NEW YORK 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.
Boston Stock Exchange closes down BeX
BOSTON The Boston Stock Exchange closed the Boston Equities Exchange or BeX, trading facility it co-founded with Citigroup, Credit Suisse, Fidelity Brokerage, Lehman Brothers and Merrill Lynch.
In a notice sent Sept. 5 to BeX clients, Boston Stock Exchange executives said we want to make certain you are aware that the BeX market has discontinued operations effective today. BeX, which made its debut in December 2006, never attracted volume. Its closure, which will lead to an unspecified number of layoffs, leaves nine U.S. equity exchanges in operation.
NYSEs Beijing office gets approval from China
BEIJING The New York Stock Exchange has received approval from the China Securities Regulatory Commission to open an office in Beijing, making the NYSE Euronext unit the first foreign exchange in China, said NYSE spokeswoman Stephanie Scotto.
U.S. options, CME volumes take big leap in August
NEW YORK Fueled by high market volatility, U.S. options trading volume surged to a monthly volume record in August with 294.21 million contracts, up 11% compared with the prior monthly record set in July, according to data provided by the Options Industry Council.
The August volume also represented an 83.4% increase compared with August 2006. Year-to-date options volume stands at 1.82 billion contracts, up 37.5% from the same period in 2006, and representing an average daily volume of 10.83 million contracts.
Futures soared as well, with CME Group, the worlds largest derivatives exchange, reporting an average daily volume of 14.9 million contracts, up 78% vs. August 2006, according to a news release from the exchange. Volume for the E-mini equity index futures averaged a record 3.6 million contracts, up 155% vs. August 2006. Interest rate futures also posted a record daily average of 9.8 million contracts, up 67% from August 2006.