Announced today from XBT Provider, the company which created the first bitcoin and ether exchange-traded notes (ETNs) is that starting on December 1st, 2017 all Securitised Derivatives categorised as ‘warrants and certificates’ which are then listed on Nasdaq Stockholm’s regulated market will be required, if they wish to remain listed, to migrate to Nasdaq First North Segment, which is a multilateral trading facility (MTF).
XBT Provider is accordingly preparing for such migration of its tracking Certificates which are referenced to bitcoin and ether (Bitcoin Tracker One, Bitcoin Tracker Euro, Ether Tracker One and Ether Tracker Euro). The ISIN and Order Book IDs for these products will remain as they currently are, as will trading fees and the structure of the Issuer’s Certificates.
In anticipation of this migration, it would be prudent for holders of the Issuer’s Certificates to confirm that their brokers will have the requisite access to the First North MTF with effect from December 1st.
As a multilateral trading facility, First North is not subject to the same degree of regulation as Nasdaq Stockholm. Accordingly, Certificate holders subject to an investment restriction relating to the regulated status of products which they may be invested in should seek appropriate investment advice as to whether First North MTF will be compliant with such restrictions.
First North is Nasdaq’s European market for smaller, growing companies, with approximately 130 listed companies.
A company can join Nasdaq First North regardless of the country of origin or industry sector. A key factor for success is that there is investor interest for the company’s share. The Nordic region boasts the largest retail presence in the world per capita, with small private investors and professional investors taking an active role in the market.
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