Hong Kong VWAP Cross
Instinet's pre-market VWAP (Volume Weighted Average Price) benchmark cross in Hong Kong provides institutions anonymous, safe environment to trade illiquid and sensitive orders in block size and with minimal market impact or information leakage. Orders are matched at 08:50 am HKT, with clients receiving indicative fills at the stock's previous night closing price immediately thereafter. Approximately five minutes after the HKEx close, matched orders are re-priced at the stock's primary market VWAP and executed.
- Participants trade anonymously within an agency environment; only the two counterparties and Instinet's crossing desk are aware of a match until the trade is executed after the close.
- Natural Block Liquidity
- Minimize information leakage by leveraging minimum fill parameters to interact only with natural counterparties of equal size.
- Minimal Opportunity Cost
- Participants receive confirmations on fills and partial fills within seconds of the match, minimizing the opportunity cost of participating.
- 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.
- Portfolio Friendly
- The Hong Kong VWAP Cross is ideal for trading programs, particularly those comprising illiquid names.