Where advanced technology
meets trading ingenuity.
And vice versa.

About
Fintech @ Fifty
Research & Insights
Trading Services
Liquidity Venues
Workflow Solutions
Careers
Ideas & Innovations

Agents
of change.

When Instinet gave birth to electronic trading in 1969, we were a small tech-focused upstart with a simple (but then, radical) point of view: that technology can bring great efficiency to the financial markets. No one had coined the term “fintech” yet, but that’s what we were. We’ve made it our mission to remain at the forefront of advancements that shape the financial markets ever since.

Today, as part of Nomura Group, Instinet’s global agency model* provides services that span the entire investment life cycle. Our goal is to help our institutional clients create, preserve and capture alpha in a changing world.

Our Approach

The vision to lead. The capabilities to perform.

We operate with a “client-first” approach. It’s built on robust and adaptive technology and decades of experience fine-tuning our capabilities to a constantly-shifting marketplace and for the evolving objectives of our clients.

Instinet offers the institutional investment community a suite of tailorable solutions, including a unique US equity research boutique, market insights and commentary, full service trading desks, advanced algorithmic trading strategies, access to unique and specialized liquidity via our array of crossing pools, and a set of award-winning workflow solutions engineered to help our clients efficiently manage their investment process, their way.

The Investment Life Cycle

High touch trading

  • Sales trading
  • Portfolio trading
  • Insight and analysis

Algorithmic trading

  • Benchmarks strategies
  • Participation strategies
  • Liquidity-driven strategies

Low latency trading

  • Market access
  • Market data
  • Hosting and networking

US Equity Research

  • Sector coverage
  • Quantitative strategies

Expert commentary

  • Market structure
  • Trading strategies
  • Regulatory updates

Liquidity

A global suite of unique
alternative crossing venues

Analytics

  • Pre-trade strategy and analysis
  • Real-time trade performance data
  • Post-trade measurement and TCA

Newport EMS

Broker-neutral sell-side
execution platform

Newport OMS

End-to-end broker-dealer
order management and
middle/back-office platform

Plazma

  • Global CCA/CSA
    management platform
  • Provider-neutral research
    payment hub

Technology makes it possible. People make the difference.

Since Instinet’s beginning, technology has been what has set us apart. But relationships have always been the heart of our business. While new advancements and innovations continue to drive our business and industry forward, we believe human connection, interaction, and inspiration will always be the true fuel of the financial markets.

The agency model, by nature, focuses on client performance and transparency above all else. Assisting you in achieving best execution and delivering performance drives everything we do. That’s why we’re continuously investing in our core infrastructure and flexible technology, thoughtfully curating our access to internal and external liquidity, and carefully developing our client-centric team culture. We keep every part focused on relentlessly improving efficiency and performance across our solution set.

Explore our history of innovation

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Locations

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Leadership

Ralston Roberts
Chief Executive Officer

Ralston Roberts

Chief Executive Officer

In December 2018, Ralston Roberts was named the global CEO of Instinet Incorporated, responsible for managing the agency-model firm's overall operations. Mr. Roberts joined Instinet from Goldman Sachs, where he served since 2015, most recently as co-head of Execution Services and co-head of Electronic Trading for EMEA. He served previously as the Chief Operations Officer of SunGard’s brokerage business, and as Senior Vice President of Product Management. Before SunGard, Mr. Roberts was Chief Technology Officer at Wells Fargo Securities. He holds a B.A. in Business Economics and Geography from the University of California at Santa Barbara.

Jacob Asbury
Chief Financial Officer

Jacob Asbury

Chief Financial Officer

Jacob Asbury is Chief Financial Officer of Instinet Incorporated with responsibility for global finance. Mr. Asbury joined Instinet in March 2005 in a senior corporate finance role and was instrumental in designing and developing Instinet's global accounting systems before being appointed CFO in 2010. Prior to joining Instinet, Mr. Asbury was the financial controller for Lampe Berger USA, a subsidiary of a global manufacturer of consumer products. He began his career at Gallagher, Flynn and Company, a CPA firm in Burlington, Vermont. Mr. Asbury is a licensed CPA (inactive). He holds a BS in Business Administration from the University of Vermont.

Faron Webb
General Counsel

Faron Webb

General Counsel

Faron Webb is General Counsel of Instinet Incorporated and the global head of Instinet's legal and compliance functions. Mr. Webb helped lead Nomura's acquisition of Instinet in February 2007 and was appointed General Counsel in April 2008. Prior to joining Nomura, Mr. Webb served as Managing Director and Chief Compliance Officer of Société Générale and Cowen & Co., as the head of US Equity Compliance for J.P. Morgan, and as a senior attorney and regulatory advisor for PaineWebber. He also previously worked as senior counsel for the United States Securities and Exchange Commission and engaged in the private practice of law. Mr. Webb is a graduate of Eastern New Mexico University and Texas Tech University and is a certified public accountant.

