The cost efficient Smart Order Routing solution for Nordic shares.

Page updated: 2011-06-14

NASDAQ OMX Smart Order Router

NASDAQ OMX Nordic Exchanges in Stockholm, Helsinki and Copenhagen (below NASDAQ OMX Nordic Exchanges) offers easy access to trading Nordic shares at other venues by means of the new NASDAQ OMX Nordic Smart Order Router. The order routing service is designed to be an integrated and cost-efficient solution available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via one gateway.

This new service will make it easier for our customers to provide best execution to their clients. The NASDAQ OMX Smart Order Router is integrated with the matching engine to acheive the lowest possibly latency. 

Nordic Order routing is supported by these ISV front end applications (the list will be updated with new information on a continuous basis): Aloc Ideas, Nordic Workstation, Sungard Front Arena, Infront Online trader, ORC Trader. 

The service is approved by the FSAs in Helsinki , Copenhagen and Stockholm. 

Highlights of the Service

The order routing service is designed to be a cost-efficient and an easy access solution available for the Nordic trading community.

• Order routing in Nordic Blue chips shares traded at away markets.
• Integrated Nordic routing logics. If the Nordic order book does not have the best price, or a portion of that order is still outstanding, then we use the EBBO to determine which external trading venue that has the best price before sending the order on to that external away market to be executed.
• Low latency market data. The Smart Order Router utilizes low latency market data for accurate routing decisions. A world leading market data vendor delivers the market data to our datacenter.
• Easy access. Orders can easily be entered via the FIX protocol or via Nordic Workstation.
• Standard CCP clearing and settlement provided by EMCF.
   

Service description

• Routable securities are the CCP cleared Nordic stocks also traded at away markets. 
• All routing logics are based on seeking the best price based on EBBO.
• Routable orders will, if needed, be re-priced to reflect EBBO and try to match on the Nordic book first, before being routed out to the away markets via an introducing broker. 
• Remaining volume, after routing attempts, will always be posted in the Nordic book. Posting orders on away markets will not be supported.
• Routed trades will be executed on NASDAQ OMX Nordic Exchanges as an on-exchange trade and published accordingly. 
• Routable orders can be entered via FIX supported applications or Nordic workstation.
• CCP / EMCF clearing. 

Routable venues - Away markets 

• BATS Europe
• Burgundy
• Chi-x
• Oslo Börs
• Turquoise

Routable orders can be re-priced based on the EBBO information from these venues.

More away markets can be added at a later stage.

Time schedule

Phase 1 is currently in production since 2011-02-21.

Phase 2 including the reactive "STGY" strategy is currently in production since 2011-03-21. From this time basic GTC support is provided.

Phase 3 strategies with strategies interacting with Nordic @ Mid in production from 2011-05-23 including full GTC support on "STGY" orders. 

 For more information

• Protocol specifications are available on the member web.
• More details can be found in the Market Model document.
• For more information please contact your Key Account Manager.

Documents

Fact sheet (New 2011-02-23)

Application form (Updated 2011-01-20)

Terms and Conditions (Updated 2010-03-18)

Presentation (Updated 2011-06-14)

FAQ (New 2010-11-17)