Nasdaq OMX’s Nordic Order Router routes from trading systems to introducing brokers in London and the broker introduces the order on the away market.
The router for Nordic stocks is integrated in the
Nasdaq OMX INET trading system, in Stockholm. It routes all limit orders.
Latency is mainly derived from the physical distance from
Stockholm to London.
Access to the Nordic Order Router is provided via
FIX or the proprietary Nordic Workstation. It accesses venues including
Burgundy, Chi-X, BATS, Turquoise and Oslo Börs. The router can also reach the
Nasdaq OMX dark pool Nordic@Mid.
The router provides full insight into its logic since
routing is offered to the largest extent by incorporating public member rules.
Customers can chose between a set of standard
routing strategies and there are some select customer configuration
Currently one dark venue is available, Nordic@Mid,
although more dark pools can be added based on customer request and ad hoc
reports can be provided.
Nasdaq will add more routing strategies based on
customer requests and a transaction cost analysis reporting functionality is
currently being worked on.