US small-cap market AX Trading Network has introduced after hours trading on the venue, with the first block cross executed 28 August.
At 16.20 ET, 210,000 shares of Superior Energy Services (SPN) were crossed at $21.32, the eventual closing price. AX said the share print was not only the largest of the day but also the largest print in the stock for August. The next largest third-market print on the day was 10,000 shares and the average size block trade on AX is currently over 48,000 shares.
"The AX is all about giving the institutional investment community the ability to trade with whom they want to trade, at the prices they want to trade at and – as this trade demonstrates – at the time they want trade, whether the traditional market is open or not," said Kevin Callahan, CEO, AX Trading.
The market, which launched in November, recently expanded its trading hours and now opens from 08.00 to 17.00, Eastern. By comparison, NYSE and NYSE MKT are open from Monday through Friday 09.00 to 16.00 ET.
The alternative trading system lets traders initiate their own auctions in any stock at any time, rather than being matched at the mid-point of a spread. Auction initiators can also decide how much information to share about the auction and which counterparties to invite.
"The AX is designed to give the trader greater empowerment and control, putting the institutional trader back in the driver’s seat," said Joe Costa, director of operations. "We believe the ability to trade outside of traditional trading hours is a very powerful draw for real buyers and sellers in the marketplace."