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March 18, 2011

Instinet Brings Smart Router to Canada

By John D'Antona Jr.

Agency broker Instinet has introduced into Canada a new smart order-router and algorithms to meet clients' desire to trade securities listed on both U.S. and Canadian exchanges.

The smart order-router will direct institutional orders for interlisted securities both to Canadian and U.S. displayed markets and dark pools, said Jonathan Kellner, president of the Americas at Instinet. The broker will be offering 10 algos designed to tap into both the lit and dark markets and focus on interlisted securities.

"Through Newport 3, our execution management system, institutions can now tap into these algos and smart router to access six Canadian and 18 U.S. trading venues, including nine dark pools," Kellner said.

Instinet hopes to increase its trading presence in interlisted securities, especially in Canada. The algos and router will tap five lit Canadian trading venues and a dark pool.

Also, Instinet has begun the regulatory filing process to launch a Canadian ATS--Instinet Canada Cross, or ICX. ICX is expected to launch in the first half of 2011.

 

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