Instinet Builds a Beehive for STP
OPERATIONS AND STP
NEW YORK--Instinet is readying an STP solution to handle the increasingly high volumes of its US broker-to-broker sell-side business, says Andrew Banhidi, senior vice president and CTO for the electronic brokerage. The solution, code-named Beehive, should go live internally this fall.
"We do an average of about 400,000 to 500,000 of those trades (broker-to-broker) a day," Banhidi says. Just last Thursday, Instinet handled 745,000 trades, he says. The actual number of trades is increasing because
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