Instinet announced that its Instinet Europe Limited subsidiary has enhanced its BlockMatch MTF with the introduction of a closing cross for European equities.

The BlockMatch Closing Cross is now available as a continuous cross operating daily from 16:40-17:00 (UK time). All matches during the 20-minute time frame occur based on time priority and execute at the Primary Exchanges' closing auction uncrossing price.

It also includes a minimum fill feature to encourage traders to post true, large ADV block orders without information leakage fears.

In a statement, Richard Balarkas, CEO of Instinet Europe, said, "Since we launched BlockMatch last year, clients have continued to look to Instinet to identify innovative ways to help them further improve execution performance. Last year, we were the first broker in Europe to offer a link to another broker's dark pool and now, by introducing Europe's first closing cross, we have further enhanced BlockMatch to help buy side firms improve their execution quality without risk of gaming or information leakage."