Archive for the ‘Sweden’ Category

The rules introduced by MiFID impose complex requirements on banks’ and investment firms’ organizational governance and internal compliance management.

CSA Partners is delighted to announce the release of the new INSIDeR Professional Edition, a complete internal compliance procedures and records management solution designed to meet the most challenging requirements on organizational governance of MiFID-firms.

INSIDeR Professional Edition is web-based special-purpose compliance management application designed for the implementation of high quality internal control procedures and workflows by MiFID-firms when, among other things, dealing with the following organizational requirements:

• Administration of the list of relevant persons and persons and corporations with close links to relevant persons
• Applying pre-trade clearance regime and keeping records on permissions with regard to personal account dealings (personal transactions) by relevant persons
• Keeping records on personal transactions
• Controlling and reducing the risks of Market Abuse
• Controlling and reducing the risks of conflict of interest
• Ensuring that relevant persons are aware of their obligations
• All the above available on the basis of self-service-model to multiply the efficiency of compliance procedures management across the organization.

INSIDeR Professional will be available on the basis of software-as-a-service model where CSA Partners provides the hosting, support and management of the solution for MiFID firms. That relieves firms from the burden and cost of maintaining and updating in-house systems and IT infrastructure. INSIDeR Professional Edition is available also per in-house installation model, should internal policies rule out software-as-a-service option.

“The Market in Financial Instruments Directive (MiFID) represents the most extensive reform ever seen by the European financial services industry. Key objectives of the MiFID include an increased level of investor protection and the integrity of markets throughout the European Union. These objectives have warranted the introduction of a range of organizational requirements and procedures for MiFID-firms. INSIDeR Professional is our response to help MiFID-firms’ compliance teams to deal with the most challenging of them, says Martin Villig, Managing Director of CSA Partners.”

Securitas Systems, a leading provider of security systems and services, have deployed INSIDeR to manage it’s insider list and flow of inside information. Securitas Systems, headquartered in Sweden, values effective business processes and sensitive data management workflows, which are challenging to organize in international organizations active in 13 countries. INSIDeR is a valuable solution for mitigating compliance risks.

For more information about Securitas Systems, please visit their website: www.securitassystems.com

The boards of directors of the NASDAQ Stock Market, Inc. (NASDAQ) and OMX AB (publ) jointly announced on May 25, 2007 that they have entered into an agreement to combine the two companies (Combination), creating the world´s premier exchange and technology company.The Combination will create the largest global network of exchanges and exchange customers linked by technology.

The Combination is expected to create:

• PREMIER GLOBAL EXCHANGE COMPANY: NASDAQ is the premier US equities exchange, handling more shares and listing more companies than any other US exchange. NASDAQ’s open and innovative market platform is the first choice for issuers as well as investors.  OMX Nordic Exchange is a highly integrated, efficient equities and derivatives market for leading European companies. Together, the NASDAQ and OMX exchanges will process an average daily volume of 7.4 million trades, representing a value of approximately $61 billion (SEK418 billion). The NASDAQ and OMX exchanges will have approximately 4,000 (the world´s number one in terms of number of traded companies) companies listed from 39 countries with an aggregate market capitalization of approximately $5.5 trillion (SEK37.6 trillion);

• WORLD EXCHANGE TECHNOLOGY LEADER: OMX has been a pioneer in   creating a truly integrated cross-border stock market. OMX also has created a world-renowned technology customer base of equity, debt, and derivatives exchanges with 60 clients in 50 countries worldwide, including Hong Kong, Singapore, Australia, and the US. NASDAQ pioneered electronic trading, and has continued to innovate over the last thirty years and now has the fastest, most efficient trading platform in the US. Together, the Combined Group will provide the technology for the world’s increasingly competitive and demanding capital markets;

• INCREASED VISIBILITY AND ACCESS TO THE GLOBAL INVESTMENT MARKETPLACE FOR ISSUERS: Issuers will be associated with an innovative, future-focused company with blue-chip peers in all industry sectors. Listed companies will have access to a broad base of investors and deep pools of liquidity.

Read more: www.omxgroup.com

Cardo is the first Swedish client, who choosed INSIDeR On-Demand hosted service. CSA Partners is providing a special and secure hosting package together with Elion and Microlink, leading Estonian IT infrastructure and hosting service providers, subsidiaries of TeliaSonera.

Cardo is an international industrial group, headquartered in Sweden, with leading brands, offering solutions with quality products, a high level of service and great applications know-how to industrial customers. For more information about Cardo, please visit their website: www.cardo.se

The Local writes that “Several million” kronor in cash was found at the home of one of the two main suspects in a major insider trading operation.

One of the men arrested on Monday works for investment company Cevian Capital, while the other works for Nordea Bank. Prosecutors have requested that both men remain in custody until detention proceedings are held later this week.

Mats Wilhelmsson, former head of the Swedish Financial Supervisory Authority (Finansinspektionen – FI), expects further revelations of insider trading to follow.

“If there was one, why shouldn’t there be more,” he said.

Wilhelmsson was still working at FI when the investigation into the current affair began. He is not surprised by speculation that this may be the largest insider operation ever discovered in Sweden.

“That was the feeling we had at the time, that this had the potential to be one of the biggest things we had ever seen,” he said.

There has been much speculation in the media that Swedish authorities first began looking into the matter in connection with the purchase by search service provider Eniro of its Norwegian counterpart Findexa in autumn 2005.

A trial is currently underway in Norway of individuals suspected of having prior knowledge of an impending deal and buying shares in Findexa before Eniro made its bid.