Group cites lingering uncertainty among European regulators for delay.
Nasdaq OMX Nordic has announced it will push back the introduction of competitive clearing functions in the Nordic cash equity markets from the April 2012 date that was originally announced in October last year.
The exchange group says the postponement is due to delays surrounding regulations surrounding cash equities interoperability.
"There is still uncertainty regarding the detailed requirements for interoperability even though there is a political agreement regarding EMIR (the European Markets Infrastructure Regulation). There needs to be clarity and a level playing field in this area, before we can introduce interoperability," says Hans-Ole Jochumsen, President of NASDAQ OMX Nordic.
The European Securities and Markets Authority (ESMA) will draft technical standards related to EMIR by the end of 2012. Those guidelines will further need to be harmonized with a number of core principles presently being updated by the Committee on Payment and Settlement Systems and Technical Committee of IOSCO, among which are principles covering systemically important payment systems, securies settlement systems, and central counterparties.
More from Sell Side Technology
Updating your subscription status
Winner's Announced: Sell-Side Technology Awards 2015
The winners of the 3rd annual Sell-Side Technology Awards 2015 were announced in New York on April 21, recognizing the leading third-party vendors serving the sell side in their area of expertise, through an auditable and transparent methodology. To view the winners across the 28 categories click here.
02 Dec 2015
07 Dec 2015
18 Feb 2016
05 Apr 2016
Download whitepaper for FREE Solving issues relating to data quality and timeliness should be the top priority for an industry-led reference data utility,...
Download whitepaper for FREE Public cloud has grown exponentially in recent years in sectors such as telecoms, the media, health industry and insurance,...