Instinet continues to grow its Australian brokerage subsidiary, Instinet Australia Pty. Ltd, with the addition of four staff members to support its trading efforts.
The new team members located in Sydney include: Scot Burton, senior sales trader; Alex Lai, sales trader; Dan Heavener, sales trader; and Chris Vella, equities IT.
In a company statement Burton said, “I really believe in the agency model and what it offers to clients, particularly in Australia.”
Added Glenn Lesko, CEO of Instinet in Asia, “We want to trade a lot more Aussie equities for Aussie clients. To date the majority of our business has been trading international equities for local clients, or local equities for international clients. Now that we’re fully onshore, with a local team, we hope to grow our domestic Australian trading to represent 50 percent of Instinet Australia’s business.”
John Fildes, COO of Instinet in Asia, continued, “For some years, Instinet has had a strong belief in the opportunities offered by the Australian market. We’re now stepping up our pursuit of market share, and we’re confident that the local market will respond well to our ability to not only reduce trading costs, but also significantly increase the transparency of those costs.”