Auction on Demand

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id="block-survival"> <style> <![CDATA[/* ><![CDATA[/* ><!]]]]><![CDATA[>*/ /*--><!]]>*/ </style> </div> </div> <main class="page__main" role="main"> <div class="modal-overlay"></div> <a id="main-content" tabindex="-1"></a> <div class="page__content"> <div data-drupal-messages-fallback class="hidden"></div> <article class="solutions-detail"><header class="solutions-statement-hero"><div class="solutions-statement-hero__bg solutions-statement-hero__bg--gradient-1-dark" aria-hidden="true"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/2019-04/AdobeStock_166930325.jpeg 1x"></source><source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/2019-04/AdobeStock_166930325.jpeg 1x"></source><source type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/2019-04/AdobeStock_166930325.jpeg 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/2019-04/AdobeStock_166930325.jpeg" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="Trains in a trainyard" typeof="foaf:Image"/></picture></div> <div class="solutions-statement-hero__grid"> <div class="solutions-statement-hero__content"> <h1 class="solutions-statement-hero__title">Auction on Demand</h1> <p class="solutions-statement-hero__statement"> trade large orders discretely with minimal market impact</p> <span class="solutions-statement-hero__cta">explore</span> </div> </div> </header><div class="layout layout--2-col-large"> <div class="layout--main"> <div class="solutions-detail-intro"> <div class="solutions-detail-intro__white-square"></div> <div class="solutions-detail-intro__bg"></div> <div class="solutions-detail-intro__statement"> <div class="solutions-detail-intro__statement-text"> <p>Periodic auctions are used as an alternative to OTC and dark pool trading.</p> </div> </div> <div class="solutions-detail-intro__media"> <div class="solutions-detail-intro__media-box"> <div class="solutions-detail-intro__media-wrapper"> <picture class="picture"><source srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1100x620/public/2019-03/AdobeStock_97034342_0.jpeg?itok=_ceJgViQ 1x" media="all and (min-width: 1200px)" type="image/jpeg"></source><source srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1100x620/public/2019-03/AdobeStock_97034342_0.jpeg?itok=_ceJgViQ 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/710x400/public/2019-03/AdobeStock_97034342_0.jpeg?itok=bwEm2EzI 1x" type="image/jpeg"></source><img src="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1100x620/public/2019-03/AdobeStock_97034342_0.jpeg?itok=_ceJgViQ" alt="auction, hands up" typeof="foaf:Image"/></picture></div> <button class="solutions-detail-intro__button solutions-detail-intro__button--play"> <span class="solutions-detail-intro__button-icon"></span> </button> </div> </div> </div> <div class="body"> <div class="body__content"> <h4>Periodic Auction</h4> <p>Periodic auctions execute separately from the lit order book with no impact on continuous lit trading. No information about individual orders is published, making Auction on Demand ideal for large or strategically important orders where you want to keep information about trading interests confidential.</p> <p><strong>Overview </strong></p> <div class="inline-image half-width"> <div class="inline-image__container"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/png" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1100x620/public/2019-02/AOD-Process-Graphic_GTMS-770x480.png?itok=mZI9hG9n 1x"></source><source media="all and (min-width: 768px)" type="image/png" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1200x675/public/2019-02/AOD-Process-Graphic_GTMS-770x480.png?itok=RwiGsQQY 1x"></source><source type="image/png" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/710x400/public/2019-02/AOD-Process-Graphic_GTMS-770x480.png?itok=bNlheX3T 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/710x400/public/2019-02/AOD-Process-Graphic_GTMS-770x480.png?itok=bNlheX3T" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="Nordic Equities Auction on Demand process graph" typeof="foaf:Image"/></picture></div> </div> <p>Auctions are triggered on demand as soon as two crossing orders are found by the system. An auction starts with a fixed 25 ms period, followed by a random period of between 0 and 75 ms, so that the auction stays open for a maximum of 100 ms. During this time other bids may enter the system and take precedence.</p> <p>The auction will uncross at the price where the most volume can be traded. Price and executable quantity are published in real time.</p> <p>Priority model: Internal (broker)/Size/Time.</p> <h4>Market Scope</h4> <p>Auction on Demand is available for shares traded on Nasdaq Stockholm (including Norwegian shares), Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Iceland.</p> <h4>Confidentiality & Transparency</h4> <p>Pre-trade transparency: Indicative Price and Quantity in real time.