Instinet Combines Block Trading Services With ESP's Global DMA and Electronic Algorithm Routing Network

Electronic Specialist, LLC, a New York based technology firm and broker dealer, has integrated its Global DMA and Electronic Algorithm Routing Network (EARN) with Instinet Crossing. "The addition of Instinet's advanced securities crossing services to our DMA Network provides an

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Electronic Specialist, LLC, a New York-based technology firm and broker-dealer, has integrated its Global DMA and Electronic Algorithm Routing Network (EARN) with Instinet Crossing.

“The addition of Instinet’s advanced securities crossing services to our DMA Network provides an extremely valuable source of block liquidity for our institutional clients, particularly those interested in pre- and post-market liquidity.” said Scott Kurland, senior managing director of electronic specialist.

The Instinet Block Trading Services now includes a pre-market VWAP Cross, matching buyers and sellers at that day’s volume weighted average price. It includes Instinet’s last daily cross, which matches orders at the known closing price at the end of the trading day, and the three times daily IDXSM. The intra-day cross is meant to eliminate market impact that occurs in auction markets and consequently reduces transaction costs.

ESP clients include hedge funds, state pensions, mutual funds, investment managers and broker/dealers.

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