The NASDAQ OMX Group, the world’s largest exchange company, has introduced a new product – NASDAQ OMX Nordic Last Sale for Professional Users.
NASDAQ OMX Nordic Last Sale for Professional Users carries real-time trade data for all executions on the NASDAQ OMX book as well as over-the-counter (OTC) trades reported to the NASDAQ OMX Trade Reporting Facility in Stockholm.
Prior to this development, NASDAQ OMX Last Sale in the Nordics had so far only been priced for non-professional users. The non-professional product will continue unchanged.
NASDAQ OMX Nordic Last Sale for Professional Users, available as of September 1, will help foster post-trade transparency. Additionally, it will improve the quality of post-trade OTC data, due to a price validation mechanism.
NASDAQ OMX’s unique price validation is expected to catch several inaccurate prints per day, allowing any errors to be corrected before erroneous trades become part of the consolidated tape. This new service will address some of the shortcomings resulting from the implementation of the Markets in Financial Instruments Directive (MiFID) recently recognized by EU institutions.
Hans-Ole Jochumsen, Executive Vice President from NASDAQ OMX said:”While MiFID has been beneficial in increasing exchange competition and reducing transaction fees for market participants, it has also caused market fragmentation — thus creating challenges to post-trade transparency. NASDAQ OMX Nordic Last Sale for Professional Users enhances post-trade transparency and facilitates vendors’ creation of a consolidated tape by providing complete and accurate execution data.”
ACQ Magazine