Instinet Extends VWAP Cross to Europe and Hong Kong

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Hong Kong and Europe join VWAP Cross's existing presence in other regions.

Instinet has announced the availability of its Volume Weighted Average Price (VWAP) Cross product in Europe and Hong Kong.

VWAP Cross has been in operation as a source of anonymous block liquidity in the US, Korea, Canada and Japan, with the US operation being the largest platform of its kind. Orders are matched during designated pre-market crosses, where successful matches receive indicative fills at the previous closing price. When the market closes, fills are then re-priced to the day's VWAP and reported.

"The ability to source block liquidity remains a primary goal of most institutions trading the Asia-Pacific region," says Glenn Lesko, CEO of Instinet in Asia, Instinet. "The Hong Kong VWAP Cross adds another important source of liquidity at our most popular trading benchmark."

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