Instinet, a global securities firm and wholly-owned subsidiary of Nomura Holdings, Inc., and Samsung Securities Co., Ltd., Korea’s leading investment bank, today announced the launch of KoreaCross™, a neutral platform available to institutional investors for the anonymous, zero-market impact trading of Korean equities. KoreaCross, which is scheduled to go live on April 7, will be the Korean market’s first securities crossing network.
“As an agency broker, Instinet has a long heritage of providing independent, anonymous matching platforms, including the launch of the world’s first crossing network in 1986,” said Joseph Marchal, head of Instinet Asia. “We are pleased to collaborate with an industry leader in Samsung as we extend this expertise into Korea and offer investors the market’s first alternative trading venue.”
“As the leading investment bank in Korea, Samsung Securities strives for excellence in all of the various products and services we provide to our clients. To this end, we are constantly looking for ways to expand our product set, and therefore it is our pleasure to collaborate with globally recognized securities firm Instinet on KoreaCross,” said YK Joo, head of equity sales at Samsung Securities. “This is the first crossing platform of its kind in Korea, and will allow both Korean domestic and overseas institutional investors to execute block trades of Korean securities at VWAP with little to no market impact.”
“For many large, block trades, the Korean market can be a difficult and expensive one in which to operate due to its relative lack of anonymity,” added Christian Chan, head of Electronic Trading for Instinet Asia. “Given these market nuances and our success with JapanCrossing, both Korean and non-Korean institutional clients have expressed much interest in a joint Instinet-Samsung ‘blackbox’ platform of this nature for trading Korean equities.”
“While still in their relative infancy, electronic and off-exchange trading technologies are rapidly taking hold across Asia,” said Sang Lee, Managing Partner at Aite Group. “The introduction of a system like KoreaCross should help further this trend by allowing institutional investors to more effectively trade a market known for its high market impact.”
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