CBX™ Japan is a low-latency, continuous dark order book that sweeps order flow from Newport's staging blotter, Instinet's Execution Experts® algorithms and smart router and other reciprocating liquidity pools. Advanced order types enable participants to maintain control over market exposure, realize price improvement and minimize market impact.
- 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 Japan supports advanced order types including Limit, Iceberg, Pegged (Primary, Mid and Market Peg) and Hidden.
- Optimized Allocation
- Instinet's Nighthawk® algorithm optimizes order allocation across CBX Japan, other reciprocating liquidity pools and the primary exchange, maximising liquidity potential and minimising gaming potential.
- Indicative Fill Functionality
- CBX Japan's matched orders are routed to the listing exchange for execution and reported via ToSTNet and or J-NET. Since matched orders are not confirmed trades until successfully reported, an "indicative fill" message is sent in the interim to facilitate efficient algorithmic interaction.