LSEG to Include Iceberg and Hidden Orders in Its After-market Trading Session

LSEG is set to enhance its after-market trading session, Closing Price Crossing (CPX), to increase liquidity and participation in the trading period following market close. According to a story in The Trade news, the upgrade, currently scheduled to go live on December 8th, will facilitate iceberg and hidden orders to be placed post close, allowing traders to participate without revealing their full size and eliminating the need for participants to provide full pre-trade transparency. Moreover, the enhancement will also include a feature which provides users with the option to pre-submit an order to automatically inject at the beginning of the session with immediate execution against any contra liquidity.  The move is expected to make the overall session more useful for traders. Currently, orders submitted to the CPX are fully displayed, which is widely believed to increase risk and open up the possibility of trade exposure.