Minor Huffman
Chief Technology Officer

Minor Huffman

Chief Technology Officer

Minor Huffman is the Chief Technology Officer of Instinet, responsible for leading the firm’s global technology strategy and operations.  Mr. Huffman joined Instinet in May 2019 from Citco, where he served as Head of Development, Application Support and Engineering for over four years.  He served previously as the head of FX Trading at SunGard (now part of FIS), Global Head of Rates IT at Credit Suisse, Chief Technology Officer at FXAll (now part of Thomson Reuters), Head of Technology for Citigroup Derivatives Markets Incorporated and Chief Business Technologist at JPMorgan.  He holds a BS in Computer Science and Engineering from the Massachusetts Institute of Technology and an MBA in Finance and International Business from New York University.

* Instinet brokerage affiliates effect transactions primarily on an agency basis. They may act as principal or riskless principal to correct bona fide errors, to fulfil non-standard settlement requests, to provide ADR services, to effect foreign exchange transactions, and in other situations that do not involve substantial proprietary trading or investment.
 

Celebrating the first 50 years.
Imagining the next 50.

In 1969, we were upstarts with a radical idea. That idea was an electronic network for trading stocks.

This concept seems like a given now, but fifty years ago it was the beginning of a revolution—a fundamental shift that redefined how the markets work and how investors interact with each other.

The term hadn’t been coined yet, but Instinet was the original “fintech”.

Over the last five decades, we have often had the opportunity to be a positive transformative force in the markets. The innovations we've developed on behalf of our clients have played an integral role in many of the advancements that have shaped how the investment life cycle works today.

That pioneering spirit still drives us, and inspires innovation that improves our clients’ performance, creates more efficient and accessible markets, and effectively supports the investments that benefit people and enterprises all over the world.

The Seventies

1969

Electronic trading is born.
The Instinet Communication System, the market’s first ECN, goes live.

1971

Exchange evolution.
NASDAQ launches the world’s first fully electronic stock market.

1977

Seeing green.
Instinet introduces the first US stock quote montage, the Green Screen.

The Eighties

1984

Electrifying specialists.
NYSE SuperDOT system allows orders to be routed electronically directly to specialists.

1986

First crossing.
Instinet launches the first point-in-time cross in the US.

1987

Hold the phone.
Automated NYSE Small Order Execution System (SOES) is introduced after dealers refused to answer the phone during the 1987 crash.

The Nineties

1992

FIXing everything.
The Financial Information eXchange (FIX) real-time electronic communications protocol is introduced.

1993

Meet the modern OMS.
Instinet OMS is among the earliest order management systems for equities.

1997

Let the revolution begin.
SEC Order Handling Rules remake the competitive structure of the US equity markets, boosting electronic trading and beginning the market’s tech revolution.

1999

Get smart.
As new trading venues fragment the US equity market, Instinet launches Helix, a pioneering smart-routing technology.

The Two Thousands

2001

Technology versus humans.
IBM researchers publish a paper that shows algorithmic strategies consistently outperforming human traders. Meanwhile, the US dot-com bubble is bursting.

2005

Going dark.
SEC National Market Structure (NMS) regulation is implemented, driving more volume into electronic markets and spurring growth of dark pools and high-frequency trading.

2006

The X factor.
Instinet launches Chi-X Europe to little fanfare; within five years, it becomes the largest pan-European trading platform.

2007

Good timing.
As the original Markets in Financial Instruments Directive is being rolled out (just prior to the Financial Crisis) Instinet joins the Nomura family, retaining separate, agency model execution brokerages focused on execution quality.

The Two Thousand Tens

2012

Well executed.
As global regulations impacting liquidity, risk provision, and order management increase market complexity, Instinet becomes the global execution arm of Nomura.

2014

Turn up the volume.
More than 75 percent of the stocks traded on US exchanges originate from automated systems.

2015

Keep calm and carry on.
In anticipation of MiFID II unbundling rules, Instinet Europe Limited becomes the first broker to register with the FCA as a payment institution.

2016

Independent thinkers.
Instinet brings the US Equity Research team over from Nomura, establishing a new MiFID II-ready research boutique offering.

2017

Block party.
Instinet acquires BlockCross ATS, adding another unique block trading capability to its platform.

2018

The new normal?
MiFID II arrives, reshaping the European financial regulatory landscape and fundamentally changing the flow of liquidity and relationships between market participants.

2019

Fintech@Fifty
Insinet celebrates its role as the original “fintech” and 50 years as a transformative force in the markets.

Research & Insights

Research& Insights

Clarity is
invaluable.

It’s not always possible to “see around corners” perfectly, but experience is a good teacher. Staying ahead of major ground shifts is both an art and a science. It takes more than vision; it also takes focus and discipline.

