Broker Preference Dark Pool
CBX™ Canada is a low-latency, continuous limit order book offered by Instinet Canada Cross (ICX®) that provides broker/time priority matching in an anonymous or trade-attributed environment. It is a dark pool that does not send lOIs, route orders, or display quotes in public markets. CBX is powered by proprietary matching technology that was designed for speed, performance and reliability.
- Trading Hours:
- 9:30 am - 4:00 pm ET
- Available Securities:
- TSX and TSXV listed equities
denominated in Canadian dollars
- Order Types:
- Limit, minimum fill and time-in-force
- Broker Preferencing
- Resting orders are processed by broker/time priority. Preference is given to orders within the same broker. Participants can trade anonymously and still benefit from broker preferencing. No IOIs or orders are routed out.
- Anonymous or Trade Attribution
- Participants can trade anonymously or can opt for post-trade attribution.
- Natural Liquidity
- CBX is conducive to natural liquidity, with commissions charged on executed trades with no rebates.
- Diversified Flow
- Orders range from high-urgency to fully passive and range across market cap, sector and source (direct, algorithmic or streaming).
- Trade Pricing
- Trades are matched real time at the midpoint of NBBO and will therefore receive price improvements.
- Order Types
- CBX supports the following advanced order types: limit, minimum fill and time-in-force.