Instinet has signalled a push into the FX industry with the launch of Newport FX, an agency-model spot e-FX platform. The new platform is a web-based desktop application that can be accessed through the firm’s Newport EMS, direct FIX API, or on a stand-alone basis.
Instinet says Newport FX was designed to give its clients transparent pricing and liquidity management tools in order to access executable prices. Clients can either connect directly or through their existing execution workflows, allowing for integration into multi-dealer platforms. The platform was developed for the FX buy-side investor and in line with the evolving FX markets, provides transparency, execution quality and price discovery, the firm claims.
“Our goal is to provide clients with complete transparency and the dedication to execution quality that they expect from an agency-model broker,” says Ralston Roberts, global CEO of Instinet Incorporated. “Connecting counterparties, providing aggregated access to liquidity, and applying technology to increase efficiency have been our fundamental principles throughout Instinet’s 50-year history. So it is only natural that we would build our FX offering with these same client benefits.
“We strive to empower clients to achieve better execution and reduced overall trading costs by providing a neutral view of the FX markets, unique insights, and access to a wide data set of pricing streams,” he adds.
Liquidity providers who stream prices to Newport FX will connect with an array of counterparties including banks, non-bank liquidity providers, and ECNs. As part of the firm’s Newport execution management system, the new FX platform can provide existing Newport equities trading clients the ability to synchronise their FX execution with their equity orders for a holistic view, and enable them to benefit from aggregated netting opportunities.