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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.

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) - 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).
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