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Fixed Income Cash

MMT flags in Trade Change message

When the volume of a trade is amended it may happen that the MMT-flags for deferral must be changed. If e.g. the traded volume in the original trade was too low for the trade to be deferred but increased in the rectify message (and the trade is requested to be deferred) the rectified trade will need new MMT-flags. This change of MMT-flags or deferred time is not reflected in the current Trade Change messages (BD39/CQ39) but will be included in the new BD42/CQ135 Trade Change messages.

If the OMnet messages are used the change is mandatory. For more information see the NASDAQ API/PROTOCOLS section below.

Minimum Acceptable Quantity Order (MAQ)

This is a Technical launch only, go-live date for the relevant markets to be communicated

MAQ definition

The MAQ shall be defined as the actual quantity that needs to be met. There is no connection or restriction with regards to the value of the LIS criteria and what value can be set as the MAQ.

MAQ orders

Orders can be entered for execution with a minimum quantity. Minimum Acceptable Quantity (MAQ) Orders are only accepted during Continuous Trading with a time-in-force IOC (no other Time in Force will be allowed). Adding Minimum Quantity condition to an Order and setting this to equal the volume gives the equivalent of a Fill-or-Kill (FOK). Minimum quantity cannot be combined with any other Order attribute.

MAQ Orders can participate in the auctions with the MAQ requirement temporarily waived. That is, MAQ Orders can participate in both auctions and the continuous market; however, the “MAQ requirement” will only be enforced during the continuous market.

MAQ Orders can match against resting orders provided that the net volume executed surpasses the MAQ condition. This means that a MAQ Order can be executed against one or several Orders.

MAQ on non-displayed orders

MAQ will become especially relevant for Non-displayed Orders. Here the Non-displayed Order would still need to meet large in scale (LIS) criteria, but the participant would be able to state that the Order should only match if the MAQ criteria is met or exceeded. An Order will not execute during Continuous Trading unless the MAQ criteria is met. Participants would still be able to enter a Non-displayed Order without a MAQ if desired.

Trading Phases and Validity


Non-displayed Orders with a MAQ can be entered during the pre-opening phase, prior to the opening auction, but MAQ will not be honoured. Only Limit Non-displayed Orders can be entered during the pre-open phase.

Continuous Trading

During Continuous Trading, Non-displayed Orders with a MAQ can be entered as:

- Limit, Market-to-Limit and Market Orders.


Non-displayed Orders with a MAQ will participate in the auctions but MAQ will not be honoured.

Time Validity

Non-displayed Orders with MAQs can be entered with the following time validity:

- Good Till Session

- Good Till Date (days)

- Day

- GTC (Good Till Cancel)

Visibly priority

Displayed orders will be ranked ahead of non-displayed orders at the same price during continuous matching and normal ranking rules. Order ranking will thus be as follows:

Price – internal – visibility – time

If the functionality is to be used the OMnet and FIX changes are mandatory. For more information see the NASDAQ API/PROTOCOLS section below.

Nasdaq Applications

Clearing Workstation 1 -  Optional upgrade

No functional changes

Trading Workstation - Optional upgrade

The windows; Enter Order, Execute Order, Order Book and Order History in Trading Workstation will be updated with a new MAQ field

Nasdaq API/Protocols


Find more information in the OMnet Message Reference Guide.


Find more information in the FIX Protocol Specification.

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