Every portfolio, every investment, and every trade, starts with an idea. Fresh insight, market color, analysis, and original research is the foundation of the value we provide our clients throughout the investment life cycle.

Market Structure & Sales Commentary

Uncovering insights that make a difference.

A “boots on the ground” perspective on market structure, the liquidity landscape, and efficient trading strategies can make a meaningful difference to execution quality. So we keep you up to date on the trends and issues that impact your business.

This includes ongoing market and trading research, regional analyses and updates, and deep-dive white papers that explore new technologies, shifting regulations, and more.

Latest

Apr 2019

Destinations of Choice

The buy-side now has more accountability for best execution, but a significant portion of venue routing decisions still rests with brokers. But for order types and interactions under the MiFID II regime—conditional orders, including RFQs—the buy-side will have more direct control.

US Equity Research

A team of nimble, original thinkers.

Access to data has never been easier, but how do you find meaningful insights in the flood of news and noise? We think it’s critical to remember the basics: that the value of investment portfolios and the markets overall are still driven by the performance ups and downs of individual public companies.

Instinet’s US equity research delivers experience, depth, and focus in its coverage of key market sectors. Human insight makes all the difference.

A deep understanding of equities at the fundamental level is essential.

To produce the kind of research that generates unique content and astute analysis, Instinet has put together a team of passionate original thinkers who share one goal: delivering original insights that drive results.

Meet the Instinet US Equity Research Team

Harry Curtis, CFA®
Gaming & Lodging | Leisure

Harry Curtis, CFA®

Managing Director, Gaming & Lodging | Leisure

Harry Curtis is a Managing Director and senior equity analyst with over two decades of experience in the Gaming & Lodging and Leisure space. Prior to moving to Instinet in 2016, Harry joined Nomura in 2010, and previously had tenure at Lazard Capital Markets, Chilton Investment Company, and in the equity research department of JPMorgan. Harry received his BA from Connecticut College and is a CFA® charterholder.

Brian Dobson
Lodging REITs

Brian Dobson

Vice President, Lodging REITs

Brian Dobson  is a senior equity analyst covering Lodging REITs. Before migrating over to Instinet with the team in 2016, Brian joined Nomura’s U.S. equity research division in 2010 from Lazard Capital Markets. Prior to Lazard, Brian covered lodging and leisure stocks as an analyst at Susquehanna International Group and was a consumer generalist at Prudential Equity Group. Brian holds a BS from Marist College, and a MBA from the University of Connecticut.

Daniel Adam
Gaming REITs

Daniel Adam

Gaming REITs

Daniel Adam is a senior equity analyst covering Gaming REITs. Daniel joined Nomura in 2016 from Wells Fargo Securities, where he covered Gaming & Lodging. Prior to that Daniel worked  as an analyst and portfolio manager covering the TMT and Consumer sectors for hedge funds including Millennium and GLG Partners. Daniel earned an MBA degree from NYU Stern and graduated magna cum laude from Tufts University in 2004.

Christopher Marai
Biotechnology

Christopher Marai

Managing Director, Biotechnology

Dr. Christopher Marai is a Managing Director with more than 15 years of experience in the biotechnology industry and academia. In 2015, he was ranked #1 Biotechnology Analyst on the Street by TipRanks. He joined Instinet from Oppenheimer and Co., where he was the lead biotechnology analyst. He has a Ph.D. in biochemistry and structural biology from Stony Brook University and a B.Sc. in chemistry from the University of Toronto.

Bill Carcache, CPA, CFA®
Regional Banks | Cards

Bill Carcache, CPA, CFA®

Executive Director, Regional Banks | Cards

Bill Carcache is an Executive Director covering Banks and Credit Cards. Bill joined Nomura in August 2011 after 9 years in equity research at Macquarie, Bear Stearns, and Credit Suisse. Bill previously  worked as an investment banker at JPMorgan and as an auditor at Deloitte and Touche LLP. Bill is a CFA® charterholder and a CPA. He received his MBA degree from the Ross School of Business at the University of Michigan.

Matthew Howlett
U.S. Mortgage Finance

Matthew Howlett

U.S. Mortgage Finance

Matthew Howlett is an Executive Director with over 15 years of experience in the Mortgage Finance and Specialty Finance sectors. Prior to joining Instinet, Matthew covered both the mortgage and specialty finance sectors at UBS as well as Macquarie Securities. In addition, he was most recently a consultant for Ardsley Partners where he advised the fund on Financial Services stocks. Matthew holds a BS in Finance from Providence College.

