Nasdaq says it plans to launch its European PureStream trajectory-trading service in November 2026. Nasdaq Investment Firm B.V. received an investment-firm licence from the Dutch Authority for the Financial Markets on 26 October, according to the 29 October announcement.[1]
The service is intended for institutional equity orders that are worked over time. Participants express interest as a proportion of future market volume; compatible interests can be matched and priced using a volume-weighted average price under the service’s rules. Available opposite-side interest still determines whether matching can occur.[1]
Nasdaq Investment Firm arranges the matched interests, while resulting trades are formalised and published on regulated Nasdaq venues. The authorisation and planned start therefore concern a new execution service within Nasdaq’s market structure.[1]
Authorisation, launch and expansion are separate milestones
| Milestone | Position as of 29 October | Consequence |
|---|---|---|
| AFM investment-firm licence | Granted 26 October | Regulatory authorisation receivedSource 1 |
| PureStream European launch | November 2026 expected | Commercial activity not yet demonstratedSource 1 |
| Starting universe | Selected Nordic and other European equities | Limited initial scopeSource 1 |
| Further expansion | About 1,200 additional equities targeted for January 2027 | Future timetable, not current entitlementSource 1 |
Sources & further reading
- Nasdaq Europe To Launch Trajectory Trading In November 2026 Nasdaq announcement via Mondo Visione · 29 Oct 2026 · Accessed 30 Oct 2026