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    Auction on Demand

    Trade Large Orders Discreetly With Minimal Market Impact

    Periodic Auctions

     


    Periodic auctions are used as an alternative to OTC and dark pool trading.

    Periodic auctions execute separately from the lit order book with no impact on continuous lit trading. No information about individual orders is published, making Auction on Demand ideal for large or strategically important orders where you want to keep information about trading interests confidential.

     


    Periodic auctions are used as an alternative to OTC and dark pool trading.

    Periodic auctions execute separately from the lit order book with no impact on continuous lit trading. No information about individual orders is published, making Auction on Demand ideal for large or strategically important orders where you want to keep information about trading interests confidential.

    auction, hands up

    How Auction on Demand Works

    Auctions are triggered on demand as soon as two crossing orders are found by the system. An auction starts with a fixed 25 ms period, followed by a random period of between 0 and 75 ms, so that the auction stays open for a maximum of 100 ms. During this time other bids may enter the system and take precedence.

    The auction will uncross at the price where the most volume can be traded. Price and executable quantity are published in real time.

    Priority model: Internal (broker)/size/time.
     

    Market Scope

    Shares traded on Nasdaq Stockholm (including Norwegian shares), Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Iceland

    Selected ETFs on Nasdaq Copenhagen

    Shares traded on Nasdaq Stockholm (including Norwegian shares), Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Iceland

    Selected ETFs on Nasdaq Copenhagen

    Confidentiality & Transparency

    Pre-trade transparency: Indicative Price and Quantity in real time

    Post-trade transparency: Trades in real time, no counterparty, separate MIC code on execution reports

    Executions contribute to official member market share

    Pre-trade transparency: Indicative Price and Quantity in real time

    Post-trade transparency: Trades in real time, no counterparty, separate MIC code on execution reports

    Executions contribute to official member market share

    Connectivity & Trading Hours

    Auction on Demand can be accessed via FIX, OUCH and the Nordic Workstation during lit order book trading hours

    Auction on Demand can be accessed via FIX, OUCH and the Nordic Workstation during lit order book trading hours

    Interested in Auction on Demand Statistics?

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    Safety Features

    Auction on Demand runs in parallel to our lit order books. No information about individual orders are published. We have also implemented several safety features to minimize the risk of information leakage.

    • Randomized uncross after 25-100 ms
    • Speed bump on cancels secures real trading interests in the book
    • Speed bump on modifications of order when reducing position
    • EBBO collar protection

    Auction on Demand runs in parallel to our lit order books. No information about individual orders are published. We have also implemented several safety features to minimize the risk of information leakage.

    • Randomized uncross after 25-100 ms
    • Speed bump on cancels secures real trading interests in the book
    • Speed bump on modifications of order when reducing position
    • EBBO collar protection
    Mountains by water

    Order Types

    Orders can be entered as Pegged, Limit or Market orders, with optional limit price protection and MES protection.

    • Pegged orders only executed at their pegged price according to the peg instruction (“at-priced”)
    • Limit and Market orders executes at or within the Primary Best Bid Offer (PBBO)
    • Optional Limit Price Protection
    • Time in Force: DAY, GTT, IOC, GFA
    • MES protection. One opposite order needs to be equal or larger than MES, to prevent aggregation or "bulking"

    Orders can be entered as Pegged, Limit or Market orders, with optional limit price protection and MES protection.

    • Pegged orders only executed at their pegged price according to the peg instruction (“at-priced”)
    • Limit and Market orders executes at or within the Primary Best Bid Offer (PBBO)
    • Optional Limit Price Protection
    • Time in Force: DAY, GTT, IOC, GFA
    • MES protection. One opposite order needs to be equal or larger than MES, to prevent aggregation or "bulking"

    Key Benefits with Auction on Demand

    Periodic Auctions

    Benefit from the Auction model at any time during trading hours. Auctions are triggered on demand, whenever matching orders are found

    Minimized Market Impact

    Minimize information leakage for large or strategically important trading interests. Only the indicative price and quantity published pre-trade. Post-trade reporting in real time, no counterparty information & separate MIC codes on execution reports

    Multiple Safety Features

    Randomized uncross and speed bumps on cancels and modifications secures that only real trading interests are entered in the book

    Contact our European Equity Sales teams

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    Nasdaq Nordic on this webpage refers to, either each individually or all together, Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf. and Nasdaq Stockholm AB. Nasdaq Nordic may also include Nasdaq Baltic that respectively refers to Nasdaq Riga AS, Nasdaq Tallinn AS and AB Nasdaq Vilnius. Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn and Nasdaq Vilnius are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf., Nasdaq Riga AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS and AB Nasdaq Vilnius.