Tokyo-based alternative venue operator SBI Japannext will next month launch a platform that allows orders to be crossed before the primary exchange market opens and settled at the volume-weighted average price after it closes.
Accessible directly from a Bloomberg terminal and – where connectivity already exists – via FIX, the Japannext Cross service will launch on 25 May.
Earlier this month the firm's proprietary trading system – Japan's largest by value traded – posted a daily trading record after the central bank announced a stimulus plan that included quantitative easing designed to double the country's monetary base within two years.
The country's largest PTS by value traded set a new daily turnover record of US$1.48 billion (¥139.2 billion), surpassing its previous record of US$1.29 billion, and nearly a 50% increase on the billion dollar daily trading milestone it achieved for the first time on 19 December, with US$1.07 billion traded, according to its own figures.
Japanese stocks surged on this month's announcement that the Bank of Japan would pursue an aggressive quantitative easing strategy to double the monetary base of the country within two years through open-ended asset purchases.