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

Luminex operates a “hybrid” platform that supports NEGOTIABLE ORDERS, FIRM ORDERS, and CONDITIONAL ORDERS to encourage large block discovery. The minimum trade size, regardless of the order type, is 5,000 shares. Luminex orders are pegged, for matching purposes, to the midpoint of the NBBO.

 

NEGOTIABLE AND FIRM ORDERS

 

There are three quantities associated with Negotiable and Firm Orders:

 

Auto-Execution Quantity.

In either a Negotiable Order (an order that includes a negotiable quantity) or Firm Order (an order with an AutoEx Quantity that equals the Top Quantity) context, a Subscriber must designate an “auto-execution” quantity.  The minimum AutoEx Quantity is the system minimum trade size of 5,000 shares.

 

Negotiable Quantity.

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

 

Total Quantity. 

An order’s total size (the sum of its AutoEx Quantity and Negotiable Quantity) at any given time is its “Top Quantity.”

 

CONDITIONAL ORDERS

 

A “Conditional Order” is an order that is neither a Negotiable Order nor a Firm Order. A Subscriber who enters a Conditional Order with a Minimum Quantity will have the ability, but not the obligation, to firm up to any size between its Minimum Quantity and its Top Quantity.

 

If the Subscriber is engaging in trading that security on another venue or if executing the trade on Luminex would violate a limit price being maintained at the firm, for example, the Subscriber can decline to participate in a transaction when using a Conditional Order.

 


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 prioritizes orders based on the following factors, in the following order: (1) Auto Execution Quantity (for Firm and Negotiable Orders only), (2) Top Quantity and (3) Time of Order Entry.

Order Interaction
It is possible for any of the supported order types – Firm, Negotiable, and Conditional – to interact with each other.

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 7:15 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.