Global agency brokerage Instinet has launched Newport 3, the third generation of its execution management system (EMS), worldwide.
Instinet has enhanced the broker-neutrality of the platform, allowing clients to access algorithms and trading desks of most major global broker-dealers. The EMS also allows users to connect directly to over 80 trading destinations across the globe.
Newport 3 has also fully integrated Instinet’s transaction cost analysis (TCA) platform. The EMS previously only had a real-time TCA function, but the new version incorporates pre-trade, real-time and post-trade analytics. Clients can now forecast risk and market impact at the single stock or portfolio level before trading, track multiple benchmarks – including proprietary benchmarks – in real time and use post-trade cost measurement analysis to validate strategies, monitor brokers and target best execution obligations.
Clients will also be able to design and refine multi-legged order submission strategies, tailor strategy parameters and fully customise the Instinet Execution Experts algorithmic suite.
In addition, the technology underpinning the platform has been enhanced to bring it in line with the core technology that powers Instinet’s alternative trading systems globally.
“Newport 3 empowers the buy-side with access to trading strategy creation tools and real-time transaction cost analytics that are the foundation of Instinet’s many execution quality accolades,” said Frank Freitas, head of product strategy, Instinet, in a statement. “This is driven by Instinet’s own neutrality and our commitment to eliminating all impediments to connectivity and functionality when dealing with any third-party broker. An EMS provider can’t claim to offer best execution tools while biasing its own brokerage.”