Data News Nordic #2018 – 3: Changes to Baltic Equity and Fixed income Non-display products

Markets Impacted:

• Baltic Equity and Fixed Income markets

Products Impacted:

• Baltic Equity and Fixed Income products

What you need to know:
Effective August 1 2018, Nasdaq® will update the Non-Display policy for Baltic Equity and Fixed Income products, and introduce new policies and fees. Non-Display usage of Baltic Information will as of August 1, 2018 not be covered by the Baltic Internal Distributor Fee. For more information about the Non-Display definition, please refer to the Non-Display usage Policy and Unit of Count Policy.

Depending on usage, firms may be liable for both the Baltic Non-Display fees and the existing Baltic Trading Platform fee. The Trading Platform fee is liable once per product regardless of the number of Trading Platforms a Distributor or Recipient may have for each Product. Please note that Non-Display does not include any use of Nasdaq Baltic information that merely enables a display, and results in the output of Nasdaq Baltic information solely to a display. The Baltic Non-display policy will from August 1, 2018 have the same structure as the Nordic Non-display usage categories:
 

Non-display Categories:

• Category 1 Non-Display: Covers a firm’s non-display trading-based activities as trading firms and for the purpose of customer business facilitation. Includes: order routing, fully automated trading, and trading with manual intervention. (Also includes Category -2 usage outlined below)
   
• Category 2 Non-Display: Covers non-trading non-display activities for the purpose of calculation and verification such as but not limited to: portfolio valuation, administration, risk calculations, analysis, and fund management.
   
• Trading Platform: Distributors or Recipients operating a Trading Platform (including but not limited to: Multilateral Trading Facilities (MTF), Organized Trading Facilities (OTF), dark pools, broker crossing networks, systematic internalization systems, alternative trading systems, crossing networks are liable for the Trading Platform fee.

What is the new fee structure for Baltic Equity and Fixed Income Non-Display?
Nasdaq is updating the structure of Baltic Equity and Fixed Income Non-Display to follow the same product structure implemented for Nordic Non-display products and to insure Recipients are easily able to identify which product meets their requirements. Baltic Equity and Fixed Income Non-display customers will fall into one of the below categories and may additionally be liable for the Trading Platform fee as detailed below.

Category 1 Non-Display: Trading (Includes Category -2 usage)
 

Category 2 Non-Display: Calculation and Verification
 

Trading Platform Fee:
 

Why is Nasdaq making these changes?
Nasdaq is harmonizing the policy and fee structure for Nordic and Baltic Non-display activities by introducing the change to Baltic Equity and Fixed Income so that the distributor fees and Non-display follow the same structure.

Where can I find additional information? 

For further details on Nordic Non-Display policies, please refer to the Global Information Services Data Policies document: http://www.nasdaqtrader.com/content/AdministrationSupport/Policy/DATAPOLICY.pdf

For questions regarding this notice please speak to your Sales Representative or contactDataSales@nasdaq.com or by telephone: +46 8 405 7500 or +45 33 93 33 66.