FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2006
Increasing Transparency Efficient Securities Transactions
Trading Model
A wide variety of market model features can
assist in facilitating transparency. These
include;
• Market Makers to guarantee the availability
of a buyer and seller;
• Strategy Trading in derivative markets to
improve liquidity particularly by spreading
calendar interest in different expiry dates for
the same commodity or instrument;
• Clearing and/or Central Counter Party to
provide a guaranteed settlement; and
• Credit and/or Position Keeping to control
the overall exposure of participants to the
market as a whole or each other.
Modern trading systems can provide a
diverse range of market models, enabling
exchanges to make best use of market model
developments to improve transparency and
facilitate growth. There are always structures to simplify,
systems to revolutionise, transactions to
accelerate and markets to connect.
From Singapore to New York and from
Sydney to Helsinki, transparent markets
powered by OMX solutions are up and
running 24 hours a day, 7 days a week, 365
days a year.
Technical Infrastructure
Regardless of the market model there are
features of the technical infrastructure of an
exchange that can help increase
transparency. These include;
• Information Dissemination in a timely and
reliable fashion to support true price
discovery;
• Absolute Throughput, removing
“bottlenecks” in the system that reduces the
overall transparency of the market by
impeding a participant from acting on a price
that they see;
• Responsiveness and Latency, determining
the speed with which a participant can
respond to opportunities in the market and
directly affecting the willingness of the
participants to commit their orders to the
system; and
• Reliability, which is the cornerstone of a
transparent market since without it there is no
trust and without trust information cannot truly
be transparent.
A world leading expert in the exchange
industry, OMX delivers comprehensive
solutions that connect markets, improve
efficiency and, ultimately, increase the
competitiveness and profitability of
exchanges, clearing organizations and central
securities depositories around the world.
About OMX
OMX is a leading expert in the exchange
industry. Through the Nordic Exchange in
Copenhagen, Stockholm, Helsinki, Riga,
Tallinn and Vilnius, OMX offers access to
approximately 80% of the Nordic and Baltic
securities market. Our integrated technology
solutions span the transaction chain enabling
efficient securities transactions. With more
than 60 customers in over 50 countries, OMX
is the world’s foremost provider of
marketplace solutions for exchanges, clearing
organizations and central securities
depositories. OMX is listed on the Nordic
Exchange in Stockholm, Helsinki and
Copenhagen. For more information please
visit www.omxgroup.com.
OMX leverages its expertise to develop
solutions that are in sync with today’s fast
evolving financial markets and changing
technology standards. We offer systems,
systems support, operational services, and
advisory services that promote efficient
securities transactions. Our broad experience
also enables us to offer complementary
services, such as business analysis,
benchmarking and implementation support.
Exchanges
OMX provides systems that support
everything from traditional equity trading to
the most complex derivatives trading, and can
handle multiple asset classes such as
currencies, fixed income instruments and
commodities on a single platform. OMX also
offers outsourcing and advisory services to
help customers secure and develop their
business. Today OMX is the world’s largest
exchange operator in terms of number of
operating hours.
Clearing organisations and CSD’s
OMX offers systems for clearing derivatives
and cash-traded securities as well as systems
for settlement and book-entry within central
securities depositories. The systems handle
administration of several asset classes such
as currencies and different types of fixed
income products and commodities. OMX’s
offering also includes advisory services and
outsourcing of applications and infrastructure.
No. 1 in marketplace solutions
Widely known for our electronic trading
platforms, OMX provides world leading
technology solutions across the transaction
chain. Our systems and services are
designed to help exchanges, clearing
organisations and central securities
depositories meet the extreme demands of
the securities industry with efficiency and
flexibility.
CONTACT INFORMATION
Contact Name Mr. Adam Kostyal
E-mail [email protected]
Website www.omxgroup.com
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