Instinet, a global agency broker and wholly owned subsidiary of Nomura Holdings, Inc., has expanded its BrokerShare commission sharing arrangement (CSA) program to include non-broker dealers.
As a result, Instinet will now provide institutional clients with Section 28(e)-eligible services obtained from non-broker-dealers, such as independent research providers, through trading commissions on a variable basis rather than a static soft dollar invoice amount.
“As a pioneer of the CSA model, Instinet strives to continually innovate with our BrokerShare program,” said Michael Plunkett, president for North America at Instinet. “With the SEC’s clarification last summer and industry-wide acceptance of CSAs and CCAs, interest in BrokerShare has increased significantly. Today’s announcement is simply a response to our clients who have requested that we make BrokerShare even more inclusive.”