Liquidity Venues

CBX™ Japan is a low-latency, continuous dark order book that sweeps order flow from Newport's staging blotter, Instinet's Execution Experts® algorithms and smart router and other reciprocating liquidity pools. Advanced order types enable participants to maintain control over market exposure, realize price improvement and minimize market impact.


Trading Hours:
07:30-15:30 JST
Available Securities:
All stocks with five-digit stock codes (Shin-Kabu listed on the TSE, OSE and JASDAQ; Foreign stocks, Bank of Japan and Nomura Holdings Excluded
Order Types:
Limit, Iceberg, Pegged and Hidden
T+3, Nomura Securities
Anonymous Equal Access
Participants trade anonymously and control market exposure, while resting orders are processed strictly by price-time priority.
Natural Liquidity
Trade with natural counterparties; commissions charged for executed trades and no rebates or payments for order flow.
Advanced Orders
CBX Japan supports advanced order types including Limit, Iceberg, Pegged (Primary, Mid and Market Peg) and Hidden.
Optimized Allocation
Instinet's Nighthawk® algorithm optimizes order allocation across CBX Japan, other reciprocating liquidity pools and the primary exchange, maximising liquidity potential and minimising gaming potential.
Indicative Fill Functionality
CBX Japan's matched orders are routed to the listing exchange for execution and reported via ToSTNet and or J-NET. Since matched orders are not confirmed trades until successfully reported, an "indicative fill" message is sent in the interim to facilitate efficient algorithmic interaction.