Bourses to extend working hours

2008-11-19
TBT Staff in cooperation with BNS

TALLINN - The president of the NASDAQ OMX Baltic Bourse has announced that the Baltic stock exchanges will extend their working hours at the beginning of next year.

As of Feb. 2, 2009, the stock exchanges will work for an additional two hours -- remaining open until 4:00 p.m. instead of the current 2:00 p.m.

The aim of the change is to ensure foreign investors better access to the Tallinn, Riga and Vilnius bourses and thereby generate higher trading activity in the Baltic market, the stock exchange said.

After extending the trading hours investors will be able to trade longer and the trading hours will better correspond to the working hours of other European markets.

"Extending trading hours is akin to opening the door wider. Investors will have more freedom to trade when it is convenient for them," said Henrik Elfving, president of NASDAQ OMX Baltic market.

"We were satisfied with the results when a joint trading system SAXESS was introduced in the Baltic market. In the longer term we expect to see a positive impact also from extension of the trading hours. We are committed to making the Baltic market as accessible to investors as the major markets are, and we will continue to work on this," he said.