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This webpage is continuously updated in accordance with information regarding upcoming INET Nordic enhancements. We strongly recommend you to subscribe to IT-Notices in order to stay updated.

The latest INET Nordic protocol specifications are available on INET Nordic Protocol Specifications.

INET NORDIC UPCOMING ENHANCEMENTS

Visit IT-Notices to find more information about the upcoming enhancements.

New Liquidity Flags Representation in FIX and OUCH protocols

Based on member request Nasdaq Nordic has decided to enhance the current messaging for OUCH, FIX and Member Trade Files when it comes to the Liquidity Flags representation.

The changes will be MANDATORY for members using the Liquidity Flags in the FIX "Execution Report" and OUCH "Executed Order Message" and for members receiving Member Trade Files via ftp.

Currently the Liquidity Flag includes a number of values to represent how the trade was executed. E.g. if the trade was a Passive execution (Added Liquidity) or an Aggressive execution(Removed Liquidity). The current Liquidity Flag representation has not been complete, there are trading scenarios that have not been covered in an optimal way. E.g. Internalized trades have never been separated into Added/Removed Liquidity.

Summary:

FIX: The New Liquidity Flags representation is based on a reduction of the current Liquidity values, combined with new fields and values in order to cover all trading scenarios.

OUCH: The New Liquidity Flags representation is based on a reduction of current Liquidity values in the Liquidity Flag field, combined with a new bit map field, Liquidity Attributes, in order to cover all trading scenarios. For more details - Find more information in the updated document "Liquidity Flag Enhancement Protocol Changes".

Member Trade Files: The New Liquidity Flags representation is based on a reduction of the current Liquidity values, combined with new fields at the end of the current message, in order to cover all trading scenarios.

The new Liquidity Flags representation is available in INET Test (NTF), and will be launched in INET Production on Wednesday May 1, 2019 (new launch date).

Find more information in IT-Notice 09/19, 06/1973/18.

Protocol specifications

Updated OUCH and FIX protocol specifications, and an updated Member Trade File product description, are available under INET Nordic Protocol Specifications.

Introduction of a new Trading phase - Trading at Closing Price

Nasdaq Nordic is planning to introduce a new trading phase called Trading at Closing Price (T@CP). Trading at Closing Price is a 10 minute trading phase after the Lit Order book closing auction, where Members may optionally continue to trade. Orders sent to this trading phase match continuously at the Closing auction price. The new functionality will be introduced for shares traded on the Nasdaq Copenhagen and First North Denmark markets on May 1, 2019. The new functionality is available for testing in INET Test NTF.

Member participation

Members who wants to participate in the T@CP have to request to opt in for T@CP via Nasdaq Member Portal. It's a configuration on MPID, or specific UserID, level:


Y = T@CP order condition is activated automatically for all eligible orders, resting orders will be transferred automatically to T@CP unless specified differently on individual orders, new orders entered during T@CP accepted.

S = Resting orders are not transferred automatically to T@CP but can be set to participate on individual orders on order entry level, new orders entered during the T@CP phase will be accepted without using the separate order condition.

N (default) = Opt out of the T@CP phase, no order transfer or new order entries to T@CP will be accepted by the trading system.

Find more information in IT-Notice 23/1913/1903/19 and in the Trading at Closing Price - Draft Market Model.

Protocol specifications

INET Nordic protocol specifications are available under INET Nordic Protocol Specifications.

Change of trading system for Icelandic Fixed Income products

Nasdaq Iceland has decided to migrate all Icelandic Fixed Income products currently traded in the INET trading system to Genium INET, in preparation for the implementation of MiFID II in Iceland.

The last day of trading for the Icelandic Fixed Income products in INET will be on May 17, 2019, and the first day of trading in Genium INET will be on May 20, 2019. Long orders (GTC - Good-Till-Cancel orders) in INET will not be migrated to Genium INET (will be cancelled/flushed EOB May 17, 2019).

INET Market Segments affected are OMX ICE CP Fixed Income, OMX ICE DP Fixed Income and FN ICE Fixed Income. Find more information in IT-Notice 57/18 and 10/19.

For more information on the change of Trading system for Icelandic Fixed Income products, visit the Icelandic Fixed Income migration from INET to Genium INET web page.

Additional Segment MICs for First North Sweden, First North Denmark and First North Finland

Nasdaq Nordic will allocate new additional segment MICs for First North Sweden, Denmark and Finland.

At the same time current INET market segment  ‘First North Finland’ will be split and a new INET segment ‘First North Finland Eq.Rights & Warrants’ will be created. These technical changes are done in order to prepare for planned launch of SME Growth Market status for the First North Sweden, Denmark and Finland equity markets. The technical changes are available in INET Test NTF and will take effect in INET and GCF Production as of May 20, 2019.

MIC codes and Protocol specifications

The Market Identifier Code (MIC) a unique identification code used to identify among other exchanges, trading platforms and markets. The MIC is a four alpha character code, and is defined in ISO 10383. MICs are included as execution venue MIC Codes in FIX execution messages – LastMkt [30], ITCH and NLS and GLIMPSE Order Book Directory messages and Basic Data messages in GCF (TIP). These changes do not have any impact on the INET Nordic or GCF protocol specifications.

Find more information in IT-Notice 17/19.

Additional Evening Trading Hours for Warrants and Certificates

Nasdaq Nordic recently extended morning Trading Hours for Warrants and Certificates. As an additional step, Nasdaq Nordic is planning to offer additional evening Trading Hours for Warrants and Certificates on First North Sweden, First North Finland and First North Denmark.

The existing market segments for Warrants and Certificates will continue to have the current trading schedules applied to them. A subset of the order books on those market segments will be migrated to the new segments. A subset of new listings will be listed at the new segments going forward. Adoption of the new market segments is optional for trading members.

The new market segments with extended trading schedules will be available in INET NTF as of April 2, 2019 and GCF TST4 by April 4, 2019, and are planned for production launch as of September 2, 2019.

The introduction of extended evening Trading Hours for Warrants and Certificates is subject to regulatory review.

Customer impact

The extension of the trading hours for Warrants and Certificates results in changes to the timing of end of day processes, namely the ITCH Feed EOD message, Member Trade File and FDS Close Files and List file. The impact of these changes should be considered by all market participants.

Find more detailed information in IT-Notice 18/19

A detailed list of order books to be migrated will be communicated via Exchange Notices.

Protocol specifications

These changes do not have any impact on INET Nordic or GCF protocol specifications.

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