Trade reporting for Cash equities
Members of the Nasdaq Nordic exchanges (Nasdaq exchanges in Copenhagen, Nasdaq Helsinki, Nasdaq Stockholm and Nasdaq Iceland) execute trades in listed equities and equity related instruments through the liquidity in the central trading system INET (auto matching). Members may also enter into bilateral transactions on trading in said instruments outside of INET, and where such trades are executed in accordance with the Nasdaq Nordic Member Rules, so-called manual trades, the trades shall be reported to the relevant order book in INET within the time frame laid down in the rules in order to maintain a transparent market.
The reporting of manual trades entered into in accordance with Nasdaq Nordic Member Rules is effected by way of transactions described in the specifications FIX for Nasdaq Nordic Trade Reporting or through the Nordic Workstation.
OTC (Over the Counter) trades fall to the member’s own responsibility and do not need to be made in accordance with the Nasdaq Nordic Member Rules. According to the MiFID rules, OTC trades must be made public. The OTC Publication Service is an excellent tool for publishing trades in instruments not listed on the Nasdaq Nordic exchanges, i.e. instruments traded on any platform in the world.
According to the MiFID directive, OTC trades in equities must be made public within three minutes of the time of transaction, and the OTC Publication Service is an excellent tool for such publication. The service can be used both by members of the Nasdaq Nordic exchanges as well as investment firms that are not members.
The MiFID directive requires that trades in equities admitted to trading on a regulated market, outside a regulated market, or on a Multilateral Trading Facility be published with information about volume and price as well as the time at which they were concluded. The information must be made public as close to real-time as possible and no later than three minutes from the time of transaction. Publication shall take place on a reasonable commercial basis, and in a manner that is easily accessible to other market participants. The OTC Publication Service honours those requirements.
As the name OTC Publication Service indicates, the function of the service is to publish trades. OTC trades in equities and equity related instruments that are listed on the Nordic exchanges will, thus, not update e.g. average price.
The OTC Publication Service can be used by way of a FIX connection or through Nordic Workstation.
The price for using the OTC Publication Service is an attractive monthly fixed fee of either DKK 2,250, EUR 300, or SEK 2,750 payable to only one NASDAQ OMX Nordic exchange. The fixed fee covers trade publication of both equity and fixed income instruments.