New York - CitiBLOC leverages conditional orders to seek block execution. Intended to minimize the opportunity cost typically associated with trading blocks of stocks, it is designed to only accept auto firm-ups, and has a nearly 90% normalized firm-up rate.
CitiBLOC accepts conditional buy and sell orders and sends an invitation to firm-up to each of the participants when there is a potential match. It has a unique rank, time matching priority. Rank is determined by a combination of firm-up rate and size of firm-up orders. A minimum size of 5,000 shares or a notional value of at least US$100,000 is required per order.
The crossing engine is also compliant with the SEC's tick size pilot as all executions are done at midpoint.