Instinet's BlockMatch Europe is a Multilateral Trading Facility (“MTF”), operated by Instinet Germany GmbH (“IGG”), which is authorized and regulated by the Federal Financial Supervisory Authority (“BaFIN”), pursuant to the Investment Firm Act in Germany as an MTF operator. These rules are governed by and shall be interpreted in accordance with securities supervision in Germany, which is governed by both European regulations and national laws.
BlockMatch Europe offers access to dark and displayed liquidity in pan-European equities. Additionally, BlockMatch Europe offers IOI functionality which allows users to advertise and interact with conditional orders on the MTF.
Benefits
Dark non-display functionality with the ability to apply minimum quantity can help reduce information leakage.
Trade with natural liquidity from a wide spectrum of buy-side and sell-side counterparties, and access liquidity opportunities from Instinet’s diverse institutional client base.
Access BlockMatch via Instinet’s suite of products, including algorithmic trading strategies, Newport® EMS, FIX, or as a destination from other members.
Instead of resting large orders in one venue, use conditional orders so that available trading opportunities are discovered as the parent order is being worked.
BlockMatch uses different matching priorities across jurisdictions, which means large-sized orders can receive better queue positions.
Features
Dark Book
Dark Functionality
BlockMatch Europe offers a reference price system at the midpoint within the current bid and offer prices of the Market of Reference.
Anonymity
Participants benefit from Reference Price Waiver (RPW) and Large in Scale (LIS) pre-trade transparency waivers with qualifying Orders therefore not made public.
Negotiated Trades
Negotiated trade functionality
The Negotiated Trade System allows the submission of bilaterally negotiated transactions to be executed on BlockMatch Europe.
Anonymity
Users benefit from Large in Scale (LIS) and Negotiated Trade Waivers for Benchmark, Clearing and Settlement trades.
Technical Updates
MiFID II Delayed Market Data
BlockMatch Europe provides free-of-charge access to delayed pre-trade and post-trade data.
This section sets out the pre-trade and post-trade delayed datasets for the following segments on Instinet’s “BlockMatch Europe” trading venue: Dark Book (EBLX), Select Book (ERFQ) and, Negotiated Trade system (ENTW) respectively. BlockMatch Europe data is provided for each of its segments separately, with a maximum of 15 minutes time delay. Information will be provided approximately once every 5 minutes and will remain available for at least 24 hours. The timestamps for the data are displayed in UTC time.
BlockMatch Europe also offers a file download service free of charge. Delayed data files are available to download in pipe delimited file format. In order to open the file, please follow the steps below:
- Click on the file and save the file to your desktop.
- Launch a text reader or editor, for example WordPad or Notepad++ (https://notepad-plus-plus.org/downloads/) in Windows or TextEdit on macOS.
- Select the file and click Open.
Each line of data represents a separate message; the lines are separated by the line feed character. Please note, in Windows Notepad, it may be harder to see the division between individual lines. Download the description of file contents for details of the data fields included for each message type.
Instinet Germany GmbH (“IGG“) is authorized and regulated by BaFin and Deutsche Bundesbank, and operates the BlockMatch Europe Multilateral Trading Facility (“BlockMatch Europe”). IGG makes available, via this website, BlockMatch Europe data fifteen (15) minutes after its initial publication (“Delayed Data”), in accordance with its obligations under Art. 13 of Regulation (EU) No. 600/2014 and all relevant Commission Delegated Regulations.
Neither IGG nor Instinet Incorporated and its subsidiaries (collectively, the “Instinet Group”) provides any financial advice, or makes any recommendations to invest in financial instruments or any other kinds of securities. The Delayed Data is made available for informational purposes only and does not constitute an offer, solicitation or recommendation with respect to the purchase or sale of any security, product or service, and should not be relied upon as such. The provision of the Delayed Data does not, and will not, take into account the particular investment objectives, financial situations or needs of any recipients or users of the Delayed Data.
The Delayed Data is provided on an “as-is” basis, and IGG, the Instinet Group, and their respective officers, employees and agents, give no representation or warranty (express or implied), and exclude any and all liability (whether in negligence or otherwise) in connection with the provision of the Delayed Data. Neither IGG nor the Instinet Group assume any contractual relationship with any recipients or users of the Delayed Data, or with any purchasers of products or services which are based on the Delayed Data and which are offered by third parties.
Whilst the Delayed Data shall be provided in good faith, and subject at all times to their relevant regulatory obligations, IGG, the Instinet Group and their respective officers, employees and agents, do not give any representation or warranty (express or implied), and exclude any and all liability and responsibility (whether in negligence or otherwise), as to:
- the accuracy, timeliness or completeness of the Delayed Data;
- the merchantability, or the fitness for a particular purpose or use, of the Delayed Data;
- any and all products or services offered by third parties which are, or may be, based on Delayed Data; or
- any interruptions in the publishing of the Delayed Data.
Under no circumstances will IGG, the Instinet Group, or their respective officers, employees and agents, be liable or responsible (whether in negligence or otherwise) for any loss of profits, or for any other indirect, punitive, special or consequential damages or losses, arising as a result of such errors, omissions or interruptions in the publishing of the Delayed Data, or generally in relation to products or services which are, or may be, based on the Delayed Data, even in circumstances where IGG and/or the Instinet Group are aware that such loss or damage may occur.