK/NMF (real-time information) and the MVS platform of the Danish Securities Centre (market information).