Instinet Launches Agency-Model Electronic Trading Platform for Spot FX

Instinet - Electronic TradingInstinet launches agency-model electronic trading platform for Spot FX. The launch of Newport FX, a web-based desktop application that can be accessed through the firm’s Newport EMS, direct FIX API, or on a stand-alone basis, addresses clients looking for transparent pricing and liquidity management tools in order to access high-quality executable prices.

The platform is accessible either directly or through clients’ existing execution workflows, allowing for seamless integration into leading multi-dealer platforms. Newport FX was developed for the FX buy-side investor and in line with the evolving FX markets, providing transparency, execution quality, and price discovery, says the firm.

Ralston Roberts, Global CEO of Instinet Incorporated, said: “Our goal is to provide clients with complete transparency and the dedication to execution quality that they expect from an agency-model broker. Connecting counterparties, providing aggregated access to liquidity, and applying technology to increase efficiency have been our fundamental principles throughout Instinet’s 50-year history. So it is only natural that we would build our FX offering with these same client benefits. We strive to empower clients to achieve better execution and reduced overall trading costs by providing a neutral view of the FX markets, unique insights, and access to a wide data set
of pricing streams.”

Instinet’s ability to deliver a wide array of counterparties including banks, non-bank liquidity providers, and ECNs, will also prove beneficial to liquidity providers who stream prices to Newport FX. The new FX platform can provide existing Newport equities trading clients the ability to synchronize their FX execution with their equity orders for a holistic view, and enable them to benefit from aggregated netting opportunities. Instinet’s Newport is a
broker-neutral desktop EMS.

Last year, Instinet – the independent equity trading arm of parent company Nomura Group – was fined $1.5 million by the Financial Industry Regulatory Authority (FINRA) for violations of the Market Access Rule and related exchange supervisory rules. Instinet has been a trading firm since 1979, according to FINRA’s action; it was taken over by Nomura in 2007 and Nomura transferred all its trading activity to Instinet in December 2012.