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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. 

Nasdaq Approved Publication Arrangement (APA)

Nasdaq APA offers clients a service for investment firms and Systematic Internalisers to meet their OTC post-trade transparency requirements in accordance with MiFID II. Nasdaq’s APA service covers all relevant instruments subject to the OTC publication requirement, i.e. not only all asset classes but also all covered EU securities. Customers will therefore be able to use the Nasdaq APA for all their OTC trades to be published.

The APA services are based on the INET system infrastructure – the same set-up used for manual trades in Nordic listed equities. Most existing exchange customers will enjoy significant benefits from knowledge of technology and connectivity already in place. Customers can also make use of Genium INET for publication of OTC trades in cash bonds listed on Nasdaq markets and certain derivatives eligible for CCP clearing at Nasdaq Clearing.

OTC Trade Reporting Service - APA®

MiFID II introduces a requirement for all investment firms to publish trades in financial instruments executed OTC, i.e. outside the rules of a trading venue.
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