Financial Supervision Authority designated additional liquid shares admitted to trading on the regulated market
The management board of the Financial Supervision Authority decided on 5 April 2012 to designate three additional liquid shares:
• Olympic Entertainment Group AS (ISIN EE3100084021)
• AS Silvano Fashion Group (ISIN EE3100001751)
• Tallink Grupp AS (ISIN EE3100004466).
In accordance with European Commission regulation 1287/2006, the Financial Supervision Authority must ensure that at least once a year, a list of all liquid shares admitted to trading on the regulated market is prepared and published.
The goal of determining the liquid shares is to promote competition between trading platforms, thereby increasing the range of choices open to investors, lowering transaction costs and making the stock price formation process more transparent. For investment firms, assigning liquid shares entails an additional trading information publication obligation.
At the present time, there are no shares in Estonia that conform to the above-mentioned regulation’s terms and conditions describing liquid shares: the annual average daily number of transactions in the share is at least 500 and the average daily turnover of the share is at least two million euros.
If a market lacks liquid shares in the sense of the regulation, the Financial Supervision Authority as the competent supervisory authority of a member state has the right to determine, from among the shares admitted to trading on a regulated market, shares that are considered to have a liquid market – i.e. additional liquid shares.