NEW YORK – Instinet, an electronic trading agency based in New York, has unveiled Newport, its portfolio trading system, and is farming it out to buy-side firms for free.
It has installed Newport at 44 firms – close to its year-end target of 50, says Instinet’s Natan Tiefenbrun, senior vice-president of analytical trading businesses. “There is up to a fivefold increase in business for firms using the system,” he says.
The trading system underwent beta testing in March 2002 for
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