Europe VWAP Cross
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.
- 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.