Nomura's non-displayed global crossing network NomuraCross (NX) has gone live in Hong Kong. Nomura received approval for an Automated Trading Services (ATS) license by the Securities and Futures Commission (SFC) at the beginning of May 2010 and since then, a limited number of clients have been using the platform.
Nomura said that, by crossing orders in NX, clients will be able to benefit from both anonymity and price improvement. Orders placed in NX will not be displayed externally or internally, allowing participants to place orders without revealing information.
NX will offer clients with the opportunity for price improvement in Hong Kong by accessing a central pool of liquidity formed by its agency and principal order flow and crossing orders within the bid-ask spread published on the HKEx.
Robert Laible, head of electronic trading services and program trading sales in Asia-Pacific at Nomura, said: “After successful testing of live beta over the past few weeks, we are delighted to announce that NX Hong Kong is officially live. We are now opening up the platform to allow all our clients to benefit from our crossing network. Of course, we can accommodate those clients who opt out of trading in NX as well as those that prefer to trade ‘agency only’.”