The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, today announced the introduction of 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 an innovative 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 European Union (EU) institutions.
"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," said NASDAQ OMX Executive Vice President Hans-Ole Jochumsen. "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."
"NASDAQ OMX Nordic Last Sale for Professional Users was introduced in response to customer demand," said Randall Hopkins, Senior Vice President, NASDAQ OMX Global Data Products. "Now market professionals can more effectively identify liquidity and evaluate execution quality, enabling them to make better informed investment decisions. By giving firms a lower price-point for Last Sale data, as compared to Level 1, firms are given more choices, better ways to match their needs precisely to the product type, and in many cases, to lower their market data costs."
NASDAQ OMX Nordic Last Sale for Professional Users is available for a subscription fee of €15/ per month. For more information about NASDAQ OMX Nordic Last Sale for Professional Users, visit http://nordic.nasdaqomxtrader.com/marketdata/dataproducts/NordicLastSale/