Nasdaq Nordic is planning to add Resting Mode for Warrants and Certificates that use Market Maker Order (MMO) functionality on First North Sweden (including Norwegian segments), First North Finland and First North Denmark. Use of Resting Mode is optional, and its use is governed by Nordic Member Rules, the INET Nordic Market Model and Terms & Conditions for the use of Market Maker Instruction.

Resting Mode is aimed at helping to address the high load created by quoting of Securitized Derivatives (Warrant and Certificate) product ranges. It allows the relevant product offering to be quickly available for investors as products could be listed ahead of time, ready and awaiting possible activation intraday. Retail brokers and other market participants will be able to use the status of the orderbook to filter out Resting Mode instruments and only show active orderbook selection on their sites.

Resting Mode is signalled to participants using existing trading state “Trading Halt” with a new Reason Code/Stop Code “RES” being added to distinguish Resting Mode from other halts.

Resting Mode is available for testing in INET NTF and GCF TST4. The functionality is planned to be available in the production system as of April 1, 2025.

Implementation details

Resting Mode can be set in any orderbook on the market segments which require the use of Market Maker Orders (MMO) provided the pre-requisites are met.

Market Makers can request Nasdaq to place Securitized Derivatives into Resting mode, if the pre-defined conditions are fulfilled. The Market Maker of the instrument will use the Market Maker Instruction (MMI) OUCH message to send a request to Nasdaq Nordic for the activation of Resting Mode. Resting Mode will be an additional Reason Code/Stop Code “RES” for the existing state “Trading Halt”. Resting Mode can only be requested if the pre-defined conditions are met:

• Conditions that need to always be met: No Assets Under Management (AUM) - no investors currently having bought into the instrument, no demand for the instrument, and no expected demand from investors for the instrument in near term
• Other applicable predefined conditions that mean orderbook is not currently needed but is awaiting activation once it becomes relevant

When an instrument enters Resting Mode, the ability for all members to trade that instrument is disabled and the instrument is suspended. After the above conditions cease to exist, the instrument is reactivated for trading again and the Trading Halt with reason code “RES” is removed.

An instrument can remain in Resting Mode for an extended period of time, spanning multiple weeks or months. The Trading Action state message for Resting Mode instruments will be sent after the daily reference data load on tradable instruments. The instruments will be suspended with the trading state kept as Trading Halt - RES. This state can be lifted and the book can move to Continuous Trading intraday.

Protocol specifications

In GCF/TIP, Resting Mode will be added as a new entry in the BasicDataTableEntry message.

The TotalView-ITCH specification is updated with a new Halt Reason Code RES in the Order Book Trading Action message.

A new Notification Reason Code 7 = RES (Resting Mode) is added to the Instruction field in the Market Maker Instruction messages in the OUCH protocol specification.

Latest protocol specifications are available at the Nasdaq Nordic Technical Information website, under INET Nordic Protocol Specifications.

Nasdaq Nordic Member Rules
The addition of Resting Mode is reflected in the Nasdaq Nordic Member Rules as of April 1, 2025.

INET Nasdaq Nordic Market Model 
The updates related to addition of Resting Mode are reflected in the INET Nordic Market Model effective as of April 1, 2025. Latest versions are published on Rules and Regulations for the Nordic Markets.

Terms and Conditions of use for Market Maker Instruction

Market Makers active in Market Maker Order (MMO) instruments will be required to re-sign an updated version of the Terms and Conditions governing the use of the Market Maker Instruction (MMI).  
 

Implementation schedule

• INET Test (NTF) and GCF TST4 – Available
• INET and GCF Production – April 1, 2025

Questions and feedback

For technical questions, please contact Nasdaq European Market Operations:

Nasdaq Exchange Services
Tel: +46 8 405 7700
E-mail: EMO@nasdaq.com

Best regards,

Nasdaq Nordic
 

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.