Liquidity Venues

Instinet's pre-market, European VWAP benchmark cross provides an anonymous, safe environment to trade illiquid and sensitive orders in block size and with minimal market impact or information leakage. Orders are matched at 7:45 am UK Time, with clients receiving indicative fills at the stock's previous night closing price immediately thereafter. Approximately 10 minutes after the official (primary market's) close, matched orders are re-priced at the stock's consolidated VWAP*.
* Consolidated price of the major displayed trading venues in Europe.


Available Securities:
All stocks listed on primary exchanges in Austria, Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom
Match Time:
7:45 am UK Time
Consolidated, full day VWAP price (including auctions), repriced approximately ten minutes after the primary market's close
Order Types:
Market orders, Minimum Fill, Cash Constraints on Baskets
Participants trade anonymously within an agency environment.
Natural Block Liquidity
Minimize information leakage by leveraging minimum fill parameters to interact only with natural counterparties of equal size.
Minimal Opportunity Cost
Participants receive confirmations on fills and partial fills within seconds of the match, minimizing the opportunity cost of participating.
Portfolio Friendly
Cash constraints on baskets make the VWAP Cross ideal for trading programs, particularly those comprising illiquid names.