Listing and Trading Operations
IT information

IT - INET Nordic - Extended Evening Trading Hours for Warrants and Certificates (17/23)

In response to retail investor demand, Nasdaq Nordic is planning to further extend the existing evening trading hours for warrants and certificates using Market Maker Order (MMO) functionality from current 20:00 CET to 21:55 CET. The prolonged evening hours are available in INET NTF and GCF TST4, and are planned for production launch in the INET trading system as of May 12, 2023. 

The change will be applied to current warrants and certificates market segments with existing evening trading hours on First North Sweden, First North Denmark and First North Finland. New trading schedule timings will apply to all orderbooks on the evening trading market segments. First trading day according to the new schedule will be May 12, 2023. No new market segments will be introduced as part of the schedule extension.

Details

Existing evening trading market segments for warrants and certificates currently have evening trading hours up to 20:00 CET (with Post-Trade up to 20:30 CET). These evening trading market segments will have Continuous Trading up to 21:55 CET and Post Trade until 22:25 CET as of May 12, 2023. Pre-Open and Start of Continuous Trading remain unchanged from current timings. The evening trading schedule changes will also apply to half-days within the below mentioned market segments.

Continuous Trading and Post-Trade for the market segments in scope will be changed as follows:

The trading schedule timings for end of Continuous Trading as well as the start and end of Post-Trade will be changed for the following list of market segments:
 

The extension of the trading hours for Warrants and Certificates results in changes to the timing of end of day processes, namely the ITCH Feed EOD message, Member Trade File and FDS Close Files, EOD Reveal Files and Official Price List files. The impact of these changes should be considered by all market participants.

File Delivery Service (FDS) Close files:

FDS currently has the below close files available for market segments with evening trading hours. The current extended close files will be available on FDS from 22:35 CET.

• XCSE_EquityRelated_Extended_Close2.tip
• XHEL_EquityRelated_Extended_Close2.tip
• XSTO_EquityRelated_Extended_Close2.tip

EOD Reveal files:

Inet_eod_reveal.csv files will move from 20:40 to 22:35 CET.

Official Price List files:

The timing of the creation of Official Price List PDF-files included in the Official Price List product will be postponed to after close of the extended segments and made available on FDS before 23:00 CET.

ITCH Feed EOD message:

The extension of Trading Hours for Warrants and Certificates has an impact on customers reading ITCH Feed EOD message. Going forward, customers who want full ITCH need to continue to read all the way until new EOD after 22:30 CET.

Customers who want to only read Equities, and do not want to be impacted by the further extension in Warrants and Certificates, may want to close down their own connection after 18:05 CET. The current automatic logout of connections at 20:35 CET will be moved to the new EOD at 22:30 CET.

Member Trade File:

Member Trade File, available via Nasdaq ftp, will continue to be created at current time of 18:10 CET, with the same file name as today. The current, additional file will be created at the end of day which includes all trades for the whole trading day, after close of the extended market segments. This additional Member Trade File will be created at 22:35 CET and will continue to have the same file name as the earlier file.

Protocol specifications

These changes do not have any impact on INET Nordic or GCF protocol specifications. Latest protocol specifications are available at the Nasdaq Nordic Technical Information website, under INET Nordic Protocol Specifications.

Member access

No changes to member access. Members that currently have access to evening trading segments will continue to have access after the schedule change. 

Nasdaq Nordic Member Rules

These changes do not have an impact on the Nasdaq Nordic Member Rules.

INET Nordic Market Model

The trading schedule updates will be reflected in the INET Nordic Market Model, effective May 12, 2023. Latest versions are published on Rules and Regulations for the Nordic Markets.

The changes to the trading schedule for the evening trading market segments are subject to regulatory approval.

Time schedule

• INET Test (NTF) and GCF TST4 – Available
• INET and GCF Production –May 12, 2023

Questions and feedback

For technical questions, please contact Nasdaq Cash Equity Operations:

Nasdaq Cash Equity Operations
Tel: +46 8 405 6410
E-mail: operator@nasdaq.com

For list of test orderbooks subject to extended trading hours, please contact Nasdaq Cash Equity Operations: operator@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.