BlockMatch Europe

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.


Manage market impact.

Dark non-display functionality with the ability to apply minimum quantity can help reduce information leakage.

Access diverse natural liquidity.

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.

Integrate seamlessly into your workflow.

Access BlockMatch via Instinet’s suite of products, including algorithmic trading strategies, Newport® EMS, FIX, or as a destination from other members.

Manage opportunity cost.

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.

Take advantage of size priority.

BlockMatch uses different matching priorities across jurisdictions, which means large-sized orders can receive better queue positions.


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.


Participants benefit from Reference Price Waiver (RPW) and Large in Scale (LIS) pre-trade transparency waivers with qualifying Orders therefore not made public.

Request for Quote

Equity RFQ

BlockMatch Europe supports equity Requests for Quotes, which are bilateral and executable exclusively by the requestor. Users can send RFQs or respond with quotes. Users can use limit prices or bid, offer, or midpoint pegs.

Control Over Signaling Risks

BlockMatch Europe RFQ lets Users decide how many and which counterparties to include in the RFQ process, either known or anonymous.

Automation Capability

Users can elect to automate the RFQ process by way of an SOR or custom algorithmic trading. Speak to your Sales representative for more information on these types of bespoke solutions.


BlockMatch Europe is a registered MTF; unambiguous post-trade reports are published immediately.

Natural Liquidity

BlockMatch Europe is designed to be conducive to natural block-sized liquidity, providing the option for Users to advertise willingness to trade through IOIs and RFQs.

Choice of Access

Access BlockMatch Europe from Instinet’s Newport® EMS, through our advanced suite of algorithms, by direct connections through our European Smart Router, with most third-party EMS or OMS systems, or via direct FIX connections.

Equity Request for Quote Process
RFQ step 1

1. RFQ

  • Users determine the level of detail to request.
  • RFQ’s may be submitted directly to individual users.
RFQ step 2

2. Quote Response

  • Quotes must address the info in the RFQ to qualify for execution.
  • A quote management facility is available to automate submissions.
RFQ step 3

3. Publication of Quotes

  • Executable quotes are published to the requestor and market data feed simultaneously.
RFQ step 4

4. Quote Acceptance

  • Quotes can be accepted manually or automatically if requested criteria are met.
RFQ Step 5

5. Executions

  • Executions are published to requestors/ responders and market data feed simultaneously.
Comparing Features of RFQ, SI, Quote Driven and Auction MTF
Quote Driven
Auction MTF
Pre-trade transparent - Visible quotes___X
Tailored liquidity / Bilateral trading___X
Transparency of counterparty___X
Resting orders_X__
Trade vs. multiple counter parties_X__
No opportunity to "Last look"_XX_
IOI dissemination_XXX

Negotiated Trades

Negotiated trade functionality

The Negotiated Trade System allows the submission of bilaterally negotiated transactions to be executed on BlockMatch Europe. 


Users benefit from Large in Scale (LIS) and Negotiated Trade Waivers for Benchmark, Clearing and Settlement trades.

Technical Updates

Terms and Conditions

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Instinet Germany GmbH Complaints Procedure

Instinet Europe Limited is authorised and regulated by the Financial Conduct Authority ("FCA") in the UK (Firm Registration Number 140822) and is the operator of BlockMatch UK ("Operator"). Any Member complaints about BlockMatch UK including, without limitation, the cancellation of an Order or a Trade, or the conduct of other Members should be made in writing to the Compliance Function of the Operator by either email to the following address or letter to the registered office of the Operator and to the attention of the Compliance Department.

The Compliance Function of the Operator will determine how to deal with any complaint which may result in having to following the disciplinary process as set out within the BlockMatch UK Rulebook where the complaint relates either to the conduct of the Member itself or to the conduct of another Member.

In the event that the Member determines that the complaint has not been satisfactorily resolved by the Operator, it can refer such complaint to the Independent Complaint Commission in accordance with the FCA Rules, whose determination, if accepted by the Operator, shall be full and final resolution of the complaint.


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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) and the Request for Quote (ERFQ) segments, 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++ ( 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.

Delayed Market Data Disclaimer

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.

Stock List

Stock List as of 07/25/2024:

Stock list last modified: 06:00:08 GMT


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