Cash Equity Membership on Nasdaq Nordic

Membership on Nasdaq Nordic includes cash trading on the Copenhagen, Stockholm, Helsinki and Iceland exchanges. Nasdaq Nordic membership allows for a member to operate on all four exchanges without a membership fee and without any additional monthly fixed fees per exchange. Membership on the Nordic exchanges enables an unprecedented ability to operate seamlessly across the Nordic borders.

Attractive Membership

  • Simple and streamlined membership process
  • No membership fee
  • Easy access to Nordic markets and investment products
  • Common trading system (INET)
  • Connection to the Baltic marketplaces
  • Identical trading day structure
  • Harmonized market practices and rules
  • CCP clearing
  • Possibility to trade all Norwegian securities
  • Common securities lists
  • Common indexes

How to Apply

1. Decide Clearing Setup and Membership Type

1.1 Members are required to decide which type of arrangement they will have for clearing and settling their trades.

Members of the Nasdaq Nordic exchanges can execute trades that are cleared bilaterally or through CCP. The requirements for membership are dependent on the clearing solution. The general membership requirement for members is that appropriate clearing and settlement arrangements must be in place for the trades which are going to be executed.

To trade CCP instruments a member is required to be a participant of a CCP (Currently EMCF)

Please find more information about  EuroCCP on:

  • GCP (General Clearing Participant) – clears its own trades at the CCP as well as trades on behalf of other trading participant.
  • DCP (Direct Clearing Participant) – only clears its own and its own customers trades at the CCP
  • NCP (Non-Clearing Participant) – clears all its trades through a GCP and has no direct relationship with the CCP.

To trade bilaterally cleared instruments, a member is required to either be a member of the relevant Central Securities Depository (CSD) or to settle through a custodian bank.

1.2 Unregulated Firm or Regulated Firm

We welcome member applicants who are authorized by a European Financial Supervisory Authority (regulated members) and member applicants who are not authorized by a European, or equivalent, Financial Supervisory Authority (un-regulated members).

A Member shall possess equity capital equivalent to not less than €730 000. Nasdaq Nordic may choose to grant restricted membership which gives a Member the right to trade solely on its own account and exclusively instruments cleared and settled via a central counterparty to an applicant domiciled within the European Economic Area and that has equity capital equivalent to not less than € 50 000 .

Non-regulated members can only trade CCP cleared instruments. Nasdaq Nordic will need to ask EuroCCP for a Statement of Authority verifying that the member has clearing and settlement in place.

2. Send in Membership Application Including Appendices

The membership process starts by filling out the membership application form together with the relevant appendices. The new member is informed of the products, membership requirements, trading rules, costs and other relevant matters by the Key Account Manager (KAM). The following material should be completed and sent to your KAM either in the Nordic languages or in English.

Kindly note that the Membership material sent to Nasdaq is valid for two months. Should the process be postponed Nasdaq might require updated material from the applicant.

  • Fill out the Membership application – Nasdaq Nordic.

Appendices to be enclosed:

  • Copy of the relevant authorizations to provide investment services in the relevant jurisdictions (FSA approval) applicable only to regulated members.
  • Financial statements for the previous year and if available, the most recent interim report.
  • Copy of the company’s Articles of Association
  • Copy of the company’s Certificate of Incorporation
  • List of authorized signatories specifying the authorities of each signatory
  • Description of the ownership structure (If the applicant is part of a group of companies and if it is not in the financial statement). The names of other group of companies and the applicant’s relationship to those companies should be clearly indicated.

Additional forms to be enclosed:

  • Additional Information Form, applicable only to Unregulated Members
  • Verification of custody Bank for bilateral clearance of trades, applicable only to equity members trading non CCP cleared shares
    To be signed by any Nasdaq Nordic exchange member that wishes to trade securities that are bilaterally cleared and settlement at a CSD where the member does not hold full membership of the CSD. The Custody Bank must also sign the form to acknowledge that they assume the responsibility for the trades.
  • Port request form and Market data connection form- Arrange connectivity to the trading system by requesting ports for order entry, private info and market data. For order entry, Nasdaq Nordic supports both our low latency OUCH protocol, ideal for algorithmic trading applications, as well as the industry standard FIX protocol with the superset of functionality offered by INET. Access consolidated and refined market data via TIP and/or ultra low latency feeds via ITCH.

3. Establish and Test Technical Access

Establishment and testing of connectivity to the Nasdaq Nordic and the trading platform INET.

4. Authorize Traders

Nasdaq Nordic authorizes traders in the trading system INET for the cash equity market. Every member shall have at least 2 authorized traders before the member process is concluded.

Trader authorization on-line exam »

5. Approval of Membership Application

Trading can start when:

  • all applications have been signed, returned and approved by Nasdaq Nordic
  • technical access has been established and tested
  • at least two traders have been authorized and registered

6. Member Agreement

The Member agreement will be sent to the applicant by the Key Account Manager (KAM) at Nasdaq Nordic.