IT – INET – REMINDER Smart Order Routing enhancements and NMID improvements (46/13)
As previously communicated in IT Notice 35/13, NASDAQ OMX Nordic will implement several enhancements to the Smart Order Routing (SOR) services currently offered via FIX and Nordic Workstation.
1) Multiple child orders routed out to away markets in parallel
In order to make the SOR to perform better and enhance matching possibilities, we will allow multiple child orders to be routed out to away markets in parallel, in the event of NASDAQ OMX Nordic do not have the best price.
Time schedule
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INET Test - Currently in our test facility
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INET Prod - June 10, 2013
2) Enhancements to Default Routing Strategy Settings per FIX-port
If the FIX order contains instructions that make the order non-routable according to the NASDAQ OMX INET Nordic Market Model, the routing strategy is removed instead of rejecting the order.
Time schedule
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INET Test - Currently in our test facility
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INET Prod - June 10, 2013
3) Allow NMID for all Nordic@Mid eligible Orderbooks
NMID will be allowed as a routing strategy for all Nordic@Mid eligible Orderbooks, today NMID is only allowed on Orderbook that are routable to away markets.
NMID allows members to effectively sweep the Nordic@Mid Dark pool with their regular FIX order flow, designated for the Lit Order books.
Time schedule
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INET Test - Currently in our test facility
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INET Prod - June 17, 2013
Protocol and rule changes
No protocol changes or requirement for member testing. The change only affects the customers using NASDAQ OMX Nordic SOR.
Updates to the NASDAQ OMX INET Nordic Market Model and NASDAQ OMX Nordic Member Rules will enter into force June 10, 2013 accordingly.
The updated documents have been available since May 24, 2013.
Support
For questions and assistance regarding this Exchange Notice, as well as any technical queries, please contact NASDAQ OMX Tech Support at: +46 8 405 64 10, operator@nasdaqomx.com
Best regards,
NASDAQ OMX Nordic
NASDAQ OMX Nordic is not legal entity but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm and Iceland.
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