Neonet, the global agency broker, today announced the addition of Nordic@Mid - a new non-displayed, "dark pool" trading facility in Nordic Cash Equity Trading - to its service offering. 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 covers 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 Q1, 2011. Nordic@Mid can be traded using the Neonet Dark algorithm.
"Nordic@Mid is a welcome addition to our offering, as it provides innovative means of execution that generates valuable opportunities to Neonet clients," said Fredrik Lindqvist, President, Neonet Securities. "Aside from the transparency benefits with midpoint order matching, Nordic@Mid also allows for efficient, automatic execution of large orders and reduced costs for counterparty search."
Nordic@Mid ensures transparency concerning price determination, enabling trading members to minimize their trading costs. By always matching orders at midpoint of prevailing reference price, there is no market or price impact. Executed Nordic@Mid trades are published real time via the public NASDAQ OMX Nordic data feed.