CBX™ US is a continuous limit order book that provides price-time priority matching in an anonymous, non-displayed environment.
Overview
- Trading hours:
- 4:00 AM – 8:00 PM EST
- Order types:
- The venue supports Market, Limit, and Pegged orders. Orders may be designated IOC, Day, FOK, and GTD, and may have a MinQty.
- Available Securities:
- All NYSE and Nasdaq-listed stocks.
- Settlement:
- T+2 by Instinet, LLC
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- Price-time priority matching
- Eligible resident orders are processed by price-time priority.* Derivatively-priced orders are treated as cancelled and replaced for each price change.
- Complete anonymity
- Orders are traded anonymously; you specify the details of how to position orders and interact with the pool. Orders are not displayed to other subscribers. Resident orders will only execute against other orders within CBX.* Orders are not routed out to other market centers for matching.
- Easy access
- Access CBX via most major OMS/EMS platforms, including Instinet Newport®, by Direct FIX connection, or through any of our Execution Experts® algos.
- Diversified flow
- Access diverse liquidity, from high-urgency to fully passive, across all market caps, sectors, participant types, and sources, including FIX configurations.
- Additional features
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- Will not execute in locked or crossed markets.
- Self-crossing prevention is the default, though subscribers may opt out of this prevention.