Instinet
Instinet offers agency-only program trading capabilities globally, for both developed and emerging markets. With desks in the Americas, Europe and Asia-Pacific, client orders can be passed from one desk to another, providing 24x6 coverage. The Instinet global portfolio trading (GPT) team – which includes sales traders, market analysts, algorithmic engineers, technologists and product specialists – is supported by Instinet’s Newport 3 execution management system and the Insight transaction analysis suite, and helps clients control risk, develop customised strategies and assess execution performance.
In the Asia-Pacific region, Instinet’s GPT desk trades securities listed in Australia, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand, accessing nearly all sources of on- and offexchange liquidity in each market.
Liquidity access
Instinet GPT clients have access to the firm’s full suite of liquidity sourcing capabilities. This includes interaction with the block liquidity flowing through Instinet’s sales trading desks; access to nearly all major sources of exchange, alternative and dark liquidity globally through Instinet’s SmartRouter and/or Nighthawk dark liquidity seeking algorithm; and interaction with Newport 3 client liquidity.
Client coverage
Instinet GPT provides clients the ability to customise strategies by portfolio characteristics, benchmark (including volume-weighted average price, implementation shortfall, index rebalances and target close) and execution goals.
Pre- and post-trade analytics
GPT clients make use of Instinet’s integrated Insight trade analytics and visualisation suite, which guides through all three phases of the trade lifecycle. Pre-trade, clients are able to view cost and liquidity profiles by stock, sector, region and other key categories, and also identify and map potential hotspots based on market impact and risk. In real-time, clients receive instantaneous feedback on the order as it progresses. Posttrade, clients receive a detailed review, including destination reports and multiple benchmark comparisons.
Future plans
Instinet is continuously developing and enhancing the algorithmic, analytics and execution management system tools that underpin its GPT offering.