A Clear Solution
For Block Trading

Luminex’s powerful technology delivers greater transparency into how orders are handled, helps protect trade data, and provides powerful analytics.

LUMINEX ATS OVERVIEW

Luminex® operates as an SEC-registered alternative trading system (ATS). Luminex is a completely anonymous, non-quoted trading venue that helps subscribers source block liquidity and reduce market impact.

ORDER TYPES

The Luminex “hybrid” order is PARTIALLY FIRM to help eliminate information leakage and PARTIALLY CONDITIONAL to encourage large block discovery. Luminex orders are pegged, for matching purposes, to the midpoint of the NBBO. There are three quantities associated with a Luminex order:

Auto Execution Quantity

These shares can be locked in to trade without further prompting. (Required)

Negotiable Order

These shares can be matched during negotiation by sizing-up for a block larger than the auto execution quantity. (Optional)

Total Quantity

Total order size


Luminex offers subscribers additional order instructions, including:

Minimum Execution Quantity

The minimum contra order size against which the subscriber's order can interact.

Anti-Internalization

Prevents the subscriber from crossing against a contra order from their same account.

Order State Management

Allows a subscriber to prevent crossing against a contra order unless the market meets client-configured conditions.

IMPORTANT INFORMATION ABOUT LUMINEX AND SYSTEM LIMITATIONS

Odd Lots & Mixed Lots
Luminex does not accept odd-lot orders, but does accept mixed-lot orders (e.g., orders for 150 shares).

Locked & Crossed Markets
Luminex does not execute orders in crossed markets, but does execute in locked markets.

Types of Securities
Luminex accepts all NMS equity securities.

Matching Prioritization Logic
Luminex matches orders on Auto Execution Quantity / Top Quantity / Time Priority.

Fees & Compensation
Luminex receives compensation derived from transactions within the ATS.

Commission Sharing Arrangements
Luminex includes simple and effective tools to manage commissions and payments to your research providers.

Hours of Operation
The system accepts orders from 8:00 am (ET) to 4:00 pm (ET), and executes orders from 9:30 am (ET) to 4:00 pm (ET). All open orders are automatically canceled at 4:00 pm (ET). The system follows the core market hours of the primary listing exchange, including half-days and market closures and disruptions.