IT – INET Nordic – REMINDER: Enhancement to the Top Of Book Order (52/17)
Following requests from market participants, Nasdaq Nordic has decided to implement a set of enhancements to the current Top Of Book Order (TOP).
TOP is an optional Order condition. The aim of the functionality is to offer an Order type that results in narrower spreads or more volume on the current best price level. The Order needs to fulfill certain criteria in order to be accepted as a TOP Order.
Following the enhancements, Members may opt in on UserID level to let the TOP Order to be converted to a regular Limit Order, in the case the TOP Order fails to improve the spread.
Protocol specifications
Currently the order accept message in OUCH and FIX DROP for OUCH does not include any Display field (defaults to ‘Y’) for accepted TOP Orders. From September 25, 2017, this will be changed for accepted TOP orders which will contain the Display value ‘P’. However, TOP orders converted to regular Limit Orders will still not include any Display field.
INET FIX DROP for OUCH protocol specification has been updated to reflect this change. INET protocol specifications are available at Nasdaq Nordic Technical Information web site.
Legal and Market Model
The INET Nordic Market Model has been updated, effective as of September 18, 2017.
Time Schedule
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INET Test (NTF), GCF TST4 – Currently in NTF and GCF TST4
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INET MiFID II Test – Currently in MiFID II Test
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INET Production – September 18, 2017 (Possible to opt in conversion of TOP orders to Limit orders)
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INET Production – September 25, 2017 (Display value ‘P’ included on accepted TOP Orders)
Testing access
Members can test out the new functionality in the INET Test (NTF)/GCF TST4 and INET MiFID II Test environments.
Questions and feedback
For further information and feedback concerning this information, please contact Anders Green, +46 8 405 67 52, anders.green@nasdaq.com.
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Support and configuration
For technical questions and configuration, please contact Nasdaq Cash Equity Operations:
Tel: +46 8 405 6410,
E-mail: operator@nasdaq.com |
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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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