Nordic@Mid -

efficient dark pool trading at mid-price

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Efficient matching of non-displayed orders

Nordic@Mid offers mid-point matching for reduced market impact costs - as well as a price advantage

Nordic@Mid offers automatic execution of non-displayed orders at the central order book mid-price as well as overall price improvement. It can also be used to avoid market impact for large orders.

  • All orders are non-displayed to not expose larger trading interests.
  • Matching at mid-point offers a price improvement for both seller and buyer.
  • Orders are executed only against other Nordic@Mid orders, separately from the central order book.
  • No minimum order size.
  • Automatic rejection of orders that do not meet the Large in Scale criteria in case of active Double Volume Caps.
  • Minimum acceptable quantity (MAQ) protection to avoid partial executions. 
  • Limit price protection is supported as price cap/floor.
  • Order matching priority: Participant-Size-Time.

Markets

Copenhagen, Helsinki, Iceland and Stockholm: All order books.

Oslo: All Norwegian shares on First North Sweden. Oslo Börs best bid and offer is used to determine mid-price.

Pre-trade transparency

Orders remain non-displayed.

Post-trade transparency

Real-time through public Nasdaq data feeds, without counterparty information. Nordic@Mid executions are flagged so they can be easily identified with separate MIC-code.

Infrastructure & Connectivity

  • Runs on INET technology (same as Nasdaq Nordic’s central order book).
  • Order entry supported via FIX.
  • Data dissemination available via TIP and ITCH protocols.

DCAN Routing

Order will first try to match against Nordic@Mid Orders and then try to match against the Nasdaq Nordic Order Book before being routed to the relevant Away Market.

This Routable Order will first try to match against Nordic@Mid Orders and then try to match against the Nasdaq Nordic Order Book before being routed to the relevant Away Market, with the EBBO according to the provisions set in the Market Model document for INET Nordic. To be able to match against Nordic@Mid Orders, the Routable Order must fulfill the minimum Order value requirements and other requirements according to the Market Model document.

Any remaining volume of a Routable Order after routing to the relevant Away Market will be posted in the relevant Nasdaq Nordic Order Book and will not be posted in the Away Market‘s Order Book. Once the Order has turned to a passive Order within the Nasdaq Nordic Order Book, the Order will not attempt to route again.

DNGY Routing

The Order will first try to match against Nordic@Mid Orders and in a second step the Nasdaq Nordic Order Books before being routed the relevant Away Market.

This Routable Order will first try to match against Nordic@Mid Orders and then try to match against the Nasdaq Nordic Order Books before being routed to the relevant Away Market, with the EBBO according to the provisions set in the Market Model document for INET Nordic. To be able to match against Nordic@Mid Orders, the Routable Order must fulfill the minimum Order value requirements and other requirements according to the Market Model document. The Order can be reactivated and route out again after posting in the relevant Nasdaq Nordic Order Book if there is a change in the EBBO that indicates that all or a part can be matched elsewhere. In such case, Nordic@Mid will be pinged in-between.

NMID Routing

This Routable Order will first try to be executed in the Nordic@Mid within its given Limit price and then in the Nasdaq Nordic Order Book as a normal BOOK Order. The Routable Order will not be routed further to any Away markets.

This Routable Order will first try to be executed in the Nordic@Mid within its given Limit price and then in the Nasdaq Nordic Order Book as a normal BOOK Order. The Routable Order will not be routed further to any Away markets. To be able to be executed in Nordic@Mid, the Routable Order must fulfil the requirements for Mid-price Orders according to the Market Model document for INET Nordic.

Key Benefits with Nordic@Mid

Reduced market impact cost

Large orders can be traded without exposing trading interests. Orders are always matched at the mid-point of the current reference price on the lit market.

Price improvement

Mid-point price matching offers a price advantage over trading on the lit market, also for smaller orders.

Efficient order execution

Automatic execution of large orders. Mid-point trading ensures efficient counterparty matching and reduced search time.

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