IT - INET Nordic - PureStream on Nasdaq Europe, a new volume-based trajectory trading solution (63/24)
Nasdaq Nordic is planning to introduce PureStream on Nasdaq Europe[1], a new volume-based trajectory trading solution in INET Nordic in Q1/2025 covering 13 European markets, pending regulatory approval. This innovative solution is designed to minimize market impact while maximizing liquidity from equal counterparts. PureStream matches Indications of Interest (IOIs) based on liquidity transfer rates (LTR), allowing members to automate the execution of trading interests by trading a percentage of the market's future volume at the market’s Volume-Weighted Average Price (VWAP).
PureStream complements and coexists alongside Nasdaq Nordic’s existing central limit order book, Nordic@Mid and Auction on Demand trading. There is no interaction between PureStream and existing trading methods.
PureStream trading will be offered for shares and depositary receipts (equities) primary listed in 13 regulated markets in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain and Sweden. For Nasdaq Nordic listed equities, PureStream trading is offered from the respective Nasdaq Nordic exchange in Denmark, Finland and Sweden; and for selected European equities[2], from Nasdaq First North Sweden MTF where the equities will be admitted to trading for PureStream trading purposes only.
Members will have access to PureStream trading for their respective Nasdaq Nordic exchanges.
For more information, please visit PureStream on Nasdaq Europe website.
Summary of protocol changes related to the introduction of PureStream:
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OUCH Order Entry – New messages and fields, and new values to existing fields
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FIX Order Entry and FIX DROP – New FIX Tags and new values to existing fields (FIX Tags)
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TotalView-ITCH and NLS – A new MIC Code field for PureStream markets in the Order Book Directory message (described in the TotalView-ITCH specification, applicable for both protocols).
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PureStream trades will be published via public post-trade protocols NLS and GCF/tip.
Protocol specifications
PureStream IOIs can be submitted via OUCH and FIX Order Entry protocols.
There will be updates to the INET OUCH and FIX Order Entry, FIX DROP (for OUCH & FIX msgs), TotalView-ITCH and NLS protocols due to this change. A draft protocol changes document has therefore been issued outlying the planned technical changes – “PureStream on Nasdaq Europe - Draft protocols changes”, available at the Nasdaq Nordic Technical Information website, under INET Nordic Protocol Specifications.
Changes on GCF-TIP will be communicated separately.
Legal and Market Model
The Nasdaq Nordic Member Rules and Market Model will be updated before the launch of the service. A draft version of the Market Model is planned to be available during Q4, 2024.
Time Schedule
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INET Test (NTF) – Q1, 2025
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INET Production – End of Q1 2025 – pending regulatory approval.
For further information and feedback, you are advised to contact your Key Account Manager.
Questions and feedback
For further information and feedback concerning this information, please contact Ronny Thellman, +46 8 405 6313, ronny.thellman@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.
[1] For the purposes of this IT-notice, Nasdaq Europe refers to, either each individually or all together, markets operated by Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd and Nasdaq Stockholm AB.
[2] Norwegian shares primary listed on Euronext Oslo regulated markets are already admitted to trading on First North Sweden MTF.
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