Instinet
BLX, CBX, Instinet HK VWAP Cross, Instinet JapanCrossing and Instinet KoreaCross
Markets covered
Instinet’s
global, multi-asset execution platform provides access to 46 countries and hundreds
of destinations, including Instinet’s own alternative liquidity solutions.
Order protection
Instinet
venues have various mechanisms to protect their participants. BLX matches cannot
be pinged to expose interest, making them unattractive to information traders.
CBX Japan
and Hong Kong participants trade anonymously and control market exposure, while
resting orders are processed strictly by price-time priority. Instinet’s Nighthawk
algorithm optimises venues, other reciprocating liquidity pools and the primary
exchange, maximising liquidity potential and minimizing gaming potential.
In Hong
Kong VWAP Cross, participants trade anonymously within an agency-only environment;
only the two counterparties and Instinet’s crossing desk are aware of a match
until the trade is executed after the close.
Access
Instinet venues are available to
institutional investors world-wide. Access via Instinet’s front ends, the Execution
Experts algorithms, most OMS/EMS systems or direct FIX connections.
Order types and matching logic
Users can interact with order flow on other
users’ blotters or passive liquidity in the pool. VWAP crossing is available in
Japan, Korea and Hong Kong.
Instinet venues support order types including Limit, Fill Or Kill,
Iceberg, Pegged (Primary, Mid and Market Peg), Market On Close and Hidden
orders. JapanCrossing, KoreaCross and Hong Kong VWAP Cross provide anonymous
VWAP.
Connectivity
Via Nighthawk and Instinet Smart Order
Router, Instinet venues can source liquidity from: Instinet BLX Australia, Instinet
BLX Hong Kong, Instinet CBX Hong Kong, Instinet CBX Japan, Instinet HK VWAP
Cross, Instinet JapanCrossing, Instinet KoreaCross, ASX Centre Point, Chi-X
Australia, Chi-East, Chi-X Japan, Credit Suisse CrossFinder, Deutsche Bank ATS,
ITG Posit, JP Morgan, Nomura NX, SBI Japannext, TORA Crosspoint.
BLX Hong Kong grew 591%, CBX Hong Kong more
than 350% and CBX Japan nearly 225% over 2011. JapanCrossing traded an average
of US$75.35 million per day during the year.