IT – INET – Introduction of optional IOC reject in auctions (45/15)
Based on member request Nasdaq Nordic and Nasdaq Baltic have decided to provide optional configuration possibility in order to enable rejection of IOC Orders that are entered during a call.
Functionality in brief
This optional configuration will be introduced on a MPID level and chosen configuration will affect all Nasdaq Nordic and Baltic inbound order entry protocols including Nordic Workstation for the respective Member.
If member configures optional IOC reject in auctions, Members’ Orders fulfilling the following conditions, will be rejected:
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Time In Force (TIF) = IOC
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Cross trade flag or Cross type = Not set (no auction order)
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Sent in during trading state =Auction (any type)
Examples
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A Limit IOC or a Market IOC order will be cancelled if sent in in during the Opening auction.
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A Market On Close order sent in during the Opening auction will be accepted and added to the closing auction book.
Protocol specifications
No changes to existing protocol specifications.
Time Schedule
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INET Test (OTF) – September 14, 2015
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INET Production – November 16, 2015
Testing access and Support
The MPID level configuration shall be ordered by the member, by contacting Nasdaq Cash Equity Operations:
Tel: +46 8 405 6410,
E-mail: operator@nasdaq.com
Questions and feedback
For further information and feedback concerning this information, please contact Ronny Thellman, +46 8 405 6313, ronny.thellman@nasdaq.com.
Best regards,
Nasdaq Nordic and Nasdaq Baltic
Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn and Nasdaq Vilnius are respectively brand names for NASDAQ OMX Copenhagen A/S, NASDAQ OMX Helsinki Ltd, NASDAQ OMX Iceland hf., NASDAQ OMX Riga AS, NASDAQ OMX Stockholm AB, NASDAQ OMX Tallinn AS and AB NASDAQ OMX Vilnius. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius.
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