Instinet, an agency broker and wholly-owned subsidiary of Nomura Holdings, announced on Monday it has secured full membership on the Australian Securities Exchange (ASX), effective immediately.
With the membership, Instinet can now offer its full suite of global execution services including alternative trading platforms, global algorithms and execution management systems to Australian trading and investment institutions. Prior to this announcement, Instinet had offered Australian market access to its overseas clients through various broker/dealer partners and provided Australian institutions access to international markets. However, it was unable to service Australian fund managers' domestic trading and portfolio management requirements directly as it was not a member of ASX.
"We are extremely excited about the opportunities that ASE membership presents," says John Fildes, managing director, Instinet Pacific.
"Australia is a large-scale capital market and Australian fund managers are among the most sophisticated in deploying effective investment and trading strategies. With access to 60 securities markets worldwide, a suite of trading tools and the liquidity of 1,500 institutions, we believe Instinet offers them a compelling offering," he comments.