Instinet's BlockMatch Australia is an Australian Crossing System operated by Instinet Australia Pty Limited, which is authorized and regulated by the Australian Securities and Investments Commission (“ASIC”), pursuant to Chapter 5A of the Market Integrity Rules. BlockMatch Australia provides trading for Australian listed equity securities.
BlockMatch Australia provides continuous trading where orders are pegged to the midpoint of the National Best Bid and Offer (“NBBO”), and trades are matched at the midpoint at time of execution. Size, time matching priority rewards larger sized orders with better queue position. Additionally, BlockMatch Australia provides a Conditional Book for the submission and management of conditional orders.
Features
Conditional Book
The Conditional Book holds conditional ("non-firm") orders and manages the identification and notification of contra liquidity. Conditional orders are pegged to the midpoint of the NBBO and are prioritized by size, time. Upon identification of a match in the Conditional Book, firmed up orders are executed within the Continuous Book.
Conditional orders
Rest larger orders and receive notification of contra liquidity. A minimum quantity can be applied to an order to filter interaction with smaller orders.
BlockMatch Australia provides for two types of conditional orders:
Algorithmic conditional orders
Users can enter conditional orders via an algorithm, allowing for automated system management of the submission of conditional orders and firm up process.Manual conditional orders
Non-algorithmic conditional orders.
Midpoint pegging
All conditional orders are pegged to the midpoint of the NBBO. Users can apply a limit price for protection.
Manage market impact.
Dark non-display functionality with the ability to apply minimum quantity can help reduce information leakage.
Access diverse natural liquidity.
Trade with natural liquidity from a wide spectrum of buy-side and sell-side counterparties, and access liquidity opportunities from Instinet’s diverse institutional client base.
Integrate seamlessly into your workflow.
Access BlockMatch via Instinet’s suite of products: Instinet’s Newport®, Instinet’s Experts® algorithms, an EMS/OMS where Instinet BlockCross software has a certified integration, and as a destination through other sell side firms algorithmic strategies.
Manage opportunity cost.
Instead of resting large orders in one venue, use conditional orders so that available trading opportunities maybe discovered as the parent order is being worked.
| Trading Hours | 10:00 - 16:00 local Sydney time |
| Available Securities | Australian listed equity securities |
| Tick Size | Follows ASIC Market Integrity Rules |
| Order Type | Mid peg (including Mid peg with limit) |
| Time in Force | DAY, GTD |
Continuous Book
A continuous trading dark non-display order book that has the ability to peg to the midpoint of the NBBO. Orders are prioritized on a size, time basis, meaning that when there are several orders resting at the same midpoint price level, larger-sized orders go to the top of the queue. Orders of the same size are prioritized by time.
Reduce market impact
Orders are not published to the market pre-trade, helping users reduce market impact.
Access diverse natural liquidity
Cross against natural liquidity from a wide spectrum of buy and sell side counterparties, and access liquidity opportunities from Instinet’s diverse and deep base of institutional agency clients.
Take advantage of size priority
BlockMatch Australia uses size, time matching priority, which means large-sized orders will receive better queue positions.
Anonymous equal access
Participants trade anonymously and control market exposure, while resting orders are processed strictly by size, time priority.
| Trading Hours | 10:00 - 16:00 local Sydney time |
| Settlement | T+2 |
| Available Securities | Australian listed equity securities |
| Tick Size | Follows ASIC Market Integrity Rules |
| Order Type | Mid peg (including Mid peg with limit) |
| Time in Force | DAY, FOK, GTD, IOC |