IT – INET Nordic – REMINDER: Enhancement to Market Maker Orders (MMO)(23/15)


As previously communicated in IT Notice (16/15), Nasdaq Nordic is enhancing the Market Maker Order (MMO) functionality currently in use on Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Stockholm. Market Maker protection has been available for passive Market Maker Orders for Warrants, Certificates and Exchange Traded Notes (ETNs). Nasdaq Nordic now extends the Market Maker protection to Aggressive Market Maker Orders. Market Maker protection continues to apply only during Continuous Trading. MMOs are not protected during auctions nor when orders are released after a protection pause.

The Market Maker Order enhancement will be used in production from May 4, 2015 and has been available for testing in INET OTF and GCF test environment (GCF 4) as of March 26, 2015.

INET identifiers:

Market segments impacted by the Market Maker Order enhancement

  Segment name Segment symbol Currency Seq. no GCF ID
XSTO OMX STO Warrants SEEQ WAR SEK 4 21
  OMX STO Certificates SEEQ CERT SEK 160 256
  OMX STO Exchange Traded Notes SEEQ COM SEK 158 264
XHEL OMX HEL Covered Warrants FIEQ WAR EUR 64 93
  OMX HEL Certificates FIEQ CERT EUR 159 258
  OMX HEL Exchange Traded Notes FIEQ COM EUR 157 456
XCSE OMX CPH Warrants DKWA WAR DKK 167 308
  OMX CPH Certificates DKWA CERT DKK 168 310
  OMX CPH Exchange Traded Notes DKEQ COM DKK 196 458

Protocol changes:

OUCH
The MMO Refresh Request Message (message delivered only to firms enabled for MMO entry) will be extended with an additional field to indicate whether the hit MMO rested passively or hit the book aggressively (“P” and “A” respectively). 

Protocol specifications:

Next versions of INET protocol specifications are available at the Nasdaq Nordic Technical Information website, under INET Nordic Protocol Specifications.

Time schedule:
The Market Maker Order enhancement is planned for launch:

  • INET Test (OTF), GCF 4 – as of March 26, 2015.
  • INET Production – May 4, 2015.
     

INET Nordic Market Model:
Changes will be reflected in the Market Model valid from May 4, 2015.

Nasdaq Nordic Member Rules will be updated accordingly, valid from May 4, 2015.

Questions and feedback:
If you have any questions regarding this Exchange Notice, please contact Nasdaq Tech Support at:
+46 8 4056410,
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 OMX Copenhagen A/S, NASDAQ OMX Helsinki Ltd, NASDAQ OMX Iceland hf., NASDAQ OMX Riga AS, NASDAQ OMX Stockholm AB, NASDAQ OMX Tallinn AS and AB NASDAQ OMX Vilnius. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm.


Attachments

it_exchange_notice_INET Reminder MMO Aggressive orders_20150428.pdf