</p> <p>Post-trade transparency: Trades in real time, no counterparty, separate MIC code on execution reports.</p> <p>Executions contribute to official member market share. Auction on Demand trade reporting fulfils the MIDIFII transparency requirements.</p> <h4>Connectivity and Trading Hours</h4> <p>Auction on Demand can be accessed via FIX, OUCH and the Nordic Workstation during lit order book trading hours.</p> <p> </p> <p> </p> <p>Interested in AOD statistics? Please reach out to your sales representative</p> </div> </div> <div class="feature-drawer__container"> <div class="feature-drawer"> <h2 class="feature-drawer__title">Safety Features</h2> <p class="feature-drawer__description">Auction on Demand runs in parallel to our lit order books. No information about individual orders are published. We have also implemented several safety features to ensure that minimizes risk for information leakage.</p> <div class="feature-drawer__drawer accordion__drawer"> <div class="feature-drawer__inner accordion__inner"> <span class="feature-drawer__drawer-text"><ul><li>Randomized uncross after 25-100 ms</li> <li>Speed bump on cancels secures real trading interests in the book</li> <li>Speed bump on modifications of order when reducing position</li> </ul></span> </div> </div> <button class="feature-drawer__toggle accordion__toggle" data-opentext="See Less" data-closetext="See More">See More</button> </div> </div> <div class="feature-drawer__container"> <div class="feature-drawer"> <h2 class="feature-drawer__title">Order Types</h2> <p class="feature-drawer__description">Orders can be entered as Pegged, Limit or Market orders, with optional limit price protection and MES protection.</p> <div class="feature-drawer__drawer accordion__drawer"> <div class="feature-drawer__inner accordion__inner"> <span class="feature-drawer__drawer-text"><ul><li>Pegged orders only executed at their pegged price according to the peg instruction (“at-priced”)</li> <li>Limit and Market orders executes at or within the Primary Best Bid Offer (PBBO).</li> <li>Optional Limit Price Protection</li> <li>Time in Force: DAY, GTT, IOC, GFA</li> <li>MES protection. One opposite order needs to be equal or larger than MES, to prevent aggregation or "bulking"</li> </ul></span> </div> </div> <button class="feature-drawer__toggle accordion__toggle" data-opentext="See Less" data-closetext="See More">See More</button> </div> </div> </div> <aside class="layout--right-rail"><div class="inside-container"> <section class="support-sidebar"><div class="support-contact support-sidebar__section support-contact--no-newsletter"> <header class="support-contact__header"><h3 class="support-sidebar__section__title"> Support </h3> <p class="support-sidebar__section__description"> Contact our European Equity Sales teams </p> </header><div class="support-contact__content"> <ul class="support-contact__list"><li class="support-contact__list-item"> <h4 class="support-contact__name">Head of European Sales </h4> <a href="https://web.archive.org/web/20201024233311/mailto:julian.butterworth@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">julian.butterworth@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+442037532195" class="support-contact__contact-method support-contact__contact-method--phone">+44 203 753 2195</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+44 203 753 2195</span> </li> <li class="support-contact__list-item"> <h4 class="support-contact__name">European Sales</h4> <a href="https://web.archive.org/web/20201024233311/mailto:henning.kruse@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">henning.kruse@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+4533770381" class="support-contact__contact-method support-contact__contact-method--phone">+45 33 770 381</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+45 33 770 381</span> <a href="https://web.archive.org/web/20201024233311/mailto:linda.wallander@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">linda.wallander@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+4402037532083" class="support-contact__contact-method support-contact__contact-method--phone">+ 44 0 20 3753 2083</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+ 44 0 20 3753 2083</span> <a href="https://web.archive.org/web/20201024233311/mailto:richard.pafford@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">richard.pafford@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+4402037532196" class="support-contact__contact-method support-contact__contact-method--phone">+44 0 20 37532196</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+44 0 20 37532196</span> </li> <li class="support-contact__list-item"> <h4 class="support-contact__name">Nordic Sales </h4> <a href="https://web.archive.org/web/20201024233311/mailto:felix.vonbahr@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">felix.vonbahr@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+4684056495" class="support-contact__contact-method