TRADING VENUES

Luminex adds conditional order types to block trading platform

Block trading platform acknowledges user demand to add conditional order types to facilitate greater workflow integration.

By Hayley McDowell hayley.mcdowell@thetradenews.com February 07, 2018 10:43 AM GMT

Buy-side owned block trading platform provider Luminex Trading & Analytics has added conditional order types to its platform.

The move is designed to allow its 185 subscribers to interact with more block orders and make trading on Luminex more efficient for buy-side workflows, according to the firm.

The platform already offers negotiable and firm orders which help prevent a breakdown of negotiations if one party backs out despite entering intentions to trade.

“During our first two years of operation, numerous clients expressed to us that a conditional order type would allow them to better and more fully integrate Luminex into their workflows,” said CEO of Luminex and former head of equity trading Americas at BlackRock, Jonathan Clark.

Luminex has seen substantial growth since it launched in late 2015, with data from the Financial Industry Regualtory Authority (FINRA) on ATS blocks ranking the platform within the top three venues in block trading categories.

Speaking in October last year following a record quarter for total shares traded on the platform, Clark stated the goal from day one has been to become the safe, transparent and cost-effective block trading utility many buy-siders felt was missing from the industry.

“That vision is increasingly becoming a reality. Clients are sending more order flow than ever to Luminex, resulting in record volumes, fill rates and average trade sizes on our platform,” he said at the time.