Securities trading - Sweden

29.03.2017

Key market-tradable securities

Denomination currencyMaturity
profile
Interest
rate
Interest/Dividend
payment frequency
Form
Government bonds
SEK1 to 30 yearsFixed or floatingAnnualDematerialised
and registered a
Corporate bonds
SEK/EUR1 to 30 yearsFixed or floatingQuarterly, semi-annual
or annual
Physical and registered;
or dematerialised and registered
Mortgage bonds
SEK1 to 30 yearsFixed or floatingQuarterly, semi-annual
or annual
Physical and registered;
or dematerialised and registered
Commercial paper
SEK/EURUp to 1 yearDiscountAt maturityDematerialised
and registered
Treaury bills
SEK/EUR3 to 12 monthsDiscountAt maturityDematerialised
and registered
Equities
SEK/EURNot applicableNot
applicable
Usually annualDematerialised
and registered b
Warrants
SEKNot applicableNot
applicable
Not applicablePhysical and registered;
or dematerialised and registered

a. The few issues that remain in physical form pay semi-annually.
b. Very few issues remain in physical form.

Swedish instruments

The following instruments have characteristics specific to the Swedish market:

  • Government bonds

    The Swedish National Debt Office (SNDO) issues nominal bonds and inflation-linked bonds, denominated in SEK only.
  • Equities

    There are various types of securities traded on the Stock Exchange.
    Companies may issue different series of stock, usually A or B series shares, each carrying different proportions of voting rights:
    • A-shares have full voting rights.
    • B-shares have restricted voting rights (usually 1/10; that is, one vote per 10 shares held).

    Non-voting shares are not allowed in Sweden.
    Preference shares provide “given preferential rights” on dividends to the underlying shareholders.
  • Warrants

    Warrants traded on Nasdaq Stockholm and NGM (the other regulated market in Sweden). Most warrants are usually exercised for cash. Subscription warrants, however, are exercised for new shares.
  • Derivatives

    Derivatives listed at Nasdaq Derivatives are traded at Nasdaq Derivatives, and cleared by Nasdaq Clearing.

Trading platforms

INET Nordic

INET Nordic is the electronic trading system used on the NASDAQ Exchanges and only stock exchange members are eligible to trade there.

An institutional investor with operations in Sweden who wants to invest requires an authorisation from the Swedish FSA.

Foreign institutional investors without operations in Sweden must be authorised to carry out securities business and also be under adequate supervision of an authority in their home country.

Furthermore, a prospective member must have equity of at least EUR 730,000 and at least two employees who meet the requirements imposed on a trader for trading via INET Nordic.

Local trading hours are from 09:00 to 17:25 (with closing call from 17:25 until 17:30).

Equities trading

Round lot size One was introduced in 2008.

Central Counterparty (CCP) clearing service

On 9 October 2009, Nasdaq Stockholm AB launched a full CCP clearing service, on the NASDAQ  Exchanges in Copenhagen, Stockholm and Helsinki, with European Multilateral Clearing Facility (EMCF) appointed as CCP. In Stockholm, equities listed on OMXS30 and Large Cap are CCP cleared, as are a number of ETFs. With effective date 16 February 2015, Nasdaq Nordic introduced CCP clearing via EuroCCP N.V. (the result of the consolidation between EMCF N.V. and EuroCCP Limited) for mid cap shares in Copenhagen and Sweden.  LCH.Clearnet was introduced as a CCP provider for the Nasdaq Nordic Exchanges 23 November 2015. SIX x-Clear was admitted as a CCP to Nasdaq Nordic Exchanges 20 February 2017.