Published: 2017-10-03 14:48:06 CEST
Global Data Products
Product information

Data News Nordic #2017 - 8: Nasdaq Announces new Non-Display Trading Platform products and simplified Nordic Non-Display product structure - Effective January 1, 2018

Markets Impacted:

  • Nordic Equity markets
  • Nordic Derivatives markets
  • Nordic Fixed Income markets
  • Commodities markets

Products Impacted:

  • Nordic Equity Non-Display
  • Nordic Derivatives Non-Display
  • Nordic Fixed Income Non-Display
  • Commodities Non-Display
     

What you need to know:
Effective January 1, 2018, Nasdaq® will simplify the Non-Display policy for Nordic products, and introduce new policies and fee adjustments. For some customers paying for the Nordic Equity Non-Display Trading, Order Routing and all other Non-Display Trading - Nordic Depth Data license, fees will be reduced. The current tiered pricing model will be discontinued as well as the Nordic Equity, Nordic Derivatives and Commodities Non-Display products with manual intervention and all customers moved to the new price structure as outlined below.

Also effective January 1, 2018, Nasdaq® will introduce new products and policies for Distributors or Recipients operating Trading Platforms that use Nordic Equity, Nordic Derivatives, Nordic Fixed Income or Commodities Information. Depending on usage, firms may be liable for both the Nordic Non-Display fees and the Trading Platform fee. The Trading Platform fee is liable once per product regardless of the number of Trading Platforms a Distributor or Recipient may have for each Product. Non-Display does not include any use of Nasdaq Nordic information that merely enables a display, and results in the output of Nasdaq Nordic information solely to a display.

 

The new Categories and fees are applicable per product:

  • Category 1 Non-Display: Covers a firm’s non-display trading-based activities as trading firms and for the purpose of customer business facilitation. Includes: order routing, fully automated trading, and trading with manual intervention. (Also includes Category -2 usage outlined below)
     
  • Category 2 Non-Display: Covers non-trading non-display activities for the purpose of calculation and verification such as but not limited to: portfolio valuation, administration, risk calculations, analysis, and fund management.
     
  • Trading Platform: Distributors or Recipients operating a Trading Platform (including but not limited to: Multilateral Trading Facilities (MTF), Organized Trading Facilities (OTF), dark pools, broker crossing networks, systematic internalization systems, alternative trading systems, crossing networks are liable for the Trading Platform fee.

 

What is the new structure for Nordic Equity Non-Display?

Nasdaq is simplifying the structure of Nordic Equity Non-Display to insure Recipients are easily able to identify which product meets their requirements and to avoid changes to their market data spend on a half-year basis. Customers will fall into one of the below categories and may additionally be liable for the Trading Platform fee as detailed below.
 

Category 1 Non-Display: (Includes Category -2 usage)

Nordic Equity Service Level New fee (/month)
Nordic Equity Non-Display Trading
Depth Data
€ 3 500
Nordic Equity Non-Display Trading 
Level 1
€ 2 000 *

(*) 50% discount for members paying less than € 10 000/month for Nasdaq Nordic Equity data - Free for members paying more than € 10 000/month for Nordic Equity data.



Category 2 Non-Display:

Nordic Equity Service Level New Fee (/month)
Nordic Equity Non-Display Non-Trading: Calculation and Verification € 500

 

Trading Platform Fee:

Nordic Equity Service Level New Fee (/month)
Nordic Equity Non-Display Trading Platform Fee € 2 500

 

 

What is the new structure for Nordic Derivatives Non-Display?
 

Category 1 Non-Display:

Nordic Derivatives Service Level Fee (/month)
Nordic Derivatives Non-Display Trading Order Routing and all other Non-Display Trading
Direct access
€ 1 500
Nordic Derivatives Non-Display Trading Order Routing and all other Non-Display Trading
Indirect access
€ 1 000

 

Category 2 Non-Display:

Nordic Derivatives Service Level Fee (/month)
Nordic Derivatives Non-Display Non-Trading: Calculation and Verification € 250

 

Trading Platform Fee:

Nordic Derivatives Service Level New Fee (/month)
Nordic Derivatives Non-Display – Trading Platform Fee € 1 000

 

 

What is the new structure for Commodities Non-Display?


Category 1 Non-Display:

Commodities Service Level Fee (/month)
Commodities Non-Display Trading Order Routing and all other Non-Display Trading
Direct access
€ 700
Commodities Non-Display Trading Order Routing and all other Non-Display Trading
Indirect access
€ 500

 

Category 2 Non-Display:

Commodities Service Level Fee (/month)
Commodities Non-Display Non-Trading: Calculation and Verification € 250

 

Trading Platform Fee:

Commodities Service Level New Fee (/month)
Commodities Non-Display – Trading Platform Fee €  500

 

 

What is the new structure for Nordic Fixed Income Non-Display?


Category 2 Non-Display:

Nordic Fixed Income Service Level Fee (/month)
Nordic Fixed Income Non-Display Non-Trading: Calculation and Verification € 350

 

Trading Platform Fee:

Nordic Fixed  Income Service Level New Fee (/month)
Nordic Fixed Income Non-Display – Trading Platform Fee €  1 000

 


Why is Nasdaq making these changes?

As the definition and scope of Non-Display market data continuously expands, Nasdaq will introduce market data non-display products that reflect different Non-Display use cases and scenarios to better serve our customers. This advanced notice period provides Distributors and Recipients time to budget accordingly in preparation for 2018.

The Recipient price for the product: Nordic Equity Non-Display Trading, Order Routing and all other Non-Display Trading [Includes Manual Intervention] have previously been revised by Nasdaq twice per year. Based on feedback Nasdaq will simplify the price model. The new fee structure is designed to give a clear and foreseeable view of Nasdaq Nordic Non-display products and how specific use cases are treated in relation to each other.

 

 Where can I find additional information? 

For further information about ESMA definitions on systematic internalizes, please refer to:
https://registers.esma.europa.eu/publication/searchRegister?core=esma_registers_mifid_sys

For further details on Nordic Non-Display policies, please refer to the Global Information Services Data Policies document: http://www.nasdaqtrader.com/content/AdministrationSupport/Policy/DATAPOLICY.pdf

For questions regarding this notice please speak to your Sales Representative or contact DataSales@nasdaq.com or by telephone: +46 8 405 7500 or +45 33 93 33 66.