Joseph Mezrich
Quantitive Strategies

Joseph Mezrich

Managing Director, Quantitive Strategies

Joe Mezrich is a Managing Director and has over 30 years experience in Quantitative Research. Joe has worked at Nomura / Instinet since 2006 and was previously the Managing Director, Head of U.S. Quantitative & Derivatives Research at UBS where he was ranked #1 by Institutional Investor for global quant.Joe received a Ph.D. in mathematical psychology and a MA in statistics from the University of Michigan, and received EE and SM degrees in electrical engineering from the Massachusetts Institute of Technology.

Aleksey Yefremov
Chemicals

Aleksey Yefremov

Executive Director, Chemicals

Aleksey Yefremov is a senior equity analyst covering Chemicals.  Aleksey previously worked at Bank of America Merrill Lynch, where he was a member of the Institutional Investor-ranked team. At Bank of America Merrill Lynch he covered a group of diverse SMID-cap chemical companies, while supporting a top ranked analyst in coverage of petrochemical and diversified chemical companies. Aleksey received his MBA from Kellogg Graduate School of Management and his MS in finance from Saint Petersburg University of Economics and Finance.

Michael Wood, CFA®
Building Products

Michael Wood, CFA®

Executive Director, Building Products

Mike Wood is an Executive Director and has over 15  years of experience in both buy-side and sell-side roles. Mike was an Associate Director at Macquarie Capital, a Senior Analyst at a $2.5 billion hedge fund called James Caird Asset Management, and a Vice President at Bank of America, covering Homebuilders and Building Products. He received the CFA® designation in 2003.

Chris Eberle
Software & Services

Chris Eberle

Executive Director, Software & Services

Chris Eberle is an Executive Director covering Software. Before moving to Instinet in 2017, Chris managed a L/S global TMT portfolio at Folger Hill Asset Management for 3 years. Prior to FHAM, Chris spent 5 years at CDP Global Asset Management with a focus on Global TMT, 3 years at various sell-side investment banks, and several years in Global Macro, focusing on equity, fixed-income, and commodity derivative products. Chris Holds a BS in finance from Canisius College and an MS in finance from Depaul University.

Mark Kelley
Internet

Mark Kelley

Executive Director, Internet

Mark Kelley is an Executive Director covering the U.S. Internet sector. Mark joined Nomura in 2018 from Citigroup where he was the lead analyst on the small and midcap Internet group, and in 2017 was recognized by Institutional Investor magazine as a Rising Star for the Internet category. Prior to Citi, Mark was an equity analyst at Barclays Capital, and began his career at Sterne, Agee & Leach.  Before his research career, Mark spent 10 years as a derivatives Senior Analyst.

Jeffrey Kvaal
Communications

Jeffrey Kvaal

Managing Director, Communications

Jeffrey Kvaal is a Managing Director  focusing on Enterprise Networking, Network Security, and Communications Equipment. Jeff spent the majority of his earlier career at Lehman Brothers and Barclays as a Managing Director, where he was the lead coverage analyst for the Communications Equipment and Enterprise Networking sectors. Investors voted him a top five analyst in both sectors from 2008-2012. Jeff received an MBA from Columbia Business School and a BS in electrical engineering from Brown University.

Greg McNiff
Cable sector

Greg McNiff

Cable sector

Greg McNiff is a senior equity analyst covering the Cable sector. Greg joined Nomura in 2015 from Cowen where he was a senior associate on the Communications Equipment team. Prior to Cowen, Greg was responsible for Business Development at XO Communications. He has also worked in the Pricing and Strategy groups of Sprint and Nextel. Greg holds a BA from Columbia University in Classical Languages, an M.Litt. from St. Andrews University in Shakespeare Studies and an MBA from the University of Chicago.

David Wong
Semiconductors

David Wong

Semiconductors

David Wong is a Managing Director and  has covered semiconductors since 1996.  Prior  to joining Instinet in 2019 he worked as an analyst at Wells Fargo/Wachovia/A.G. Edwards, UBS/PaineWebber, and Needham on the Sell  Side , State Street Research on the Buy Side, and as an associate at Merrill Lynch.  He has been ranked  Runner Up in Semiconductors by Institutional Investor Magazine in multiple years from 2014 onward.  Prior to his career in equity research David worked as an engineer for 6 years at Cypress Semiconductor.  He received  PhD and  MSEE degrees in Electrical Engineering from Carnegie Mellon University and a BA degree in Engineering from Cambridge University.

Andrew Marok
Interactive Entertainment

Andrew Marok

Vice President, Interactive Entertainment

Andrew Marok is a Vice President covering the Interactive Entertainment sector. Andrew joined Nomura Instinet in May 2018 from Groupon, where he worked as an Investor Relations Manager. Prior to that, he worked as an associate on the Online Travel and Smid Cap Internet team at Cowen from 2011-2016. Andrew received his SB from the Massachusetts Institute of Technology, and is a CFA® charterholder.

