Instinet Releases New EMS, Newport 3.12

Instinet, a Nomura Group company and an agency-only brokerage, has completed of the global rollout of the 3.12 release of Newport, its execution management system (EMS).

Newport is a global, multi-asset, broker-neutral system that also serves as the primary gateway for Instinet's full suite of electronic trading tools, including the Execution Expert algorithmic trading suite and Insight transaction cost analysis platform.

"Newport has become a critical trading workflow tool for a significant number of the world's most sophisticated financial services institutions, allowing them to access hundreds of broker-neutral destinations, intelligently source global liquidity and leverage an advanced, fully-integrated analytics platform," said Frank Freitas, COO and Head of Global Product Strategy at Instinet, in a press release. "We have worked in close collaboration with this community of users to develop the enhancements introduced in this release and will continue doing so to ensure that Newport remains an industry-leading EMS."

According to Instinet, new functionality in the rollout includes:
-- Order ticket layout and functionality have been improved to better serve single-stock traders. The enhancements include the ability to retain field entries, making it easier to send child orders at varying price levels, as well as the ability to cancel and revise child orders directly from the order ticket.

-- Pairs trading capabilities have been extended to support securities that trade in different currencies.

-- Spread trading functionality includes the ability to access the NYSE Amex Options Complex Order Book and the NYSE Arca Options Complex Order Book, bringing the total number of COBs available from Newport to five.

-- Enrichment of Newport's broker neutral functionality, enabling users to configure destination defaults based upon their preferred broker relationships. This allows clients to continue executing through the broker with whom they initiated the trade, thereby reducing ticket costs.

-- Introduction of a relative return performance benchmark against a “secondary symbol,” allowing users to monitor their order's relative performance versus another instrument -- including indices, futures, ETFs or options -- directly from the Newport blotter.

-- Addition of new data points within Newport's analytics. Users are now able to view a stock's historic open/close prices, as well as its average open/close volumes over a 5-, 10-, 20-, 30- or 60-day period. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio