You bend it and pull on it to vent. That's why it's corrugated (or should be). Oxycheq (and others) that use a cheap, molded plastic version is inferior, imo. The plastic can also split at the seam (where the plastic mold comes together) in time.
Here is a thread with some pics I posted and some accounts of issues with the lesser quality hoses.
http://www.scubaboard.com/forums/accidents-incidents/365071-bc-failure-10.html
Little details like this are why I use Halcyon equipment. Its ready to rock right out of the box with a good warranty and excellent customer service. I've toured the facility and I see the work and r&d that goes into the products.
Can Halcyon wings vent from their hoses? I thought it was only the inflator mechanism and butt-dump?