Price List Update - Fee for Excessive Order Entry
In order to maintain and further improve the quality in order books comprised by the INET trading platform, NASDAQ OMX Copenhagen, Stockholm and Helsinki are introducing a fee on excessive order entry effective from and including 1 July 2011.
High Frequency Trading is growing, and the number of orders entered into INET is now reaching substantial volumes of which only a fraction results in execution. INET is built to handle great numbers of transactions and is easily coping with the volumes. Those using and receiving data from INET are, however, experiencing such excessive transactions as noise and have requested that NASDAQ OMX address their concerns.
Based on feedback from trading participants, and based on studies on order / trade ratio over a period of some eight months, a fee for excessive order entry will be implemented as follows:
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applied to orders with trade ratio exceeding 250:1
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orders exceeding the above ratio are charged EUR 0.01 per order on the Finnish market, DKK 0.07 on the Danish market, and SEK 0.09 on the Swedish market
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will be applied to all equity flows
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will be applied to orders sent by participants through OUCH, as well as orders sent by participants through FIX. The fee does not apply to orders or order updates generated automatically by INET
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will be calculated monthly based on the monthly average order trade ratio.
Questions
For further information concerning this information please contact your Key Account Manager.
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