Nordic LiS Block
Efficient execution of large orders directly in central order book
Execute large non-displayed block orders within the central lit order book.
Trading Model
Continuous matching. Hidden orders are valid also during auctions. Pegged orders trade in auctions at their last pegged price.
Hidden Limit Orders
Orders meeting the MiFID II Large-in-Scale (LiS) criteria can be entered in the central lit order book as non-displayed limit orders.
Orders above LiS can be entered as Hidden Limit orders.
Non-displayed Limit Orders are hidden from other participants than the participant entering it.
The Hidden Order stipulates a maximum purchase price or minimum selling price and is ranked after visible Lit Orders at the same price.
Supports minimum acceptable quantity (MAQ) matching.
Pegged Orders
Large-in-Scale orders can also be entered in the central lit order book as non-displayed pegged orders.
Pegging orders can be entered as Non-displayed as Market-, Primary-, or Mid-Pegging, with a possible Limit Price protection.
By using the Pegging order types, you thereby let the INET trading system automatically adjust the price of the Order based on changes in the visible Best Bid or Offer Price. This feature is called pegging, since the price of the Order is pegged, or defined, by a reference price.
Besides the Mid-point Peg order type, which is commonly used in dark pools, it is also a possibility to peg to the best Bid or Ask including an incremental difference (expressed in ticks). I.e. it is possible to peg a hidden buy order to the best bid price + 1 tick.
Supports minimum acceptable quantity (MAQ) matching.
Order Size for LiS
The order size for classification as a Large-in-Scale order according to MIFID II varies depending on the average daily turnover for the equity.
Minimum size order to qualify as large in scale compared to average daily turnover (ADT) in EUR:
- ADT < 50,000: 15,000
- 50 000 ≤ ADT < 100 000: 30,000
- 100 000 ≤ ADT < 500 000: 60,000
- 500 000 ≤ ADT < 1 million: 100,000
- 1 million ≤ ADT < 5 millions: 200,000
- 5 millions ≤ ADT < 25 millions: 300,000
- 25 millions ≤ ADT < 50 millions: 400,000
- 50 millions ≤ ADT < 100 millions: 500,000
- ADT ≥ 100 millions: 650,000
Benefits with Large-in-Scale Orders
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