Morgan Stanley extends ASX offering

Morgan Stanley’s Australian arm will now offer direct market access connectivity to the Australian Stock Exchange’s Centre Point Block.

Morgan Stanley’s Australian arm will now offer direct market access (DMA) connectivity to the Australian Stock Exchange’s (ASX) Centre Point Block.

The investment bank has extended its service offering to accommodate customers seeking larger block execution in the ASX Centre Point service, which was launched in July. Clients can nominate a minimum acceptable fill size to guarantee a meaningful fill for anonymous block orders.

DMA access to the service will be available through Morgan Stanley’s Night Vision algorithm.

Steve Davis, head of electronic execution at Morgan Stanley Australia, said the service extension would ultimately improve client execution.

“We believe it’s crucial to offer our clients access to the full suite of execution venues in Australia, so we’re pleased to add direct market access to ASX Centre Point Block, to complement our existing product offering,” Davis said.

A Centre Point order enables execution at the prevailing midpoint of the best bid and offer on ASX TradeMatch, and trades are instantly published with a condition code CX.

Morgan Stanley is the seventh ASX participant to offer clients DMA routing to this service, joining BTIG, CSLA, ITG, JP Morgan, Merrill Lynch and UBS.

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