IT - INET Nordic - REMINDER: Introduction of Auction Volume Discovery (AVD) Order in Spotlight Stock Market
This notice contains changes applicable to Spotlight [1] markets.
As previously communicated in IT notices published June 2, 2026 and September 8, 2026, a new auction‑only order type, Auction Volume Discovery (AVD), will be introduced in the INET Nordic trading system for Spotlight Stock Market.
Summary of AVD
AVD is an auction-only order type for Opening and Closing Auctions, allowing participation in auction liquidity without impacting price formation. Execution occurs only at the final uncross price, with any residual volume cancelled. Individual AVD orders are not displayed as per order transparency in Auctions.
For more information on Auction Volume Discovery (AVD), please refer to INET Nordic IT notices published on March 26, 2026, May 7, 2026 and May 29, 2026.
Protocol Specifications
AVD will be supported via existing FIX and OUCH interfaces. There will also be an impact on ITCH, NLS and GCF/TIP market data protocols.
Further details are available in the updated Member Impact document.
Updated protocol specifications will be published in the beginning of June on:
https://www.nasdaq.com/solutions/inet-nordic-protocol-specifications
Planned Time Schedule
- INET Test (NTF): Available
-
INET Production rollout:
- Technical changes in all markets: Available
- Functionality activation Spotlight Stock Market: October 12, 2026
Technical Support
Nasdaq European Market Exchange Services
Email: EMO@nasdaq.com
Tel: +46 8 405 7700
Best regards,
Nasdaq Stockholm AB
[1] Spotlight Stock Market AB (“Spotlight”) operates a multilateral trading venue (MTF) in Sweden with authorization and license from the Swedish Financial Supervisory Authority. Spotlight’s MTF utilizes the INET Nordic trading system. Nasdaq Stockholm AB ("Nasdaq") provides certain technical and operational services to Spotlight with regards to the INET Nordic trading system. The services provided by Nasdaq are solely based on such technical and operational services and they do not in any way imply or create agency, partnership, ownership or joint venture nor any other similar form of legal, financial or operational partnership between Spotlight and Nasdaq. Spotlight is and remains fully responsible for its customers and any regulatory or legal obligations arising from its MTF operations.