Instinet Europe Limited (IEL), has further enhanced its BlockMatch MTF through the introduction of the industrys first pan-European closing cross for European equities.
The BlockMatch Closing Cross is a continuous cross that operates daily from 16:4017:00 (UK time), with all matches during the 20-minute crossing window occurring based on time priority and executing at the Primary Exchanges closing auction uncrossing price. The BlockMatch Closing Cross, which is available to both institutions and broker-dealers, also includes a minimum fill feature designed to encourage participants to post true, large ADV block orders without fear of information leakage. Orders can be sent to BlockMatch from most order and execution management systems, including Instinets Newport 3 EMS.
Since we launched BlockMatch last year, clients have continued to look to Instinet to identify innovative ways to help them further improve execution performance, says Richard Balarkas, CEO, Instinet Europe. Last year, we were the first broker in Europe to offer a link to another brokers dark pool and now, by introducing Europes first closing cross, we have further enhanced BlockMatch to help buyside firms improve their execution quality without risk of gaming or information leakage.
L.D.