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| norex [2017/09/21 12:16] – [Auction Mechanisms] maya | norex [2023/02/27 11:54] (current) – hammed | ||
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| ====== Nasdaq OMX Nordic ====== | ====== Nasdaq OMX Nordic ====== | ||
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| Nasdaq OMX Nordic covers the NASDAQ OMX exchanges in Copenhagen, Helsinki, and Stockholm. Part of the NASDAQ OMX exchange group, it leverages the same technologies used by the NASDAQ market in the US. | Nasdaq OMX Nordic covers the NASDAQ OMX exchanges in Copenhagen, Helsinki, and Stockholm. Part of the NASDAQ OMX exchange group, it leverages the same technologies used by the NASDAQ market in the US. | ||
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| * Stockholm: Swedish Krona (SEK) | * Stockholm: Swedish Krona (SEK) | ||
| - | [[http:// | + | [[http:// |
| + | [[https:// | ||
| ==== Order Types ==== | ==== Order Types ==== | ||
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| * Limit Buy/ | * Limit Buy/ | ||
| * Market Buy/ | * Market Buy/ | ||
| - | |||
| - | |||
| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
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| * Lot Size: 100 shares. | * Lot Size: 100 shares. | ||
| * Tick Size: varies by market, price, and security. | * Tick Size: varies by market, price, and security. | ||
| * Short Sale Rules: naked short sales are prohibited; a locate must be obtained prior to executing a short sell. | * Short Sale Rules: naked short sales are prohibited; a locate must be obtained prior to executing a short sell. | ||
| - | * Circuit Breakers: Nasdaq OMX Nordic employs volatility guides which are set dynamically (Dynamic Volatility Guard) or statically (Static Volatility Guard). | + | * Circuit Breakers: Nasdaq OMX Nordic employs volatility guides which are set dynamically (Dynamic Volatility Guard) or statically (Static Volatility Guard). |
| + | * **Note:** as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/ | ||
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| + | |||
| Auction mechanisms are referred to as Calls on Nasdaq OMX Nordic. | Auction mechanisms are referred to as Calls on Nasdaq OMX Nordic. | ||
| - | The Call procedure starts in all order books of the market segment at virtually the same time. A Call consists of two phases: order management and uncross. The uncross lasts a very short time, usually a fraction of a second. A random uncrosses sequence for the order books will be applied. To facilitate price formation process in calls, order book information is supplemented with tentative matching information. It includes indicative matching price based on prevailing order information, | + | The Call procedure starts in all order books of the market segment at virtually the same time. A Call consists of two phases: order management and uncross. The uncross lasts a very short time, usually a fraction of a second. A random uncrosses sequence for the order books will be applied. To facilitate |
| === Open === | === Open === | ||
| + | |||
| During the opening call there is Market by Order dissemination of the order book. Order entry and full order management is available through the 9:00 opening auction uncross (and after). Orders with Time-In-Force conditions Day, Good-Till-Cancel, | During the opening call there is Market by Order dissemination of the order book. Order entry and full order management is available through the 9:00 opening auction uncross (and after). Orders with Time-In-Force conditions Day, Good-Till-Cancel, | ||
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| * Bids and Offers may be placed, cancelled, or amended | * Bids and Offers may be placed, cancelled, or amended | ||
| - | 2. **Closing Call** (17:25 - 17:29:45) | + | 2. **Closing Call** (17:25 - 17:29:25) |
| * No closing orders are matched | * No closing orders are matched | ||
| * Imbalance dissemination begins | * Imbalance dissemination begins | ||
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| * Time priority given to all orders, including those placed during continuous trading | * Time priority given to all orders, including those placed during continuous trading | ||
| - | 3.**Uncross** (17:29:45 - 17:30) | + | 3.**Uncross** (17:29:30 - 17:30) |
| * Closing orders will be matched | * Closing orders will be matched | ||
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| * Bids and Offers may be placed, cancelled, or amended | * Bids and Offers may be placed, cancelled, or amended | ||
| - | 2. **Closing Call** (16:55 - 16:59:45) | + | 2. **Closing Call** (16:55 - 16:59:25) |
| * No closing orders are matched | * No closing orders are matched | ||
| * Imbalance dissemination begins | * Imbalance dissemination begins | ||
| Line 82: | Line 87: | ||
| * Time priority given to all orders, including those placed during continuous trading | * Time priority given to all orders, including those placed during continuous trading | ||
| - | 3. **Uncross** (16:59:45 - 17:00) | + | 3. **Uncross** (16:59:30 - 17:00) |
| * Closing orders will be matched | * Closing orders will be matched | ||
| **Order Types:** Limit, Market, and Market-on-Close orders may be entered during the closing call to participate in the uncross. | **Order Types:** Limit, Market, and Market-on-Close orders may be entered during the closing call to participate in the uncross. | ||
| - | **Note:** during the Closing Auction, Market orders may be rejected/ | + | **Note:** during the Closing Auction, Market orders may be rejected/ |
| **EP to Reference Price Check** | **EP to Reference Price Check** | ||
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| |" | |" | ||
| - | For more information, | + | For more information, |
| ===== See Also ===== | ===== See Also ===== | ||
| - | * [[market_guides|Market Guides]] | ||
| + | * [[market_guides|Market Guides]] | ||
norex.1506010596.txt.gz · Last modified: 2017/09/21 12:16 by maya