Fidessa group, a provider of trading, market data and connectivity solutions, has extended its connectivity agreement with CBX ASIA, agency broker Instinet’s displayed Asian crossing network, to include Hong Kong equities.
Under the agreement, the institutional clients using Fidessa’s global connectivity network can now execute trades through CBX ASIA for both Japanese and Hong Kong stocks. Instinet added Hong Kong equities to the CBX ASIA platform in January this year.
“The addition of Hong Kong stocks on CBX ASIA offers a number of benefits to our customers on the network and is a key move in achieving maximum coverage of the region,” said Simon McDowell, managing director of global connectivity at Fidessa, in a statement. “It remains our strategy, both in Asia and globally, to offer the widest possible choice of trading venues and we are well-placed to offer connectivity with other locations quickly as they enter the Asia Pacific region. Our focus remains on expanding the network and ensuring that it is poised to adapt to the changes in the market as they occur going forwards.”
Christian Chan, head of electronic trading at Instinet in Asia, added, “Given the current market environment, clients are more focused than ever on execution quality, making alternative liquidity pools like CBX ASIA increasingly popular. We are pleased to extend CBX ASIA for Hong Kong equities to Fidessa’s global client base who are already trading CBX ASIA for Japanese equities.”
CBX ASIA first launched in 2001 in Japan, using Instinet’s Japanese proprietary trading system licence. The platform is a real-time, low-latency central limit order book with price/time priority. According to Instinet, CBX ASIA allows investors to trade in size and anonymously with natural counterparties and without exposing orders to pricing pressure from the public markets.
Unlike the US incarnation of the CBX crossing network, which is a dark pool, CBX Asia is a displayed trading platform. Fully-hidden orders are prohibited under securities laws in certain Asian jurisdictions.