Smart Order Routing

plug-n-play Best Execution solution


Nasdaq Nordic’s smart order router uses low latency market data for efficient routing.

Nasdaq Nordic’s Smart Order routing service is a cost-efficient solution for routing orders to away markets. This way, you can access the fragmented liquidity for Nordic stocks in Europe via one single gateway. The service makes it easier for you to provide best execution to your clients.

Nasdaq Nordic’s Smart Order Router is integrated with the core matching engine and makes it possible to use order routing without having to invest in expensive technology and market data services.

Smart Order Routing Highlights

  • Access to liquidity at Aquis Europe, Cboe Europe and Turquoise.
  • Multiple routing strategies, including some that interacts with the Nordic@Mid dark pool and Auction on Demand.
  • Standard CCP clearing and settlement.
  • Available through existing FIX connectivity.
  • Pay as you go.

Routable Securities

Large Cap and Mid Cap shares that are traded on Nasdaq Nordic and are also traded on away markets can be routed

  • OMXC 25, OMXS 30 and OMXH 25.
  • Large Cap and Mid Cap shares on Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Stockholm.
  • For certain Nordic@Mid strategies (NMID) all order books are available for routing.

Available Nasdaq Nordic Markets

  • Nasdaq Nordic
  • Nordic@Mid
  • Auction on Demand

Available Away Markets

  • Aquis Europe
  • Cboe Europe
  • Turquoise

Available routing strategies

Nasdaq Nordic offers a variety of strategies. Please look at Nasdaq Nordic Market Model, Appendix O: Smart Order Routing.

Nasdaq Nordic Market Model


BOOK - Default value for Nasdaq markets.

DAAN Passive, same routing logic as DCAN but includes both Nordic@Mid and Auction On Demand

DANY - Reactive, same routing logic as DNGY, routes to all markets including Nordic@Mid and Auction On Demand. Use to achieve a Dark interaction.

DCAP - Passive, routing to all markets, including Nordic@Mid and posts at Oslo Börs.

DMID - Nordic@Mid order routed to lit Nordic book at closing auction. Use to achieve a Dark -> Lit interaction.

DNGY - Reactive, same routing logic as STGY, routes to all markets including Nordic@Mid. Use to achieve a Dark interaction.

DSCAN - Passive, same routing logic as SCAN but includes Nordic@Mid.

DIVE - Passive, non-displayed midpoint pegged LIS order to interact with Nordic@Mid. Use to achieve a Lit -> Dark interaction.

NAOD - Passive, tries to be executed in the Nordic@Mid and Auction On demand orderbook without routing to away markets.

NMID - Passive, tries to be executed in the Nordic@Mid orderbook without routing to away markets.

SCAN - Passive, routing to all markets. Pings Nasdaq book at EBBO and routes out.

STGY - Reactive, same routing logic as SCAN. Routes out again from Nasdaq order book if there is a change in EBBO.

QTSS - Passive, prioritizing minimal signalling and maximum captured quantity. QTSS has less prioritization on getting European Best Bid Offer on individual matches, but instead ensuring the order does not impact price through sub-sequential executions.

Key Benefits

Routing to the market with best EBBO

Smart order routing ensures that your order will be matched to the best bid or offer on all Nasdaq Nordic exchanges and the routable away markets to fulfill best execution.

Low latency for accurate routing

The smart order router uses low latency market data for accurate routing decisions. The routing engine is integrated with the core trading system.

Easy access through existing connectivity

Smart order routing is available through existing connectivity and there is no startup cost. Enter your orders via the FIX protocol in your trading application or in the Nordic workstation.

Resource Center

Best execution is, in general, related to the investment Firms responsibility to execute order in the best possible way for the client. The process to do this should be specified in the firms best execution policy. Nasdaq Nordic service offering, whereby orders can reach other venues trading Nordic shares where there, could be potential price improvement is a way of enhancing execution. However, best execution is always the responsibility of the investment firm executing the order for its customer and the policy needs to reflect the execution possibilities.
Real-time (Best Bid / Offer) BBO from the supported MTF’s and regulated markets will not be available in Nordic Workstation. There are already third party vendor products out there supporting this. Many front-end solutions also have consolidated market data integrated.
The costs for settling trades at EuroCCP (or any other chosen CCP) that were routed away from Nasdaq Nordic are the same as if the trade was executed at any of the Nasdaq Nordic exchanges.
We will have an integrated application process for the service. It should be possible to complete the application and approval process within two days. Please contact your local KAM for the details.
An order eligible for routing can be entered by the Nordic Workstation or via the FIX protocol. Default configuration at order entry is always "BOOK", which means no order routing. If you want the order to be routed, you must actively instruct so at order entry, or apply a default strategy on your FIX port.
In December 2015 OMXS30, OMXH25 and OMXC20 as well as other CCP cleared stocks traded on away markets including the Oslo shares listed on First North Sweden. The information on order books accessible for routing is available via public market data services, GCF-TIP.
We will route out based on best price. If there are multiple venues with the same price, we will route to the venue displaying the largest volume. If needed, the routable order will be split between multiple venues and sent in parallel.
There are multiple strategies available. Strategies were orders can route out again based on change in market data is one example (reactive). We also offer strategies were the member can target primary markets/MTFs only and/or Nordic@Mid. Certain direct strategies are offered via Nasdaq Exchange and Clearing Services AB.
The constructed mirrored trade between the member and the Introducing broker is seen as on-exchange (on respective Nasdaq Nordic Exchange), but the origination of the trade will be possible to distinguish by examining the FIX message in TAG 9882 (LiquidityFlag). The code in that field will display the origination of the trade. This field will be available in the FIX drop as well. Therefore it will be fully possible for the member to see that the routed trade originally was done at Chi-x.
Routing logic will not add any measurable additional latency when trying to match in the
Nordic order book. There is no time difference between a routed order pinging the Nordic
book and a standard Nordic order pinging the book.
When routed out to an away market in London, the major part of the extra latency will be
explained by the physical distance between Stockholm and London. Nasdaq Nordic is
constantly monitoring the latency and works towards minimizing this on a continuous basis.
Orders and Market data is using the Nasdaq Low Latency connection – NODE for the

Nordic Equities

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