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NASDAQ Execution Services

Nasdaq, a leader and pioneer in the exchange industry provides innovative Execution services on Smart Order Routing, Execution Algorithms and technical Access services - Direct Away Market Access .
 

Smart Order Routing

Nasdaq Nordic offers easy access to trading Nordic shares including Oslo at other venues by means of the Nasdaq Nordic Smart Order Router. The order routing service is integrated in the INET Nordic trading system and available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via one single gateway.

Smart Order Routing Highlights

  • Access to liquidity at BATS Europe, Chi-x, Oslo Börs and Turquoise.
  • Multiple routing strategies. Some routing strategies effectively interact with our dark pool, Nordic@Mid.
  • Standard CCP clearing and settlement.
  • The SOR engine is optimally intergrated in the trading system for routing Nordic stocks and uses NODE Low Latency Resilient Network Technology for Orders and Low Latency market data.

Route directly to Oslo Bors via DCAP routing strategy, exclusive to Norwegian Shares.

 

Execution Algorithms

Nasdaq offers a set of traditional execution algorithms (Algos) via the INET Nordic trading system. The cost efficient solution is based on an Algo engine of a specialized independent third party provider. The service is provided by Nasdaq Exchange and Clearing Services AB, and a separate agreement is required with this Nasdaq company.

Nasdaq Exchange and Clearing Services AB is a non-regulated entity and is not offering any investment firm services. It is the responsibility of the Member to comply with the relevant ESMA Guidelines.
 

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Anders Green, AVP Product Development, Nasdaq

Algos - Key Customer Benefits

  • All executions, even those done on away markets will be printed in own name!
  • Achieve the best possible execution price based on your chosen strategy.
  • Minimize market impact and prevent information leakage for your large orders.
  • Easy access to liquidity across multiple trading venues via smart order routing.
  • Reduce internal costs by means of low cost pay-as-you–go shared services.
  • Use existing infrastructure and FIX connectivity.
  • Broker neutral

 

Nasdaq cost efficient Execution services are interfaced via INET Nordic FIX or the Nordic Workstation.

For more information please contact your sales representative.

 

Algo Highlights

  • Traditional execution algorithms with integrated smart order routing logics.
  • Smart user defied parameters.
    VWAP (Volume Weighted Average Price)
    Pre-trade schedule based on historical volumes.
    TWAP (Time Weighted Average Price)
    Executes desired quantity at a constant rate.
    PVOL (Percentage Of Volume)
    Targets a user-defined participation rate.
    IMSH (Implementation Shortfall)
    Minimizes risk-adjusted trading costs relative to the arrival price.
    CLOS - (Close)
    Minimizes risk-adjusted trading costs relative to the closing price.
    PNPR - (Performance Neutral Pair)
    Targets relative performance of execution at or better than a specified basis point spread between a pair of stocks
  • SUPR - (SETUPPAIR) - NEW from February 22, 2016
    SETUPPAIR is used for pair trades where the trader wishes to buy one stock and sell the other making sure that the two amounts either net out evenly (SpreadLimit = 0), lock in a profit (SpreadLimit > 0) or trade at a known cost (SpreadLimit < 0).

Direct Away Market Access
 

The Direct Away Market Access is offered by Nasdaq Exchange and Clearing Services AB, and is a technical service, enabling

  • the use of direct routing strategies to a specified Away Market
  • the use of the on-behalf-of functionality on Oslo Børs

The service utilizes FIX connectivity to INET Nordic trading system and Nasdaq Smart Order Routing service. Direct routing strategies are included in the INET Nordic FIX protocol specifications and Nordic Workstation.

Direct routing strategies in Direct Away Market Access service

A direct strategy order does not interact with Nasdaq Nordic order books or other Away Markets books and therefore it may only be posted on the respective specified Away Market book. The trade at the specified Away Market is executed in the name of the Introducing Broker, unless the customer and the Introducing Broker have agreed to use the on-behalf-of functionality. Based on the away market trade executed by the Introducing Broker, an on-exchange trade will be automatically created at the relevant Nasdaq exchange.

On-behalf-of functionality in Direct Away Market Access service

The on-behalf-of functionality enables the customer’s orders to be introduced in the customer’s own name at the Away Market. This functionality is limited to routing to Oslo Børs and is applied in connection with all routing strategies that route to Oslo Børs in the Smart Order Routing Service provided by Nasdaq Nordic.

All executions resulting from orders sent to Oslo Børs will be made in the name of the customer. There will be no on-exchange trade created between the introducing broker and Customer at relevant Exchange. The service requires membership at Oslo Børs and a separate agreement between the customer and the Introducing Broker.

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