Oslo Børs has launched its new dark pool, called North Sea, which will provide its members to execute large equity orders at the mid-point.
The Norwegian exchange operator said it wants to help concentrate liquidity in Norwegian shares by offering a regulated market for dark trading, adding “Oslo Børs wants to be the first port of call for investors seeking liquidity.”
North Sea will feature size prioritisation for large orders and traders can set a minimum execution size. Pricing is based on the mid-point of the main exchange’s best bid and offer price.
It will also utilise the Turquoise Uncross functionality alongside continuous trading, providing periodic auctions at random intervals of 10-20 seconds. The use of Turquoise Uncross stems from a strategic cooperation partnership between Oslo Børs and the London Stock Exchange Group.
Oslo Børs previously ran a dark pool, also called North Sea, which it launched in 2011. However, functionality in the current incarnation is significantly increased and the exchange hopes to capture a larger market share of Norwegian dark trading.
Swedish agency broker Neonet has said it is offering day one access to North Sea, including DMA, smart order routing and algorithmic trading.