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Markets Impacted: Nasdaq® Nordic
Products Impacted: Nordic Equity |
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Background Based on member request Nasdaq Nordic has decided to enhance the halt- and release process for ETP’s set up for Market Maker Orders (MMO). The releasing of the Order book after a halt triggered by a MMO pause, will going forward be efficiently managed by the Market Maker (MM). Details of the new functionality If valid MMO spread is missing for 10 minutes, the Order Book is Halted with Halt Reason code TH – Trading Halt, immediately followed by an Order book flush (all Orders cancelled by the trading system). The Order book will stay halted, after 10 seconds a new Halt Reason code, MMM – Market Maker Missing, will be published and it will be possible for the MM to enter new MMO’s in order to establish a new valid MMO spread. No other order entry will be possible during the halt. As soon as a valid MMO spread is present, the Order book will be immediately released for continuous trading. The new MMO’s will be published when the Order book opens. Protocol and technical specifications The ITCH “Order Book Trading Action” message will be enhanced with a new halt reason code “MMM – Market Maker Missing”. This message is described in the TotalView-ITCH protocol specification although also available in the GLIMPSE and Nordic Equity Last Sale (NLS) protocols. The change will also be reflected in Genium Consolidated Feed (GCF)-TIP where an orderbook state message Suspend will be disseminated twice with different StopCodes. A new StopCode will be added as a BasicDataTableEntry value. There are no other updates to INET Nordic or GCF TIP protocols due to this change. Time schedule
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Questions and Support
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For technical questions, please contact Operator: Tel: +46 8 405 6410, E-mail: operator@nasdaq.com |