Instinet, through its Newport and Portal execution management systems, is now providing clients with direct access to Banc of America, Credit Suisse and Goldman Sachs algorithms, alternative trading systems and sales trading desks.
In the first phase, we linked as many dark pools as possible through our Nighthawk algorithm. This second phase, which is an ongoing process, seeks to make as many algos and liquidity pools as we can available directly from the execution management systems, Mike Plunkett, Instinet president for North America, said in an interview. He added that streamlining overall operations has become an important concern as the buy side takes greater control over trading.
Clients of Instinet, the global agency broker subsidiary of Nomura Holdings, could previously route market and limit orders to the trading desks of more than 60 brokers within Instinets broker network. They will now be able to directly access the execution facilities of Banc of America, Credit Suisse and Goldman Sachs.