Published: 2019-03-29 16:27:42 CET
Listing and Trading Operations
IT information

IT – INET Nordic – Additional Evening Trading Hours for Warrants and Certificates (18/19)

Nasdaq Nordic recently extended morning Trading Hours for Warrants and Certificates. As an additional step, Nasdaq Nordic is planning to offer additional evening Trading Hours for Warrants and Certificates on First North Sweden, First North Finland and First North Denmark. As additional trading hours will be optional from issuer perspective, new additional market segments with new trading schedules will be created. The new market segments with extended trading schedules will be available in INET NTF as of April 2, 2019 and GCF TST4 by April 4, 2019, and are planned for production launch as of September 2, 2019.

The existing market segments for Warrants and Certificates will continue to have the current trading schedules applied to them. A subset of the order books on those market segments will be migrated to the new segments. A subset of new listings will be listed at the new segments going forward. Adoption of the new market segments is optional for trading members.

The extension of the trading hours for Warrants and Certificates results in changes to the timing of end of day processes, namely the ITCH Feed EOD message, Member Trade File and FDS Close Files and List file. The impact of these changes should be considered by all market participants.

The introduction of extended evening Trading Hours for Warrants and Certificates is subject to regulatory review.

Background

To cater for retail investors’ needs, Continuous Trading has been requested to end later than per the current trading schedules in retail focused market segments for Warrants and Certificates.

Existing market segments for warrants and certificates will be kept and additional market segments will be created for the evening hours. Only a subset of order books are expected to migrate to the new extended evening trading market segments. A detailed list of order books to be migrated will be communicated via Exchange Notices.

Details

New additional market segments will be created for Warrants and Certificates on First North Sweden, First North Finland and First North Denmark. New trading schedules will be associated with these new market segments.

New Market Segments are detailed below:

First North Sweden

Market Segment Symbol Market Segment Name MIC Start of Continuous Trading
(times in CET)
Start of Post-Trade (times in CET) Start of Closed (times in CET)
STO LEV XME STO Leverage Certificates Extend ME FNSE 08:15:00 20:00:00 20:30:00
STO TRA XME STO Tracker Certificates Extend ME FNSE 08:15:00 20:00:00 20:30:00
STO WAR XME STO Warrants Extend ME FNSE 08:15:00 20:00:00 20:30:00
OSL WAR XME OSL Warrants Extend ME FNSE/ ONSE 08:15:00 20:00:00 20:30:00

 

Market Segment Symbol Market Segment Name MIC Start of Continuous Trading
(times in CET)
Start of Post-Trade (times in CET) Start of Closed (times in CET)
STO LEV XE STO Leverage Certificates Extend E FNSE 09:00:30 20:00:00 20:30:00
STO TRA XE STO Tracker Certificates Extend E FNSE 09:00:30 20:00:00 20:30:00
STO WAR XE STO Warrants Extend E FNSE 09:00:05 20:00:00 20:30:00
OSL WAR XE OSL Warrants Extend E FNSE/ ONSE 09:00:05 20:00:00 20:30:00

 

First North Finland

Market Segment Symbol Market Segment Name MIC Start of Continuous Trading
(times in CET)
Start of Post-Trade (times in CET) Start of Closed (times in CET)
HEL LEV XME HEL Leverage Certificates Extend ME FNFI 08:15:00 20:00:00 20:30:00
HEL TRA XME HEL Tracker Certificates Extend ME FNFI 08:15:00 20:00:00 20:30:00
HEL WAR XME HEL Warrants Extend ME FNFI 08:15:00 20:00:00 20:30:00

 

Market Segment Symbol Market Segment Name MIC Start of Continuous Trading
(times in CET)
Start of Post-Trade (times in CET) Start of Closed (times in CET)
HEL LEV XE HEL Leverage Certificates Extend E FNFI 09:00:30 20:00:00 20:30:00
HEL TRA XE HEL Tracker Certificates Extend E FNFI 09:00:30 20:00:00 20:30:00
HEL WAR XE HEL Warrants Extend E FNFI 09:00:05 20:00:00 20:30:00


 

First North Denmark

Market Segment Symbol Market Segment Name MIC Start of Continuous Trading
(times in CET)
Start of Post-Trade (times in CET) Start of Closed (times in CET)
CPH LEV XME CPH Leverage Certificates Extend ME FNDK 08:15:00 20:00:00 20:30:00
CPH TRA XME CPH Tracker Certificates Extend ME FNDK 08:15:00 20:00:00 20:30:00
CPH WAR XME CPH Warrants Extend ME FNDK 08:15:00 20:00:00 20:30:00

 

Market Segment Symbol Market Segment Name MIC Start of Continuous Trading
(times in CET)
Start of Post-Trade (times in CET) Start of Closed (times in CET)
CPH LEV XE CPH Leverage Certificates Extend E FNDK 09:00:30 20:00:00 20:30:00
CPH TRA XE CPH Tracker Certificates Extend E FNDK 09:00:30 20:00:00 20:30:00
CPH WAR XE CPH Warrants Extend E FNDK 09:00:05 20:00:00 20:30:00

 

GCF ID codes for TST4 and Production environments will be communicated when available.

