Instinet takes Wizard to market

Instinet, the New York-based agency broker, has launched Wizard, an arrival price algorithm that sets its trading schedule by balancing a stock's historical and option-implied volatility risk with the estimated market impact and the trader's short-term alpha estimate. Wizard, which is available through Instinet's Newport and Instinet Trading Portal front-ends, allows traders to set limit prices and start and end times for trades, as well as being able to choose between three styles: aggressi