Smart Market Technology
Pending regulatory approval, OneChronos Japan will operate a multi-broker dark pool for Japan Equities, built on the same Smart Market technology as our affiliate, the OneChronos U.S. Equities ATS.
Auction Design
Auctions allow for matching configurations of inbound orders that solve for outcomes traders care about. Instead of the traditional price/time model of continuous order books, OneChronos Japan will take a first principles approach to trading by matching buyers and sellers using a modern definition of best execution. This mechanism design leads to natural curation of benign, aggregated, robust liquidity accessible to all participants.
"Smart Markets" like OneChronos Japan use mathematical optimization techniques to match orders and have a proven ability to outperform continuous trading venues on metrics such as market impact, adverse selection, and price.
In a fully non-displayed capacity, OneChronos Japan aims to reduce the cost of execution while unlocking trading opportunities to create liquidity and expand overall market volume.