IT - INET Nordic – REMINDER: Introduction of a new Trading Phase: Trading at Closing Price in Copenhagen (23/19)
As previously communicated in IT-Notice 3/19 and 13/19, Nasdaq Nordic will introduce a new trading phase called Trading at Closing Price (T@CP).
Trading at Closing Price is a 10 minute trading phase after the Lit Order book closing auction, where Members may optionally continue to trade. Orders sent to this trading phase match continuously at the Closing auction price. The new functionality will be introduced for shares traded on Nasdaq Copenhagen and First North Denmark. The effective date for this change in production is May 1, 2019. The new functionality is available for testing in the INET NTF environment.
For more detailed information regarding the T@CP functionality, please find a draft version of the T@CP Market Model at the INET Nordic Technical Information web site.
Member participation
It is possible to opt in to T@CP for all Orders over a specific MPID and User ID combination and in such case the T@CP Condition will be activated automatically for all eligible Orders. Furthermore, there is a possibility to configure Member and User ID combination so that orders are not transferred by default, but new orders entered during the T@CP phase will be accepted without using the separate order condition. To opt in for T@CP participation, a T@CP Service Request Form is available in Nasdaq Member Portal.
In addition to the above, there is an alternative to opt out from the T@CP phase in the Member/User level configuration and in such case no order transfer or new order entries to T@CP will be accepted by the trading system (default configuration)..
Members can choose the following configuration alternatives on Member/User level, defining the level of participation in the T@CP phase:
T@CP participation table
|
Configuration/Condition Matrix |
MPID/USER T@CP configuration |
|
T@CP Order condition |
Y |
S |
N (default) |
|
Y |
YES |
YES |
NO |
|
N |
NO |
NO |
NO |
|
Empty (no value) |
YES* |
YES** |
NO |
*) With MPID/User setting Y, the “Empty (no value)” T@CP order condition at order entry shall transfer resting orders to T@CP phase and accept the orders to T@CP when entered during the T@CP phase.
**) With MPID/User setting S, the “Empty (no value)” T@CP order condition will not transfer resting orders to T@CP, while orders entered without a value during the T@CP phase are accepted.
Protocol specifications
There are updates to INET Nordic protocol specifications due to the introduction of Trading at Closing Price.
INET Nordic protocol specifications are available at the Nasdaq Nordic Technical Information, INET Nordic Protocol Specifications web page.
Application Conformance testing
Due to introduction of the new trading at closing price order condition field on order entry protocols, the Conformance Test cases have been updated and are available at the Nasdaq Nordic Technical Information website.
Nasdaq Nordic Cash Equity Fee List
An updated Nasdaq Nordic Cash Equity Fee List is available at business.nasdaq.com.
INET Nordic Market Model
The changes will be reflected in the INET Nordic Markel Model, effective on May 1, 2019 and published on Rules and Regulations for the Nordic Markets.
A draft of the Trading at Closing Price Market Model is available at the INET Nordic Technical Information web site.
Nasdaq Nordic Member Rules
The Trading at Closing price phase will be reflected in the Nasdaq Nordic Member Rules, effective May 1, 2019 and published on Rules and Regulations for the Nordic Markets.
Time schedule
-
INET Test (NTF) and GCF4 – Available
-
INET and GCF Production – May 1, 2019
Support
For technical questions regarding this IT Notice, please contact Nasdaq Cash Equity Operations:
Tel: +46 8 405 6410
E-mail: operator@nasdaq.com
Best Regards,
Nasdaq Nordic
Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn and Nasdaq Vilnius are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf., Nasdaq Riga AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS and AB Nasdaq Vilnius. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius.
|