According to the company, Nordic@Mid is a facility for matching non-displayed orders at the midpoint of the central order book’s best bid and offer.
Effective immediately, it will cover Nasdaq OMX Nordic cash equity markets in Stockholm, Helsinki, Copenhagen and Iceland.
This new functionality will also be introduced in Norwegian shares traded in Nasdaq OMX Stockholm in first quarter of 2011. Nordic@Mid can be traded using the Neonet Dark algorithm.
The company claims that Nordic@Mid will ensure transparency concerning price determination, enabling trading members to minimize their trading costs.
Executed Nordic@Mid trades will be published real time via the public Nasdaq OMX Nordic data feed.
Neonet Securities president Fredrik Lindqvist said that aside from the transparency benefits with midpoint order matching, Nordic@Mid will also allow for efficient, automatic execution of large orders and reduced costs for counterparty search.
