Financial Supervision Authority designated additional liquid shares for trading on regulated market
On 27 March 2013, the Financial Supervision Authority resolved to designate three additional liquid shares:
• Olympic Entertainment Group AS (ISIN: EE3100084021)
• AS Silvano Fashion Group (ISIN: EE3100001751)
• Tallink Grupp AS (ISIN: EE3100004466)
Pursuant to the Commission Regulation (EC) No. 1287/2006, the Financial Supervision Authority is obliged to ensure that a list of all liquid shares admitted to trading on a regulated market is prepared and published at least once a year.
The purpose of designating liquid shares is to endorse competition between trading venues, thus maximising investors’ options, reducing transaction costs and enhancing pricing transparency. The designation of liquid shares imposes on the investment firms the additional obligation of publishing trading information.
No shares complying with the conditions established for liquid shares in the above regulation are currently available in Estonia. According to the regulation, the share must be traded daily, with a free float of no less than EUR 500 million, and meet at least one of the following conditions: the average daily number of transactions in the share be no less than 500 or the average daily turnover for the share be no less than EUR 2 million.
Where no liquid shares are available on the market within the meaning of the regulation, the Financial Supervision Authority, as the competent authority in the member state, has the right to designate, among the shares admitted to trading on a regulated market, the shares that are considered as having a liquid market, i.e. additional liquid shares.