Market Notice 185/24 – Information regarding the introduction of CCP solution at Spotlight Stock Market

Spotlight Stock Market (Spotlight) - MIC XSAT plans to introduce an interoperable Central Counterparty (CCP) solution in the INET Nordic trading system.

UPDATE: Production go-live date is planned for December 2, 2024. Testing will open up in October 2024.

The scope of instruments that will be CCP cleared on the following market segments:

• Spotlight Denmark - all shares
• Spotlight Finland - all shares (currently no listings in this segment)
• Spotlight Norway - all shares
• Spotlight Sweden - all shares

All shares traded on Spotlight will be cleared via a competitive central counterparty model with interoperating CCPs; Cboe Clear Europe N.V., LCH Ltd, and SIX x-clear Ltd with target launch date December 2, 2024.

List of available shares for testing in NTF is enclosed below in this Notice.

Details

CCP clearing for Spotlight shares will follow the same technical principles as currently used on Nasdaq Nordic markets in the INET Nordic trading system.

This means that “MCF”, “LCH” or “XCLR” will be contra to any trade:

In FIX - ContraBroker [375]

In OUCH - Contra Firm, TagValue 26

There are no changes in ISIN codes, order book ids, turnover lists/list populations or trading hours for the affected instruments.

Instruments’ CCP Eligibility is provided as part of GCF TIP reference data in BasicDataTradable, field CCPList. Updated reference data will be available via GCF.

Protocol specifications

There are no changes in INET functionalities or in any trading or market data related protocols. Reference data will be available via GCF-TIP, and existing INET protocols are used for all inbound and outbound messaging.

Current versions of INET protocol specifications are available at the Nasdaq Nordic Technical Information website under INET Nordic Protocol Specifications.

Time schedule

The following time schedule is preliminary and based on information from Spotlight. Testing with CCPs is planned according to the dates below. 

Go-live is pending Spotlight’s regulatory approvals.

• INET Test (NTF) and GCF TST4:
• Cboe Clear Europe – from October 1, 2024
• SIX x-clear – from October 7, 2024
• LCH – from October 7, 2024
• INET and GCF Production – December 2,2024

Technical support

For technical questions, please contact Nasdaq Cash Equity Operations:

Nasdaq Cash Equity Operations

Tel: +46 8 405 6410

E-mail: operator@nasdaq.com

For all other questions, including questions on time schedule, please contact Spotlight:

Spotlight Trading Operations

Tel: +46 8-511 68 000

E-mail: trading@spotlightstockmarket.com

Stockholm September 16, 2024

Spotlight Stock Market
08-51168000 
backoffice@spotlightstockmarket.com