Consumer

Financials

Healthcare

Technology, Media & Telecom

Quantitive Strategies

Materials

Trading Services

TradingServices
Execution

It’s a day-by-day, trade-by-trade process.

Engineered for today’s markets. Calibrated to your objectives.

As an agency-model* trading firm, our first order of business is carrying out your trading strategies as efficiently and effectively as possible.

Part of that responsibility is being transparent about what we do and how we evaluate what we do. The other part is committing to maximizing execution quality at every step. Whether you trade through our desks, plug into our algo suite, or connect to the markets through our low latency infrastructure, you can count on us to keep these high standards.

High-Touch Trading

From desks located throughout the Americas, EMEA, and Asia-Pacific, we combine the talent and experience of our hands-on traders with our innovative multi-asset electronic platform, global liquidity network, and high-speed market infrastructure.

Our traders access liquidity from hundreds of exchanges and venue destinations globally across every MSCI* developed and emerging market and a majority of frontier markets. This includes all of the major electronic liquidity providers, multilateral trading facilities, and proprietary liquidity pools.

The breadth and depth of Instinet’s global trading network

63
 Markets
150+
 Venues
300+
 Broker desks
125+
Algo suites

15 full-service trading desks

AMERICAS EMEA APAC

Boston
Chicago
Denver
Los Angeles
New York
San Francisco
St. Louis
Toronto

Frankfurt
London
Paris
Zurich

Hong Kong
Singapore
Sydney
Tokyo*

* Services in these markets provided seamlessly via Nomura.

Sales trading

Our sales traders can help you execute your equities, options, and futures trades, manage complex and contingent orders, and source liquidity among Instinet’s extensive institutional community. We also provide dedicated desks for derivatives, special situations, sector-specific, and international trading. They put it all together with one goal: to meet your most demanding execution objectives, day in and day out.

Instinet traders are masters of our technology and algo strategies, and understand every advantage and nuance of our extensive liquidity network.

Global portfolio trading

Our global portfolio traders are supported by a team of market analysts, algorithmic engineers, technologists, and product specialists. They combine their multidisciplinary expertise to deliver customized execution strategies built for today’s complex markets—and finely-tuned to your portfolio’s unique characteristics.

Portfolio desks in the Americas, EMEA, and Asia-Pacific seamlessly pass trades, allowing portfolios to be worked globally 24x6.

Exceptional
coverage

100%
 coverage of MSCI* developed and emerging markets
75%
 Coverage of MSCI* frontier markets

Trading insights

Sector-specific

Daily insights from Instinet’s dedicated Technology, Media/Telecom, Consumer, Financials, and Industrials sector traders.

Global index advisory

Daily, weekly, and monthly analyses of various corporate actions' effects on the major indexes globally, as well as regular projections on the impact of rebalances.

Technical analysis

Daily analysis of key technical factors expected to influence trading.

Event-driven trading

Daily commentary on trading opportunities that arise from corporate restructurings, recapitalizations, mergers and acquisitions, and other factors.

 

Read our most recent market structure commentary

* Brokerage affiliates effect transactions primarily on an agency basis, and may act as principal or riskless principal on trades to correct bona fide errors, to fulfil non-standard settlement requests, to provide ADR services, and in other situations that do not involve substantial proprietary trading or investment risk.

Algorithmic Trading

To address our clients’ diverse range of trading styles and goals, we provide a core set of global, event-driven, multi-asset trading strategies. With a library of regularly updated component tactics and extensive controls to refine behavior, you can easily tailor our strategies to your specific objectives.

