Agency brokerage Neonet has expanded its offering with the addition of Nasdaq OMX's dark pool for Nordic cash equities, Nordic@Mid, to its services.
Neonet clients will now have the ability to trade on Nordic@Mid using the broker's dark algorithm.
Introduced by Nasdaq OMX on 15 November 2010 to cover the firm's cash equity markets in Stockholm, Helsinki, Copenhagen and Reykjavik, Nordic@Mid matches non-displayed orders at the mid-point of the central order book's best bid and offer. By always matching orders at mid-point of prevailing reference price, the dark pool is designed to minimise market impact. Trades executed on Nordic@Mid are published real time via Nasdaq OMX's Nordic data feed.
“Aside from the transparency benefits with midpoint order matching, Nordic@Mid also allows for efficient, automatic execution of large orders and reduced costs for counterparty search,” said Fredrik Lindqvist, president, Neonet Securities.
The new mid-point order matching functionality will also be applied to the Norwegian shares traded on Nasdaq OMX Stockholm from Q1 2011.
Neonet introduced direct market access to the Norwegian equities segment on Nasdaq OMX Stocholm on 15 November. Nasdaq OMX has also brought in sponsored access via Deutsche Bank to all its exchanges, since 11 November 2010.