Luminex Trading & Analytics LLC, a buy side-owned trading venue delivering efficient, low-cost block executions, has added a conditional order type to its unique, buy side-only alternative trading system (ATS).
This upgrade has helped make January 2018 Luminex’s best-ever month by volume.
Luminex’s trading platform now supports negotiable, firm and conditional orders. The addition of conditional orders is designed to make trading on Luminex more efficient for many buy side workflows, and should allow subscribers to interact with more block orders. Negotiable and firm orders continue to be available and will help to prevent “fall downs”, negotiations in which one party backs out despite each entering with an intention to trade. Luminex expects the addition of conditional orders to benefit all of its current 185 subscribers, regardless of the order types they choose to use.
“During our first two years of operation, numerous clients expressed to us that a conditional order type would allow them to better and more fully integrate Luminex into their workflows,” said Jonathan Clark, CEO of Luminex. “Initiatives at Luminex are driven by our desire to do what’s best for our clients and the wider buy side community. Our enhanced platform remains true to our founding mission to provide subscribers with clean, natural large-block liquidity at disruptively low rates.”
Luminex has grown steadily and substantially since its inception in Q4 2015. Since FINRA began reporting on ATS block data, Luminex has regularly ranked at or near the top of its three block trading categories, and in 2017 the firm recorded several best-ever trading days. With enhancements making integration with buy side workflows easier, clients are sending more order flow than ever to Luminex, resulting in higher volumes, fill rates and average trade size, culminating with January 2018 becoming the venue’s best month to date.