Stockholm, April 14, 2010 - NASDAQ OMX announces that it will launch a new Nordic fund market aimed at investment fund distributors. The Nordic Fund Market (NFM) intends to provide an electronic alternative to manage the transactions between fund distributors and fund management companies. Today these transactions are predominately handled manually via fax. NFM will launch in Sweden at the end of April this year with the goal to eventually roll out the offering in all Nordic countries.
Erik Thedéen, President at NASDAQ OMX Stockholm said, "As the number of fund transactions continues to grow there should also be an infrastructure in place that can accommodate this increase in demand. Through NFM we are offering an electronic platform that will raise the general security in the system and enable efficiency and transparency advantages that will benefit the entire fund industry."
The Swedish fund market has experienced significant growth during the last decades, with over 1.600 billion SEK in AUM (Assets Under Management) in 2009 and more than 4000 funds registered. Funds from Fidelity International, one of the world's leading fund companies, will be available on the new platform from start.
Asgeir Thordarson, Head of Fidelity's business in the Nordic Region commented, "We believe that initiatives to automate fund transactions are positive for the whole industry and that these efficiency gains will benefit all parties, including the end investor."
The NFM platform is built upon new standards such as ISO 20022 and adapted to EFAMA's (European Fund and Asset Management Association) FPP (Fund Processing Passport) standard. The usage of standards enables effective connectivity between the fund distributors' back-office system with the NFM order management system and the fund companies' central registry system. By doing this NFM is able to increase efficiency in the electronic validation process and decrease the marginal cost of each transaction.
OMX Broker Services AB has from the Swedish FSA (Finansinspektionen) received the necessary authorization to operate the NFM.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with approximately 3,700 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com. *Please follow NASDAQ OMX on Facebook (http://www.facebook.com/pages/NASDAQ-OMX/108167527653) and Twitter
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