CBX US is a continuous limit order book that provides price-time priority matching in an anonymous, non-displayed environment.
Features
Price-time priority matching
Eligible resident orders are processed by price-time priority. Derivatively-priced orders are treated as canceled and replaced for each price change.
Complete anonymity
Orders are traded anonymously; users specify the details of how to position orders and interact with the pool. Orders are not displayed to other subscribers. Resident orders will only execute against other orders within CBX. Orders are not routed out to other market centers for matching.
Easy access
Access CBX via most major OMS/EMS platforms, including Instinet Newport, by Direct FIX connection, or through any of our algorithmic strategies.
Diversified flow
Access diverse liquidity, from high-urgency to fully passive, across all market caps, sectors, participant types, and sources, including FIX configurations.
Overview
| Trading hours | Order types | Available securities | Settlement |
| 4:00 AM – 8:00 PM EST | The venue supports Market, Limit, and Pegged orders. Orders may be designated IOC, DAY, FOK, and GTD, and may have a MinQty. | All NYSE and Nasdaq-listed stocks. | T+2 by Instinet, LLC |