The fixed income cash markets under the Exchanges listed below are traded on Fusion FI:
- XCSE: Nasdaq Copenhagen
- FNDK: First North Denmark
- XSTO: Nasdaq Stockholm
- FNSE: First North Sweden
- XHEL: Nasdaq Helsinki
- FNFI: First North Finland
- XICE: Nasdaq Iceland
- FNIS: First North Iceland
- XRIS: Nasdaq Riga
- FNLV: First North Latvia
- XTAL: Nasdaq Tallinn
- FNEE: First North Estonia
- XLIT: Nasdaq Vilnius
- FNLT: First North Lithuania
Fixed income derivatives market segments that are traded on Fusion FI, with their respective segment MIC are listed below:
- XSTO: Swedish Bond
- DKFI: Danish Bond
- FNSE: First North
A full list of all markets covered with their respective market MIC can be found here.
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The fixed income cash markets under the Exchanges listed below are traded on Fusion FI:
- XCSE: Nasdaq Copenhagen
- FNDK: First North Denmark
- XSTO: Nasdaq Stockholm
- FNSE: First North Sweden
- XHEL: Nasdaq Helsinki
- FNFI: First North Finland
- XICE: Nasdaq Iceland
- FNIS: First North Iceland
- XRIS: Nasdaq Riga
- FNLV: First North Latvia
- XTAL: Nasdaq Tallinn
- FNEE: First North Estonia
- XLIT: Nasdaq Vilnius
- FNLT: First North Lithuania
Fixed income derivatives market segments that are traded on Fusion FI, with their respective segment MIC are listed below:
- XSTO: Swedish Bond
- DKFI: Danish Bond
- FNSE: First North
A full list of all markets covered with their respective market MIC can be found here.
Connectivity Guidelines
Connectivity information for Fusion FI Production and FI Test
The following connectivity documents are available via this link:
https://www.nasdaq.com/solutions/data/european-market-connectivity
- Connectivity guideline for Fusion FI Production
- Connectivity guideline for Fixed Income Test (FI Test)
- Announced IP nets
- Bandwidth recommendations for production (under "Resource Center")
-
Connectivity information for Fusion FI Production and FI Test
The following connectivity documents are available via this link:
https://www.nasdaq.com/solutions/data/european-market-connectivity- Connectivity guideline for Fusion FI Production
- Connectivity guideline for Fixed Income Test (FI Test)
- Announced IP nets
- Bandwidth recommendations for production (under "Resource Center")
Protocol Specifications
The following protocol specifications are available in the Member Portal under "Nasdaq Resources" > "Fusion FI - Fixed Income Trading".
- FIX order entry/trade reporting
- FIX XML Specification
- ITCH market data
- FIXT 1.1 Transport Layer
- MoldUDP64
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The following protocol specifications are available in the Member Portal under "Nasdaq Resources" > "Fusion FI - Fixed Income Trading".
- FIX order entry/trade reporting
- FIX XML Specification
- ITCH market data
- FIXT 1.1 Transport Layer
- MoldUDP64
Market Model
The Market Model for fixed income cash can be found here:
https://www.nasdaq.com/market-regulation/nordic/member-rules
The Market Model for fixed income derivatives here:
https://www.nasdaq.com/market-regulation/nordic/derivatives-rules
Test Environments
Information regarding test system availability and port requests.
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The new Fixed Income Test (FI Test) test environment is available for testing and replicates the new Fusion FI platform.
Test system availability:
- Trading hours: Production hours
- Weekly Maintenance day: Thursdays
A set of generic Trader ID´s are available for use in FI Test.
Trader ID Type
AAA111 Personal
AOR001 DMA
AOR002 DMA
AOR005 Routing
AOR006 Routing
BBB222 Personal
PERSON Personal
PTR001 Algo
PTR002 Algo
SA0001 Sponsored access
SA0002 Sponsored access
TECH01 Technical
TECH02 Technical
Reference and Market Data
Market and Reference data for FI Test is available via GCF TST3.
The ITCH market data feed and FDS (File Delivery Service) are available from FI Test.
Port Requests
Test ports for FIX (Order/Trade Entry and Drop Copy), Glimpse and ITCH re-request TCP can be ordered via Nasdaq Member Portal. The port order forms are named “Fixed Income (Fusion FI)”
To request ITCH Multicast access (including re-request UDP) please contact dataeurope@nasdaq.com, ITCH access can not be requested in Member Portal.
End to end testing clearing
FI Test is connected to Ext1 to enable testing of the trading to clearing flow.
Production Environment
Port requests
Ports for the production environment can be requested in the Member Portal.
Ports for FIX (Order/Trade Entry and Drop Copy), Glimpse and ITCH re-request TCP can be ordered via the Member Portal. The port order forms are named “Fixed Income (Fusion FI)”.
