Agency broker Instinet has extended the multi-asset capabilities of its Newport execution management system (EMS), including a greater range of pairs and spreads trading strategies.
The Newport EMS is the main gateway to Instinet’s suite of electronic trading tools, including the Execution Experts algorithmic trading suite and Insight transaction cost analysis platform.
The latest release, Newport 3.12, adds pairs trading capabilities that support securities that trade in different currencies, allowing users to trade and monitor levels normalised to a single currency.
A pairs trade is a combination of a buy and a sell order in correlated stocks or other instruments designed to execute when a user-specified relationship between prices holds true. The price relationship is generally expressed in terms of a ratio or a spread.
The new version of Newport has also enhanced spread trading functionality with the addition of access to NYSE Amex and NYSE Arca for options, bringing the total number of order books available via Newport to five.
The broker has also enhanced Newport's broker neutral functionality, allowing users the ability to configure destination defaults based on preferred broker relationships, which it says helped clients reduce ticket costs.
In addition, the EMS now has an improved order ticket layout to better serve single-stock traders, including changes that make it easier to send child orders at varying price levels. Users can also measure order performance versus another instrument, including indices, futures, exchange-traded funds or options.