New product structure for Nordic Derivatives Non-Display data

Effective August 1, 2015, Nasdaq will introduce a new product structure for Nordic Derivatives Non-Display data based on the way data is sourced and used. Nasdaq is making these changes to accommodate the broadening variety of ways in which data is being consumed in a non-display manner, and provide more flexibility for firms. This will also align the Nordic Derivatives Non-Display pricing structure with Nordic Equity Non-Display in order to help increase simplification of our fee schedule.

Nordic Derivatives Non-Display Trading with Manual Intervention Only

This product is for Nasdaq customers that use Nordic Derivatives Non-display data for trading purposes where there is only manual intervention. An example of manual intervention could be human interaction in the decision of executing an order.  Fees will be assessed for the following usage:  

• order-routing activities with manual intervention (e.g. human interaction in the decision of executing an order.)
• automated order generation and/or order pegging with manual intervention
• price referencing for algorithmic trading with manual intervention
• price referencing for smart order routing with manual intervention

Nordic Derivatives Non-Display Trading, Order Routing and all other Non-Display Trading (Includes Manual Intervention)

This product is for Nasdaq customers that use Nordic Derivatives Non-display data for automated trading purposes where there is no manual intervention. Fees will be assessed for the following usage:    

• order-routing activities without manual intervention
• automated buy or sell orders (open and close positions) generated independently, without manual intervention, using a specified set of instructions and data (and/or order pegging) 
• price referencing for algorithmic trading without manual intervention
• price referencing for smart order routing without manual intervention   

Nordic Derivatives Non-Display - Calculation and Verification

This product is for Nasdaq customers that use Nordic Derivatives data for internal non-display and non-trading purposes. Fees will be assessed for the following usage: 

• operations control programs
• investment analysis
• order verification
• surveillance programs
• risk management

Effective August 1, 2015, the following fee schedule will apply for Nordic Derivatives Non-Display data products:

For questions regarding this notice please contact your Account Representative or

DataProducts@nasdaq.com or by telephone + 45 33 93 33 66