Membership

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Membership

In order to be eligible for trading on First North, a membership of the OMX Nordic Exchange Stockholm AB or OMX Nordic Exchange Copenhagen A/S is required. A system for handling trades for clearing and settlement is also required. Trading in securities admitted to trading on First North takes place in a separate sub-market in the SAXESS trading system.

The applicable version of NOREX Member Rules regarding the OMX Nordic Exchange also applies to First North with some exceptions. For further information on these exceptions, please see the First North Rulebook.

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Norex member rules (2008-06-02)

Guidelines for Members On Exchange trade Members and Non-Members' OTC trade Reporting

First North Rulebook Nordic November 2007

Pursuant to the price transparency requirements to be implemented by 31st December 2006, OMX Nordic Exchange is providing its clients with easier access to information on fees relating to cash equity trading services on the Nordic Exchange (Copenhagen, Helsinki and Stockholm). The fee lists below also apply when trading on the First North markets in Copenhagen, Stockholm and Iceland.

Price list
Examples - Stockholm
Examples - Helsinki
Examples - Copenhagen
Examples - Iceland

Rules & regulations

First North is an alternative market, but it does not have the legal status of a regulated market. Regulated market is a term used in the coming EU directive, regulating Securities Companies and Exchanges, called MiFID. The term regulated market includes the Swedish notion Exchange. According to MiFID, an Exchange can organize trading with a less complicated set of rules within the framework of a Multilateral Trading Facility (MTF). Issuers on First North are subject to the rules of First North (“the Rules”) but not the legal requirements for admission to trading on an Exchange.

It is the Surveillance function at the Nordic Exchange that is responsible for monitoring that both Companies and Advisers apply the First North Rules. Surveillance also monitors the trading on First North.

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The templates below are provided for Advisers, members and companies to facilitate the application process and reporting requirements on First North.

Templates