support-contact__contact-method--phone">+46 8 4056495</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+46 8 4056495</span> <a href="https://web.archive.org/web/20201024233311/mailto:wictor.comstedt@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">wictor.comstedt@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+4684056395" class="support-contact__contact-method support-contact__contact-method--phone">+46 8 405 6395</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+46 8 405 6395</span> <a href="https://web.archive.org/web/20201024233311/mailto:cecilie.dynkel@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">cecilie.dynkel@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+4533770382" class="support-contact__contact-method support-contact__contact-method--phone">+45 33 770 382</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+45 33 770 382</span> <a href="https://web.archive.org/web/20201024233311/mailto:allan.olsen@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">allan.olsen@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+4533770383" class="support-contact__contact-method support-contact__contact-method--phone">+45 33 770 383</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+45 33 770 383</span> <a href="https://web.archive.org/web/20201024233311/mailto:riikka.leppanen@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">riikka.leppanen@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+358961667231" class="support-contact__contact-method support-contact__contact-method--phone">+358 9 6166 7231</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+358 9 6166 7231</span> <a href="https://web.archive.org/web/20201024233311/mailto:teemu.morsky@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">teemu.morsky@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+358961667377" class="support-contact__contact-method support-contact__contact-method--phone">+358 9 61667377</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+358 9 61667377</span> <a href="https://web.archive.org/web/20201024233311/mailto:finnbogi.jonsson@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">finnbogi.jonsson@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+3545252852" class="support-contact__contact-method support-contact__contact-method--phone">+354 525 2852</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+354 525 2852</span> </li> <li class="support-contact__list-item"> <h4 class="support-contact__name">Baltic Sales</h4> <a href="https://web.archive.org/web/20201024233311/mailto:vaidotas.uzpalis@nasdaq.com" class="support-contact__contact-method support-contact__contact-method--email">vaidotas.uzpalis@nasdaq.com</a> <a href="https://web.archive.org/web/20201024233311/tel:+37052531454" class="support-contact__contact-method support-contact__contact-method--phone">+370 5 2531454</a> <span class="support-contact__contact-method support-contact__contact-method--phone-no-call">+370 5 2531454</span> </li> </ul></div> </div> </section></div> </aside></div> <section class="key-benefits key-benefits-"><div class="key-benefits__container"> <h2 class="key-benefits__title">Key Benefits with Auction on Demand</h2> <div class="key-benefits__grid"> <div class="key-benefits__item"> <div class="key-benefits__item-heading"> <h2 class="module-header"> Periodic Auctions on Demand </h2> </div> <p class="key-benefits__item-description">Benefit from the Auction model at any time during trading hours. Auctions are triggered on demand, whenever matching orders are found.</p> </div> <div class="key-benefits__item"> <div class="key-benefits__item-heading"> <h2 class="module-header"> Minimized Market Impact </h2> </div> <p class="key-benefits__item-description">Minimize information leakage for large or strategically important trading interests. Only the indicative price and quantity published pre-trade. Post-trade reporting in real time, no counterparty information & separate MIC codes on execution reports.</p> </div> <div class="key-benefits__item"> <div class="key-benefits__item-heading"> <h2 class="module-header"> Multiple Safety Features </h2> </div> <p class="key-benefits__item-description">Randomized uncross and speed bumps on cancels and modifications secures that only real trading interests are entered in the book.