Neonet expands offering with Nordic@Mid Dark Pool
Transparency in price determination helps Neonet clients to reduce trading costs on Nordic cash equity markets.
Stockholm, Sweden, November 16, 2010 – Neonet, the global agency broker, today announced the addition of Nordic@Mid – a new non-displayed, “dark pool” trading facility in Nordic Cash Equity Trading – to its service offering. Nordic@Mid is a facility for matching non-displayed orders at the midpoint of the central order book's best bid and offer. Effective immediately, it covers NASDAQ OMX Nordic cash equity markets in Stockholm, Helsinki, Copenhagen and Iceland. This new functionality will also be introduced in Norwegian shares traded in NASDAQ OMX Stockholm in Q1, 2011. Nordic@Mid can be traded using the Neonet Dark algorithm.
“Nordic@Mid is a welcome addition to our offering, as it provides innovative means of execution that generates valuable opportunities to Neonet clients,” said Fredrik Lindqvist, President, Neonet Securities. “Aside from the transparency benefits with midpoint order matching, Nordic@Mid also allows for efficient, automatic execution of large orders and reduced costs for counterparty search.”
Nordic@Mid ensures transparency concerning price determination, enabling trading members to minimize their trading costs. By always matching orders at midpoint of prevailing reference price, there is no market or price impact. Executed Nordic@Mid trades are published real time via the public NASDAQ OMX Nordic data feed.
Neonet is a global agency broker that offers professional market participants independent, high-speed brokerage services based on advanced trading software solutions. Neonet’s state-of-the art execution technology provides connectivity to markets across the EMEA, Americas and Asia-Pacific. Neonet’s services include a comprehensive execution management system, advanced trading algorithms, smart order routing, market data services and a 24 hour trading desk for manual execution and support. Neonet’s clients are found in over 25 countries and include banks, brokerage firms, institutional investors, hedge funds and trading venues. Neonet Securities is an Orc Software company. Orc Software is publicly traded on NASDAQ OMX Stockholm (SSE:ORC).
For further information, please visit www.neonet.com.
About Orc Software
Orc is a leading provider of technology and services for the global financial industry. Orc delivers trading and market access solutions used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
Available as deployed software or as managed services, Orc develops and provides the tools needed for running profitable trading or brokerage businesses in today’s competitive and ever-changing markets.
With market presence in all major global financial centers, Orc provides sales and support services from its offices across EMEA, the Americas and the Asia-Pacific regions. Orc Software is publicly traded on NASDAQ OMX Stockholm (SSE: ORC).
Fredrik Lindqvist, President Neonet Securities, Tel. +46 8 454 15 00
Christine Blinke, VP Marketing and Investor Relations, Orc Software, Tel. + 46 739 01 02 01