Oslo Børs newsletter No. 1/2012
New trading system for the Oslo Børs equity and fixed income markets
Oslo Børs is in the process of migrating the trading on its equities and fixed income markets to a new technology platform. The new technology is called Millennium Exchange, and is delivered by the London Stock Exchange Group as part of the strategic cooperation Oslo Børs has with the British exchange group. Millennium Exchange is a significantly faster system than the current trading system, and will meet market participants’ requirements for both speed and functionality. Millennium Exchange is a flexible and scalable trading platform with ultra low latency, and is used by a number of international exchanges. More
Algorithmic trading and confidence in the Oslo Børs marketplace
Algorithmic trading has attracted a lot of interest over the recent past. Oslo Børs believes that there are good reasons to encourage a more nuanced debate. Technology and deregulation have been among the most important drivers for the development of securities markets over many years. Developments in these areas have paved the way for entirely new forms of trading, and against this background the growing use of algorithmic trading has been a natural development in securities markets around the world. More
’North Sea’ - increasing level of activity
Following a 'soft launch' at Trade Tech in Stockholm in November 2011 for North Sea, the dark pool offered by Oslo Børs, the product was formally launched on Oslo Børs on 8 December. The functionality offered by the North Sea product is as yet relatively new. It gives members the opportunity to input hidden orders of a suitable size in a regulated exchange environment. This makes it possible to trade large blocks of shares without the order being visible in the market and so affecting pricing before the transaction has taken place. Like all new products in every industry, it takes some time for a new product to establish itself, and North Sea is no exception. More
The listing pages on the Oslo Børs web site now also include information on dual listing, and on our collaboration with the stock exchanges in Singapore and Toronto. Click the following link for more information on the benefits that dual listing on Oslo Børs can offer, the requirements for dual listing and how the process of admission to listing normally takes place. In addition, the pages present all the dual listed companies on Oslo Børs or Oslo Axess as a separate list.
Web page dual listing
Glenn Kristiansen appointed as new VP Client Relationship Manager in the equities area
We are delighted to announce that Glenn Kristiansen has been appointed as new VP Client Relationship Manager in the Markets – Equities department. He is the successor in this role to Annar Schiander, who resigned in February. Glenn is 49 and has extensive experience from a number of investment firms where he was responsible for various roles. Prior to joining Oslo Børs, Glenn was Head of Corporate Finance at Warren Securities. Before this, he was employed by RS Platou Markets for six years. Glenn took up his appointment at Oslo Børs on 1 March, and we take this opportunity to wish him a warm welcome.
Oslo Børs’ sector specialists for oil/energy, seafood, shipping and banking & finance
Oslo Børs is the natural choice for Norwegian companies seeking a stock exchange listing. Oslo Børs also has a strong position as a listing venue for international companies in the sectors of oil and energy, seafood and shipping. Oslo Børs has accordingly decided to nominate sector specialists for each of these three sectors. In addition, Oslo Børs also has a sector specialist for banking & finance. The sector specialists have expertise particularly relevant to companies in their respective sectors, and are available to assist companies with new listings and by providing support following a first listing. In addition, the sector specialists will often represent Oslo Børs at seminars and events relevant to their sector. More
Sparebank 1 SR-Bank converts from an equity certificate bank to a public limited company
Sparebank 1 SR-Bank started the New Year by ringing the stock exchange bell to mark its conversion from an equity certificate bank to a public limited company (ASA) on 2 January. The holders of the bank's equity certificates became shareholders in the public limited company, which is described as a limited liability savings bank.
Sevan Drilling ASA (SEVDR) was transferred from Oslo Axess to Oslo Børs on Monday 13 February 2012. Sevan Drilling has been listed on Oslo Axess since May 2011, and is the third company to transfer its listing from Oslo Axess to Oslo Børs. Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment.
Listing of Sevan Drilling
Stock Exchange Law Seminar held in January 2012 - Good advice on how to carry out a share issue
In accordance with long established practice, the annual Stock Exchange Law Seminar was held in January 2012. The seminar is a meeting place for everyone interested in developments in stock exchange securities legislation, and is arranged jointly by Oslo Børs and the Center for Continuing Legal Education. The presentations typically provide very useful information that is of interest to both lawyers and companies. One such presentation this year was “Share issues by listed companies - problem areas and regulatory changes” by Viggo Bang-Hansen and Bjarne Rogdaberg from the law firm Schjødt. The presentation covered the general framework for issues by listed companies, including particular problems arising in relation to rights issues and private placements. More
GF Custody – re-registration of nominee-registered shares in connection with general meetings
On 27 March 2012, VPS will launch a new solution for nominee-registered shares. The solution is designed for sub-custodians to help them with the tasks they need to carry out in connection with annual general meetings. Section 4-10 of the Norwegian Public Limited Companies Act stipulates that foreign shareholders with nominee-registered shares are not entitled to vote at general meetings of Norwegian limited companies. In order for these investors to exercise their voting rights, the sub-custodian for their shares in Norway has to re-register their nominee-registered shares. Until now, this task has been carried out manually during a short and hectic period. More
Listed companies raising debt and equity capital
Over recent weeks, newspapers have run articles on the record amounts raised by companies issuing new bond loans. For example, the Norwegian newspaper Dagens Næringsliv reported on 8 March that the volume of bonds announced and issued in less than three months of this year was already over 50% of the total for last year, and in total Norwegian companies had raised NOK 25 billion from the bond markets so far this year. It is very pleasing for Oslo Børs to report that NOK 19.3 billion of bonds have been issued (or announced in advance of issue) on the Oslo Børs and Oslo ABM marketplaces. More
“One of the world's most efficient capital markets”
When international offshore companies want to raise capital, they turn to Norwegian investment firms. “The Norwegian market is one of the most efficient in the world for start-up companies and their founders, particularly for companies involved in energy and offshore equipment. The market attracts larger investors, both Norwegian and international, while at the same time its reporting requirements ensure the necessary degree of transparency and confidence”, explains Steve Manz of Prospector in an interview with Finansavisen published on 8 March 2012. Steve Manz went on to say: “The Norwegian investment banks know most of what there is to know about the universe of offshore rigs, shipping and fisheries. The investment research they produce is read by thousands of investors outside Norway”.
Monthly facts and figures
Oslo Børs publishes monthly reports of facts and figures from the equities, bond and derivatives markets. The information published is based on the detailed statistics published by Oslo Børs on its website every month.‘Facts and figures’ provides a quick overview of developments and events in the market, including indices, turnover figures and broker statistics, as well as a table of ‘winners and losers’ for Oslo Børs and Oslo Axess. The latest issue of Facts and figures