The service is available through a web portal and Nasdaq provides all necessary communication interfaces to allow Straight Through Processing for every step of the order management flow. We support a range of relevant standards to ensure flexibility.
Order management message format:
- SWIFT ISO 20022
Holdings reporting message format:
- SWIFT ISO 15022
- SWIFT Net
- FTP over VPN
Nasdaq offers systems integration services to implement end-to-end STP flows. Orders can be entered manually but that is connected with an additional cost.
The service covers order management, settlement management and retrocession management. We offer a choice between two contractual models:
- Pure service provider
- Legal counterparty
The legal counterparty model allows fund distributors and fund companies to offload work for legal contracts.
Fund distributors can begin using the service without any startup costs. We only charge distributors per transaction and per holding and are fully transparent on all rebates and trailer fees.