IT – INET Nordic – REMINDER: Auction on Demand (AOD) to be launched on June 7, 2017 (37/17)
As previously communicated (27/17, 15/17, 58/16, 48/16, 45/16 and 29/16), Nasdaq Nordic will introduce Auction on Demand (AOD), a new periodic auction trading model covering the following Nasdaq Nordic cash equity instruments and markets, including associated First North markets: Shares traded on Nasdaq Stockholm (including Norwegian shares), Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Iceland as well as ETFs and Investment funds on Nasdaq Copenhagen.
New AOD fields in INET FIX, OUCH and ITCH protocols will be activated on June 7, 2017. Any AOD orders entered before that date will be rejected.
Latest AOD information is available at Nasdaq Nordic Technical Information and on the AOD website.
Protocol changes
Nasdaq Nordic has included AOD in the future INET FIX, OUCH and TotalView-ITCH protocol versions, valid in INET Production from June 7, 2017. These protocol specifications are available at Nasdaq Nordic Technical Information.
FIX and OUCH
Changes into FIX and OUCH protocols have been specified in corresponding order entry protocols available on INET Nordic Protocol Specifications website.
GCF-TIP
Changes on GCF-TIP were introduced with the GCF 3.2.1 release on September 19, 2016. See IT-Notice GCF 3.2.1 for further information.
Summary of changes introduced to TotalView-ITCH:
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Order Book Directory message "R": New venue MIC code fields for "Nordic@Mid MIC" and "AOD MIC" in the Order Book Directory message
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MOII Message "J": New Message Type "Auction On Demand Order Imbalance Indicator (MOII)"
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Cross Trade Message "Q": New enum value "A" (Auction On Demand) in the Cross Trade Message, Cross Type field
Please note that changes into TotalView-ITCH protocol will apply to all TotalView-ITCH receivers!
Trading- and Market Data applications shall use decoders that ignore unknown outbound (from Nasdaq Nordic) message types and messages that expand with new fields added to the end of the message.
Mandatory Certification
Prior to use of AOD in INET Production, trading applications must be certified for this functionality. ISVs (Independent Software Vendors) and customers with in-house developed applications shall contact Nasdaq Cash Equity Operations in order to schedule a certification time slot. Applicable certification test cases can be found on the INET Certification website.
Testing access
Members can test out the new functionality in the INET Test (NTF)/GCF TST4 and INET MiFID II Test (M2)/GCF TST3 environments.
Time Schedule
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INET Test (NTF), GCF TST4 – Currently in test
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INET MiFID II Test (M2), GCF TST3 – Currently in test
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INET Production, GCF Production – June 7, 2017
Price list updated
The updated trading fee price list including AOD can be found here.
Legal and Market Model
Changes will be reflected in INET Nordic Market Model and Nasdaq Nordic Member Rules effective June 7, 2017, published on Rules and Regulations for the Nordic Markets.
Questions and feedback
For further information and feedback concerning this information, please contact:
Riitta Pesiö
Tel: +46 8 405 6437
E-mail: riitta.pesio@nasdaq.com
Technical support
For technical questions, please contact:
Nasdaq Cash Equity Operations
Tel: +46 8 405 6410
E-mail: operator@nasdaq.com
Best regards,
Nasdaq Nordic
Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf. and Nasdaq Stockholm AB.
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