CBX Hong Kong

CBX™ Hong Kong is a low-latency, continuous order book operated within an anonymous, agency environment. The platform can be accessed via Newport®3's staging blotter, the Execution Experts® algorithms and Instinet's smart order router (SOR). With its advanced order types, the platform allows parties to maintain control over market exposure, realize price improvement and minimise market impact to reduce transaction costs.

Overview

Trading Hours:
07:30-18:30 HKT
Available Securities:
Any ordinary stock, ETF or warrant traded on HKEx
Order Types:
Limit, FOK, Iceberg, Pegged, MOC
Tick Size:
1/10 of the spread
Settlement:
T+2, Instinet/selling broker
Anonymous Equal Access
Participants trade anonymously and control market exposure, while resting orders are processed strictly by price-time priority.
Natural Liquidity
Trade with natural counterparties; commissions charged for executed trades and no rebates or payments for order flow.
Advanced Orders
CBX Hong Kong supports advanced order types, including Limit, Fill or Kill (FOK), Iceberg, Pegged (Primary, Mid and Market Peg) and Market-on-Close (MOC); board lots only.
Optimized Allocation
Instinet's Nighthawk® algorithm optimizes order allocation across CBX Hong Kong, other reciprocating liquidity pools and the HKEx, maximising liquidity potential and minimising gaming potential.
CBX Hong Kong Closing Cross
Trade continuously and anonymously from 07:30 – 18:30 HKT, with executions filled at the HKEx's published closing price. All trades are reported to the HKEx on a T+1 basis, with a T+0 trade date.