The Pfizer share will be traded in the same manner as all of the other shares on the Exchange. However, the company will not be listed on Stockholmsbörsen. Trading will be conducted in Swedish kronor (SEK) via Stockholmsbörsen's SAXESS™ trading system. To assure that trading of the Pfizer share maintains satisfactory liquidity, Enskilda Securities will act as the market maker, thereby ensuring that buy and sell prices are continuously available.
"Stockholmsbörsen aims to make it easier for the large number of Pharmacia shareholders to trade in the new Pfizer share in a simple and cost-effective manner. That is why we are offering this trading solution, despite the fact that Pfizer is not listed on Stockholmsbörsen," says Simon Nathanson, Executive Vice President of Stockholmsbörsen.
Pfizer's primary listing is on the New York Stock Exchange (NYSE). No agreement will exist between Stockholmsbörsen and Pfizer. Among other effects, this will mean that Stockholmsbörsen's regulations in regard to the disclosure of information to the Swedish market will not apply.
Investors will find information about events affecting the price of the share, reports and other details on the Pfizer website or through other sources used by American companies for the dissemination of information. However, information about trading in the Pfizer share on Stockholmsbörsen will be distributed in the same manner as the price information about other shares traded on Stockholmsbörsen.
VPC (the Swedish Securities Register Center) will make it possible to remove and register Pfizer shares. Certain conditions will, however, apply to VPC's handling of the shares; for example, shareholders will not receive notifications regarding general meetings, or be given the opportunity to vote at general meetings.
Through Stockholmsbörsen's "tailor-made clearing" concept, the clearing of derivative contracts in Pfizer will also be undertaken. If there is a demand for trading in standardized derivatives, this can also be offered.