ITCH UDP access cannot be requested in the Member Portal. To request ITCH Multicast access (including re-request UDP) and for questions on GCF please contact dataeurope@nasdaq.com.
Mandatory Port to Application Mapping
All FIX order/trade entry ports must be mapped to the trading application used with the FIX port. This is a mandatory requirement for all production ports. The mapping is done in the Member Portal – “Technical Access” by clicking the port and choosing "Provider" and "Application".
Members using vendor applications can reach out to their vendor for information on application name and version to be used.
Trader ID
Traders ID's which are required for all order and trade activity in Fusion FI are available in the Member Portal under “My Firm” / “Traders & ID´s”. New Trader ID´s can be requested in Member Portal.
Bandwidth Recommendations
Bandwidth recommendations for Fusion FI are available under “Resource Center” here: https://www.nasdaq.com/solutions/european-market-connectivity
-
Port requestsPorts for the production environment can be requested in the Member Portal.
Ports for FIX (Order/Trade Entry and Drop Copy), Glimpse and ITCH re-request TCP can be ordered via the Member Portal. The port order forms are named “Fixed Income (Fusion FI)”.
ITCH UDP access cannot be requested in the Member Portal. To request ITCH Multicast access (including re-request UDP) and for questions on GCF please contact dataeurope@nasdaq.com.
Mandatory Port to Application Mapping
All FIX order/trade entry ports must be mapped to the trading application used with the FIX port. This is a mandatory requirement for all production ports. The mapping is done in the Member Portal – “Technical Access” by clicking the port and choosing "Provider" and "Application".
Members using vendor applications can reach out to their vendor for information on application name and version to be used.
Trader ID
Traders ID's which are required for all order and trade activity in Fusion FI are available in the Member Portal under “My Firm” / “Traders & ID´s”. New Trader ID´s can be requested in Member Portal.
Bandwidth Recommendations
Bandwidth recommendations for Fusion FI are available under “Resource Center” here: https://www.nasdaq.com/solutions/european-market-connectivity
Nasdaq Rates Trader
Nasdaq offer the new web-based Nasdaq Rates Trader as a trading front-end for fixed income.
The Nasdaq Rates Trader is available for member testing and connected to the FI Test environment.
URL to test environment: https://ntf-ratestrader.nasdaq.com/ (IP whitelisting required)
URL to PRODUCTION environment: https://ratestrader.nasdaq.com/ (IP whitelisting required)
User Requests: Requested through the Member Portal "Nasdaq Rates Trader Account Form", the request needs to include source IP address for user.
User guides and known limitations: Are published below on this website and latest version is maintained in the Member Portal Resource Center.
-NRT - How-to rev. 1.6
-NRT - QuickStart Guide
-NRT - General UI Features
-NRT - Known limitations v1.4.0
Opening Hours: Weekdays during market operating hours
Fees: Production fee list is published under Resource Center here
Questions: Can be sent to emo@nasdaq.com
-
Nasdaq offer the new web-based Nasdaq Rates Trader as a trading front-end for fixed income.The Nasdaq Rates Trader is available for member testing and connected to the FI Test environment.
URL to test environment: https://ntf-ratestrader.nasdaq.com/ (IP whitelisting required)
URL to PRODUCTION environment: https://ratestrader.nasdaq.com/ (IP whitelisting required)
User Requests: Requested through the Member Portal "Nasdaq Rates Trader Account Form", the request needs to include source IP address for user.
User guides and known limitations: Are published below on this website and latest version is maintained in the Member Portal Resource Center.
-NRT - How-to rev. 1.6
-NRT - QuickStart Guide
-NRT - General UI Features
-NRT - Known limitations v1.4.0
Opening Hours: Weekdays during market operating hours
Fees: Production fee list is published under Resource Center here
Questions: Can be sent to emo@nasdaq.com
NRT Instructional videos
Sep 08, 2025
How to create a workspace
Sep 11, 2025
Customizing your Marketwatch
Sep 08, 2025
Order User Login
Sep 11, 2025
Using the Orderbook
Sep 08, 2025
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Reference and Market Data
Reference and Market data for the Fusion FI platform is available via ITCH multicast, GCF (Genium Consolidated Feed based on the TIP protocol) and FDS (Nasdaq Nordic File Delivery Service).
An FAQ for GCF can be found here (updated September 3).
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Reference and Market data for the Fusion FI platform is available via ITCH multicast, GCF (Genium Consolidated Feed based on the TIP protocol) and FDS (Nasdaq Nordic File Delivery Service).
An FAQ for GCF can be found here (updated September 3).
Conformance Testing
All trading applications connecting to Fusion FI must have passed conformance test prior to be used in Production.
The conformance test cases are available in Member Portal.
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All trading applications connecting to Fusion FI must have passed conformance test prior to be used in Production.
The conformance test cases are available in Member Portal.
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