âWith unbundling taking hold throughout Asia and clients more focused than ever on execution quality, off-exchange systems like CBX Japan are becoming increasingly popular,â says Christian Chan, head of electronic trading for Instinet in Asia. âWe are pleased that ACTIV Financialâs clients will now have access to real-time market data from our platform.â
Launched in 2001, CBX Japan, along with JapanCrossingâ¢, is operated by Instinet Japan Limited under the firmâs Japanese Proprietary Trading System (PTS) license, making the off-exchange platforms relatively unique in the Japanese market. Available only to institutions, CBX Japan is a real-time, 24-hour trading platform for Japanese equities that allows clients to negotiate and trade blocks of stock with natural counterparties at mutually agreed prices. Unlike Instinet CBX in the U.S., one of the marketâs largest independent dark pools, CBX Japan is a lit pool of liquidity whereby market data is available to clients, as fully hidden orders are prohibited under Japanese securities law.
âAs the Asian market and global trading opportunities to continue grow, we continue to expand our market data coverage to include key execution venues such as Instinetâs CBX Japan,â said Timothy Neo, managing director of ACTIV Financial Asia. âACTIVâs flexibility and agility combined with our range of delivery options will enable Instinetâs customers with the market data solutions they need to continue to lead the market.â
ACTIV Financial provides companies, including leading hedge funds, market markets, proprietary traders and brokers, with the quality market data they need to make real-time trading decisions. With a range of delivery options, including ultra-low latency models, zero on-site hardware footprint and delivery via the Internet, ACTIV offers customers flexible, cost-effective solutions to compete and succeed in the increasingly global trading ecosystem.
The ACTIV Content Platform delivers value-added, real-time market data to both buy- and sell-side clients for their critical business and trading requirements. The platformâs flexible architecture enables CBX Japan data delivery via a variety of delivery models, including:
â¢ ACTIV Workstation: ACTIVâs display terminal and other third-party display and trading applications
â¢ ActivFeed: ACTIVâs consolidated feed deliverable over a leased line or the Internet
â¢ Direct feed: Deploying ACTIVâs feed handler on-site, connecting directly to execution providers such as Instinet
â¢ Co-location/proximity deployment: Hosting trading applications in, or close to, ACTIVâs data centers in Tokyo
Each delivery model offers:
â¢ Best-in-class latency
â¢ Complete view of Instinet CBX: With no conflation, throttling or limited caching restrictions
â¢ Fully managed solution: ACTIV provides monitoring, management and data quality services for value-added data
â¢ Ease-of-integration: The companyâs ActivFeed API provides a simple but powerful cross-platform market data interface