|INET User Account Type
||User ID Type
||Description for usage
||Personal User ID
||Trading right is given to the Members’ Exchange Traders. All All trading personnel must be authorized to trade. The authorization and the trading rights are according to special agreements on the financial market when applicable.
|Direct Market Access (DMA)
||Direct Market Access (DMA) entitles a Member to electronically and automatically route clients’ Orders directly to the Trading System through the use of Internet connections or other technical connections between he tradingMember and the client. Note: NMR section 4.8 and Market Model section 2.3. Plus "Guidelines for Direct Market Access and Sponsored Access"
||PTRxxx or AUTDxx
||Algorithmic trading User accounts entitles a Member to Trade through automated trading facilities in the form of placement, change, or cancellation of Orders in the Order Book by using software, which automatically generates a large number of Orders in response to specific pre-programmed factors. A special form of algorithmic trading account (AUTD) can also be set up to handle algorithmic trading, that entitles to a discount according to the current price list in force.The difference between Algorithmic trading right (PTRxxx and AUTDxx) account is that AUTD is to be used for purely automated trading (AUTDxx accounts are only to be used for algorithms with NO human involvement for how to detirman to place orders/trade), i.e. common execution algorithms are not eligible for this account type. The PTRxxx User account is hence used for Execution Algo flow. The definition of the eligible trading flow can be found from a separate Terms and Conditions document. Note: NMR section 4.10 and Market Model section 2.3.
||Either seperate MPID, or a dedicated UserID, under a Sponsoring Member
||Sponsored Access entitles a Member to set up an electronic access arrangement under which the Member permits its client to transmit Orders in Member’s membership identity directly or through a third party vendor to the Trading System. Note: NMR section 4.9 and Market Model section 2.3.Plus "Guidelines for Direct Market Access and Sponsored Access"
|Trade Reporting User Account
||PRTxxx, INDBxx, PUBLxx etc.
||Automated Trade Reporting User accounts for Manual Trade reporting, as well as for OTC and SI trade type publications.
Trading rights are set on market level for each Member. This means that the Exchange Trader automatically can Trade in all Order Books at the applicable Nasdaq Nordic markets to which membership is established.
- Although the Orders can be entered/routed automatically to the Trading System, there are always authorized personnel at the Member responsible for all Orders.
- Membership needs to be applied separately for each of the markets within Nasdaq Nordic, in order for the Member to start trading on each of the markets.
In case a member is using a SOR, and it's in relations to a Personal Trader User or a DMA User account, then it should always be the Personal Trader User ID or the DMA User ID which should be stated on the order entered into INET.
In the case a Personal trader is using a Execution Algorithm, then the User ID stated on the order should be a PTRxxx User account, despite it's an Authorized Trader who initiates an order instruction (Then it's the given Execution Algo who places the respective chield orders in the market). The same termonoligy will be the fact, if a member allows their DMA clients to us the given memebrs Execution Algo's, then it should also be the PTRxxx accounts which needs to be stated on the order. In the cases the member have knowlege of a DMA client using their own Execution Algo's, then that flow should yet again go through a PTRxxx Algo account.
Please see Section 2.3 in Nordic Market Model:
Please see Section 4.8 to 4.12 in Nordic Member Rules:
Please see "Guidelines for Direct Market Access and Sponsored Access"
Trader registration and termination
To become Authorized Trader:
Members needs to apply for a new INET User account for respectively, (Algortimic User Account (PTRxxx and AUTDxx), DMA (AORxxx) users, Trade Reporting User Account) using the new Member Portal.