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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.


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.


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 was planned to be launched in INET Production on Friday March 1, 2019. The production launch date has been postponed, a new launch date will be communicated in the next few days.

Find more information in IT-Notice 08/1906/1973/18.

Protocol specifications

Updated OUCH and FIX protocol specifications, and an updated Member Trade File product description, are available under 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 6, 2019. The new functionality is available for testing in INET Test NTF as of February 4, 2019.

Member participation

It's possible to opt in T@CP for all orders over a specific MPID and User ID combination and in such case the T@CP Condition will be activated automatically for all eligible Orders. Furthermore, there is a possibility to configure Member and User ID combination so that orders are not transferred by default, but new orders entered during the T@CP phase will be accepted without using the separate order condition.

In addition to the above, there is an alternative to opt out from the T@CP phase in the Member/User level configuration and in such case no order transfer or new order entries to T@CP will be accepted by the trading system.

Find more information in IT-Notice 03/19 and in the Guide to the Trading at Closing Price phase.

Protocol specifications

INET Nordic protocol specifications will be updated at a later time. Until updated protocol specifications are available, a "Trading at Closing Price - Protocol Changes" document describes all changes in detail.

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.

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.

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