Instinet Aims at Sell Side with Newport 3 Enhancements

Through this release, brokers can track and manage positions, as start-of-day files provide daily positions and P&L, which are then tracked throughout the day. Instinet notes that Newport 3 also allows users to maintain updated positions so that brokers can facilitate client orders as a one-step process.

The upgrade additionally includes a new Exchange Traded Fund (ETF) basket trading feature "for creating all constituents of an ETF as parent order tickets on the blotter using the correct relative quantities in accordance with the ETF specification," according to the firm.

"Incorporating sell-side features into Newport 3 advances our aims of reaching new market segments without sacrificing our current dedication to our existing client base," says Erin Sheehan, executive director of US product strategy for Instinet. "Expanding the reach of the same cutting edge technology we use every day in-house allows Instinet to compete with other OEMS providers not only on pricing, but also overall service and execution."

At this year's Waters Rankings, which are voted on by the readers of WatersTechnology, Instinet took home three awards: Best Agency Brokerage, Best Crossing Network Provider, and Best Algorithmic Trading Provider.