SINGLE STOCK ALGO STRATEGIES 
            By Nasdaq Exchange And Clearing Services AB
                                                                                     %VOLUME          MIN ALGO             OPTIONAL BASIC 
              STRATEGY        DESCRIPTION             TRADING INSTRUCTION            OVER TIME        ORDER PARAM          ALGO PARAM              OPTIONAL INTERMEDIATE ALGO PARAM                        OPTIONAL ADVANCED ALGO PARAM
                                                                                                                                                                                                           Dynamic Benchmark (select benchmark 
                                                                                                                                                   Min and Max % Vol (% limit on traded                    (Arrival Price, Ref Price) to govern 
                                                                                                                           Start and End           volume participation, can override strategy             dynamic behavior to decide if you want 
              TWAP            Executes desired                                                                             time, OnOpen            behavior), Block Filter (If single block trade          to be aggressive in the money or out of 
              Time            quantity at a           Spread volume evenly                            Quantity and         and OnClose             at or greater than this volume then ignore              money within the bounds of the strategy), 
              Weighted        constant rate           out over the day/                               Price                participation           it - do not chase that volume - can be used             MinChild Value (the smallest value of 
              Average         over a user-            number of hours                                                      (AUTO = Algo            in combination with Min and Max % Vol),                 an Algo child order sent to the market - 
              Price           defined interval                                                                             decides)                I Would Price (price you would complete                 overrides Algo syntetic lot size), Clean up 
                                                                                                                                                   entire order, or portion), can override                 remaining quantity on parent order by 
                                                                                                                                                   strategy behavior)                                      activate “Clean up” behavior (complete the 
                                                                                                                                                                                                           order earlier than end time)
                              Creates a                                                                                                                                                                    Dynamic Benchmark (select benchmark 
                              pre-trade                                                                                                            Min and Max % Vol (% limit on traded                    (Arrival Price, Ref Price) to govern 
                              schedule based          Match the volume-                                                    Start and End           volume participation, can override strategy             dynamic behavior to decide if you want 
              VWAP            on multiple             weighted average price                                               time, OnOpen            behavior), Block Filter (If single block trade          to be aggressive in the money or out of 
              Volume          historical              over the day/number                             Quantity and         and OnClose             at or greater than this volume then ignore              money within the bounds of the strategy), 
              Weighted        volume patterns         of hours (MTF volume                            Price                participation           it - do not chase that volume - can be used             MinChild Value (the smallest value of 
              Average         and targets             included on routable                                                 (AUTO = Algo            in combination with Min and Max % Vol),                 an Algo child order sent to the market - 
              Price           the volume              stocks)                                                              decides)                I Would Price (price you would complete                 overrides Algo syntetic lot size), Clean up 
                              weighted                                                                                                             entire order, or portion), can override                 remaining quantity on parent order by 
                              average price                                                                                                        trategy behavior)                                       activate “Clean up” behavior (complete the 
                                                                                                                                                                                                           order earlier than end time)
                              Tracks and                                                                                                                                                                   Dynamic Benchmark (select benchmark 
                              reacts to real-                                                                                                      Min and Max % Vol (% limit on traded                    (Arrival Price, Ref Price) to govern 
                              time market                                                             Quantity and                                 volume participation, can override strategy             dynamic behavior to decide if you want 
                              volumes                 Be X percent of the                             Price, Target %                              behavior), Block Filter (If single block trade          to be aggressive in the money or out of 
              PVOL            to target a             volume traded on all                            Vol (will allow      Start and End           at or greater than this volume then ignore              money within the bounds of the strategy), 
              Participate     user-defined            supported venues (MTF                           a deviation of       time                    it - do not chase that volume - can be used             MinChild Value (the smallest value of 
              of volume       participation           volume included on                              +/- 3% from the                              in combination with Min and Max % Vol),                 an Algo child order sent to the market - 
                              rate or                 routable stocks)                                entered value)                               I Would Price (price you would complete                 overrides Algo syntetic lot size), Clean up 
                              participation                                                                                                        entire order, or portion)                               remaining quantity on parent order by 
                              range                                                                                                                                                                        activate “Clean up” behavior (complete the 
                                                                                                                                                                                                           order earlier than end time)
             LEGAL DISCLAIMER
             Nasdaq Exchange and Clearing Services AB is a non-regulated entity and is not offering any investment firm services. The use of the Algo strategies is at the Customer’s sole risk and that the Customer makes its own independent decision to access or use any 
             of the Service or to execute any Order or transaction. While this fact sheet has been prepared on the basis of the best information available, Nasdaq Exchange and Clearing Services AB accepts no liability for decisions taken based on this document.