Suite of Strategies

Strateg Objective Availability
Nighthawk® Seeks to maximize the percentage of hidden liquidity. Features embedded anti-gaming controls and footprint minimization. All low-touch markets except Chile and Mexico.
WORK™ Depending on configuration, can be used for either arrival price trading or opportunistic participation. All low-touch markets.
Cobra Aggressively seeks both hidden and displayed liquidity across exchange-based and dark-liquidity sources. All low-touch markets.
BlockPeg® Posts visible orders on the passive side of the market to maintain competitive standing while crossing the spread for a specified quantity threshold. All low-touch markets except Chile and Mexico.
Synchronized Exchange Sweep (SES) Grabs all available liquidity at a given level; seeks to minimize fade on exchanges. All low-touch markets.
DynaPart Adjusts participation rates dynamically in response to relative price movements. All low-touch markets.
Step PART Trades at a targeted percentage of market volume, adjusting its participation rate if it reaches up to two separate user-defined price levels. All low-touch markets.
PART Trades as a targeted percentage of market volume. All low-touch markets.
Target Close Seeks to trade into or on the closing auction. Applies commonly used parameters to create a simple order ticket. All low-touch markets except Chile and Mexico.
Target Open Balances impact and benchmark dispersion relative to the opening price. All low-touch markets except Chile and Mexico.
VWAP Trades against the volume-weighted average price over the specified trading horizon.  All low-touch markets.
IS Employs a single-stock arrival price strategy. Explicitly optimizes for the balance between expected impact and opportunity cost. All low-touch markets except Brazil, Canada, Chile, and Mexico.
TWAP Distributes trades evenly across the time horizon while reducing impact and maximizing anonymity through sophisticated execution techniques.  All low-touch markets.
Strategy Objective Availability
Nighthawk® Seeks to maximize the percentage of hidden liquidity. Features embedded anti-gaming controls and footprint minimization. All low-touch markets except Korea, India, Indonesia, Malaysia, New Zealand, Philippines, Taiwan, and Thailand.
WORK™ Depending on configuration, can be used for either arrival price trading or opportunistic participation. All low-touch markets.
Cobra Aggressively seeks both hidden and displayed liquidity across exchange-based and dark-liquidity sources. All low-touch markets.
BlockPeg® Posts visible orders on the passive side of the market to maintain competitive standing while crossing the spread for a specified quantity threshold. All low-touch markets.
Synchronized Exchange Sweep (SES) Grabs all available liquidity at a given level; seeks to minimize fade on exchanges. All low-touch markets.
DynaPart Adjusts participation rates dynamically in response to relative price movements. All low-touch markets.
Step PART Trades at a targeted percentage of market volume, adjusting its participation rate if it reaches up to two separate user-defined price levels. All low-touch markets.
PART Trades as a targeted percentage of market volume. All low-touch markets.
Target Close Seeks to trade into or on the closing auction. Applies commonly used parameters to create a simple order ticket. . All low-touch markets.
Target Open Balances impact and benchmark dispersion relative to the opening price. All low-touch markets.
VWAP Trades against the volume-weighted average price over the specified trading horizon.  All low-touch markets.
TWAP Distributes trades evenly across the time horizon while reducing impact and maximizing anonymity through sophisticated execution techniques.  All low-touch markets.
Strategy Objective Availability
Nighthawk® Seeks to maximize the percentage of hidden liquidity. Features embedded anti-gaming controls and footprint minimization. All low-touch markets except Czech Republic, Greece, Hungary, Israel, Poland, and South Africa.
WORK™ Depending on configuration, can be used for either arrival price trading or opportunistic participation. All low-touch markets.
Cobra Aggressively seeks both hidden and displayed liquidity across exchange-based and dark-liquidity sources. All low-touch markets.
BlockPeg® Posts visible orders on the passive side of the market to maintain competitive standing while crossing the spread for a specified quantity threshold. All low-touch markets.
Synchronized Exchange Sweep (SES) Grabs all available liquidity at a given level; seeks to minimize fade on exchanges. All low-touch markets.
DynaPart Adjusts participation rates dynamically in response to relative price movements. All low-touch markets.
Step PART Trades at a targeted percentage of market volume, adjusting its participation rate if it reaches up to two separate user-defined price levels. All low-touch markets.
PART Trades as a targeted percentage of market volume. All low-touch markets.
Target Close Seeks to trade into or on the closing auction. Applies commonly used parameters to create a simple order ticket. All low-touch markets.
Target Open Balances impact and benchmark dispersion relative to the opening price. All low-touch markets.
VWAP Trades against the volume-weighted average price over the specified trading horizon.  All low-touch markets.
TWAP Distributes trades evenly across the time horizon while reducing impact and maximizing anonymity through sophisticated execution techniques.  All low-touch markets.

Low Latency Trading

The NXT suite

Instinet’s suite of latency-aware solutions provides a bundled product for quantitative hedge funds and high-frequency trading firms, incorporating FPGA-based, ultra-low latency direct market access, raw and normalized market data, and value-added hosting services globally.

Market Access

NXT Direct NXT Gateway Co-located Smart Order Router
FPGA-based, ultra-low latency execution in exchange native protocol FPGA/software hybrid solution with execution in normalized FIX protocol Low latency connectivity to US lit and dark pools with dynamic liquidity analysis and customized venue and style selection

Hosting and Networking

NXT Host NXT Ring
Primary exchange co-location and proximity hosting options Bespoke design with point-to-point connectivity between exchanges and liquidity pools

Market Data

NXT Data NXT Book NXT Vision
Ultra-low latency raw market data availability Ultra-low latency normalized market data with full order book API Live control of NXT trading

TS: LSET Global Low Latency Fiber Network Graphic

LSET Global Low Latency Fiber Network
Alt Text: 
LSET Global Low Latency Fiber Network
Title Text: 
LSET Global Low Latency Fiber Network

 

* Instinet brokerage affiliates effect transactions primarily on an agency basis. They may act as principal or riskless principal to correct bona fide errors, to fulfil non-standard settlement requests, to provide ADR services, to effect foreign exchange transactions, and in other situations that do not involve substantial proprietary trading or investment.

