Instinet’s US VWAP (Volume Weighted Average Price) benchmark cross provides an anonymous, safe environment to trade illiquid and sensitive orders. Offering a 9:00 AM ET crossing session that prices at full-day VWAP, the platform allows for block trading with minimal opportunity cost and information leakage.



Participants trade anonymously within an agency environment.

Block liquidity

Minimize information leakage by leveraging minimum fill parameters to interact only with counterparties of equal size.

Minimal opportunity cost

Participants receive confirmations on fills and partial fills within seconds of the match, minimizing the opportunity cost of participating.

Portfolio friendly

Cash constraints on baskets make the VWAP Cross ideal for trading programs, particularly those comprised of illiquid names.

Full day VWAP cross

Orders are matched during a single pre-market match — at 9:00 am ET. Fills are sent back immediately after the match. After each stock’s official closing price is disseminated by the primary listing exchange, fills receive the consolidated full day VWAP and are printed.


Available securitiesMatch TimesPricingSettlement
All NMS Securities (NYSE, Nasdaq, ARCA, BATS listed stocks and ETFs.)Full Day VWAP: 9:00 am ETConsolidated full day VWAP priced just after the stock’s official closing tradeT+2 by Instinet, LLC