OREANDA-NEWS. February 10, 2010. The Nasdaq OMX Baltic and Nordic stock exchanges started using INET, a new trading system. The new stock exchange system will bring about a few minor changes for SEB’s customers trading in stocks on the Baltic stock exchanges, reported the press-centre of SEB.

After the launch of the new system the customers have to specify the desired price in the transaction orders given to the Baltic stock exchanges, i.e. the lowest price at which the customer agrees to buy or sell their stocks. Following the launch of the new trading system SEB will not offer the opportunity to enter transaction orders at the market price in U-Net or bank branches anymore.

You will thus be able to enter orders at the requested price without any additional conditions as well as orders at the requested price with the IOC (Immediate-or-Cancel) and FOK (Fill or Kill) conditions. An IOC order is executed on the conditions set by the customer immediately to the extent possible and the remainder of the order is cancelled. An FOK order is executed to the full extent immediately or, if the order cannot be executed immediately in full, it is cancelled.

SEB allows for setting a term of validity of up to 30 calendar days for a transaction order on the Baltic stock exchanges.

The new trading system does not use the benchmark limits that so far allowed stock prices to move a maximum of +/- 15% of the benchmark price within a trading day (usually the last trading day’s closing price of a stock). In order to prevent customers’ mistakes upon insertion of transaction order prices, SEB warns customers in U-Net and bank branches if the price desired by them differs from the last stock exchange price of the stock by more than 20%.

The absence of the benchmark limits and the resulting possibility of greater fluctuations of stock prices during the day is the main reason behind the non-offer of risky market-price orders.

Existing transactions that are valid until February 8 or later will be transferred by SEB to the new stock exchange system where they will remain in force until the date set by the customer or until they have been fully executed or until the customer has cancelled them.

Fees for stock exchange transactions will not change for customers.

Information about INET on Nasdaq’s OMX website:
http://www.nasdaqomxbaltic.com/et/bors/kauplemismudel/uus-kauplemissusteem-inet