Liquidity Venues

Broker Preference Dark Pool

CBX™ Canada is a low-latency, continuous limit order book offered by Instinet Canada Cross (ICX®) that provides broker/time priority matching in an anonymous or trade-attributed environment. It is a dark pool that does not send lOIs, route orders, or display quotes in public markets. CBX is powered by proprietary matching technology that was designed for speed, performance and reliability.

Overview

Trading Hours:
9:30 am - 4:00 pm ET
Available Securities:
TSX and TSXV listed equities
denominated in Canadian dollars
Order Types:
Limit, minimum fill and time-in-force
Settlement:
T+3
Broker Preferencing
Resting orders are processed by broker/time priority. Preference is given to orders within the same broker. Participants can trade anonymously and still benefit from broker preferencing. No IOIs or orders are routed out.
Anonymous or Trade Attribution
Participants can trade anonymously or can opt for post-trade attribution.
Natural Liquidity
CBX is conducive to natural liquidity, with commissions charged on executed trades with no rebates.
Diversified Flow
Orders range from high-urgency to fully passive and range across market cap, sector and source (direct, algorithmic or streaming).
Trade Pricing
Trades are matched real time at the midpoint of NBBO and will therefore receive price improvements.
Order Types
CBX supports the following advanced order types: limit, minimum fill and time-in-force.