Liquidity Venues

Bringing Instinet's Proven Pre-Market VWAP Cross and CBX™ Dark Pools to Canada

Instinet Canada Cross (ICX®) is an alternative trading system (ATS) available to Canadian registered Investment Dealers and their clients to trade TSX and TSXV listed equities. ICX comprises Instinet's proven pre-market VWAP cross and CBX Canada, all of which are powered by proprietary matching technology that was designed for speed, performance and reliability.

Pre-Market VWAP Cross
The VWAP Cross provides a benchmark cross at the day's VWAP (Volume Weighted Average Price). Executions are locked in after the 9:15 am ET match and priced at 4:10 pm ET once the stock's VWAP has been determined using the day's consolidated market data feeds.
CBX Canada
CBX Canada is a low-latency, continuous limit order book that provides the benefit of broker/time priority matching, with the option of trading anonymously or by having the trade attributed. It is fully closed with no IOIs sent, orders routed or quotes displayed in public markets. CBX Canada supports advanced order types and uses an ultrafast matching engine based on technology developed for securities exchanges.
Anonymous or Trade Attribution
All ICX orders are fully hidden. With CBX Canada, clients can select post-trade attribution.
Clearing and Settlement
ICX operates under the ATS clearing model. Trades will settle on T+3 settlement cycle.

Instinet Canada Cross at a Glance

  ICX VWAP ICX CBX
Type Point-in-time Continuous
Stock Coverage TSX and TSXV listed equities denominated in Canadian dollars. TSX and TSXV listed equities denominated in Canadian dollars.
Match Time 9:15 am ET 9:30 am – 4:00 pm ET
Pricing Canadian Consolidated VWAP (priced at ~4:10 pm ET) NBBO mid-point real time
Order Functionality Market, minimum fill, cash constraints on baskets. Market, limit, minimum fill, time-in-force.
Description Benchmark cross. Executions locked at match time, priced after close. Low-latency, continuous limit order book. Provides broker/time priority matching in an anonymous or trade-attributed environment.