Instinet Connects to Nordic@Mid Dark Pool
Instinet Incorporated, a global leader in electronic trading and agency-only brokerage services, today announced that its Instinet Europe Limited subsidiary has connected to Nordic@Mid, NASDAQ OMX’s non-displayed trading facility for its Nordic exchanges. Effective immediately, Instinet Europe’s institutional clients can access Nordic@Mid via Instinet’s Execution Experts™ algorithmic suite or its award-winning SmartRouter.
Nordic@Mid matches non-displayed orders at the midpoint of the primary market’s best bid and offer. The platform currently covers stocks listed on NASDAQ OMX’s cash equity markets in Copenhagen, Helsinki, Iceland and Stockholm, and will be extended to cover Norwegian shares later this quarter.
“In Europe, Instinet’s SmartRouter and algorithms access more than 40 exchanges, MTFs and broker-operated dark pools, and we are pleased to add the Nordic@Mid dark pool as the latest venue,” said Richard Balarkas, CEO of Instinet Europe. “Our approach to liquidity sourcing is 100 percent aligned with our clients’ interests and their goal of finding the best priced liquidity available. We never compromise that goal by prioritizing venues based on our costs of trading or the rebates offered.”
Bjørn Sibbern, Senior Vice President for Nasdaq OMX Nordic Equities Markets, commented, “We are delighted that a broker with the global stature of Instinet has connected to our Nordic dark liquidity venue. We are confident that access to our liquidity will offer price improvement opportunities for Instinet’s global client base.”
Nordic@Mid ensures transparency concerning price determination, enabling trading members to minimize their trading costs. By always matching orders at the primary market midpoint, there is little market or price impact. Executed Nordic@Mid trades are published real time via the public NASDAQ OMX Nordic data feed.
Instinet is an electronic trading pioneer, having established the world’s first major electronic trading venue in 1969, one of the first recognized U.S. ECNs in 1997 and the first pan-European MTF in 2007. Through its subsidiaries and affiliates, Instinet operates two distinct business lines: a global network of agency-only brokers that seek to help institutions lower overall trading costs and improve investment performance through the use of innovative electronic trading products, including smart-routing, algorithms, DMA, TCA, dark pools and EMS platforms, and also provide sales trading, commission management services and independent research; and the Chi-X® Global businesses, which aim to improve the efficiency of capital markets globally by providing high-performance, low-cost alternative execution venues and the technology required to power them. Instinet is a wholly-owned subsidiary of Nomura Holdings, Inc. For more information, please visit www.instinet.com.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with approximately 3,600 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com. Please follow NASDAQ OMX on Facebook (http://www.facebook.com/nasdaqomx) and Twitter (http://www.twitter.com/nasdaqomx).
©2011, Instinet Incorporated and its subsidiaries. All rights reserved. INSTINET is a registered trademark in the United States and other countries throughout the world. Approved for distribution in Japan by Instinet Japan Limited which is a Financial Instrument Dealer under the Financial Instrument and Exchange Law, registered with Kanto Local Financial Bureau (Registration No. 208) and is a member of Japan Securities Dealers Association (JSDA). Approved for distribution in Hong Kong by Instinet Pacific Limited which is authorized and regulated by the Securities and Futures Commission of Hong Kong. Approved for distribution in Australia by Instinet Australia Pty Limited (ACN: 131 253 686 AFSL No: 327834) which is regulated by the Australian Securities & Investment Commission. Approved for distribution in Singapore by Instinet Singapore Services Private Limited, which is regulated by the Monetary Authority of Singapore and is a trading member of The Singapore Exchange Securities Trading Private Limited and a clearing member of The Central Depository (Pte) Ltd. Approved for distribution in Europe by Instinet Europe Limited, which is authorized and regulated by the Financial Services Authority. Approved for distribution in Canada by Instinet Canada Limited, member IIROC/CIPF. Instinet LLC, member of SIPC, assumes responsibility for distribution to U.S. institutional investors.
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