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No. 1/2010
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Launch of a new newsletter from Oslo Børs!
30 June 2010 The Norwegian securities market is one of the most modern in Europe. Even so, we are subject to continuing changes in the world around us, and competition is stronger than ever. Oslo Børs and its fellow subsidiaries in the Oslo Børs VPS group are committed to maintaining their strong position, and we will continue to work hard to be the preferred operator for customers active in the Norwegian market. As part of this, we are pleased to launch this newsletter, which will be issued regularly to provide updates on news and events that are important for the market in general and the Oslo marketplaces in particular. We would like to wish all recipients a very enjoyable summer! Per Eikrem, SVP Corporate Communications
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2010 customer survey now underway
Over recent years, Oslo Børs has commissioned an annual survey of its customers, carried out by TNS SIFO Prospera. The survey includes both Norwegian and international issuers, member firms and investors. The Prospera survey produces valuable information that Oslo Børs uses both for its strategic planning and for developing the products and services it offers. The survey has always been very well received, as is demonstrated by the high response rate (95%), and we very much appreciate that so many market participants make time available to be interviewed when they are contacted by TNS SIFO Prospera.
OBX changes from 18 June 2010
Oslo Børs has recently carried out a routine 6-monthly review of the allocation of listed companies to liquidity categories. The allocations to liquidity categories are based on how frequently the various shares and equity certificates have been traded over the preceding six months. The rebalancing has caused changes in the OBX category, with the removal of Schibsted and Norwegian Property from this category and the addition of Questerre and Kongsberg Automotive.
Inspection and approval of prospectuses transferred to Finanstilsynet
With effect from 1 May 2010, operational responsibility for inspecting and approving prospectuses was transferred from Oslo Børs to Finanstilsynet (the Financial Supervisory Authority of Norway). Starting on this date, all prospectuses that require inspection and approval must be sent to Finanstilsynet. The transfer does not apply to information documents and offer documents, which will continue to be inspected and approved by Oslo Børs.
For further information, please see:
Central counterparty for equities launched
Securities markets have experienced a torrent of technological development over recent years, with particular focus on infrastructure services that give market participants reduced risk and lower costs. One consequence of this is that CCP has become the industry standard for equities clearing. The CCP structure for equities listed on Oslo Børs was launched in early June. This initially took the form of a "soft launch" for clearing of trades in five selected shares included in the OBX index. From 18 June, the CCP structure was extended to include all shares in the OBX index and ETFs. The CCP structure will be extended to all shares and ETFs listed on Oslo Børs and all shares listed on Oslo Axess on 27 August 2010. Further information on the implementation of CCP clearing for equities
Consultation on possible changes to the Oslo Børs requirements on board independenceOslo Børs has recently carried out a consultation process on possible changes to its requirements in respect of the composition of the board of directors for companies seeking admission to listing on Oslo Børs and Oslo Axess. The background for the consultation is found in the major changes that have taken place in this area internationally, which have made it necessary to review the requirements in the Oslo Børs and Oslo Axess rules on the board composition of listed companies. The deadline for responses was 4 June, and Oslo Børs received a number of consultation submissions.
Introducing Oslo Børs MPS
Most people are aware that the days of stockbrokers trading in person at Oslo Børs are long behind us. However, there is still a small trading desk at the Oslo Børs building, and trading in derivatives is supported by derivatives brokers who are employed by the exchange.
Royal visit to Oslo Børs
On Wednesday 2 June, Oslo Børs welcomed royal visitors in connection with the state visit to Norway of Queen Beatrix of the Netherlands. The background for the visit was a wish expressed by Queen Beatrix for a roundtable conference to discuss gender equality. Queen Beatrix participated actively in the discussion. The Norwegian Royal Couple, King Harald and Queen Sonja, were also present. The conference was hosted by Bente A. Landsnes, CEO of Oslo Børs, and other participants included members of the Dutch and Norwegian governments.
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Another Wilhelmsen listing
On 24 June, Wilh. Wilhelmsen ASA was listed on Oslo Børs and representatives from both the company and the Wilhelmsen group participated in the traditional bell ceremony. Wilh. Wilhelmsen ASA will continue the shipping and logistics activities previously conducted in the Wilh. Wilhelmsen group. Listing of Wilh. Wilhelmsen ASA
Tanker company listed on Oslo Axess
On 18 June, representatives of Saga Tankers ASA rang the stock exchange bell to mark the company's first day of listing on Oslo Axess. This represented the addition of yet another company from the traditionally strong Norwegian shipping sector to the Oslo marketplace.
Swedish mining company listed on Oslo Axess
On 17 June, representatives of the Swedish mining company Dannemora Mineral AB stood on the balcony at Oslo Børs and rang the stock exchange bell to mark the company's first-ever listing on Oslo Axess. The listing of Dannemora Mineral brings the number of mining companies listed on Oslo Børs and Oslo Axess to nine.
Hectic new listing activity
Here at Oslo Børs we are delighted to see the return of a steady flow of companies interested in listing. Not surprisingly, the financial crisis served to reduce investors' appetite for shares, and 2009 was a poor year for new listing activity. However, the level of activity has now picked up again, with three companies admitted to listing on Oslo Børs so far this year and seven companies admitted to listing on Oslo Axess. The Board of Oslo Børs has approved a further seven companies for admission to listing. The sectors of energy, agriculture, mining and IT are particularly well represented among the newly-listed companies. Overview of companies admitted to listing, approved applications for listing and listing applications currently under considerationer
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Two consultation papers affecting the oil and mining industriesIn recent months two international consultation papers affecting the oil and mining industries have been made public. Both invite companies and relevant parties to contribute with any comments.
Derivatives market – high level of activity in troubled times
In May, many derivatives traders gasped with disbelief as the volatility index shot through the roof. Greece’s debt crisis made many people think that we were on the edge of a new financial abyss, and the perceived level of risk encouraged people to look again at the slump of the 1930s to try and understand what might happen next. Concern over Greece spread to other countries in Europe, and as bad news followed bad news, the shockwaves spread throughout the world's stock markets. |