IT – INET Nordic FIX – Smart Order Routing, routing instruction handling (22/16)
Nasdaq Nordic offers an optional Smart Order Routing service over FIX.
An order can be flagged as being eligible for routing by:
(1) indicating the routing strategy at Order entry via ExecBroker field, tag 76, or by
(2) setting a Default routing strategy on FIX port level for automatic population of tag 76.
Nasdaq Nordic has based on Member request decided to align the Order validation rules and order handling between the two methods to populate tag 76, in order to avoid unnecessary Order rejects.
The change will mean that Nasdaq will align the Order validation rules to follow current method used for Default routing strategy (on FIX port level for automatic population of tag 76). This means that going forward also the indicated routing strategy (at Order entry via ExecBroker field, tag 76) will be ignored and will not be applied to such Orders which have such other order conditions that normally would lead to a reject by the router (for example pegging instruction). In those cases the Order will be treated as a regular non-routable order designated for the Lit Order book, honoring the other order conditions specified by the Member.
Members using the Smart Order Routing service are not expected to take any action because of this change.
Protocol specifications
There will be no updates to any protocols due to this change. Nasdaq Nordic protocol specifications are always available at Nasdaq Nordic Technical Information web site.
Market Model
The Nasdaq Nordic Market Model will be updated and will be effective as of April 25, 2016.
Time Schedule
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INET Test (OTF) – Already available
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INET Production – April 25, 2016
Testing access and support
Members can test out the new functionality in the INET OTF test environment.
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 Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf., Nasdaq Riga AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS and AB Nasdaq 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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