            BUSINESS.NASDAQ.COM
                                                                          %VOLUME        MIN ALGO          OPTIONAL BASIC 
            STRATEGY      DESCRIPTION          TRADING INSTRUCTION        OVER TIME      ORDER PARAM       ALGO PARAM          OPTIONAL INTERMEDIATE ALGO PARAM                 OPTIONAL ADVANCED ALGO PARAM
                          Minimizes risk-      Be as close to the                                                              Min and Max % Vol (% limit on traded 
                          adjusted trading     arrival price as possible                                                       volume participation, can override strategy      Dynamic Benchmark (select benchmark 
                          costs relative to    and adjust aggression                                                           behavior), Block Filter (If single block trade   (Arrival Price, Ref Price) to govern 
                          the arrival price    in response to market                                                           at or greater than this volume then ignore       dynamic behavior to decide if you want 
            IMSH          and dynamically      conditions. This front                                      Start and End       it - do not chase that volume - can be used      to be aggressive in the money or out of 
                          adjusts              weighted trajectory                       Quantity and      time, OnOpen        in combination with Min and Max % Vol),          money within the bounds of the strategy), 
            Implemen-     aggression as                                                                    participation                                                        MinChild Value (the smallest value of 
            tation        a function of        tends to result in an                     Price             (AUTO = Algo        I Would Price (price you would complete          an Algo child order sent to the market - 
            shortfall     real-time market     average execution price                                     decides)            entire order, or portion), Aggression            overrides Algo syntetic lot size), Clean up 
                          conditions           close to the arrival                                                            (1=market impact is highest concern              remaining quantity on parent order by 
                          relative to          price while minimizing                                                          (flatter trade trajectory); 5= price drift is    activate “Clean up” behavior (complete the 
                          a chosen             implementation                                                                  highest concern (more front weighted trade       order earlier than end time)
                          benchmark            shortfall.                                                                      trajectory))
                                               Be as close to the 
                                               price of the trade’s 
                                               completion while                                                                Min and Max % Vol (% limit on traded             Dynamic Benchmark (select benchmark 
                                               minimizing costs. CLOS                                                          volume participation, can override strategy      (Arrival Price, Ref Price) to govern 
                          Minimizes risk-      is the mirror of the                                                            behavior), Block Filter (If single block trade   dynamic behavior to decide if you want 
                          adjusted trading     IMSH. Here the trader                                       Start and End       at or greater than this volume then ignore       to be aggressive in the money or out of 
            CLOS          costs relative to    is more concerned                                           time, OnClose       it - do not chase that volume - can be used      money within the bounds of the strategy), 
                          the closing price    about the end part of                     Quantity and      participation       in combination with Min and Max % Vol),          MinChild Value (the smallest value of 
            Close                              the trade, and the goal                   Price                                 I Would Price (price you would complete 
            Algorithm     (last price traded   is to try to beat the                                       (AUTO = Algo        entire order, or portion), Aggression            an Algo child order sent to the market - 
                          by the Algo) of      closing price. Typically                                    decides)            (1=market impact is highest concern              overrides Algo syntetic lot size), Clean up 
                          the stock.           entered 20 minutes                                                              (flatter trade trajectory); 5= price drift is    remaining quantity on parent order by 
                                               before closing auction.                                                         highest concern (more backweighted trade         activate “Clean up” behavior (complete the 
                                               A part of the trade                                                             trajectory))                                     order earlier than end time)
                                               should participate in 
                                               the closing auction.
            LEGAL DISCLAIMER
            Nasdaq Exchange and Clearing Services AB is a non-regulated entity and is not offering any investment firm services. The use of the Algo strategies is at the Customer’s sole risk and that the Customer makes its own independent decision to access or use any 
            of the Service or to execute any Order or transaction. While this fact sheet has been prepared on the basis of the best information available, Nasdaq Exchange and Clearing Services AB accepts no liability for decisions taken based on this document.
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