European shares and depositary receipts primary listed in regulated markets in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Norway, Netherlands, Portugal, Spain and Sweden. Details on markets and instruments in scope will be available in Nasdaq reference data services.

The Liquidity Transfer Rate (LTR) is a percentage of the market's future volume that a member is willing to trade. When IOIs are submitted, the LTR is expressed as a range – each IOI has a minimum and maximum LTR.

1. Non-actionable Indication of Interests (IOIs) are submitted to PureStream on Nasdaq Europe. The system tries to identify a match.
2. When a match is found, the clients are asked to firm up their IOI within a specific time period. Once the firm-ups are received, a PureStream matching cycle begins.
3. Nasdaq records the benchmark trades executed on the benchmark venues by monitoring real-time trade feeds. The volume executed across the benchmark trades is aggregated until at least five benchmark trades that have been executed at more than one price level, and a minimum notional threshold is reached. This is the Minimum Stream Value (MSV).
4. Once a set of benchmark trades reaches the MSV, a PureStream pre-arranged is at VWAP trade is calculated over the benchmark trades. The pre-arranged trade size, which is formalized on respective Nasdaq Nordic trading venue, is the agreed LTR times the aggregated total volume traded in the benchmark trades.
5. Steps 3 and 4 are repeated until the full volume is traded, the limit price of one of the IOIs crosses the price of one of the benchmark trades, or one of the IOIs is cancelled.
    

PureStream pre-arranged trades formalized on the Nasdaq Nordic trading venue will be published in real time on the market data feeds as any negotiated trades formalized on these trading venues. Clients may identify those with the following Market Identifier Codes (MIC): PCSE for Nasdaq Copenhagen instruments, PHEL for Nasdaq Helsinki instruments, PSTO for Nasdaq Stockholm instruments and PFSE for European instruments (including Norwegian shares) on First North Sweden. The trades will also be flagged as any similar negotiated trades with the post-trade flags PRIC and BENC.

Nasdaq Investment Firm is involved to facilitate the PureStream workflow by acting as an introductory broker and pre‑arranger of PureStream trades. Its role is to receive and transmit conditional trading interest and to facilitate the agreement of execution parameters between participants. This structure allows PureStream trades to be efficiently pre‑arranged while ensuring that all pre-arranged trades are formalized as negotiated trades on Nasdaq Nordic trading venues.