Liquidity Venues

LiquidityVenues

Sometimes more
is actually more.

Incremental liquidity, with purpose.

Choice is a good thing.

Sourcing and aggregating different types of liquidity, while minimizing the risks of information leakage, is a fundamental role of a broker. And the key to better and more consistent execution quality. With that objective in mind, we’ve developed a suite of liquidity venues that provide our clients with opportunities for different crossing experiences—each engineered for particular objectives, strategies, and order types.

Venue

Description Deployed Markets
CBX

A limit order book with price-time priority matching.

US, Canada, Hong Kong

BLX A block-focused pool designed to provide price improvement through its midpoint pricing model. Australia
MOCX An anonymous environment to match offsetting market-on-close orders. US
VWAP Cross A block-focused anonymous venue with full day and intraday crosses. US and Canada
BlockCross A source of natural liquidity from a wide range of buy- and sell-side counterparties. US
BlockMatch A continuous dark MTF that allows clients to match on its bid, offer, or midpoint order books and execute RFQs. Europe

 

Europe

Workflow Solutions

WorkflowSolutions

Your workflow is personal.
Your platforms should be, too.

Powerful tools that extend and enhance
your expertise and capabilities.

Made by trading and investment experts, for trading and investment experts.

You know what you’re doing, and what you need to do. So we give you tools to help you apply that expertise and add efficiencies to your workflow with solutions across the investment life cycle.

Execution Management

Newport®: Inspiration, applied.

Newport® is broker-neutral, global execution management system built to adapt and respond to your workflow and preferred trading style. Built-in flexibility and powerful tools let you customize trading strategies, leverage integrated real-time analytics, and seamlessly manage strategies across globally dispersed teams.

Integrated, customizable support for multiple styles

Single Stock

Pairs

Options

Portfolios

Newport is continually developed and supported by a dedicated team that understands your workflow needs and the trading environment.

Broker-neutral: tapped into our extensive network of brokers, algo racks, and venues.

Single, global platform: one environment to trade 24/6 across 63 markets.

Exchange-grade technology: market-tested by leading firms and our own high-volume agency business.

Be your own EMS architect

Newport lets you customize your desktop environment and tool-sets to match your asset class, trading style, and objectives.

Analytics

Data and decision making are inseparable.

Trading optimally means continuously collecting, evaluating, and balancing a dizzying number of inputs in real time. Instinet’s Analytics Suite not only helps you distill, consolidate, and compare critical data—it gives you the tools to measure, analyze, and calibrate strategies and tactics across every part of your trading workflow.

Integrated and coordinated analytics—powered by a free flow of data.

PRE-TRADE

Develop, analyze, and test strategies.
Completed trade data and trade modeling tools help shape investment ideas and strategy.

INTRA-TRADE

Practice continuous tactical optimization.
Real-time visualization and analysis tools provide clarity and confidence in the heat of the trade.

POST-TRADE

Assess outcomes, evaluate strategies, and refine objectives.
Data is analyzed holistically, uncovering patterns and trends that feedback into strategy and tactics.

Modeling, monitoring, and analysis tools fine-tuned for today’s complex trading environment.

Developed by and for traders and strategists, our purpose-built platforms empower users to make better investment and trading decisions—from idea generation and strategy through tactical execution and outcome analysis.

Commission Management

Plazma: Value, uncovered.

Performance is more than making the right investment decisions. Finding and maintaining an edge means fine-tuning every part of the investment life cycle—including your commission management process.

Plazma’s comprehensive functions and tools can transform how you think about and execute your end-to-end commission management process. From allocating budgets, to tracking commissions, managing payments, creating custom reports. And more, all in one integrated view.

The Commission Management Cycle

Plazma guides you through your entire commission management workflow, helping you manage, collect, and analyze valuable data that feeds back into the budgeting process. All in one view.

Recognized for excellence

Plazma has been consistently ranked #1 for quality and performance in Greenwich Associates’ annual poll.

*Source: Greenwich Associates. For 2015, 2016, and 2017, Plazma was ranked #1 in Overall US Equity Commission Management Service & Execution Quality, #1 in Overall Satisfaction with the US Equity Commission Management Program, #1 in Most Execution Channels to Accrue Commissions, #1 Best Online Tools to Manage Commissions, #1 Most Prompt at Making Payments to Third Parties, and #1 Most Accurate and Timely Recordkeeping.

Newport OMS for Broker Dealers

Designed for brokers by brokers.

As a leading electronic broker-dealer, we’ve made a decades-long investment in advanced technology, massive high-speed infrastructure, and comprehensive global market connectivity to deliver premier solutions for our buy-side clients.

We tap this deep experience and battle-tested technology to provide an OMS that meets the complete functional, analytical, and operational needs of broker dealers. And can stand up to the most challenging scenarios in today’s complex markets.

