LSEG is set to enhance its after-market trading session, Closing Price Crossing (CPX), to increase liquidity and participation in the trading period following market close.
Specifically, the upgrade, currently scheduled to go live on 8 December, will facilitate iceberg and hidden orders to be placed post close, allowing traders to participate without revealing their full size and eliminating the need for participants to provide full pre-trade transparency.
Moreover, the enhancement will also include a feature which provides users with the option to pre-submit an order to automatically inject at the beginning of the session with immediate execution against any contra liquidity.
The move is expected to make the overall session more useful for traders. Currently, orders submitted to the CPX are fully displayed, which is widely believed to increase risk and open up the possibility of trade exposure.
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In addition, LSEG’s enhancement will also see the inclusion of a fourth matching engine partition for the order-processing workload, to balance the message load and improve performance.
Expanding the CPX session to encompass hidden and partially hidden orders marks a step towards a full implementation of Auction Volume Discovery (AVD), with rollout currently expected in Q2 2026.
This also aligns with similar plans and launches by other firms, including SIX Swiss Exchange, which launched its AVD functionality in 2023, as exclusively revealed by The TRADE at the time, as well as Euronext’s plans to introduce AVD for equities, set to be unveiled on 8 December.