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Nasdaq OMX introduced BLNK, a European version of its US FLASH order type, in June 2009.

BLNK allows participants to divert orders destined for the primary markets onto the Nasdaq OMX Europe order book for up to 25 milliseconds before being routed on to their destination.

According to Nasdaq, BLNK will allow clients to take advantage of the platform’s aggressive rebate pricing structure.[1]

The BLNK order type, along with similar flash order types offered by other exchanges, aroused controversy when it was opposed by NYSE Euronext, who argued that giving first refusal on orders to a select group of participants creates a two-tiered market, counter to the objectives of Reg NMS.

On August 6, 2009, Nasdaq OMX voluntarily withdrew its US FLASH order type but not the BLNK version. [2]