Additionally, there will be changes to the Market Segment Names and Market Segment Symbols of the following existing market segments:

First North Sweden

Current Market Segment Symbol Current Market Segment Name New Market Segment Symbol New Market Segment Name MIC Start of Continuous Trading
(times in CET)
End of Continuous Trading (times in CET)
STO CERT X STO Certificates Extend STO CERT XM STO Certificates Extend M FNSE 08:15:00 17:25:00
STO LEV X STO Leverage Certificates Extend STO LEV XM STO Leverage Certificates Extend M FNSE 08:15:00 17:25:00
STO TRA X STO Tracker Certificates Extend STO TRA XM STO Tracker Certificates Extend M FNSE 08:15:00 17:25:00
STO WAR X STO Warrants Extend STO WAR XM STO Warrants Extend M FNSE 08:15:00 17:25:00
OSL WAR X OSL Warrants Extend OSL WAR XM OSL Warrants Extend M FNSE/ ONSE 08:15:00 16:20:00

 

First North Finland

Current Market Segment Symbol Current Market Segment Name New Market Segment Symbol New Market Segment Name MIC Start of Continuous Trading
(times in CET)
End of Continuous Trading (times in CET)
HEL CERT X HEL Certificates Extend HEL CERT XM HEL Certificates Extend M FNFI 08:15:00 17:25:00
HEL LEV X HEL Leverage Certificates Extend HEL LEV XM HEL Leverage Certificates Extend M FNFI 08:15:00 17:25:00
HEL TRA X HEL Tracker Certificates Extend HEL TRA XM HEL Tracker Certificates Extend M FNFI 08:15:00 17:25:00
HEL WAR X HEL Warrants Extend HEL WAR XM HEL Warrants Extend M FNFI 08:15:00 17:25:00

 

First North Denmark

Current Market Segment Symbol Current Market Segment Name New Market Segment Symbol New Market Segment Name MIC Start of Continuous Trading
(times in CET)
End of Continuous Trading (times in CET)
CPH CERT X CPH Certificates Extend CPH CERT XM CPH Certificates Extend M FNDK 08:15:00 16:55:00
CPH LEV X CPH Leverage Certificates Extend CPH LEV XM CPH Leverage Certificates Extend M FNDK 08:15:00 16:55:00
CPH TRA X CPH Tracker Certificates Extend CPH TRA XM CPH Tracker Certificates Extend M FNDK 08:15:00 16:55:00
CPH WAR X CPH Warrants Extend CPH WAR XM CPH Warrants Extend M FNDK 08:15:00 16:55:00

File Delivery Service (FDS)

Current FDS close files will remain and the new extended evening trading market segments will not be included in these files. FDS will have new close files available for new market segments with additional evening trading hours. These new files will contain only the new extended evening trading market segments.

The names of the new extended close files are

  • XCSE_EquityRelated_Extended_Close2.tip
  • XHEL_EquityRelated_Extended_Close2.tip
  • XSTO_EquityRelated_Extended_Close2.tip

The timing of the creation of list file will be postponed to after close of the extended segments and will include both the current and the new extended segments.
 

ITCH Feed EOD message

The extension of Trading Hours for Warrants and Certificates has an impact on customers reading ITCH Feed EOD message. Going forward, customers who want full ITCH need to continue to read all the way until new EOD after 20:35 CET.

Customers who want to only read Equities, and do not want to be impacted by the extension in Warrants and Certificates, may want to close down their own connection after 18:05 CET. The current automatic logout of connections at 18:05 will be moved to the new EOD at 20:35 CET.

Member Trade File

Member Trade File will continue to be created at current time of 18:10 CET, with the same file name as today. An additional file will be created at the end of day, after close of the extended market segments. This additional Member Trade File will be created at 20:40 CET and will have the same file name as the earlier file.

Protocol specifications

These changes do not have any impact on INET Nordic or GCF protocol specifications.

Current and future versions of INET protocol specifications are available at the Nasdaq Nordic Technical Information website under INET Nordic Protocol Specifications.

Implementation schedule

INET time schedule

  • INET Test (NTF) –April 2, 2019
  • INET Production –September 2, 2019

GCF time schedule

  • GCF TST4 – by April 4, 2019
  • GCF Production – by September 2, 2019

Nasdaq Nordic Member Rules

These changes do not have an impact on the Nasdaq Nordic Member Rules.

INET Nordic Market Model

Market Model will be updated, effective as of September 2, 2019 and published on Rules and Regulations for the Nordic Markets.

Questions and feedback

For further information and feedback concerning this information, please contact:

Hanna Kirk
E-mail: hanna.kirk@nasdaq.com

Support

For technical questions, please contact Nasdaq Cash Equity Operations:

Tel: +46 8 405 6410
E-mail: operator@nasdaq.com

For list of test order books subject to additional trading hours, please contact Nasdaq Cash Equity Operations: operator@nasdaq.com.

Best regards,
Nasdaq Nordic

 

Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Stockholm are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd and Nasdaq Stockholm AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Stockholm.


FINAL- IT Notice Additional Evening Trading Hours Warrants and Certificates ntf24.pdf