Instinet Enhances Newport’s U.S. Derivatives Trading Capabilities

New York - 6 June 2012

Instinet Incorporated, a global leader in electronic trading and agency-only brokerage services, today announced the completion of the global rollout of the most recent version of its award-winning Newport® execution management system (EMS).

As Instinet’s premier trading platform, Newport is a global, multi-asset, broker-neutral system that also serves as the primary gateway to the firm’s full suite of electronic trading tools, including the Execution Experts™ algorithmic trading suite and Insight transaction cost analysis platform.

Key enhancements to Newport 3.13 include:

  • Exchange-traded futures calendar spreads to allow rolling expiring futures positions into new contracts with future expiry without incurring legging risk.
  • Direct access to Instinet’s new Spread Smart Order Router and Smart Legging Algorithm. The low-latency router aggregates liquidity from the complex order books of the five exchanges that offer them and dynamically posts to the destinations most likely to have liquidity. The Smart Legging Algorithm allows each leg of a spread order to be worked independently while maintaining a desired fill ratio between the two.
  • Enhancements to the workflow for options spread trading, allowing traders to trade directly from the watch list; quote, monitor and trade previously-saved “synthetic” spreads; and trade each leg of a spread independently.
  • ITG’s POSIT Alert® has been added to the list of supported blotter registration destinations. Users may now conditionally register shares to five different block-focused destinations: Instinet BLX, BIDS, BlockCross, Liquidnet and ITG POSIT Alert.

Erin Sheehan, Product Strategist for Newport, commented: “Multi-asset trading continues to be a strategic focus for Instinet. Every facet of our business—from sales trading and liquidity sourcing to aggregation and commission management—now addresses derivatives. We’re committed to maintaining this focus and bringing the best possible multi-asset trading enhancements to Newport going forward.”

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