Fees halted to boost Finnish dark pool share

In a bid to garner business its Nordic@Mid dark pool in Finland, exchange provider Nasdaq OMX Nordic is abolishing trading fees for rest of the year.

In a bid to garner business for its Nordic@Mid dark pool in Finland, exchange provider Nasdaq OMX Nordic is abolishing trading fees for rest of the year.

Since the beginning of 2010, total volumes for dark pool trading in Finland have risen five-fold and are now reaching 5% of the equivalent volume in lit trading.

Lauri Rosendahl, president of Nasdaq OMX Helsinki, said the Nordic@Mid was gaining market share as traders searched beyond the lit to find liquidity.

"Following the success of the Stockholm launch in the spring, we have now reached a market share of 1.72% in August, which has put Nordic@Mid in the 8th place among 12 dark pools trading in Swedish stocks. We are of course hoping for the same success here," Rosendahl said of the Finnish re-launch.

The Nordic@Mid dark pool trades among regulated cash equity markets of Copenhagen, Helsinki, Iceland and Stockholm, and was initially launched in 15 November 2010.

The dark pool then re-launched on 28 May after removing the 500,000 Swedish kroner minimum order size obligation and began matching trades on a price-size – rather than a price-time – priority basis, which saw its market share rise significantly.

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