</p> </div> </div> </div> </section><section class="resource-center" id="resource-center"><header class="resource-center__header"><h3 class="resource-center__title">Resource Center</h3> </header><div class="resource-center__container"> <div class="resource-center__content"> <nav class="resource-center__nav"><ul class="resource-center__nav__list"><li class="resource-center__nav__list-item"> <button data-tab="Factsheet" class="resource-center__nav__toggle resource-center__nav__toggle--opacity-level--0 resource-center__nav__toggle--active"> Factsheet </button> </li> <li class="resource-center__nav__list-item"> <button data-tab="Fee" lists="" class="resource-center__nav__toggle resource-center__nav__toggle--opacity-level--1"> Fee lists </button> </li> </ul></nav><div class="resource-center__content-item resource-center__content-item--active"> <div class="resource-center__whitepapers"> <ul class="resource-center__whitepapers__list"><li class="resource-center__whitepapers__list-item "> <div class="resource-center__whitepapers__content"> <span class="resource-center__whitepapers__paper-title">Auction on Demand Factsheet </span> <a href="https://web.archive.org/web/20201024233311/https://www.nasdaq.com/docs/2179-Q19 E_AOD Fact Sheet.pdf" class="resource-center__whitepapers__cta" download="">Download <span class="visually-hidden">Auction on Demand Factsheet </span></a> </div> </li> </ul></div> </div> <div class="resource-center__content-item "> <div class="resource-center__whitepapers"> <ul class="resource-center__whitepapers__list"><li class="resource-center__whitepapers__list-item "> <div class="resource-center__whitepapers__content"> <span class="resource-center__whitepapers__paper-title">Fee List - Nasdaq Nordic Cash Market (valid from October 01, 2020)</span> <a href="https://web.archive.org/web/20201024233311/https://www.nasdaq.com/docs/2020/10/01/Nasdaq-Nordic-Cash-Market-Fee-List-October-01-2020.pdf" class="resource-center__whitepapers__cta" download="">Download <span class="visually-hidden">Fee List - Nasdaq Nordic Cash Market (valid from October 01, 2020)</span></a> </div> </li> <li class="resource-center__whitepapers__list-item "> <div class="resource-center__whitepapers__content"> <span class="resource-center__whitepapers__paper-title">Fee List - Algorithmic Trading Services</span> <a href="https://web.archive.org/web/20201024233311/https://www.nasdaq.com/docs/2020/06/08/Algorithmic-Trading-Services-Fee-List-From-June-8_0.pdf" class="resource-center__whitepapers__cta" download="">Download <span class="visually-hidden">Fee List - Algorithmic Trading Services</span></a> </div> </li> </ul></div> </div> </div> </div> </section><section class="solutions-bundle" data-variation="triple"><div class="solutions-bundle__title"> <span class="solutions-bundle__title-wrap"> <h2 class="module-header"> Related Solutions </h2> </span> </div> <div class="solutions-bundle__content"> <div class="solutions-bundle__bg solutions-bundle__bg--gradient-3" aria-hidden="true"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1260x354/public/2019-03/GettyImages-170031352.jpg?h=265e640d&itok=2z9MYx6W 1x"></source><source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1468x1008/public/2019-03/GettyImages-170031352.jpg?itok=s9Qx9dSU 1x"></source><source type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/750x944/public/2019-03/GettyImages-170031352.jpg?itok=mXdn_I5J 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/750x944/public/2019-03/GettyImages-170031352.jpg?itok=mXdn_I5J" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="ribbon, colorful" typeof="foaf:Image"/></picture></div> <ul class="solutions-bundle__list"><li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/large-in-scale" class="solutions-bundle__item-eyebrow">LIS</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/large-in-scale" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Large in Scale <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/large-in-scale" class="solutions-bundle__item-description">Execute large, non-displayed block orders within the central lit order book.</a> </div> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/large-in-scale" class="solutions-bundle__item-feature-wrap"> <span class="solutions-bundle__item-feature-title">Key Features</span> <ul class="solutions-bundle__item-features"><li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Excellent Liquidity</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Minimized Market Impact</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">The Stub Remains Hidden</span> </li> </ul></a> </li> <li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/lit-trading" class="solutions-bundle__item-eyebrow">Lit Trading</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/lit-trading" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Lit Trading <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/lit-trading" class="solutions-bundle__item-description">One common gateway for trading Swedish, Finnish, Danish, Icelandic and Norwegian equities.</a> </div> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/lit-trading" class="solutions-bundle__item-feature-wrap"> <span class="solutions-bundle__item-feature-title">Key Features</span> <ul class="solutions-bundle__item-features"><li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Best Liquidity for Nordic Shares</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Best EBBO for Nordic Shares</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Largest Order Depth at Best Bid</span> </li> </ul></a> </li> <li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-auctions" class="solutions-bundle__item-eyebrow">Auctions</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-auctions" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Nordic Auctions <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-auctions" class="solutions-bundle__item-description">Auctions at opening and closing offer robust pricing and volume discovery.