Nasdaq pulls plug on Baltic marketplace initiative
27.07.2010, 15:02Nasdaq OMX has decided to discontinue plans to launch a single marketplace for Baltic equities to be traded in euros under a multi-lateral trading facility framework, according to newspaper reports.
The planned addition of Estonia to the eurozone in 2011 and future changes to Nasdaq OMX Vilnius have led to the decision for the Baltic exchanges to abandon the plan.
The Vilnius exchange yesterday announced plans to switch to the euro as the trading and clearing currency on its equities market.
Nasdaq originally announced plans in November 2009 to launch the single marketplace, set to go live in the second half of this year. In March, Nasdaq said it was encountering issues due to the interpretation and application of the European Union’s markets in financial instruments directive. This required consultation with Baltic and European institutions. It set a deadline of June 1, 2010 for their resolution and the announcement of a new launch date.