IT - INET Nordic – Introduction of OUCH access to Nordic@Mid Dark pool and Dark-lit Sweep (23/21)
Nordic@Mid offers separate continuous crossing of mid-point pegged non-displayed Orders as a complement to the central Order Book in accordance with MiFID II.
Nasdaq Nordic plans to extend the connectivity options by introducing OUCH access to Nordic@Mid as of October 25, 2021 alongside the current FIX support. Nasdaq Nordic also aims to introduce a Dark-lit Sweep which will try to execute in Nordic@Mid before being sent to the central Order book.
How to send in Nordic@Mid Orders using OUCH?
A new Display Instruction (M = Nordic@Mid) is introduced to the OUCH protocol allowing Orders to be sent directly to Nordic@Mid.
The following table describes how to send in a Nordic@Mid Order using OUCH:
|
Field Name |
Description |
|
Peg Type |
Set Execution Instruction to M = Midpoint Peg. |
|
Display |
Set Display Instruction to M = Nordic@Mid. |
|
Price |
Optional. Limit price act as a cap/floor for trade execution. |
|
Minimum Quantity |
Optional. Defines the smallest trade size that is acceptable. |
How to send in a Dark-lit Sweep?
Nasdaq Nordic aims to offer a new internal routing condition, namely “Q” = Dark-lit Sweep. This instruction allows for the possibility to execute in Nordic@Mid before the Order is sent to the central Order Book.
The Dark-lit Sweep condition aims to allow for a potential price improvement trading to current Midpoint of the central Order Book. In case there is a regulatory DVC suspension in an Instrument, Orders below large in scale thresholds would not qualify for the Nordic@Mid and would go directly to central Order book. Implementation of the Dark-lit Sweep is subject to regulatory consent.
Protocol specifications
Protocol changes related to this IT Notice are available at the Nasdaq Nordic Technical Information website, under INET Nordic Protocol Specifications.
Application Conformance testing
Trading applications will need to be conformance tested prior to the use of the new instructions and Nordic@Mid orders via OUCH. Members, or other trading application providers, shall perform certification of their application in Member Portal prior to production use. Conformance test cases are available at the Nasdaq Nordic Technical Information website.
Implementation schedule
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INET Test (NTF): September 6, 2021
-
INET Production: October 25, 2021 (subject for regulatory consent)
INET Nordic Market Model and Nasdaq Nordic Member Rules (NMR)
Changes will be reflected in the upcoming INET Nordic Market Model and NMR, which will be available on Rules and Regulations for the Nordic Markets.
Support
For technical questions, please contact Nasdaq Cash Equity Operations:
Nasdaq Cash Equity Operations
Tel: +46 8 405 6410
E-mail: operator@nasdaq.com
Nasdaq Nordic
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. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm.
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