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Automatic execution of visible large orders is associated with certain challenges. Exposing a larger trading interest might increase the execution cost by scaring away potential counterparties and by attracting front-runners and other participants who may profit based on information of a large order.

What is Nordic@Mid

Nordic@Mid offers separate continuous matching of midpoint priced non-displayed orders as a complement to the central lit order book. Nordic@Mid enables automatic execution for any sized orders that do not meet the MiFID Large in Scale criteria. The service utilizes Participant-Size-Time matching.

Nordic@Mid per March 2018

Traded value per month (single counted): 

Turnover MEUR: 98

Month over Month%: -53% 

Year over Year%: -47%

Shares & Minimum Order value

Helsinki, Stockholm and Iceland: All order books: > 0 EUR/ 0 SEK/ 0 ISK 

Copenhagen: All orderbooks: > 0 DKK 

Oslo: All Norwegian shares on First North Sweden: >0 NOK

Key Benefits

  • Reduces market impact cost: Orders always matched at midpoint of prevailing reference price. 
  • Price improvement: Enables member broker-dealers to offer midpoint matching to institutional investors. 
  • Efficiency: Automatic execution of large orders & reduced counterparty search costs and search time.

Get the Facts

  • Covers Nasdaq Nordic cash equity markets in Copenhagen, Helsinki, Iceland and Stockholm including First North markets. 
  • Nordic@Mid orders are non-displayed, meaning that no prices or volumes or any information of the orders will be displayed in public feed. 
  • All orders are priced and executed at the midpoint of best bid and offer derived from published prices in the order book on the Nasdaq Nordic exchanges ordinary markets (for Norwegian shares admitted to trading in First North Sweden, Oslo Börs best bid and offer is to be used). 
  • Distinction between Nordic@Mid orders and orders in the central order book – separate matching. 
  • Minimum acceptable quantity protection is supported to avoid partial executions. 
  • Limit price protection is supported as price cap / floor. 
  • Post trade publishing real time via the public Nasdaq feed without counterparty information. 
  • Regulated Market with Nasdaq Nordic Trading Surveillance. 
  • Automatic access without additional requirements. 
  • Participant-Size-Time matching.

Training

Do you want to learn more?

Learn more about Nordic@Mid through our e-learning materials. This course is available in English and Swedish.


* Please turn off your pop-up blocker in order to view the e-learning course. 

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.

Liquidmetrix Statistics

In cooperation with Liquidmetrix we are happy to present the latest execution quality report:

News

March 2018

March 12 many Nasdaq Nordic shares became subject for the Double Volume Caps (DVC) affecting trading volumes. Entering Nordic@Mid Orders below large in scale thresholds is not allowed and the Order will be rejected, unless the Member has opted in on having the Order sent to the Auction On Demand instead.

January 2018

In case there is a suspension due to Nasdaq deciding so, or a breach of DVC in an Instrument, entering Nordic@Mid Orders below large in scale thresholds is not allowed and the Order will be rejected, unless the Member has opted in on having the Order sent to the Auction On Demand instead.

Nordic workstation

Nordic workstation supports the full implementation of Nordic@Mid.

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