Data Technical News Nordic #2016 – 6: Nasdaq Nordic and

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News Desk 2018
Data Technical News Nordic #2016 – 6: Nasdaq Nordic and Nasdaq Baltic introduces a new trade ticker protocol in preparation for MIFID II

Market Impacted: Nasdaq Nordic & Baltic Equity

Products Impacted: Nasdaq Nordic Equity

What you need to know: In order to prepare for MiFID II post-trade publication requirements for trading venues, Nasdaq Nordic and Nasdaq Baltic will add a new trade ticker protocol called Nordic Equity Last Sale (NLS) to INET Nordic trading system. NLS is an optional direct data feed product offered by Nasdaq Nordic and Nasdaq Baltic. NLS feed will include new MiFID II required flags, utilizing Market Model Typology (MMT) standard trade flags, for the purpose of post-trade transparency. The MiFID II required field format will not be supported; instead NLS will use an efficient and binary format.   

What is Nordic Equity Last Sale (NLS)? NLS will include all on-exchange trades executed in INET Nordic trading system: auto-matched trades executed during all trading phases (including auction trades) as well as manual on-exchange trades (including away market mirror trades). In addition to trades, Order Book Directory messages will be provided for static reference data purposes and Adjusted Closing Price messages which will disseminate the adjusted closing price for all symbols at start of day.   

Trades from current OTC Trade Publication Service or from the future Nasdaq Nordic Approved Publication Arrangement (APA) are currently not included in the NLS feed.  

The current ITCH for Reported Trades feed is planned to be retired as a consequence of the new feed.  

What are the technical specifications?

Nasdaq will offer the NLS data feed in two protocol options:   

  • SoupBinTCP
  • MoldUDP64

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

Introduction of NLS has no impact to INET Nordic Market Model.

When is this happening? NLS is planned for INET Nordic production as of February 13, 2017 and testing will be available in INET Test (NTF) as of November 14, 2016. A separate INET MiFID II test environment will be available from spring 2017 for testing of MiFID II functionality.

  • INET Test (NTF) – November 14, 2016
  • INET Production – February 13, 2017
  • INET MiFID II Test – TBD, preliminary late Q1, 2017

Current ITCH for Reported Trades ports and the new NLS will be available in parallel until MiFID II comes into effect. The ITCH for Reported Trades protocol will be decommissioned at the latest when MiFID II functionality will be available in INET Production.  

Further details on ordering of NLS ports and multicast services, connectivity guidelines and technical prices will be communicated in a separate IT-Notice (by November 1, 2016).

Information regarding upcoming Genium Consolidated Feed (GCF)/TIP releases will be communicated separately when more information is available.

Where can I find additional information?   

Latest updates regarding INET Nordic enhancements are available at the Nasdaq Nordic Technical Information web site under INET Nordic Enhancements and under IT-Notices .

Market Data products: dataproducts@nasdaq.com

For technical questions, please contact Nasdaq Cash Equity Operations:

Tel: +46 8 405 6410,

E-mail: operator@nasdaq.com

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