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Tallinn Stock Exchange: Nordea Securities To Become TSE Remote Member

Date 24/01/2002

Nordea Securities, the leading Nordic investment bank, has applied for remote membership of Tallinn Stock Exchange (TSE).

Nordea aims to start trading on February 25, 2002, when trading in the TSE listed securities will start in HEX's trading system. Its application needs to be approved by Financial Supervisory Authority of Estonia and the Management Board of TSE.

"Estonia is a part of Nordea's domestic market area. That is why it's natural to apply for a membership of TSE now when it has become possible. By applying for membership we can fulfil our customers' transaction orders concerning TSE listed securities more effectively", says Ritva Örmälä-Haavisto, Managing Director of Nordea Securities.

Gert Tiivas, CEO of Tallinn Stock Exchange comments: "Nordea becoming one of the first remote members is a vote of confidence to the Estonian securities market. Taking into account that Nordea makes the largest turnover on the HEX, the membership in TSE will make TSE listed securities easily available to a considerable number of investors."

Nordea Securities, the largest HEX's member at 12 per cent market share by turnover, was the second TSE remote membership applicant.

HEX-TSE co-operation supports HEX's growth strategy while creating an effective and liquid securities market in Estonia. HEX is the strategic shareholder of TSE with 62 per cent ownership.