CLSA operates pure agency-only dark pools in Australia, Hong Kong and Japan. They are built in-house and designed specifically to operate in Asia for its institutional client base.
All flow eligible for crossing is routed via CLSA pools. Crossing rates in CLSA’s Hong Kong pool exceed 10%.
Functionality and order types
CLSA provides priority crossing (ex-Australia,
where prohibited) and mid-point crossing services. For pool only orders,
minimum cross quantity is also supported. A key feature of CLSA architecture
allows orders to simultaneously participate in its pools without compromising
market queue priority, an integral factor in Asia.
CLSA pools support far/near-touch and mid-point only
crossing. Orders are matched on time/price priority only.
Access and participation
Pools are available only to CLSA’s client base via
its cash or program trading desks, and through CLSA’s algorithmic trading
All securities traded on the respective exchanges
Pools are analysed by CLSA technical teams for
gaming behavior; pinging is not allowed.
Access to the pool is only available to a restricted
client base and via CLSA’s developed algorithms – no direct access is allowed.
CLSA is extending the rollout of pools to ASEAN in 2014, starting with Singapore, followed by Malaysia.