Nasdaq OMX Postpones Clearing Functions for Nordic Cash Equities
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.
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