- CBX ™ Hong Kong: As a continuous, displayed limit order book that supports advanced order types (including pegged, iceberg and hidden), CBX Hong Kong allows parties to realise price improvement and minimise market impact, while locating block liquidity. The platform also offers an alternative to the now-defunct Hong Kong closing auction. Clients can trade continuously and anonymously from 07:30 – 18:30 HKT, with executions filled at the HKEx’s published closing price. This allows clients to meet the closing price benchmarks, while the after-hours trading of residuals enables parties to potentially find a natural trading partner. CBX Hong Kong also enables passive trading through Instinet’s Newport 3 EMS blotter interaction technology.
- CBX ™ Japan: CBX Japan is the first hybrid displayed and dark liquidity pool in Japan, with lit orders having matching priority over dark orders. Once a successful match has occurred, Instinet has the ability to send “indicative fill” messages simultaneous to the messages being sent to the trade reporting facility (ToSTNet for TSE-listed stocks and J-NET for OSE-listed stocks) to resolve any latency reporting issues, thereby allowing automated trading systems to more efficiently manage their exposed orders.
- JapanCrossing ™ : Operated under Instinet Japan Limited’s PTS (Proprietary Trading System) license, JapanCrossing ™ provides an anonymous, safe environment to trade illiquid and sensitive orders. With two pre-market VWAP (Volume Weighted Average Price), AM and PM session closing crosses, JapanCrossing allows clients to meet various pricing benchmarks while minimising market impact to reduce transaction costs. In October 2010, JapanCrossing crossed an average of $74.5 million (USD) per day.
- KoreaCross ™ : As the market’s first independent securities crossing network, KoreaCross provides an anonymous, safe environment to trade Korean equities. Operated by Instinet and supported by Samsung Securities, who serves as the local broker sponsor and provides domestic order flow, KoreaCross allows clients to achieve VWAP while minimising market impact. The platform allows for short sells and will aggregate client order flow to more easily meet the Korean market’s 100 million KRW (Korean Won) minimum order size requirement.
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