Nordic@Mid
Efficient Dark Pool Trading at Mid-Price
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 (information on caped symbols can be found in IT-notices by searching here for “regulatory suspensions related to double volume cap mechanism”).
- Minimum acceptable quantity (MAQ) protection to avoid partial executions.
- Limit price protection is supported as price cap/floor.
- Order matching priority: Participant-Size-Time.
- Dark-Lit Sweep on OUCH and FIX for an atomic sweep of Nordic@Mid before hitting the Lit book with your IOC order.
Key Benefits with Nordic@Mid
Reduced 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.
Key Features
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.
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.
Infrastructure & Connectivity
Runs on INET technology (same as Nasdaq Nordic’s central order book), Order entry supported via FIX and OUCH and Data dissemination available via TIP and ITCH protocols.
Resource Center
Related Information
INET Nordic Functional Enhancements
This web page is continuously updated in accordance with information regarding upcoming INET Nordic enhancements.
Learn MoreRules & Regulations - Nordic Member Rules
The Nasdaq Nordic Member Rules contain conditions for membership and trading rules on the regulate markets and MTFs.
Learn MoreCash Equity Membership
Step-by-step description on how to obtain a membership on Nasdaq Nordic Cash Equity Markets.
Learn MoreRelated Solutions
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.