Nasdaq (NDAQ) announced today the introduction of a new trading phase called Trading@ClosingPrice on the Nasdaq Copenhagen and First North Denmark markets. Trading@ClosingPrice is a 10-minute trading phase after the lit order book closing auction, where trading members may optionally continue to trade. Orders sent to this trading phase match continuously at the closing auction price in a regulated on-exchange environment.
“We are very pleased with being able to meet a growing demand from our clients. Trading@ClosingPrice is a trading functionality that creates additional liquidity and matching opportunities in a lit, monitored and regulated environment,” said President of Nasdaq Copenhagen and VP European Equity Sales, Nikolaj Kosakewitsch, and continued: ”Trading@ClosingPrice has been on the wish list for some time in the Danish market from both sell- and buy-side investors alongside a considerable share of our non-Nordic market participants.”
Closing auction turnover on the Danish stock exchange today accounts for a growing share of the average daily turnover. The new functionality will provide further alternatives for investors who seek a representative end of day price.
Rolf Mølkjær, Head of Trading at Nordea Asset Management said, “Trading@ClosingPrice will increase matching opportunities for all investors who seek to trade the end-of-day liquid closing price, but who are not necessarily keen on entering their full order size into the closing auction. Instead this offers an opportunity to continue to match more volumes at the fixed price set in the closing auction. In short, this is an excellent new opportunity for investors who want to tap additional liquidity after a fixed and fair auction equilibrium price has been found and thereby get the opportunity to get their bigger sized order fully done on the day.”
Nasdaq Copenhagen launches the Trading@ClosingPrice functionality today May 1st 2019.
Learn more here
