Subject to successful testing and regulatory approval, Nasdaq Commodities plans to introduce a new Request for Quote (RFQ) Trading System by implementing updates to the FIX and OMnet protocols and Trading Workstation (TW). The technical implementation for FIX, OMnet and TW will be part of the Genium INET upgrade to version 5.0.0225, going live on June 10, 2019.
Request for Quote Trading System
The new RFQ Trading System will introduce a new way of conducting trading on a private and exclusive basis for Nasdaq Commodities Exchange Members. The RFQ trading system is a trading system where a quote or quotes are provided in response to a RFQ, submitted by one or more other Exchange Members. The quote(s) provided to the RFQ is executable exclusively by the requesting Exchange Member. The requesting Exchange Member may conclude an Exchange Transaction by accepting the quote or quotes provided to it on request.
The quotes and the corresponding volumes from any Exchange Member would, if accepted, lead to an Exchange Transaction under the Exchange rules. All submitted quotes in response to a request for quote may be published at the same time but not later than when they become executable. The quote response(s) to any RFQ will be published in all applicable feeds, incl. a new window in TW.
The RFQ Trading system will also allow Exchange Members to appoint another Exchange Member to facilitate and register RFQ’s on their behalf (on-behalf). For Exchange Members that have already appointed another Exchange Member by means of a Block Broker Appointment Form, the on-behalf will be enabled and the appointed Exchange Member will obtain the necessary rights to act on behalf of the other member. Exchange Members may opt out of such arrangement by notifying Nasdaq Commodities Member Services desk (MS.GI.@nasdaq.com).
With the introduction of the new trading system, Nasdaq Commodities will publish updated trading rules in due course. An updated of the Genium INET Market Model Nasdaq Commodities will be published once the technical delivery has taken place, and the aforementioned rules have been published.
For more information about the technical implementations, please visit;
https://business.nasdaq.com/trade/trade-management/technical-information/genium-inet/release-D.html
For further information, please contact Nasdaq Commodities:
Kjetil Andersen, Principal Product Developer, phone +47 67108506,
Kjetil.andersen@nasdaq.com
Anne-Marit Rudby, Product Director Commodities, phone +47 91580323,
anne-marit.rudby@nasdaq.com
Knut Rabbe, Head of Sales Commodities Europe, phone +47 6752 8032/+47 9322 0800, knut.rabbe@nasdaq.com
Media contact:
David Augustsson, Lead Corporate Communications, phone +46 8405 6135, david.augustsson@nasdaq.com
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of over $8.8 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaq.com/ambition or www.nasdaqomx.com.
About Nasdaq Commodities
Nasdaq Commodities is the brand name for the worldwide suite of commodity related products and services offered by Nasdaq. The Nasdaq Commodities offerings include power, natural gas and carbon emission markets, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services.
Nasdaq Oslo ASA is the commodity derivatives exchange authorized by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. All trades with Nasdaq Oslo ASA are subject to clearing with Nasdaq Clearing.
About Nasdaq Clearing
Nasdaq Clearing is the trade name of Nasdaq Clearing AB which is authorized and supervised as a multi-asset clearinghouse by the Swedish Financial Supervisory Authority in Sweden as well as authorized to conduct clearing operation in Norway by the Norwegian Ministry of Finance.
For more information, visit www.nasdaqomx.com/commodities
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