Equal Access Dark Pool for US Listed Options
Instinet Options CBX is a completely dark, continuous liquidity pool for US listed options. The platform provides price improvement and liquidity discovery opportunities with minimal market impact, has an established base of liquidity providers and is operated via an agency model.
- Experts Integration
- Users can post orders or check the Options CBX order book on the way to the public exchanges via Instinet's SmartRouter or Execution Experts® algorithms. Both systems intelligently seek the trading venue most likely to complete the largest percentage of the order based on the current BBO (best bid or offer), resting liquidity and historical data.
- Anonymous, Agency
- Participants trade anonymously via agency broker Instinet, LLC, controlling how they position orders and interact with the pool.
- Diverse Liquidity
- Interact with a balanced ecosystem of trading participants, including institutional, aggregated retail and market making flow.
- Price Improvement Opportunities
- Options CBX supports mid-point crosses and allows for sub-increment prints on exchanges where permitted.
- Unique Model
- Unlike other options dark pools that require a negotiation process, Options CBX is a completely dark, continuous pool of alternative liquidity.
Options CBX Accessed Via Options SmartRouter
- Client Submits order to Buy 1000 SPY 3/17/12 P 110 @ $4.63.
- SmartRouter passes the order through Options CBX to look for price improvement. Options CBX fills a portion of the order from available liquidity at a better price than NBBO.
- SmartRouter routes the order to fill the residual quantity.