How Auction on Demand Works
Auctions are triggered on demand as soon as two crossing orders are found by the system. An auction starts with a fixed 25 ms period, followed by a random period of between 0 and 75 ms, so that the auction stays open for a maximum of 100 ms. During this time other bids may enter the system and take precedence.
The auction will uncross at the price where the most volume can be traded. Price and executable quantity are published in real time.
Priority model: Internal (broker)/size/time.
Confidentiality & Transparency
Pre-trade transparency: Indicative Price and Quantity in real time
Post-trade transparency: Trades in real time, no counterparty, separate MIC code on execution reports
Executions contribute to official member market share
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Pre-trade transparency: Indicative Price and Quantity in real time
Post-trade transparency: Trades in real time, no counterparty, separate MIC code on execution reports
Executions contribute to official member market share
Connectivity & Trading Hours
Auction on Demand can be accessed via FIX, OUCH and the Nordic Workstation during lit order book trading hours
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Auction on Demand can be accessed via FIX, OUCH and the Nordic Workstation during lit order book trading hours
Interested in Auction on Demand Statistics?
Please reach out to your sales representative.
Safety Features
Auction on Demand runs in parallel to our lit order books. No information about individual orders are published. We have also implemented several safety features to minimize the risk of information leakage.
- Randomized uncross after 25-100 ms
- Speed bump on cancels secures real trading interests in the book
- Speed bump on modifications of order when reducing position
- EBBO collar protection
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Auction on Demand runs in parallel to our lit order books. No information about individual orders are published. We have also implemented several safety features to minimize the risk of information leakage.
- Randomized uncross after 25-100 ms
- Speed bump on cancels secures real trading interests in the book
- Speed bump on modifications of order when reducing position
- EBBO collar protection
Order Types
Orders can be entered as Pegged, Limit or Market orders, with optional limit price protection and MES protection.
- Pegged orders only executed at their pegged price according to the peg instruction (“at-priced”)
- Limit and Market orders executes at or within the Primary Best Bid Offer (PBBO)
- Optional Limit Price Protection
- Time in Force: DAY, GTT, IOC, GFA
- MES protection. One opposite order needs to be equal or larger than MES, to prevent aggregation or "bulking"
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Orders can be entered as Pegged, Limit or Market orders, with optional limit price protection and MES protection.
- Pegged orders only executed at their pegged price according to the peg instruction (“at-priced”)
- Limit and Market orders executes at or within the Primary Best Bid Offer (PBBO)
- Optional Limit Price Protection
- Time in Force: DAY, GTT, IOC, GFA
- MES protection. One opposite order needs to be equal or larger than MES, to prevent aggregation or "bulking"
Key Benefits with Auction on Demand
Periodic Auctions
Benefit from the Auction model at any time during trading hours. Auctions are triggered on demand, whenever matching orders are found
Minimized Market Impact
Minimize information leakage for large or strategically important trading interests. Only the indicative price and quantity published pre-trade. Post-trade reporting in real time, no counterparty information & separate MIC codes on execution reports
Multiple Safety Features
Randomized uncross and speed bumps on cancels and modifications secures that only real trading interests are entered in the book
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Nasdaq Nordic on this webpage refers to, either each individually or all together, Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf. and Nasdaq Stockholm AB. Nasdaq Nordic may also include Nasdaq Baltic that respectively refers to Nasdaq Riga AS, Nasdaq Tallinn AS and AB Nasdaq Vilnius. Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn and Nasdaq Vilnius are respectively brand names for Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd, Nasdaq Iceland hf., Nasdaq Riga AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS and AB Nasdaq Vilnius.