Direct Away Market Access
Service Description
Nasdaq Exchange and Clearing Services AB
Table of Contents
1
2
3
4
5
Document Scope ........................................................................................................ 3
1.1
Document History................................................................................................ 3
1.2
Confidential Information ....................................................................................... 3
Direct Away Market Access .......................................................................................... 5
2.1
Background ........................................................................................................ 5
2.2
Overview ............................................................................................................ 5
2.3
Eligible instruments ............................................................................................. 5
Details on Direct Away Market Access ........................................................................... 6
3.1
Direct Away Market Access order entry .................................................................. 6
3.2
Direct routing strategies ....................................................................................... 6
3.3
Trading sessions.................................................................................................. 6
3.4
Allowed Order Conditions ..................................................................................... 7
3.5
Order management ............................................................................................. 7
Orders introduced in own name at Oslo Børs ................................................................. 8
4.1
Customer configuration ........................................................................................ 8
4.2
Order management and trades.............................................................................. 8
4.3
Nordic Workstation .............................................................................................. 9
Contacts ................................................................................................................... 9
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1 Document Scope
This document describes the Nasdaq Exchange and Clearing Services AB’s Direct Away Market
Access services.
The Direct Away Market Access services are offered as an additional technical service, under
separate agreement with Nasdaq Exchange and Clearing Services AB.
NOTE: While the document has been prepared on the basis of the best information available,
Nasdaq Exchange and Clearing Services AB accepts no liability for decisions taken, or
systems work carried out by any party, based on this document.
1.1 Document History
Date
Revision
Change Description
2013-12-09
1.0
Initial version
2014-01-21
1.1
Clarification to 4.2 - Order capacity
2014-03-10
1.2
Introduction of BATE, CHIX, TRQX and BURG
2015-12-29
1.3
Updated with new legal names
1.2 Confidential Information

The information contained in this document and all its appendices in both physical
and electronic forms is the intellectual property of Nasdaq Exchange and Clearing
Services AB and contains confidential information (the Confidential Information).
Notes, documents, summaries or reports which are prepared from Confidential
Information to the extent such specifically refer or relate to Confidential Information
are themselves Confidential Information.

The Service Description is intended to be read only by legitimate recipients who
received it from Nasdaq Exchange and Clearing Services AB or its authorized
representatives for the sole purpose of using or evaluating potential use of Nasdaq
Exchange and Clearing Services AB services for Direct Away Market Access based
on the Nasdaq Direct Away Market Access Agreement.

Access to or disclosure of Confidential Information shall be limited to those
employees or partners covered by a then effective legal obligation or agreement
with the legitimate recipient that prohibits the disclosure or unauthorized use of
confidential information deemed confidential by the legitimate recipient (Authorized
Employees). The existence of such an agreement with an employee or partner of
the legitimate recipient shall not operate to relieve the legitimate recipient from
liability for acts of such employee or partner that result in a breach of these
confidentiality clauses.
CONFIDENTIAL INFORMATION
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


Legitimate recipient shall not make copies of the Confidential Information except for
those copies required for use by Authorized Employees in the performance of the
Nasdaq Direct Away Market Access Agreement.
Each copy, including its storage media, shall be marked Confidential, and also
include all copyright, trademark and other proprietary notices which appear on the
original. Legitimate recipient agrees that all Confidential Information, including any
copies thereof, shall be returned to Nasdaq Exchange and Clearing Services AB or
destroyed within ten (10) days of the expiration or other termination of the Nasdaq
Direct Away Market Access Agreement or as soon as the evaluation the service
suitability has ended.
The legitimate recipient of the User Guide obliges not to disclose in any form the
Confidential Information or any information derived therefrom to any third party
without the prior written consent of Nasdaq Exchange and Clearing Services AB
and obliges to hold the Confidential Information in safe custody.
CONFIDENTIAL INFORMATION
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2 Direct Away Market Access
2.1 Background
Based on customer request Nasdaq is broadening its execution services by introducing
technical support to Direct Away Market Access.
2.2 Overview
The Direct Away Market Access is offered by Nasdaq Exchange and Clearing Services AB,
and is a technical service, enabling the use of direct routing strategies. The service utilizes
FIX connectivity to INET Nordic trading system and Nasdaq Smart Order Routing service1.
Direct routing strategies are included in the INET Nordic FIX protocol specifications and
Nordic Workstation.
Direct routing strategies used for Direct Away Market Access:




XOSL – direct access to Oslo Børs
BATE – direct access to BATS
CHIX – direct access to CHI-X
TRQX – direct access to Turquoise
These Direct routing strategies allow the customer to introduce the order on a single
specified Away Market. A direct strategy order does not interact with Nasdaq Nordic Order
books or other Away Markets books and therefore it may only be posted on the respective
specified Away Market book.
A separate technical service agreement with Nasdaq Exchange and Clearing Services AB
needs to be in place for the service.
Customers fulfilling certain preconditions may also be offered a possibility to send orders to
be introduced in their own name to Oslo Børs. This additional functionality is limited to
direct Oslo Børs access (XOSL).
2.3 Eligible instruments
All shares admitted to trading on relevant Nasdaq exchanges (Nasdaq Stockholm, Nasdaq
Helsinki, Nasdaq Copenhagen and the respective First North markets) that are routable
and traded on the relevant Away Markets (as defined the Terms and Conditions for Nasdaq
Nordic Exchanges’ Smart Order Routing) are eligible for Direct Away Market Access.
Norwegian shares traded on First North Sweden are eligible as well.
1
Smart Order Routing Service requires that the customer has membership at the relevant Nasdaq
Nordic exchange from which orders may be routed. Smart Order Routing service agreement with
relevant Nasdaq Nordic exchange is therefore required.
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3 Details on Direct Away Market Access
3.1 Direct Away Market Access order entry
Direct strategies follow the Nasdaq Smart Order Routing service logics.

The Away Market is specified in the strategy field of the order (TAG 76) or Nordic
Workstation (see below)

Customers can identify the applicable Away Markets from the GCF/TIP BD
Tradable message.
3.2 Direct routing strategies
The following direct strategy is supported (using the respective MIC codes as the strategy
code):




XOSL
BATE
CHIX
TRQX
Direct strategy orders via Introducing Broker are sent to the respective specified Away
Market without any interaction with Nasdaq Nordic order books or other Away Markets.
3.3 Trading sessions
In general, Direct Away Market Access is available and direct strategy orders may be
routed out during INET Nordic’s continuous trading session.
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The XOSL strategy routes out whenever Oslo Børs accepts orders (approximately 8:1516:25 CET).
Subject to the specified Time-in-Force, the order will be posted to the respective specified
Away Market book. Immediate-or-Cancel (IOC) orders are not posted.
3.4 Allowed Order Conditions
Allowed order type:
 Limit
Allowed Time-in-Force:
 DAY
 IOC
 GTC (Introducing Broker sends as DAY and the router reintroduces the order the
following day)
 GTT (Introducing Broker sends as DAY and the router cancels the order out at the
specified time)
Advanced order conditions as e.g. Reserve Orders (Iceberg Orders) are not allowed.
3.5 Order management
XOSL strategy orders may be submitted, changed and cancelled according to following:
INET Market
State
Pre-Open
INET Symbol
State
Trading
Oslo Børs Symbol State
Description
Any except Auction Call
Pre-Open &
Continuous
Continuous
Trading
Auction Call
Trading
Continuous
Post-Trade
Trading
Any
Pre-Open &
Continuous
Continuous
Halted
Any
Auction Call
Any except Halted
Queued, cancel only (including
cancel down), no routing.
Full order management. Routes out
immediately.
Full order management. Routes out
immediately.
Queued, cancel only (including
cancel down), no routing.
Queued, cancel only (including
cancel down), no routing.
Full order management.
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4 Orders introduced in own name at Oslo Børs
Customers fulfilling certain preconditions may be offered a possibility to send orders to be
introduced in their own name to Oslo Børs. This additional functionality is limited to Oslo
Børs and it requires
1) the customer’s membership at Oslo Børs and
2) a separate agreement between the customer and the Introducing Broker, where the
Introducing Broker agrees to act on-behalf-of the customer at Oslo Børs.
4.1 Customer configuration
Customers fulfilling the above preconditions will be configured so that the orders to Oslo
Børs shall be introduced in customer’s own name.
All orders routed to Oslo Børs will be introduced in the members’ name, irrespective of the
routing strategy used.
4.2 Order management and trades
When the customer sends an order to Oslo Børs, the Introducing Broker receives the order
with instructions that the order shall be introduced in the name of the customer on Oslo
Børs. This is indicated with member ID in the order sent to the Introducing Broker.
The Introducing Broker will map this to the applicable Oslo Børs member ID and any other
fields needed in identifying the party.
All orders routed to Oslo Børs will have “Client” as the trading capacity. There is currently
no possibility to change capacity based on the information on the Order.
Order conditions and order management for orders in own name follows the same rules as
in 3.5.
All executions at Oslo Børs will be in made in the name of the customer in its capacity of
Oslo Børs member and therefore follow the applicable processes and regulations for that
specific Away Market (including for example clearing, publication and official trade
statistics).
Execution reports received via the Introducing Broker for trades related to these orders
include the following:
 The contra broker = the XOSL CCP
 The XOSL Trade ID that can be used for reconciliation
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4.3 Nordic Workstation
Nordic Workstation functionalities may be used for orders entered in the name of the
customer.
It is e.g. possible to manage (Cancel/New) direct strategy orders and orders introduced
with direct strategy XOSL in the name of the client via Nordic Workstation.
5 Contacts
For more information and access to the Direct Away Market Access services contact your
sales representative.
Technical and Trade Support - INET
Cash equity trade support and member configuration, technical support for INET, GCF,
FDS and auxiliary systems
+46 8 405 6410
[email protected]
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