<br/></a> </div> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-auctions" class="solutions-bundle__item-feature-wrap"> <span class="solutions-bundle__item-feature-title">Key Features</span> <ul class="solutions-bundle__item-features"><li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Transparent and robust auctions </span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Efficient Trading of Larger Blocks</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Trade at the Closing Price</span> </li> </ul></a> </li> </ul></div> </section><section class="solutions-bundle" data-variation="triple"><div class="solutions-bundle__title"> <span class="solutions-bundle__title-wrap"> <h2 class="module-header"> </h2> </span> </div> <div class="solutions-bundle__content"> <div class="solutions-bundle__bg solutions-bundle__bg--gradient-3" aria-hidden="true"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1260x354/public/2019-03/GettyImages-170031352.jpg?h=265e640d&itok=2z9MYx6W 1x"></source><source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1468x1008/public/2019-03/GettyImages-170031352.jpg?itok=s9Qx9dSU 1x"></source><source type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/750x944/public/2019-03/GettyImages-170031352.jpg?itok=mXdn_I5J 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/750x944/public/2019-03/GettyImages-170031352.jpg?itok=mXdn_I5J" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="ribbon, colorful" typeof="foaf:Image"/></picture></div> <ul class="solutions-bundle__list"><li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/execution-algorithms" class="solutions-bundle__item-eyebrow">Algos</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/execution-algorithms" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Execution Algorithms <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/execution-algorithms" class="solutions-bundle__item-description">Efficient pay-as-you-go trading algorithms.</a> </div> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/execution-algorithms" class="solutions-bundle__item-feature-wrap"> <span class="solutions-bundle__item-feature-title">Key Features</span> <ul class="solutions-bundle__item-features"><li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Efficient execution and minimized market impact</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Cost Efficient</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Broker Neutral</span> </li> </ul></a> </li> <li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-workstation" class="solutions-bundle__item-eyebrow">Nordic Workstation</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-workstation" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Nordic Workstation <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-workstation" class="solutions-bundle__item-description">Cost-efficient software for trading & trade management.</a> </div> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-workstation" class="solutions-bundle__item-feature-wrap"> <span class="solutions-bundle__item-feature-title">Key Features</span> <ul class="solutions-bundle__item-features"><li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Pay as You Go</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Includes All Necessary & Expected Functionality</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Web-based – No Local IT Infrastructure</span> </li> </ul></a> </li> <li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-at-mid" class="solutions-bundle__item-eyebrow">Nordic@Mid</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-at-mid" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Nordic@Mid Darkpool <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-at-mid" class="solutions-bundle__item-description">Mid-point matching for reduced market impact costs - as well as a price advantage.