Automatic execution of visible large orders is associated with certain challenges. Exposing a larger trading interest might increase the execution cost by scaring away potential counterparties and by attracting front-runners and other participants who may profit based on information of a large order.
What is Nordic@Mid
Nordic@Mid offers separate continuous matching of midpoint priced non-displayed orders as a complement to the central lit order book. Nordic@Mid enables automatic execution for any sized orders that do not meet the MiFID Large in Scale criteria. The service utilizes Participant-Size-Time matching.
Nordic@Mid per December 2017
Traded value per month (single counted):
Turnover MEUR: 125
MM%: - 22%
YY%: - 44 %
Shares & Minimum Order Value
Helsinki, Stockholm and Iceland: All order books: > 0 EUR/ 0 SEK/ 0 ISK
Copenhagen: All orderbooks: > 0 DKK
Oslo: All Norwegian shares on First North Sweden: >0 NOK
Reduces market impact cost: Orders always matched at midpoint of prevailing reference price.
Price improvement: Enables member broker-dealers to offer midpoint matching to institutional investors.
Efficiency: Automatic execution of large orders & reduced counterparty search costs and search time.
Get the Facts
Get the Facts
Covers Nasdaq Nordic cash equity markets in Copenhagen, Helsinki, Iceland and Stockholm including First North markets.
Nordic@Mid orders are non-displayed, meaning that no prices or volumes or any information of the orders will be displayed in public feed
All orders are priced and executed at the midpoint of best bid and offer derived from published prices in the order book on the Nasdaq Nordic exchanges ordinary markets (for Norwegian shares admitted to trading in First North Sweden, Oslo Börs best bid and offer is to be used)
Distinction between Nordic@Mid orders and orders in the central order book – separate matching
Minimum acceptable quantity protection is supported to avoid partial executions.
Limit price protection is supported as price cap / floor.
Post trade publishing real time via the public Nasdaq feed without counterparty information.
Regulated Market with Nasdaq Nordic Trading Surveillance.