As previously communicated in IT notice 51/18,The Smart Order Routing (SOR) service, provided by Nasdaq Nordic, will be further enhanced with three additional strategies routing the order also to Auction On Demand (AOD) before the Order is being routed to the Nasdaq Nordic Lit Order book, and possibly to Away markets.
Members using Nasdaq Nordic SOR may choose among three new routing strategies that includes AOD:
| Strategy TAG 76 | Detail |
| NAOD | Sweep Nordic@Mid, then AOD and post in Nasdaq Lit Order book |
| DAAN | Sweep Nordic@Mid, then AOD, Nasdaq Lit Order book, Away markets and post in Nasdaq Lit Order book |
| DANY | As DAAN, but may re-route after being posted in Nasdaq Nordic Lit Order book |
To support the AOD strategies, an additional Time In Force condition Immediate Or Cancel (IOC) will be in this conjunction be introduced for AOD, allowing the Order to address AOD liquidity more efficiently.
Protocol changes
Nasdaq Nordic has included the new strategies (Tag 76) in the future INET FIX Order Entry and Drop protocols.
INET protocol specifications are available at Nasdaq Nordic Technical Information.
Testing access
Members can test out the new functionality in the INET Test (NTF)/GCF TST4.
Legal and Market Model
Changes will be reflected in INET Nordic Market Model effective November 19, 2018, published on Rules and Regulations for the Nordic Markets.
Time Schedule
- Future protocol specifications available – September 19
- INET Test (NTF), GCF TST4 – October 1
- INET Production – November 19, 2018
Questions and feedback
For further information and feedback concerning this information, please contact:
Ronny Thellman
Tel: +46 8 405 6313
E-mail: ronny.thellman@nasdaq.com
Anders Green
Tel: +46 8 405 6752
E-mail: anders.green@nasdaq.com
Support
For technical questions, please contact:
Nasdaq Cash Equity Operations
Tel: +46 8 405 6410
E-mail: operator@nasdaq.com
Best regards,
Nasdaq Nordic
Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf. and Nasdaq Stockholm AB.
