{"id":1030,"date":"2024-04-25T18:04:36","date_gmt":"2024-04-25T18:04:36","guid":{"rendered":"https:\/\/webdev2.a2x.co.za\/?page_id=1030"},"modified":"2024-06-24T08:25:37","modified_gmt":"2024-06-24T08:25:37","slug":"negotiated-benchmark-cross-nbc","status":"publish","type":"page","link":"https:\/\/www.a2x.co.za\/?page_id=1030","title":{"rendered":"Negotiated Benchmark Cross (NBC)"},"content":{"rendered":"\n\t<section class=\"section\" id=\"section_317408271\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t<div class=\"video-overlay no-click fill visible\"><\/div>\n\t<video class=\"video-bg fill visible\" preload playsinline autoplay muted loop>\n\t\t<source src=\"https:\/\/webdev2.a2x.co.za\/wp-content\/uploads\/2023\/11\/video-2.mp4\" type=\"video\/mp4\">\t<\/video>\n\t\t\t<div class=\"section-bg-overlay absolute fill\"><\/div>\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"slider-wrapper relative\" id=\"slider-1790508359\" >\n    <div class=\"slider slider-nav-dots-dashes-spaced slider-nav-circle slider-nav-large slider-nav-light slider-style-normal slider-show-nav\"\n        data-flickity-options='{\n            \"cellAlign\": \"center\",\n            \"imagesLoaded\": true,\n            \"lazyLoad\": 1,\n            \"freeScroll\": false,\n            \"wrapAround\": true,\n            \"autoPlay\": 4000,\n            \"pauseAutoPlayOnHover\" : false,\n            \"prevNextButtons\": true,\n            \"contain\" : true,\n            \"adaptiveHeight\" : true,\n            \"dragThreshold\" : 10,\n            \"percentPosition\": true,\n            \"pageDots\": true,\n            \"rightToLeft\": false,\n            \"draggable\": true,\n            \"selectedAttraction\": 0.1,\n            \"parallax\" : 0,\n            \"friction\": 0.6        }'\n        >\n        \n\n  <div class=\"banner has-hover\" id=\"banner-100936828\">\n          <div class=\"banner-inner fill\">\n        <div class=\"banner-bg fill\" >\n            <img loading=\"lazy\" decoding=\"async\" width=\"8000\" height=\"4509\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-On-Off-books-Banners-02.png\" class=\"bg attachment-original size-original\" alt=\"\" \/>                        <div class=\"overlay\"><\/div>            \n                    <\/div>\n\t\t\n        <div class=\"banner-layers container\">\n            <div class=\"fill banner-link\"><\/div>            \n   <div id=\"text-box-1042546122\" class=\"text-box banner-layer x100 md-x0 lg-x0 y50 md-y80 lg-y80 res-text\">\n                     <div data-animate=\"flipInY\">           <div class=\"text-box-content text dark text-shadow-2\">\n              \n              <div class=\"text-inner text-left\">\n                  \n<div class=\"is-divider divider clearfix\" style=\"max-width:80px;height:6px;background-color:rgb(70, 249, 143);\"><\/div>\n<h3 class=\"uppercase\"><span style=\"font-size: 170%;\"><strong>Negotiated benchmark Cross (NBC)<\/strong><\/span><\/h3>\n<h5><span style=\"font-size: 110%;\">Off-book transactions are made directly between two parties, outside or &#8216;off&#8217; of the<\/span><br \/>\n<span style=\"font-size: 110%;\">order books. Once a price has been agreed between the two parties, it is typical for<\/span><br \/>\n<span style=\"font-size: 110%;\">one of the participants to report the trade and its parameters to the exchange<\/span><\/h5>\n<a href=\"https:\/\/webdev2.a2x.co.za\/?page_id=172\" class=\"button secondary is-gloss is-large reveal-icon\" style=\"border-radius:10px;\">\n\t\t<span>Connect with us<\/span>\n\t<i class=\"icon-angle-right\" aria-hidden=\"true\"><\/i><\/a>\n\n              <\/div>\n           <\/div>\n       <\/div>                     \n<style>\n#text-box-1042546122 .text-box-content {\n  background-color: rgba(255, 255, 255, 0);\n  font-size: 100%;\n}\n#text-box-1042546122 .text-inner {\n  padding: 30px 30px 30px 30px;\n}\n#text-box-1042546122 {\n  width: 90%;\n}\n@media (min-width:550px) {\n  #text-box-1042546122 {\n    width: 64%;\n  }\n}\n<\/style>\n    <\/div>\n \n        <\/div>\n      <\/div>\n\n            \n<style>\n#banner-100936828 {\n  padding-top: 700px;\n  background-color: rgba(154, 135, 135, 0);\n}\n#banner-100936828 .overlay {\n  background-color: rgba(12, 0, 0, 0);\n}\n#banner-100936828 .banner-bg img {\n  object-position: 0% 0%;\n}\n<\/style>\n  <\/div>\n\n\n     <\/div>\n\n     <div class=\"loading-spin dark large centered\"><\/div>\n\n\t<\/div>\n\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_317408271 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n#section_317408271 .section-bg-overlay {\n  background-color: rgba(45, 37, 125, 0);\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section dark\" id=\"section_671128999\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row\"  id=\"row-496357986\">\n\n\t<div id=\"col-750860705\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div id=\"gap-315285917\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-315285917 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row align-middle align-center\"  id=\"row-84097779\">\n\n\t<div id=\"col-1385266094\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner text-center\"  >\n\t\t\t\n\t\t\t\n<a href=\"https:\/\/webdev2.a2x.co.za\/?page_id=690\" class=\"button white is-underline is-xlarge\" >\n\t\t<span>Large in Scale (LIS)<\/span>\n\t<\/a>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-829727998\" class=\"col medium-5 small-12 large-5\"  >\n\t\t\t\t<div class=\"col-inner text-center\"  >\n\t\t\t\n\t\t\t\n<a href=\"https:\/\/webdev2.a2x.co.za\/?page_id=697\" class=\"button white is-underline is-xlarge\" >\n\t\t<span>Negotiated Benchmark Cross (NBC)<\/span>\n\t<\/a>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_671128999 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n  background-color: #262a82;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section\" id=\"section_250649347\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row\"  id=\"row-1330825880\">\n\n\t<div id=\"col-1408435460\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"row\"  id=\"row-470300361\">\n\n\t<div