BlocSec, the Asian dark pool launched by CLSA Asia-Pacific Markets in May, reported over US$1.1 billion of liquidity during its first week of operations in Hong Kong.
The platform has been available to buy- and sell-side firms in Singapore and Japan since 15 May. Block crossing services for the Hong Kong market were added on 14 August. Korean and Australian stocks are expected to follow.
Since its launch, over 75 companies have signed up to trade on the dark pool, which now offers 356 different stocks across three markets with an average cross size of US$1.15 million.
According to BlocSec, the service offers both buy- and sell-side participants an anonymous crossing network that eliminates information leakage and reduces the potential for negative market impact.
“There is clearly demand for this type of service in Asia,” commented BlocSec CEO Ned Phillips. “Dark pools have become an essential part of trading strategy in the US and Europe and we are excited to be one of the first dark pools in Asia. We firmly believe that clients benefit greatly from improved liquidity and execution through the BlocSec platform.”
BlocSec has a minimum order size of $1 million on a firm order basis only. Clients have the option to cross from the traditional mid-point, passive and aggressive, through session-based and full-day VWAP, as well as a last-close option. Companies can connect to the platform from their existing order management system using FIX, via the Bloomberg execution management system or using the BlocSec web-based application front-end.