Nomura
NX MTF, the first investment bank-backed multilateral trading facility (MTF), has two order books: NX Mid Match (NXMM) and NX Strategy Match (NXSM). NXMM is a dark midpoint crossing venue with executions at the midpoint of the primary market, while NXSM runs periodic auctions. NX operates a spread offset tariff structure to attract liquidity.
Functionality and order types
NX supports pegged, market and limit order types with day, immediate-or-cancel or fill-or-kill time-in-force. Orders are matched based on a time priority. NXSM operates as a continuous VWAP matching process. Indicative notifications are sent every 15 minutes and confirmed executions are sent after either side of the order is completed or pulled back.
Access and participation
Clients can connect to NX directly using a FIX connection or through Nomura”s algo suite. Institutional clients, brokers and Nomura”s internal desks all contribute to order flow into NX.
Access and participation
NX supports over 7,000 stocks from 15 European countries: Austria; Belgium; Denmark; Finland; France; Germany; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland and UK (including AIM). NX ranks among the top five MTF dark pools for DAX, CAC 40 and IBEX 35 stocks. Average trade size on NX is US$14,700 and the average daily volume, over the past three months is US$119 million.
Access and participation
Nomura has built strong anti-gaming logic and claims it is the first to offer well-formed market checks within its dark MTF. NX checks that the reference price used is based on a well-formed bid and offer and will only use a match price if certain criteria are met. Clients can choose to fill against other passive orders only and can also set minimum first fill size, minimum anytime fill size and/ or minimum residual fill size.
Connectivity/sharing agreements
NX MTF does not route orders out to other venues.