NASDAQ OMX Tallinn, NASDAQ OMX Riga and NASDAQ OMX Vilnius employ two trading systems:
- INET - the electronic Trading System for trading in Instruments in Equities Market.
- Genium INET - the electronic Trading System for trading in Instruments in the Fixed-Income Market as well as for execution of the Special procedures.
INET
Trading system INET is NASDAQ OMX’s core technology used in NASDAQ OMX Group’s exchanges in the US and in London based market for trading in equities. All NASDAQ OMX equity markets across the world trade on the same global trading platform - INET.
INET trading system has the following features besides the common ones:
- Transactions can be made simultaneously with securities traded in on different exchanges
- Investors’ transaction orders can be entered and matched automatically without the direct involvement of a broker
- Multiple types of transaction orders can be used (limit order, market order, imbalance order, etc.).
Trades on the Baltic stock exchanges may be effected as automatically matched trades or manual trades.
Orders, entered into the order book, participate in the opening call auction at the beginning of the trading hours, automatic matching in the trading system during the continuous trading and in the closing auction conducted after the trading hours as a result automatically matched trades could be concluded.
Manual trades are trades, which are concluded outside the order book. A manual trade can be standard and non-standard. A standard trade is a trade concluded on standard market terms in respect of price, time of the trade and with standard delivery and settlement schedule. A non-standard trade in equity market can be concluded by specifying one of the trade types, which are:
- Derivative Related Transaction - exercise or expiration of options, forwards or futures contracts that imply an exchange of securities or a trade that relates to a derivatives trade and that forms an unconditional part of a combination together with a derivative trade.
- Portfolio Trade - a transaction in more than one security where those securities are grouped and traded as a single lot against a specific reference price.
- Volume weighted average price - a trade, which price is based on a volume weighted average of trades made within pre-defined time period.
- Exchange granted trade concluded pursuant to individual or general authorization from the exchange. Joint authorization of the exchange may be granted to all members for conclusions of a particular type of transactions
