Thomson Reuters Connects to Instinet’s CBX ASIA

Tokyo/Hong Kong – Thomson Reuters today announced connectivity to Instinet’s CBX ASIA™ share trading platform, providing subscribers of Thomson Reuters services with market data for the agency-only brokerage’s real-time, displayed ATS (alternative trading system) for Japanese and Hong Kong equities. In addition, CBX ASIA and Instinet’s suite of Asian algorithms have been added as a destination in the Reuters Trading for Exchanges (RTEx) order routing platform. The addition of Instinet’s CBX ASIA platform broadens Thomson Reuters desktop and transaction capabilities across Asia in a rapidly growing part of the electronic trading market.

Instinet’s CBX ASIA is an optimal light-pool trading environment where institutions can seek to reduce market impact by trading anonymously with diverse liquidity sources without exposing orders to pricing pressure from the public markets. CBX ASIA is a tool for trading in size while maintaining control over market exposure, and minimising market impact to reduce transaction cost. Real-time prices from this new execution venue are now available to subscribers of Thomson Reuters services.

Stephen Wilson , Global Head of Exchange Traded Instruments Business for Thomson Reuters, said, “Thomson Reuters is committed to providing a consolidated view of listed securities in an increasingly fragmented market. We’re pleased to bring our customers around the world access to Instinet’s CBX ASIA service as another step forward in this aim.”

“Given the current market environment, clients are more focused now than ever on execution quality, making off-exchange systems like CBX ASIA increasingly popular. We are pleased to extend the availability of our real-time ATS and algorithmic platform to Thomson Reuters’ global client base,” said Christian Chan , Head of Electronic Trading for Instinet in Asia.

Thomson Reuters clients can now access Instinet’s CBX ASIA market data using the Reuters 3000 Xtra desktop application and can send orders using RTEx. It provides access to the joint global community of Tradeweb Routing Network and Reuters Order Routing Network, comprising over 1,000 participants worldwide and processing in excess if 1.5 billion shares per day.

Launched in Asia in 2001, first in Japan under Instinet’s Japanese PTS (Proprietary Trading System) License, CBX ASIA is a real-time, low-latency central limit order book with traditional price/time priority and rich order functionality for the trading of Japanese and Hong Kong equities. Unlike Instinet CBX in the U.S., which is based on the same technology and is the market’s second largest independent dark pool, CBX ASIA is a displayed platform whose market data is available to clients, as fully-hidden orders are prohibited under securities laws in certain Asian jurisdictions.