Equal-Access Dark Pool
CBX™ US is a low-latency, continuous limit order book that provides equal access to strict time-price priority matching in an anonymous agency environment. It is fully closed with no IOIs sent, orders routed or quotes displayed in public markets. CBX sweeps order flow across Instinet's entire infrastructure, including streaming liquidity from reciprocating dark pools, and uses an ultrafast matching engine based on technology developed for securities exchanges.
- Equal Access
- Resting orders are processed strictly by price-time priority – there is no preferencing of orders or participants by other criteria.
- Participants trade anonymously and control how they position orders and interact with the pool. No IOIs or orders are routed out.
- Diversified Flow
- Orders range from high-urgency to fully passive and range across market cap, sector and source (direct, algorithmic or streaming).
- Advanced Orders
- CBX supports all advanced order types, including limit, pegging, minimum fill and time-in-force.
- Optimized Allocation
- Nighthawk®-X algorithm optimizes order allocation across CBX and the BLX pool to maximize liquidity potential and anti-gaming.