IT - INET – NASDAQ OMX Nordic Order Routing: New strategy DCAP - (12/14)
NASDAQ OMX Nordic offers easy access to trading Nordic shares at other venues by means of the NASDAQ OMX Nordic Smart Order Router. The order routing service is integrated in the INET Nordic trading system and available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via one single gateway.
NASDAQ OMX Nordic is planning to introduce a new routing strategy DCAP, which enables posting of Limit priced Day and Good-till-Cancelled orders to Oslo Børs for continuous trading as well as participation in auctions on Oslo Børs in Norwegian shares admitted to trading at NASDAQ OMX Stockholm.
DCAP follows the NASDAQ OMX Smart Order Routing service logics.
DCAP description
This routing strategy is only applicable to Norwegian shares admitted for secondary trading on NASDAQ OMX Stockholm (XSTO). Designated Away Market for this routing strategy is Oslo Børs.
This Routable Order is routed automatically to the designated Away Market’s call auction whenever the designated Away Market enters into call auction in the relevant Instrument. Routable Order that was not executed in the designated Away Market’s call auction continues to be posted in the order book of the designated Away Market. New Routable Order, submitted outside the designated Away Market’s call auctions, follows the logic of “DCAN”, but any remaining volume of a Routable Order after routing to the relevant Away Market will be posted in the designated Away Market Order Book and will not be routed again. Once routed to the designated Away Market, the Routable Order will not be posted on NASDAQ OMX Stockholm Order Book.
DCAP Orders may be submitted, changed and cancelled during NASDAQ OMX Stockholm pre-open session and continuous trading sessions according to the following:
|
INET Market State |
INET Symbol State |
Oslo Symbol State |
Description |
|
Pre-Open |
Trading |
Any except Auction Call |
Queued, cancel only (including cancel down), no routing. |
|
Pre-Open & Continuous |
Trading |
Auction Call |
Full order management. Routes out immediately. |
|
Continuous |
Trading |
Continuous |
Full order management. |
|
Post-Trade |
Trading |
Any |
Queued, cancel only (including cancel down), no routing. |
|
Pre-Open & Continuous |
Halted |
Any |
Queued, cancel only (including cancel down), no routing. |
|
Continuous |
Auction Call |
Any except Halted |
Full order management. |
Advanced order conditions as e.g. Reserve Orders (Iceberg Orders) are not allowed.
Protocol changes
The updated version of the FIX Order Entry specification including DCAP is available under the “Future protocol versions” section at Member Extranet.
Nordic Workstation
Nordic Workstation will support DCAP routing strategy.
Time schedule
-
INET Test (OTF) – February 17, 2014
-
INET Prod – March 10, 2014 (pending regulatory review)
INET Nordic Market Model
Changes will be updated to the INET Nordic Market Model as of March 10, 2014.
Support
If you have any questions regarding this Exchange Notice, please contact NASDAQ OMX Tech Support at: +46 8 405 6410, operator@nasdaqomx.com
Best regards,
NASDAQ OMX Nordic
NASDAQ OMX Nordic is not a legal entity but describes the common offering from the NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, and Iceland.
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