IT - INET Nordic - Additional Market Segments for Warrants and Certificates
Nasdaq Nordic is planning to add six (6) additional market segments for warrants and certificates on First North Sweden (Norwegian segments) and First North Denmark.
The market segments are available in INET Test NTF as well as GCF TST4 and are planned for production activation on September 22, 2026.
Implementation details
Based on issuer request, three additional market segments with continuous trading hours between 09:00 and 17:25 CET will be added under First North Denmark. Similarly, three market segments for Norwegian instruments will be added under First North Sweden with the same continuous trading hours. This addition enables Indicative Close Price to be calculated at an appropriate time for instruments that have a Swedish/European underlying and quoting hours aligned to Swedish/European market.
| Exchange (segment MIC) | Market Segment symbol | Market Segment name | Sequent | GCF TST 4 ID | GCF PROD ID |
| First North Denmark (FNDK) | CPH SE WAR | CPH SE Warrants | 307 | 6657244 | 7355954 |
| First North Denmark (FNDK) | CPH SE LEV | CPH SE Leverage Certificates | 308 | 6657276 | 7355956 |
| First North Denmark (FNDK) | CPH SE TRA | CPH SE Tracker Certificates | 309 | 6657278 | 7355958 |
| First North Sweden (ONSE) | OSL SE WAR | OSL SE Warrants | 310 | 6903142 | 7355960 |
| First North Sweden (ONSE) | OSL SE LEV | OSL SE Leverage Certificates | 311 | 6903144 | 7355962 |
| First North Sweden (ONSE) | OSL SE TRA | OSL SE Tracker Certificates | 312 | 6903146 | 7355964 |
Trading Schedule and calendar
Instruments will follow the holiday calendar for Nasdaq Copenhagen for the First North Denmark segments and Norwegian holiday calendar for the First North Sweden Norwegian segments.
The new market segments will have the following trading schedule.
| Opening Call | Continuous Trading | Closing Call | After Market | ||||
| Market | Pre-Open | Uncross | Pre-close | Uncross | Post-Trade | Closed | |
| First North Denmark Warrants with Swedish underlying | 08:00 | - | 09:00:05- 17:25 | - | - | 17:25 | 18:00-08:00 |
| First North Denmark Leverage Certificates with Swedish underlying and First North Denmark Tracker Certificates with Swedish underlying | 08:00 | - | 09:00:30-17:25 | - | - | 17:25 | 18:00-08:00 |
| First North Sweden Warrants NOK with Swedish underlying* | 08:00 | - | 09:00:05-17:25 | - | - | 17:25 | 18:00-08:00 |
| First North Sweden Leverage Certificates NOK with Swedish underlying*, First North Sweden Tracker Certificates NOK with Swedish underlying* | 08:00 | - | 09:00:30-17:25 | - | - | 17:25 | 18:00-08:00 |
* Follows Norwegian Holiday schedules
During Norwegian half days, the Post-Trading Phase for the Norwegian market segments under First North Sweden will start at 12:55 CET and close at 13:30 CET.
Instruments
Instruments to be listed will be communicated via Exchange Notices. List of test order books can be requested by contacting EMO@nasdaq.com.
The instruments can be of the following type:
| GCF Instrument Type | Instrument Subtype | MiFIR identifier |
| Warrant |
Plain Vanilla Warrants, Mini Futures, Turbo Warrants |
SDRV |
| Warrant | Leverage Certificates | SDRV |
| Warrant | Tracker Certificates | SDRV |
Instruments on the new market segments will be traded in monetary prices.
Tick size table
The default tick size table for these instruments will be table Certificates, DKK, i.e. table 220. Other applicable tick size tables are detailed within INET Nordic Market Model.
Turnover lists
The orderbooks within these segments will belong to the existing turnover lists used by warrants, leverage certificates and tracker certificates.
GCF TIP
New market segments will be added to Nordic Equity market data products by default.
Existing reference data TIP messages used for these instruments will be BasicDataDerivative, BasicDataTradable and BasicDataTradableSupplementary.
Protocol specifications
These changes have no impact on the INET protocol specifications. Current and future versions of INET protocol specifications are available at the Nasdaq Nordic Technical Information website.
Nasdaq Nordic Member Rules and INET Nordic Market Model
These changes have no impact on the Nasdaq Nordic Member Rules. They will be reflected in line with the production activation date in the INET Nordic Market Model.
Nasdaq Nordic Member Rules and the INET Nordic Market Model are available at Nasdaq Nordic Member Rules and Regulations website.
Implementation schedule
INET Test (NTF) – available
INET Production – September 22, 2026
Technical support
For technical questions, please contact Nasdaq European Market Exchange Services:
Tel: +46 8 405 7700
E-mail: emo@nasdaq.com
Best regards,
Nasdaq Nordic
Nasdaq Copenhagen and Nasdaq Stockholm are respectively brand names for Nasdaq Copenhagen A/S and Nasdaq Stockholm AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen and Nasdaq Stockholm.