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 service will support the use of deferred publication of trades where applicable. This will allow for the APA to administer deferrals on behalf of the customers instead of requiring all customers to administrate deferrals internally. Customers can send trades in real-time to the APA stating that the trade should be deferred and the time of publication to be applied. The APA will then publish the trade at the end of the applicable deferral period.
The APA will ensure proper automatic quality checks when receiving trade reports to minimize erroneous trades being sent to the market. If the APA receives a trade for publication that seems likely to be erroneous, the trade report will be rejected and sent back to the submitting customer for verification.
Customers can also make use of Genium INET for publication of OTC trades to be CCP cleared for instruments listed on our Nordic markets.
This means clients can submit trades for publication via the following protocols:
- Fix 5.0 (all instruments)
- OMnet (derivatives to be CCP cleared at Nasdaq Clearing)
Customers can also send OTC trade reports manually by using the relevant Nasdaq GUI available, i.e. Trading Workstation (Genium INET) and Nordic Workstation (INET).
OTC trade reports sent to the Nasdaq APA will be published via Nasdaq’s data feed which provides extensive global coverage. All trades will also be published on Nasdaq’s website.
The APA will be open for publication of OTC trades between 08:00 CET and 22:00 CET.