Nasdaq Nordic introduced June 7, 2017 a new trading model, Auction On Demand (AOD), for all shares and some other instruments traded on Nasdaq Stockholm, Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Iceland.
Based on new regulation Nasdaq Nordic will implement the following price validations on orders sent to AOD:
· Limit Orders – Only on-tick prices on Orders allowed. Limit Orders can match on-tick or off-tick at midpoint.
· Mid-point pegged Orders. Any Limit guard price allowed, including off-tick. They can match on-tick or off-tick at midpoint.
More information about AOD can be found here:
http://business.nasdaq.com/auction-on-demand
Protocol specifications
No updates to INET protocol specifications.
Legal and Market Model
The next INET Nordic Market Model will be updated reflecting the changes.
Time Schedule
· INET Test (NTF), GCF TST4 – Currently in test,
· INET MiFID II Test – Currently in test,
· INET Production – From 2017-10-17 and completed 2017-10-23 (phased rollout).
Testing access
Members can test out the functionality in the INET Test (NTF)/GCF TST4 and INET MiFID II Test environments.
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