Instinet Incorporated launches Newport 3, third-generation EMS (execution management system).
The platform boasts significant performance, functionality and analytics enhancements, and allows users to leverage Instinets full spectrum of high touch to high frequency trading applications including DMA (direct market access), smart order routing, algorithmic technology and agency-only sales trading.
Key enhancements to Newport 3 include:
-Broker-Neutrality: Newport 3 is entirely broker neutral, allowing clients to access the algorithms and trading desks of most global broker-dealers. In addition, clients can use Newport 3 to directly access over 80 trading destinations globally, including all major exchanges, ATS platforms, MTFs and dark pools throughout the Americas, Europe and Asia.
-Third-Generation Performance: Newport 3 represents the third generation of Instinets front-end trading technology and is paired with Instinets technology core, which also powers Instinets global ATS matching engines. Newport 3 and the core infrastructure both draw upon the firms decades of experience derived from past generations of cutting-edge trading technologies.
-Integrated TCA (Transaction Cost Analysis) Platform: Newport 3 features Instinets fully-integrated pre-trade, real-time and post-trade TCA platform, which allows clients to:
forecast risk and market impact at the single stock or portfolio level before trading;
track multiple benchmarks including proprietary benchmarks in real time;
use post-trade cost measurement analysis to validate strategies, monitor brokers and target best execution obligations.
-Customization and Collaboration: Newport 3 allows clients to design and refine complex, multi-legged order submission strategies, tailor strategy parameters, defaults and keystrokes and fully customize the Instinet Execution Experts algorithmic suite. In addition, the platform enables desk heads to view, work or route orders from any team members desktop; organize orders by trader, account, liquidity, sector, side, etc.; and seamlessly hand off orders to Instinets agency sales trading and portfolio trading desks in the Americas, Europe and Asia.
When we set out to develop Newport 3 for global execution, our customers demanded their EMS handle thousands of orders, be truly neutral and have pre- through post-trade TCA fully integrated, says Frank Freitas, head of Product Strategy, Instinet. Were committed to the continual enhancement of Newport 3 to ensure the platform evolves with our clients requirements, and we feel that this commitment has become even more compelling in the face of technology budget cuts across Wall Street.
Newport 3 empowers the buy-side with access to trading strategy creation tools and real-time transaction cost analytics that are the foundation of Instinets many execution quality accolades, continues Freitas. This is driven by Instinets own neutrality and our commitment to eliminating all impediments to connectivity and functionality when dealing with any third-party broker. An EMS provider cant claim to offer best execution tools while biasing its own brokerage.
L.D.