Danish regulator orders Nasdaq Copenhagen to conduct assessment of members’ pre-trade checks
The Danish Financial Supervisory Authority (FSA) today announced the results of its inspection of Nasdaq Copenhagen A/S conducted in November and December 2025.
The inspection was an ordinary inspection focusing on the compliance function, member monitoring, as well as circuit breakers and manual trading halts. The areas were selected and examined based on a risk-based approach.
Nasdaq Copenhagen A/S is an operator of a regulated market in Denmark with a license from the Danish Financial Supervisory Authority. As the only regulated market in Denmark, Nasdaq Copenhagen has a central role in the Danish capital market infrastructure.
Nasdaq Copenhagen operates two marketplaces: “Main Market” (regulated market) and “First North Denmark” (multilateral trading facility). Nasdaq Copenhagen’s activities generally consist of three business areas: listings, stock exchange trading and sales of market data.
In addition to Nasdaq Copenhagen, the Nasdaq Group operates exchanges in Finland, Iceland and Sweden as well as in the Baltic countries. Nasdaq is organised with shared functions across the Nordic countries and the majority of the technical operations of Nasdaq Copenhagen are outsourced to Nasdaq in Stockholm.
The inspection showed that Nasdaq Copenhagen’s procedure for monitoring members’ pre-trade checks does not provide a sufficient basis for assessing whether trading members meet Nasdaq Copenhagen’s own and statutory requirements regarding pre-trade checks. The inadequate monitoring entails a risk that the monitoring overlooks risks of inappropriate impact on the functioning of the marketplace, which a more thorough process could uncover.
Nasdaq Copenhagen has therefore been ordered to conduct an assessment of whether members’ pre-trade checks are sufficient, including ensuring that members’ descriptions of pre-trade checks are detailed enough for Nasdaq to conduct such an assessment.
The Danish FSA did not find any matters regarding the compliance function or trade interrupters that would lead to supervisory actions.
