Australian block trading venue Block Event expands trading into Hong Kong equities
Media release, 6 February 2017
Australian based block trading venue Block Event has commenced trading in Hong Kong equities following the granting of a license to its parent company BestEx by the Hong Kong Securities and Futures Commission.
Already established in Australia where it is managed by Paul Horneman and Anthony 'Jav' Brown, Block Event is an equities trading venue designed for institutional investors. An electronic marketplace supported by experienced block traders, Block Event matches buyers and sellers with greater efficiency than traditional stock exchanges or broking methods, enabling participants to access more liquidity with less information leakage.
Richard Macfarlane, Block Event Asia CEO and former Citigroup Managing Director and Head of Execution Services for Asia Pacific, believes that information leakage remains a huge problem for institutional traders when trading large positions and that the institutional equities market in Asia is ripe for disruption.
“Block Event provides its clients a safer and more innovative way to execute block sized trades and minimise their market impact. Access to natural block liquidity is critical to best execution.”
Block Event offers minimum block sizes so that all trades are material in terms of dollars or average daily value. All participants on the platform are approved and traders can control the amount of information revealed about their orders.
The firm which has offered trading in Australian equities since March 2016 has an average trade size of $1.7m and counts many of the largest investment managers in the world as clients. Unlike other venues, Block Event is supported by experienced sales traders who are available to intermediate orders if called upon. It offers mid-point and VWAP trading in block size and gives clients the ability to send actionable IOIs to other participants.
Block Event is already available in Asia to institutional clients of Instinet and Tora Trading as well as several other brokers. Participants can route orders to Block Event from most commonly used electronic trading platforms including Bloomberg, Charles River and IRESS.
Macfarlane said that Block Event’s immediate focus would be Hong Kong but that it would quickly roll out across the region and increase the size of its team.
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About Block Event
Block Event® is a disruptive equities trading venue designed for institutional investors. An electronic marketplace supported by experienced block traders, Block Event® matches buyers and sellers with greater efficiency than incumbent stock exchanges or traditional stock broking methods, enabling participants to access more liquidity with less information leakage. Block Event has offices in Sydney, Melbourne and Hong Kong.
For further information please contact Richard Macfarlane, Block Event Asia CEO, +852 9825 1998, David Klinger, Co-Founder Block Event, +61 422 604 688 or Phillip Weinberg, Co-Founder Block Event, +61 433 117 336.
+852 3983 5154