Best Execution Management System: Instinet


While Instinet may be better known (of late) in European circles as the owner and operator of Chi-X Global, the largest pan-European equities multilateral trading facility (MTF), the firm’s US reputation has been founded largely on its Newport EMS, the third generation of which was launched just over a year ago. If user numbers are a reflection of a product’s success, then Newport’s 1500-plus clients is a pretty emphatic endorsement. Newport 3 gives users access to Instinet’s range of high-touch to high-frequency trading services, including direct market access, smart order routing, algorithmic technology, and agency-only sales trading. The broker-neutral EMS connects to over 350 markets, including a large number of dark pools, in addition to scores of third-party trading desks, and supports proprietary and third-party trading algorithms. It also offers access to Insight, an integrated pre-trade, real-time and post-trade transaction-cost analysis platform, allowing clients to forecast risk and market impact; track multiple benchmarks—including proprietary benchmarks—in real time; and use post-trade analysis to validate strategies, monitor brokers and target best-execution obligations.

1 Instinet (17.1%)
2 SunGard (16.4%)
3 ITG (16.1%)

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