The harmonized trading hours will come into effect in conjunction with the implementation of the SAXESS trading system in the Helsinki, Tallinn and Riga markets, which is scheduled to take place by the end of September 2004. The harmonization of trading hours was decided after consultations with members.
"Harmonization of trading hours is another important step towards achieving our vision of a fully integrated Nordic and Baltic securities market," says Jouni Torasvirta, President of Cash Markets. "As the securities markets become increasingly international, the harmonization of trading hours in line with the main European markets will further strengthen the competitiveness of listed companies in the Nordic region and will attract local and international investors," Torasvirta continues. Compared with current trading hours, the trading day will be extended by 30 minutes in the morning at Stockholmsbörsen and by 30 minutes in the evening at Helsinki Exchanges. Due to decreased demand among trading members, the evening trading session at Helsinki Exchanges will be discontinued.
The structure of the equity-trading day will also be harmonized, by Helsinki Exchanges introducing a closing call, a form of electronic auction. The opening and closing procedures at Stockholmsbörsen and Helsinki Exchanges will be in line with European practice.
Outline of the new trading day at Stockholmsbörsen and Helsinki Exchanges, CET:
Equities
| 08:45-09:00 | Opening call |
| 09:00 | Opening prices |
| 09:00-17:20 | Continuous trading |
| 17:20-17:30 | Closing call |
| 17:30 | Closing prices |
Derivatives
| 09:00-17:20 | Continuous trading |
