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Instinet connects to Nordic@Mid dark pool

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Electronic trading specialist Instinet Europe Limited has connected to Nordic@Mid, NASDAQ OMX’s non-displayed trading facility for its Nordic exchanges. Effective immediately, Instinet Europe’s institutional clients can access Nordic@Mid via Instinet’s Execution Experts algorithmic suite or its award-winning SmartRouter.

Nordic@Mid matches non-displayed orders at the midpoint of the primary market’s best bid and offer. The platform currently covers stocks listed on NASDAQ OMX’s cash equity markets in Copenhagen, Helsinki, Iceland and Stockholm, and will be extended to cover Norwegian shares later this quarter.

“In Europe, Instinet’s SmartRouter and algorithms access more than 40 exchanges, MTFs and broker-operated dark pools, and we are pleased to add the Nordic@Mid dark pool as the latest venue,” says Richard Balarkas, CEO of Instinet Europe. “Our approach to liquidity sourcing is 100 percent aligned with our clients’ interests and their goal of finding the best priced liquidity available. We never compromise that goal by prioritizing venues based on our costs of trading or the rebates offered.”

Bjørn Sibbern, Senior Vice President for Nasdaq OMX Nordic Equities Markets, commented: “We are delighted that a broker with the global stature of Instinet has connected to our Nordic dark liquidity venue. We are confident that access to our liquidity will offer price improvement opportunities for Instinet’s global client base.”

Nordic@Mid ensures transparency concerning price determination, enabling trading members to minimise their trading costs. By always matching orders at the primary market midpoint, there is little market or price impact. Executed Nordic@Mid trades are published real time via the public NASDAQ OMX Nordic data feed.

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