Nomura-owned agency broker Instinet says its U.S. average daily volume for July 2007 was 290 million total shares and 31 million shares for CBX, its institutional dark pool.
Instinet also set a one-day firm record in the U.S. of 476 million total shares and 62 million shares traded in CBX on 26 July.
"While the recent market volatility has increased global trading volumes, we were pleased to pick up a disproportionately large piece of the increase, particularly in the U.S.," says Michael Plunkett, president, North America at Instinet. "We are especially excited about the exponential growth we've seen in recent months in the CBX, which has grown into one of the most substantial continuous dark pools available to institutional clients today."
Instinet CBX is an institutional dark pool which passively exposes orders to Instinet's U.S. order flow of over 1 billion shares daily. Instinet claims that the system's low latency allows orders to be checked for a match without missing other execution opportunities.
Instinet also claims its model offers significant price-improvement potential, with over 80 percent of trades where the spread was larger than one penny achieving price improvement.