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Swedish Products

Riskbank Future

Nasdaq Stockholm AB Offers Clearing of RIBA Future 

The monetary policy of the Riksbank (Central Bank of Sweden) is of great significance to interest rates in capital markets. Since the repo rate is the principal interest rate employed by the Riksbank, market players carefully monitor changes in this rate and the signals given by the Riksbank. Expectations regarding future repo rates are key indicators for many players when choosing to take positions in the interest-rate market. 

Accordingly, Nasdaq Stockholm has decided to introduce cash-settled futures specifically based on the Riksbank’s repo rate. The contract base is a fictitious loan with a term corresponding to the period between two IMM dates, with final settlement occurring against the average repo rate for the period concerned.

Download product sheet Riksbank Future

STIBOR-FRA Forward and Future

STIBOR-FRA – Managing Swedish Short-Term Interest Rate Risk

The STIBOR-FRA contract constitutes a valuable tool in management of Swedish short-term interest rate risk. Contract base is 3-month STIBOR. The contract has standardized expiration days, i.e. IMM days. This means that liquidity is concentrated to a limited number of contracts, which benefits trading. 

The contract is suitable both for directional trading as well as for spread trading, e.g. FRA's against T-Bill futures or STIBOR against NIBOR. For the complete description of the contract specification please see Nasdaq Stockholm Rules and Regulations

The STIBOR FRA Forwards will be replaced by STIBOR FRA Futures during 2016-2018. 

Download product sheets:

Options on STIBOR FRA Forward and Future

FRA Options– Managing Swedish short-term interest rate risk

The STIBOR-FRA option contract constitutes a valuable tool in management of Swedish short-term interest rate risk. Contract base is the corresponding 3-month STIBOR-FRA contract. The contract has standardized expiration days, i.e. IMM days. This means that liquidity is concentrated to a limited number of contracts, which benefits trading. 

The contract is suitable both for directional trading as well as for and trading based on changes in the implied volatility on the options market. For the complete description of the contract specification please see Nasdaq Stockholm Rules and Regulations

Download product sheets:

Government Bond Futures

Managing Swedish Long-Term Interest Rate Risk

The government bond contract constitute a valuable tool in managing Swedish long-term interest rate risk. The contract base is a synthetic 2-, 5- or 10- year Swedish government bond. The contract has standardized expiration days, i.e. IMM days. This means that liquidity is concentrated to a limited number of contracts, which benefits trading. 

The contract is suitable both for directional trading as well as for spread trading, e.g. government yield curve spreads like 6-month government risk against 2-year government risk or spreads against mortgage bond futures. A combination of cash bonds and futures can also be used for creating short-term investments or financing. For the complete description of the contract specification please see Nasdaq Stockholm Rules and Regulations. 

The government bond forwards (R-contracts) were replaced by government bond futures (SGB-contracts) during 2016.

Download product sheet Swedish Government bond future

Mortgage Bond Futures

Mortgage Bond Futures - Managing Swedish Long-Term Interest Rate Risk

The Mortgage Bond Futures contracts constitute valuable tools in managing Swedish long-term interest rate risk. Nasdaq offers mortgage bond futures on bonds issued by four different issuers.The contract base is a synthetic 2- or 5-year bond issued by one of the following issuers: 

  • Stadshypotek 
  • Nordea Hypotek 
  • Swedbank Hypotek 
  • SCBC 

The contracts have standardized expiration days, i.e. IMM days. This means that liquidity is concentrated to a limited number of contracts, which benefits trading. 

The contract is suitable both for directional trading as well as for spread trading, e.g. mortgage bond yield curve spreads like 2-year Stadshypotek risk against 5-year Stadshypotek risk or spreads against government bond futures. A combination of cash bonds and futures can also be used for creating short-term investments or financing. For the complete description of the contract specification please see Nasdaq Stockholm Rules and Regulations.

 The mortgage bond forwards were replaced by mortgage bond futures during 2016. 

Download product sheet: 

Options on Government Bonds

Market Model and Central Counterparty Clearing

Options on Swedish Government Bonds are traded in the current market structure for Swedish interest rate derivatives. Trades in options will be reached through bilateral negotiations between buyers and sellers, and reported to Nasdaq for central counterparty clearing. 

Contracts are only clearing listed, i.e. they are not admitted for trading on the Exchange. For the complete description of the contract specification please see Nasdaq Stockholm Rules and Regulations. 

The options on government bond forwards (R2, R5, R10) were replaced by options on government bond futures (SGB2Y, SGB5Y, SGB10Y) during 2016. 

Download Product Sheet Options on Swedish Government Bond Futures

SEK Repoclearing

Nasdaq Offers Clearing of Repo Contracts on Swedish Bonds

Nasdaq provides central counterparty clearing services for Repo transactions on specific bonds listed at Nasdaq Stockholm. 

Bonds that are eligible for Repo clearing can be found below in the “Facts” section or in the product sheet. 

A Repo contract is an agreement of sell a specific security, together with an agreement for the seller to buy back the same security at a later date. A repo contract constitutes a valuable tool in creating the possibility of increased return on investment and / or amplified leverage. 

Download product sheet SEK Repoclearing

All information provided on this page shall be deemed to be general information regarding the instruments that can be traded at the exchange. For accurate rules for trade with the instruments we refer to the rules and regulations. Information on this page shall under no circumstances constitute any recommendation regarding investment decisions. The visitor shall be personally liable for the risks associated with any investment decision based on information provided on this page. Notwithstanding that the accuracy of the information provided herein has been verified, Nasdaq Stockholm assumes no liability with respect to the accuracy or use of such information.
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