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With the new MiFID II regulation the trading venues are required to keep a database of all order records, for all markets that they operate, for a minimum of five (5) years. Upon request from a Competent Authoritycompetent authority, the trading venue has to make this data available in a predefined report format.
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Three new MiFID II Order Entry Fields are introduced, they may contain sensitive and confidential data, therefore the solution that Nasdaq will implement requires members to submit ‘short codes’ on each order. These fields are Client identificationIdentification, Execution decision Decision and Investment Decision. Nasdaq will support short codes for the Equity, Equity Derivatives, Commodities and Fixed Income markets.
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