The Tradetech Daily

BNP Paribas Internal eXchange

BNP Paribas Internal eXchange

BNP Paribas Internal eXchange (BIX) matches orders in Japan and Hong Kong.

Functionality and order types

Dark peg orders rest in BIX and matches with other
dark peg orders during periodic auctions. These matches are priced at the
mid-point of the pegs of the buy and sell orders. Dark immediate or cancel
(IOC) orders attempt to immediately match with resting dark peg orders and any
remaining balance cancelled, and the matches are priced at the peg of the dark
peg order(s).

The Automatch order type can also be applied to orders
directed at the primary exchanges. These Automatch orders will first check for
liquidity in BIX and match according to rules of Dark IOC orders, and the
remaining portion of the order will be sent to the primary exchanges.

Instruments traded

Only equities listed on JPX and HKEx can be crossed
in BIX.

Order protection

BIX uses proprietary anti-gaming logic to protect participants’ orders.

Connectivity/sharing agreements

BIX is accessible via external aggregators that access multiple dark pools simultaneously.