Instinet, an agency broker and wholly-owned subsidiary of Nomura Holdings, yesterday announced that its clients can now directly access Bank of America, Credit Suisse and Goldman Sachs algorithms, alternative trading systems and sales trading desks through Instinet’s two execution management systems, Newport and Instinet Trading Portal.
Instinet clients previously had the ability to route market and limit orders to the trading desks of any of the 60-plus brokers within Instinet's broker network. The new multi-broker functionality will enable them to directly access Bank of America, Credit Suisse and Goldman Sachs order tickets, thereby easing workflow and potentially improving execution quality, says the firm.
"As an agency broker, independence and openness have always been central tenets of our business," comments Michael Plunkett, president, North America, Instinet. "This announcement furthers that strategy while allowing clients to rely solely on execution quality as the determining factor in their trading decisions," he adds.
"As the buy-side continues to take more control over their trading activities, streamlining their overall operations has become one of the more pressing issues across the trading desk. The ability to access multiple brokers through a single robust trading platform meets the demands of buy-side firms looking to simplify their trading infrastructure," remarks Sang Lee, managing partner, Aite Group.
In addition to these new trading destinations, Instinet clients are able to access seven 'dark' liquidity pools through Instinet's Nighthawk algorithm. They include Credit Suisse's CrossFinder, Fidelity Capital Markets Services' CrossStream, ISE Stock Exchange's MidPoint Match, Liquidnet H20, NYFIX Millennium and Instinet's CBX and IDX (intraday cross).