CReX Block Crossing Network
Charles River Brokerage’s CReX is a buy-side only crossing network for secure and anonymous block trading of global equities. As the agency broker-dealer affiliate of Charles River Development, Charles River Brokerage leverages the advanced technology and community of one of the largest and most reliable trading system providers.
Charles River Brokerage is an agency only broker-dealer, with no conflicting trading desks that can introduce potential information leakage. CReX, the first truly uncommitted workflow for block crossing, allows traders to electronically match buy and sell orders within a trusted, global community of buy-side peers. A major advantage of CReX is that traders can leverage market participation strategies via placements and at the same time anonymously participate in block crossing opportunities within CReX.
Reduces Trading Costs
CReX’s buy-side pool of uncommitted workflow maximizes block execution opportunities, and eliminates opportunity costs of adverse venue selection with its unique, uncommitted model.
Recognizes Unexecuted Shares
Tight integration between CReX and the OMS/EMS allows consideration of unexecuted shares for crossing, whether placed away or not. A one-click unwind/place option makes placed shares quickly available to take advantage of a liquidity opportunity in the cross.
Controls Order Exposure
Using flexible filtering criteria, clients can develop ‘do not cross’ lists to control which orders are exposed to the cross. Clients can also help to reduce information leakage by reviewing eligible orders before exposing them to the pool.
Trusted Community Participants
1. Buy-Side Only
2. No Predatory High Frequency participants or access
3. Truly a “pool” – no algo-seeking flow or pool-to-pool connections that cause information leakage
4. Respected, well-established parent company with a 20-year record of delivering innovative buy-side trading technology