This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Instinet Adds Dark Order Types To CBX ASIA In Japan

Instinet, a global leader in electronic trading and agency-only brokerage, today announced that its Instinet Japan Limited subsidiary has added hidden and iceberg order types to CBX ASIA in Japan, previously a fully displayed trading venue.

The displayed order types already featured in CBX ASIA in Japan will interact with the new dark order types following a strict price-time priority, where lit liquidity is crossed before dark at a given price level in the book. The new order types are available through direct FIX connectivity, via third party provider and through the firm’s Nighthawk ® liquidity aggregation algorithm, which allows a single order to access multiple non-displayed trading venues and uses an array of sophisticated techniques to reduce adverse selection, signaling and potential gaming.

Joel Hurewitz, Instinet’s Head of Asia-Pacific Sales – Broker Dealer and Liquidity, said client demand for a continuous platform that combines lit and dark liquidity prompted the move, with Instinet expecting to see an increase in overall liquidity and average trade size in CBX ASIA in the short term.

“Eventually, clients will also have the ability to tag orders or portions of orders that they’d like to expose to buyside-only execution venues via Newport 3’s blotter interaction technology,” he added.

To effect this change, orders matched in CBX ASIA in Japan will now be routed to stock’s primary listing market – either the Tokyo Stock Exchange (TSE) or Osaka Securities Exchange (OSE) – for execution. Executed TSE trades will be reported via ToSTNet and OSE trades via J-NET. Matched orders will not be confirmed trades until they are successfully reported, which can take up to two seconds.

“As trades are matched, Instinet can optionally provide messaging back to client’s smart order router or algorithmic trading system indicating that an ‘approved cross’ from ToSTNeT or J-NET is forthcoming, which will allow automated trading systems to more efficiently manage their exposed orders. This effectively solves the multi-second latency issue of reporting off-exchange trades to ToSTNeT or J-NET while providing a high-speed continuous trading environment. From the client’s perspective, trading in CBX ASIA in Japan will be no different with the change, save for the new addition of dark liquidity,” said Hurewitz.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs