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Enhance Matching Opportunities in Nordic@Mid With Our Nordic Order Routing Strategies

Routing strategies interacting with Nordic@Mid

 

DCAN: This Routable Order follows the logic of a “SCAN” but the Order will first try to match against Nordic@Mid Orders and in a second step the Nasdaq Nordic Order Book before being routed to the relevant Away Market, with the EBBO according to the provisions set in the Market Model document for INET Nordic. To be able to match against Nordic@Mid Orders, the Routable Order must fulfill the minimum Order value requirements and other requirements according to the Market Model document.

Any remaining volume of a Routable Order after routing to the relevant Away Market will be posted in the relevant Nasdaq Nordic Order Book and will not be posted in the Away Market‘s Order Book. Once the Order has turned to a passive Order within the Nasdaq Nordic Order Book, the Order will not be attempted routed again.

DNGY: This Routable Order follows the logic of a “STGY” but the Order will first try to match against Nordic@Mid Orders and in a second step the Nasdaq Nordic Order Books before being routed the relevant Away Market, with the EBBO according to the provisions set in the Market Model document for INET Nordic. To be able to match against Nordic@Mid Orders, the Routable Order must fulfill the minimum Order value requirements and other requirements according to the Market Model document. The Order can be reactivated and route out again after posting in the relevant Nasdaq Nordic Order Book if there is a change in the EBBO that indicates that all or a part can be matched elsewhere. In such case Nordic@Mid will be pinged in-between.


DIVE: This routing strategy is only applicable for non-displayed midpoint pegged Orders fulfilling Large In Scale (LIS) criteria.

This Routable Order will first try to match against Nordic@Mid Orders and in a second step the Nasdaq Nordic Order Book. This Routable Order will not be routed out to any Away markets. The Routable Order will not be re-priced according to EBBO since the price is already given in the pegging instruction. The Routable Order shall first try to be executed against Nordic@Mid Orders before being posted in the relevant Nasdaq Nordic Order Book. To be able to match against Nordic@Mid Orders the Routable Order must fulfill the minimum Order value requirements and all other criteria for Nordic@Mid according to the Market Model document. Any price update of the original Pegged Order will lead to a new match attempt and hence routing to Nordic@Mid.

DMID: This routing strategy is only applicable on Nordic@Mid Orders. Routing is triggered by the Market Segment moving into the closing auction, and results in the Order being routed from Nordic@Mid to the normal Nasdaq Nordic Order Book as a regular LOC (Limit On Close) with the original given limit price. If the Nordic@Mid Order has been submitted without limit price the Order will be routed as a MOC (Market On Close). Any Minimum Acceptable Quantity condition will be removed when the Order is routed.

NMID: This Routable Order will first try to be executed in the Nordic@Mid within its given Limit price and then in the Nasdaq Nordic Order Book as a normal BOOK Order. The Routable Order will not be onward routed to any Away markets. To be able to be executed in Nordic@Mid, the Routable Order must fulfil the requirements for Mid-price Orders according to the Market Model document for INET Nordic.

 

For more information

For more information see Nasdaq Execution Services.


 

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