Nasdaq OMX Nordic is launching a dark pool for regulated cash equity markets in Stockholm, Copenhagen, Helsinki and Iceland.
The venue, dubbed Nordic@Mid, launches on Monday, enabling institutional investors to execute large block trades anonymously on Nasdaq OMX's Nordic exchanges.
The dark pool - a regulated market with Nasdaq OMX Nordic trading surveillance - offers a separate continuous crossing of non-displayed orders where they are always matched at midpoint of prevailing reference price. There is also real-time post trade transparency via the public Nasdaq OMX feed, flagged as Nordic@Mid execution.
The venue uses the same Inet technology as the displayed central order books but has a separate, publicly disclosed matching algorithm.
Hans-Ole Jochumsen, president, Nasdaq OMX Nordic, says: "With Nordic@Mid, institutional investors are now able to execute large block trades efficiently and market neutrally on Nasdaq OMX Nordic exchanges, which are by far the biggest Nordic liquidity pool."
SmartPool, the European dark liquidity pool created by NYSE Euronext in partnership with HSBC, JPMorgan and BNP Paribas, in March reported record market share gains in the Nordic region and confirmed SEB - the largest broker the Stockholm and Oslo Stock Exchanges - as a new source of liquidity.