Introduction to PureStream
Nasdaq Nordic[1] is planning to launch PureStream on Nasdaq Europe[2] through the Dutch entity, Nasdaq Investment Firm B.V., subject to regulatory approval.
PureStream is a volume-based trajectory trading facility designed to minimize market impact while maximizing liquidity from equal counterparts. PureStream matches Indications of Interest (IOIs) based on liquidity transfer rates. This allows institutional investors to minimize market impact and automate parent orders execution by trading a percentage of the market's future volume at the market’s Volume-Weighted Average Price (VWAP). PureStream on Nasdaq Europe is offered by Nasdaq Investment Firm B.V., which pre-arranges trades that are thereafter formalized as negotiated trades on the relevant Nasdaq Nordic trading venues.
PureStream will become available in INET Test (NTF) on May 11, 2026. Production launch is scheduled for August 31, 2026 (pending regulatory approval).
Summary of protocol changes related to the introduction of PureStream
- OUCH Order Entry: New messages and fields, and new values to existing fields
- FIX Order Entry and FIX DROP: New FIX Tags and new values to existing fields (FIX Tags)
- TotalView-ITCH and NLS: New MIC Code fields for PureStream markets added to the Order Book Directory Message (described in the TotalView-ITCH specification, applicable for both ITCH and NLS protocols)
- TIP: Information on GCF-TIP changes can be found in IT-Notice - Data Technical News European #2024-19
Protocol specifications
PureStream IOIs can be submitted via OUCH and FIX Order Entry protocols.
PureStream trades will be published via public post-trade protocols NLS and GCF-TIP.
There will be updates to the INET OUCH and FIX Order Entry, FIX DROP (for OUCH & FIX messages), TotalView-ITCH, NLS, and TIP protocols due to this change.
Updated protocol specifications, and a separate PureStream Message Changes document, are now available at the INET Nordic Trading Platform website, under INET Nordic Protocol Specifications.
PureStream Access in INET NTF
Access to PureStream in INET NTF can be requested via e-mail to MAC@nasdaq.com. When market access has been granted, existing INET NTF ports can be utilized to submit PureStream IOIs.
Actions required to get access to PureStream in INET Production will be communicated separately prior to Production launch.
Conformance Testing
Customer applications supporting PureStream must be conformance tested prior to Production use.
Conformance testing cases for PureStream will be published at the INET Nordic Environments website by end of June 2026.
Time Schedule
- INET Test (NTF) – May 11, 2026
- INET Production – August 31, 2026 (pending regulatory approval)
For more information, please visit PureStream on Nasdaq Europe website.
For further information and feedback, you are advised to contact your Key Account Manager.
Questions and feedback
For information on the product concept and product information, please contact
Anders Green, +46 73 449 6752, anders.green@nasdaq.com.
For questions related to this IT-Notice, please contact
Riitta Pesiö, +46 8 405 6437, riitta.pesio@nasdaq.com.
Best regards,
Nasdaq Nordic[3] and Nasdaq Europe[4]
[1] Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Stockholm are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd and Nasdaq Stockholm AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, and Nasdaq Stockholm.
[2] For the purpose of this notice, Nasdaq Europe refers to Nasdaq Investment Firm B.V., which offers the PureStream service to its clients.
[3] Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Stockholm are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd and Nasdaq Stockholm AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, and Nasdaq Stockholm.
[4] For the purpose of this notice, Nasdaq Europe refers to Nasdaq Investment Firm B.V., which offers the PureStream service to its clients.