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 40% 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.
Auction Volume Discovery – Coming to Nasdaq Nordic in September 2026
Auction Volume Discovery (AVD) is a new auction‑only order type that Nasdaq Nordic plans to introduce in its opening and closing auctions. AVD is designed to source additional liquidity and increase traded volume during auctions, while allowing participants to add volume without impacting the indicative auction price.
- INET Test (NTF): May 11, 2026
- INET Production: September 21, 2026. AVD market activation as outlined below:
- Nasdaq Iceland: September 21, 2026
- Nasdaq Helsinki: September 28, 2026
- Nasdaq Copenhagen, Nasdaq Stockholm and Nasdaq Baltic: October 5, 2026
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.
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.
Net Order Imbalance Information
Nasdaq Nordic auctions offers pre-trade transparency through Net Order Imbalance Information. Individual orders are not displayed in the public data feed. Pre-trade transparency with real-time Net Order Imbalance Information (NOII) includes: Equilibrium price (EP) or Best Bid and Ask for uncrossed books, Paired quantity, Imbalance and Imbalance direction
Order Management Phase
During the order management, orders will enter the auction orderbook. Orders can be sent as limit or market orders. Tie an order to a specific auction using special auction order types with cross trade flags. Limit on close (LOC) is an example of an order that will be 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.
Trade at The Closing Price
Closing auctions offers an outstanding liquidity pool with the opportunity to trade at the closing price.
Nordic Equities
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Related Information
Cash Equity Membership
Step-by-step description on how to obtain a membership on Nasdaq Nordic Cash Equity Markets.
Learn MoreRules & Regulations - Nordic
The Nasdaq Nordic Member Rules contain conditions for membership and trading rules on the regulated markets and MTFs.
Learn MoreINET Nordic Specifications
The protocol specifications are necessary for participants trading application integration with INET Nordic platform.
Learn More