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Execution Algorithms - Efficient Pay-As-You-Go Trading Algorithms

Multiple execution strategies - available through existing connectivity.

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Overview

Nasdaq Nordic's execution algorithm solution is based on an algo engine created by a specialized third-party provider. It is integrated with the smart order routing service.

  • Achieve the best possible execution price based on your chosen strategy
  • Minimize market impact and prevent information leakage for large orders
  • Cost efficient pay-as-you-go service without upfront costs or running subscriptions
  • Broker-neutral
  • Access to fragmented liquidity across multiple trading venues via smart order routing
  • Get started quickly using your existing connectivity

Connectivity

Order Execution Algorithms are available through the Nordic Workstation and FIX.

Available Execution Strategies

The execution algorithms are integrated with smart order routing logics. Several different single and paired strategies are available.

VWAP (Volume Weighted Average Price) Pre-trade schedule based on historical volumes.

TWAP (Time Weighted Average Price) Executes desired quantity at a constant rate.

PVOL (Percentage Of Volume) Targets a user-defined participation rate.

IMSH (Implementation Shortfall) Minimizes risk-adjusted trading costs relative to the arrival price.

CLOS - (Close) Minimizes risk-adjusted trading costs relative to the closing price.

PNPR - (Performance Neutral Pair) Targets relative performance of execution at or better than a specified basis point spread between a pair of stocks.

SUPR - (SETUPPAIR) Used for pair trades where the trader wishes to buy one stock and sell the other making sure that the two amounts either net out evenly (SpreadLimit = 0), lock in a profit (SpreadLimit > 0) or trade at a known cost (SpreadLimit < 0).

SMRT Allows an IOC order to try to fill the order multiple times within 300 micro seconds.

Why Use Nasdaq Nordic's Order Execution Algos?

Efficient Execution and Minimized Market Impact

Use execution algorithms to split up large orders according to a chosen strategy so that you can get the best possible execution price and prevent information leakage.

Cost Efficient

Get started quickly and without start up fees or costly subscriptions. Pay for executed orders only. Nordic Algo Trading is available via the Nordic Workstation or FIX.

Broker Neutral

Nasdaq Nordic’s execution algorithms are completely broker neutral and focus only on creating the best possible execution price based on your strategy.
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Execution Algorithms
Documentation
Algorithmic Trading Service Application Form Download Algorithmic Trading Service Terms and Conditions Download Execution Algorithms Member Presentation Download Fee List - Algorithmic Trading Services Download Algo Strategy Guide - Single Stock Download Algo Strategy Guide - Pairs Download Execution Algorithms User Guide Download Nordic Execution Algorithms Factsheet Download

Other Supplementary Trading Services
Workstation

Nordic Workstation

Cost-efficient software for trading and trade management.

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Routing

Smart Order Routing

Plug and play best execution solution.

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Risk Management

Pre-Trade Risk Management

Complete MIFID II proof pre-trade risk protection with order level control of trading.

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Related Information
Technical Information

INET Nordic Functional Enhancements

This web page is continuously updated in accordance with information regarding upcoming INET Nordic enhancements.

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Test

Genium INET Test Systems

Nasdaq provides its members and third party developers with several different test systems.

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