Our services to brokers are completely segregated from our own brokerage business. Your data, relationships, and service communications are always confidential.

Order management and middle-office

To manage the full cycle of your client orders and trades, we give you a front-to-back platform you can tailor to your specific workflow.

Efficiently manage the entire life of your trades
Newport OMS offers an end-to-end solution for handling your client orders. From accepting an order to processing your clearing and allocation files.
Manage risks and help enhance compliance
Comprehensive risk and supervisory controls are built in. Manage global risk exposure and oversee regulatory requirements from a central platform.
Meet your clients’ unique needs and execution styles
Easily switch from executing single stock orders to managing global, multi-asset programs. Use the flexible layout to customize strategies, trading workflow, and analytics for specific client objectives.
Take advantage of integrated real time trading analytics
Flexible pre- and intra-trade analytics provide an exceptional depth of performance monitoring. Drive your execution strategies with detailed liquidity metrics and benchmark data.
Integrate middle- and back-office processing
Newport OMS consolidates and streamlines post-trade processing. Keep track of execution details in real time and manage allocations, reference data, and settlement instructions all in one place.
 
We started
a revolution.
And we’re still
leading the way.

Instinet is about putting vision into action. We translate our vision into technology and solutions that change the way the markets work, and the way investors think and trade. And it all starts with our people.

What makes Instinet special?

Practice hands-on innovation.

Big ideas are great. Big ideas that work are even better. If you like to get in the weeds and solve problems from the bottom up, you’ll love our collaborative team culture and flexible, client-focused approach to technology.

Meet the future head on.

In our business, change is the only constant. We started out as pioneers, and we’ve stayed in front of the fundamental shifts that define today’s markets. Find out how you can help us shape the next 50 years.

Work to make a difference.

Helping our clients meet their objectives is our responsibility, but it’s also our inspiration. It’s not just getting things done, it’s about making a real difference. You’ll get the chance to make a difference, and see the results, every day.  

Go beyond expectations.

“Is there a better way?” “What’s missing?” “What if?” If you’re not afraid to ask the big questions or push the envelope, we give you the opportunity—and the tools you need—to break new ground.

Instinet is 850+ professionals working from market centers across North America, Europe, and Asia.

Boston, Chicago, Denver, Frankfurt, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Singapore, St. Louis, Sydney, Toronto, Zurich

Are you ready to challenge the status quo?
Here’s how you can make a difference at Instinet.

Sales & Trading

For today’s traders, cultivating relationships, strategic insights, and a global perspective are just as important as mastering the technology. Whether it’s traditional high-touch or next-generation algos, we give our traders the opportunity—and the industry-leading tools—to make a difference in the global markets. 

US Equity Research & Content

In increasingly diverse, fragmented, and technology-driven markets, focused and relevant research is more important than ever. As a member of our equity research team, you’ll demystify trends, uncover new possibilities, and use fundamental and data-driven analysis to produce research and content our clients use to turn ideas into action.

Quant Analytics

Capturing, sifting, and distilling profitable insights from the overwhelming mass of market data and media is critical to our clients’ success. Our quantitative analysts research and develop strategies and tools that drive new ways of trading using the latest financial modeling techniques.

Information Technologies

We’re always fine-tuning, enhancing and building our trading and analytics technology to meet our clients’ evolving needs. Engineers and product specialists at Instinet help keep our systems, infrastructure, capabilities, and innovative solutions at the edge of what’s possible—and at the forefront of our industry.

Finance & Operations

Delivering the value our clients expect means maintaining and operating our middle and back office at the highest standards. As part of our finance and operations team, you’ll advise, execute, and report on the leading practices that keep our unique business model thriving.

Supervision & Control

Today’s complex regulatory landscape demands leaders who understand how to help our clients navigate, adapt, and thrive in an increasingly complex business and competitive environment. At Instinet, your expertise ensures that we continue to provide efficient and compliant solutions and exceptional service for our clients, day in and day out. 

Strategy & Business Management

Our Strategy and Business Management Teams work on growing our businesses and running an efficient firm.  Whether it’s optimizing our existing businesses and processes or expanding into new business lines, we are relentlessly focused on the future and keeping up with ever changing markets.

Internships

Instinet offers internships to students interested in a variety of functions across the organization from sales, technology, finance, and operations . When you join Instinet as a summer intern, you get the opportunity to do meaningful, hands-on work and collaborate directly with experts in their field.  Please contact us at careers@instinet.com to hear about opportunities.

Ingenuity,
uninhibited.

Never stop asking, “Is there a better way?”

Innovations happen when you’re trying to fix something others might not even view as broken.

Our solution experts and strategists are always analyzing what we do—and how we think about what we do—and how our (and your) business is affected by global financial and investment trends, evolving regulations, and technological innovation.

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