European shares and depositary receipts primary listed in regulated markets in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Norway, Netherlands, Portugal, Spain and Sweden. Details on markets and instruments in scope will be available in Nasdaq reference data services.

The Liquidity Transfer Rate (LTR) is a percentage of the market's future volume that a member is willing to trade. When IOIs are submitted, the LTR is expressed as a range – each IOI has a minimum and maximum LTR.

1. Non-actionable IOIs are submitted to PureStream on Nasdaq Europe. The system tries to identify a match.
2. When a match is found, the members are asked to firm-up their IOI within a specific time period. Once the firm-ups are received, a PureStream matching cycle begins.
3. Nasdaq records the benchmark trades executed on the benchmark venues by monitoring real-time trade feed. The volume executed across the benchmark trades is aggregated until at least two benchmark trades have been executed and a minimum notional threshold is reached. This is the Minimum Stream Value (MSV).
4. Once a set of benchmark trades reaches the MSV, a PureStream trade is executed at VWAP, calculated over the benchmark trades. The execution size is the agreed LTR times the aggregated total volume traded in the benchmark trades.
5. Steps 3 and 4 are repeated until the full volume is traded, the limit price of one of the IOIs crosses the price of one of the benchmark trades, or one of the IOIs is cancelled.
    

PureStream trades will be published in real time on the market data feeds and identified with the following new Market Identifier Codes (MIC): PCSE for Nasdaq Copenhagen instruments, PHEL for Nasdaq Helsinki instruments, PSTO for Nasdaq Stockholm instruments and PFSE for European instruments (including Norwegian shares) on First North Sweden. The trades will also be flagged as negotiated trades with the post-trade flags PRIC and BENC. Note: MIC codes are pending registration.