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Nasdaq Launches Auction On Demand in the Nordics

Several Software Vendors on board from the start. Available today on all Nasdaq Nordic Exchanges.

Nasdaq (Nasdaq: NDAQ) is today launching an innovative new market feature, Auction on Demand – designed to fulfill MiFID II transparency requirements.

Since the announcement in December 2016, several Independent Software Vendors (ISV’s) have signed up for the service and are ready to support trading from start. These include FIS Front Arena, Itiviti, Fidessa and Vitec Aloc.

During the spring, the service has been extensively tested and the reception among members has been very good.

“We are happy to support Nasdaq on the launch of Auction on Demand,” says Sven Andersson, Head of Electronic Execution at SEB. “We believe that the service will help us handle large orders in a better and more efficient way. With MiFID II just around the corner, the need for trading services compliant with the new regulatory landscape is strong, and we believe that Auction in Demand is one of the better ways to be prepared.” 

Some product highlights include an innovative price discovery mechanism, unique internal (broker)/size/time priority and multiple safety features.

“After several months of hard work by the Nasdaq team, I am proud to finally hit the launch button for Auction on Demand,” says Henrik Husman, Vice President, European Cash Equities at Nasdaq. “We believe that there is a demand for a trading service that incorporates internal priority and other innovative features into an periodic auction model ready for a post MiFID II trading landscape. The strong group of members and ISV’s supporting the service from launch is a strong indication that we have made the right assessment.”

Auction on Demand will be available for trading in shares on Nasdaq Stockholm (including Norwegian shares), Nasdaq Copenhagen, Nasdaq Helsinki and Nasdaq Iceland as well as ETF’s and investment funds on Nasdaq Copenhagen.

Developed with professional investors in mind, Auction on Demand addresses a broad range of execution challenges for larger orders, runs in parallel to Nasdaq Nordic’s lit order books, and is triggered on-demand.

In the Auction on Demand order book, a seller or buyer may place an order at any time, entering it into a periodic auction. When a matching bid or offer comes in, an auction uncross is triggered, and price and volume are made public. Auctions take place throughout the day when the lit book is in continuous trading and is triggered on demand, when there are orders that can match.

Auction on Demand is designed to fulfil both MiFID I and MiFID II transparency rules, and offers multiple features to ensure open yet unobtrusive trading. The service comes with a number of safety features, including randomization and minimum execution size.

It is available for all members trading shares on the main markets, including associated First North markets, on Stockholm, Copenhagen, Helsinki and Iceland, via all order entry protocols, and during regular trading hours.

With Auction on Demand, Nasdaq has aimed to incorporate its world leading technology and market knowledge into a service that will help market participants execute both large and small orders in accordance with the new MiFID II regulations.

Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,700 listed companies with a market value of $10.0 trillion and approximately 18,000 corporate clients. To