</a> </div> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/nordic-at-mid" class="solutions-bundle__item-feature-wrap"> <span class="solutions-bundle__item-feature-title">Key Features</span> <ul class="solutions-bundle__item-features"><li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Reduced market impact cost</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Price improvement</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Efficient order execution</span> </li> </ul></a> </li> </ul></div> </section><section class="solutions-bundle" data-variation="triple"><div class="solutions-bundle__title"> <span class="solutions-bundle__title-wrap"> <h2 class="module-header"> </h2> </span> </div> <div class="solutions-bundle__content"> <div class="solutions-bundle__bg solutions-bundle__bg--gradient-3" aria-hidden="true"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1260x354/public/2019-03/GettyImages-170031352.jpg?h=265e640d&itok=2z9MYx6W 1x"></source><source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1468x1008/public/2019-03/GettyImages-170031352.jpg?itok=s9Qx9dSU 1x"></source><source type="image/jpeg" data-srcset="/web/20201024233311im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/750x944/public/2019-03/GettyImages-170031352.jpg?itok=mXdn_I5J 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/750x944/public/2019-03/GettyImages-170031352.jpg?itok=mXdn_I5J" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="ribbon, colorful" typeof="foaf:Image"/></picture></div> <ul class="solutions-bundle__list"><li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/trade-reporting-of-manual-cash-equity-trades" class="solutions-bundle__item-eyebrow">Trade Reporting</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/trade-reporting-of-manual-cash-equity-trades" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Trade Reporting of Manual Cash Equity Trades <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/trade-reporting-of-manual-cash-equity-trades" class="solutions-bundle__item-description">Any trades that occur outside Nasdaq Nordic Central Limit Order book, must be reported to the relevant order book.</a> </div> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/trade-reporting-of-manual-cash-equity-trades" class="solutions-bundle__item-feature-wrap"> <span class="solutions-bundle__item-feature-title">Key Features</span> <ul class="solutions-bundle__item-features"><li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">One-Party Report</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Two-Party Pre-Locked Report</span> </li> <li class="solutions-bundle__item-feature"> <span class="solutions-bundle__item-feature-check" aria-hidden="true"></span> <span class="solutions-bundle__item-feature-text">Break Locked-in Trade or Cancel Trade</span> </li> </ul></a> </li> <li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/post-trade-arrangements" class="solutions-bundle__item-eyebrow">Post-Trade Arrangements</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/post-trade-arrangements" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Post-Trade Arrangements <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/post-trade-arrangements" class="solutions-bundle__item-description">Trades are cleared and settled either through a Central Counterparty (CCP), or they are settled on a gross basis.</a> </div> </li> <li class="solutions-bundle__item"> <div class="solutions-bundle__item-text"> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/market-making-inet" class="solutions-bundle__item-eyebrow">Market Making</a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/market-making-inet" class="solutions-bundle__item-title"> <h3 class="solutions-bundle__item-link"> Market Making (INET) <span class="solutions-bundle__item-arrow" aria-hidden="true"></span> </h3> </a> <a href="/web/20201024233311/https://www.nasdaq.com/solutions/market-making-inet" class="solutions-bundle__item-description">Nasdaq Nordic offers a Market Making Agreement for members and participants acting as Market Maker per MiFID II.</a> </div> </li> </ul></div> </section><section class="solutions-graphic"><div class="solutions-graphic__container"> <div class="solutions-graphic__header"> <span>Envision a Future – Fueled by Innovation, Technology and Expertise.</span> </div> <div class="solutions-graphic__subheader">Now, let’s get there. 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Plurinational State of">Bolivia, Plurinational State of</option><option value="Bonaire, Sint Eustatius and Saba">Bonaire, Sint Eustatius and Saba</option><option value="Bosnia and Herzegovina">Bosnia and Herzegovina</option><option value="Botswana">Botswana</option><option value="Bouvet Island">Bouvet Island</option><option value="Brazil">Brazil</option><option value="British Indian Ocean Territory">British Indian Ocean Territory</option><option value="Brunei Darussalam">Brunei Darussalam</option><option value="Bulgaria">Bulgaria</option><option value="Burkina Faso">Burkina Faso</option><option value="Burundi">Burundi</option><option value="Cambodia">Cambodia</option><option value="Cameroon">Cameroon</option><option value="Canada">Canada</option><option value="Cape Verde">Cape Verde</option><option value="Cayman Islands">Cayman Islands</option><option value="Central African Republic">Central African Republic</option><option value="Chad">Chad</option><option value="Chile">Chile</option><option value="China">China</option><option value="Christmas Island">Christmas Island</option><option value="Cocos (Keeling) Islands">Cocos (Keeling) Islands</option><option value="Colombia">Colombia</option><option value="Comoros">Comoros</option><option value="Congo">Congo</option><option value="Congo, the Democratic Republic of the">Congo, the Democratic Republic of the</option><option value="Cook Islands">Cook Islands</option><option value="Costa Rica">Costa Rica</option><option value="Côte d'Ivoire">Côte d'Ivoire</option><option value="Croatia">Croatia</option><option value="Cuba">Cuba</option><option value="Curaçao">Curaçao</option><option value="Cyprus">Cyprus</option><option value="Czech Republic">Czech Republic</option><option value="Denmark">Denmark</option><option value="Djibouti">Djibouti</option><option value="Dominica">Dominica</option><option value="Dominican Republic">Dominican Republic</option><option value="Ecuador">Ecuador</option><option value="Egypt">Egypt</option><option value="El Salvador">El Salvador</option><option value="Equatorial Guinea">Equatorial Guinea</option><option value="Eritrea">Eritrea</option><option value="Estonia">Estonia</option><option value="Ethiopia">Ethiopia</option><option value="Falkland Islands (Malvinas)">Falkland Islands (Malvinas)</option><option value="Faroe Islands">Faroe Islands</option><option value="Fiji">Fiji</option><option value="Finland">Finland</option><option value="France">France</option><option value="French Guiana">French Guiana</option><option value="French Polynesia">French Polynesia</option><option value="French Southern Territories">French Southern Territories</option><option value="Gabon">Gabon</option><option value="Gambia">Gambia</option><option value="Georgia">Georgia</option><option value="Germany">Germany</option><option value="Ghana">Ghana</option><option value="Gibraltar">Gibraltar</option><option value="Greece">Greece</option><option value="Greenland">Greenland</option><option value="Grenada">Grenada</option><option value="Guadeloupe">Guadeloupe</option><option value="Guam">Guam</option><option value="Guatemala">Guatemala</option><option value="Guernsey">Guernsey</option><option value="Guinea">Guinea</option><option value="Guinea-Bissau">Guinea-Bissau</option><option value="Guyana">Guyana</option><option value="Haiti">Haiti</option><option value="Heard Island and McDonald Islands">Heard Island and McDonald Islands</option><option value="Holy See (Vatican City State)">Holy See (Vatican City State)</option><option value="Honduras">Honduras</option><option value="Hong Kong">Hong Kong</option><option value="Hungary">Hungary</option><option value="Iceland">Iceland</option><option value="India">India</option><option value="Indonesia">Indonesia</option><option value="Iran, Islamic Republic of">Iran, Islamic Republic of</option><option value="Iraq">Iraq</option><option value="Ireland">Ireland</option><option value="Isle of 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value="Lithuania">Lithuania</option><option value="Luxembourg">Luxembourg</option><option value="Macao">Macao</option><option value="Macedonia, the former Yugoslav Republic of">Macedonia, the former Yugoslav Republic of</option><option value="Madagascar">Madagascar</option><option value="Malawi">Malawi</option><option value="Malaysia">Malaysia</option><option value="Maldives">Maldives</option><option value="Mali">Mali</option><option value="Malta">Malta</option><option value="Marshall Islands">Marshall Islands</option><option value="Martinique">Martinique</option><option value="Mauritania">Mauritania</option><option value="Mauritius">Mauritius</option><option value="Mayotte">Mayotte</option><option value="Mexico">Mexico</option><option value="Micronesia, Federated States of">Micronesia, Federated States of</option><option value="Moldova, Republic of">Moldova, Republic of</option><option value="Monaco">Monaco</option><option value="Mongolia">Mongolia</option><option 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value="Panama">Panama</option><option value="Papua New Guinea">Papua New Guinea</option><option value="Paraguay">Paraguay</option><option value="Peru">Peru</option><option value="Philippines">Philippines</option><option value="Pitcairn">Pitcairn</option><option value="Poland">Poland</option><option value="Portugal">Portugal</option><option value="Puerto Rico">Puerto Rico</option><option value="Qatar">Qatar</option><option value="Reunion">Reunion</option><option value="Romania">Romania</option><option value="Russian Federation">Russian Federation</option><option value="Rwanda">Rwanda</option><option value="Saint Barthélemy">Saint Barthélemy</option><option value="Saint Helena, Ascension and Tristan da Cunha">Saint Helena, Ascension and Tristan da Cunha</option><option value="Saint Kitts and Nevis">Saint Kitts and Nevis</option><option value="Saint Lucia">Saint Lucia</option><option value="Saint Martin (French part)">Saint Martin (French part)</option><option value="Saint Pierre and 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