NASDAQ OMX Nordic: Derivatives: Order-to-Trade Ratio Calculation for Equity Derivatives (MiFID II) (87/17)

In response to legislation implementing MiFID II, Nasdaq Stockholm will
introduce order-to-trade ratio (OTR) calculations on the equity derivatives
market. This notice contains information on the calculation methodology and the
maximum ratios that will be applied effective 2 Jan 2018. 

Under the new procedure the exchange will calculate and monitor the
order-to-trade ratio of each member and participant category (non-MM and MM)
and every sub-class of derivatives, in number and volume terms respectively. As
set out in the exchange rules of Nasdaq Derivatives Markets, members may not
exceed the relevant maximum ratios that apply per sub-class as determined by
the exchange and made available in the Genium INET Market Model document from
time to time. The maximum OTR for a particular sub-class (e.g. OMXS30 index
futures, VOLVB stock options) will be deemed to have been exceeded by a member
during a trading day if the trading activity of that member and participant
category, during opening hours, exceeds either or both of the two ratios.
Specific higher maximum ratios will be applied for market making activity. 

Daily OTR levels will be made available to members via a new report in the
Nasdaq Member Portal. The report will for every sub-class include information
on the total number of orders, the total volume of orders, the total number of
trades as well as the total volume of trades in the non-market making and the
market making category respectively. The report will also include the
applicable maximum ratios. For more information on the OTR report and how to
access the data please see the connectivity and access section of the Genium
INET trading platform website. 

For further information please see the attached file.

Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=657002