Nordic Auctions (INET)
Efficient price formation and deep liquidity
Auctions at opening and closing offer robust pricing and volume discovery.
Liquidity and Higher Trade Sizes
Nordic Auctions offer deep liquidity and are suitable also for larger than average trading interests.
More than 30% of the total lit order book turnover is traded in Nordic Auctions. The average trade size is multiple times higher in auctions compared to continuous lit order book trading.
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Nordic Auctions offer deep liquidity and are suitable also for larger than average trading interests.
More than 30% of the total lit order book turnover is traded in Nordic Auctions. The average trade size is multiple times higher in auctions compared to continuous lit order book trading.
Trade at Closing Price
Closing auctions offer an excellent opportunity if you want to trade at the closing price.
Auction Process
Nordic INET Auctions are divided into two phases: order management and uncross.
During the order management phase, orders enter the auction order book. Individual orders are not displayed in the public data feed. Net order Imbalance Information (NOII) is published in real time to provide pre-trade transparency.
Uncross occurs at a random time during a short period at the end of the order management stage. The random time for uncross protects from gambling attempts.
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Nordic INET Auctions are divided into two phases: order management and uncross.
During the order management phase, orders enter the auction order book. Individual orders are not displayed in the public data feed. Net order Imbalance Information (NOII) is published in real time to provide pre-trade transparency.
Uncross occurs at a random time during a short period at the end of the order management stage. The random time for uncross protects from gambling attempts.
Auction Order Types
- Limit orders
- Market orders
- Special auction order types such as Limit On Close (LOC) that are activated automatically in the closing auction.
Randomized Uncross
The time of the uncross is randomized within a short period at the end of the order management stage.
Randomized uncross strengthens the auctions credibility and mitigates gambling possibilities.
Benefits with Nordic Equity Auctions
Transparent and Robust Auctions
The auctions offer a very robust price formation process where Indicative equilibrium price is fully transparent in the Net Order Imbalance Information (NOII) during the order management period.
Efficient Trading of Larger Blocks
Larger block orders may execute more efficiently in the closing auction due to higher average execution size.
Contact Us
Contact our European Equity Sales teams
Resource Center
Nordic Equities
Auction on Demand - AOD
Auction on Demand
Periodic auctions as an alternative to OTC and dark pool trading.
LIS
Large in Scale
Execute large non-displayed block orders within the central lit order book.
Nordic@Mid Darkpool
Nordic@Mid Darkpool
Mid-point matching for reduced market impact costs - as well as a price advantage.
Reporting
Trade Reporting
Any trades that occur outside Nasdaq Nordic Central Limit Order book must be reported to the relevant order book.
Related Information
Rules
Rules & Regulations - Nordic
The Nasdaq Nordic Member Rules contain conditions for membership and trading rules on the regulated markets and MTFs.
Technical Information
INET Nordic Specifications
The protocol specifications are necessary for participants trading application integration with INET Nordic platform.