id=\"col-1840906649\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_911588946\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"3064\" height=\"2689\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05.png 3064w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-300x263.png 300w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-1024x899.png 1024w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-768x674.png 768w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-1536x1348.png 1536w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-2048x1797.png 2048w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-320x281.png 320w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-480x421.png 480w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/06\/A2X-LS-and-NBC-Images-05-800x702.png 800w\" sizes=\"auto, (max-width: 3064px) 100vw, 3064px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_911588946 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-780074826\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"is-divider divider clearfix\" style=\"max-width:35px;height:5px;background-color:#59fa9a;\"><\/div>\n\t<div id=\"text-1921616382\" class=\"text\">\n\t\t\n<h2>What is <strong>Negotiated Benchmark Cross (NBC)<\/strong><\/h2>\n\t\t\n<style>\n#text-1921616382 {\n  color: #262a82;\n}\n#text-1921616382 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n<h3><span style=\"color: #000080;\">Although widely used in Europe, this is a new order type<\/span><br \/><span style=\"color: #000080;\">which A2X is introducing to the South African market.<\/span><\/h3>\n<p>It enables a single broker to report a pre-agreed buy and sell agency or principal order based on a Volume Weighted Average Price (V WAP) over a set period of time.<\/p>\n<p>The transaction must be comprised of a minimum of 10 consecutive trade instances to determine a VWAP price and it must reflect the VWAP for the respective time period of the order.<\/p>\n<p>The NC enables brokers to reduce the costs and time associated with working this high hit rate order type in the market when they have matching client VWAP orders.<\/p>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<a href=\"https:\/\/webdev2.a2x.co.za\/wp-content\/uploads\/2024\/04\/Negotiated-Benchmark-Cross.pdf\" class=\"button secondary is-gloss reveal-icon\" style=\"border-radius:10px;\">\n\t\t<span>Download Brochure<\/span>\n\t<i class=\"icon-angle-right\" aria-hidden=\"true\"><\/i><\/a>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_250649347 {\n  padding-top: 50px;\n  padding-bottom: 50px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section dark\" id=\"section_279932768\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row\"  id=\"row-513977593\">\n\n\t<div id=\"col-1693576415\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"row\"  id=\"row-1716905444\">\n\n\t<div id=\"col-289796425\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"is-divider divider clearfix\" style=\"max-width:35px;height:5px;background-color:#59fa9a;\"><\/div>\n<h2>Negotiated Benchmark Cross<br \/><strong>(NC) Criteria<\/strong><\/h2>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-663835241\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-60252831\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<p>Be comprised of a minimum of 10 consecutive trade instances to determine a VWAP price.<\/p>\n<ul>\n<li>Reflect the volurne weighted average price for the respective period.<\/li>\n<li>The start and end time of the period used to determine the VWAP price will be required when submitting the trade report.<\/li>\n<\/ul>\n<p>For now, the JSE price and volume data will be used in determining the VWAP<\/p>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_279932768 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  background-color: #262a82;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section\" id=\"section_833801780\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row\"  id=\"row-1306676216\">\n\n\t<div id=\"col-606019901\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"is-divider divider clearfix\" style=\"max-width:35px;height:5px;background-color:#59fa9a;\"><\/div>\n\t<div id=\"text-3689594402\" class=\"text\">\n\t\t\n<h2>A2X Report only Trades Types &#8211;<br \/><strong>Clearing And Settlement<\/strong><\/h2>\n\t\t\n<style>\n#text-3689594402 {\n  color: #262a82;\n}\n#text-3689594402 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row\"  id=\"row-1279713296\">\n\n\t<div id=\"col-1104106359\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div id=\"text-2720498434\" class=\"text\">\n\t\t\n<ul>\n<li class=\"bullet-arrow\">Benchmark Cross is not &#8220;settlement Capital Exposure Requirements assured&#8221; by A2X<\/li>\n<li class=\"bullet-arrow\">Separate settlement groups created\u00a0 on Strate but can be linked (BtB and<br \/>DPL)<br \/>&#8211; Across groups<br \/>&#8211; Cross JSE groups<\/li>\n<\/ul>\n\t\t\n<style>\n#text-2720498434 {\n  color: #262a82;\n}\n#text-2720498434 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-1048776187\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div id=\"text-1418092585\" class=\"text\">\n\t\t\n<ul>\n<li class=\"bullet-arrow\">Capital Exposure Requirements\n<ul>\n<li class=\"bullet-arrow\">No Capital Exposure<br \/>Requirements (not settlement assured)<\/li>\n<li class=\"bullet-arrow\">No offset with order books<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1418092585 {\n  color: #262a82;\n}\n#text-1418092585 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_833801780 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-411369234\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-411369234 {\n  padding-top: 120px;\n}\n<\/style>\n\t<\/div>\n\t\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-single-page-nav-transparent-light.php","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"class_list":["post-1030","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Negotiated Benchmark Cross (NBC) - A2X Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.a2x.co.za\/?page_id=1030\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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