The Tradetech Daily

BNP Paribas

BNP Paribas

BIX - (BNP Paribas Internal eXchange)

Markets covered

BIX matches orders in Japan (TSE) and Hong
Kong (HKEx) amongst all suitable institutional buyers and sellers trading
within the BNP Paribas network. Trades are executed within the best bid and
offer and are reported on a real-time basis on HKEx, while on the TSE, trades
that are matched in BIX are crossed on the Tokyo Stock Exchange through the TosTNeT
facility. Specialised order types provide flexibility in matching criteria.

Order protection

Prices and quantities within BIX are not
disclosed to any party and executed orders do not have information on the counterparty.
Clients can indicate minimum and maximum order size to filter unwanted matches.
Other protections include a flag to exclude BNP Paribas principal orders from
the universe of counterparties to cross against, limit prices on pegged orders
and a mid or better order type that prevents crossing passed mid point within
BIX.

 

Access

Access to BIX is available to all BNP Paribas professional and
institutional clients upon approval.
 

Order types and matching logic

Liquidity in BIX comes from various sources – from algorithmic orders
providing passive liquidity (Dark Peg) to one-shot orders sweeping BIX prior to
reaching the market (Dark IOC). Matching is possible whenever a Dark Peg order
is met with a Dark IOC or another Dark Peg order of the opposite side, and
pricing is determined by the Peg type (e.g. mid) of the Dark Peg order. BIX
allows five limit prices within the best bid/ask spread, starting with bid/ask and
every quarter spread inside, until the far touch is reached

Connectivity

 Liquidity within BIX is provided
exclusively by orders flowing through the BNP Paribas network.