Instinet Announces Latest Version of Newport EMS
Traders Magazine Online News, March 19, 2012
Agency-only broker Instinet has announced a new version of its Newport execution management system that includes an extension in pairs trading capability and spread trading.
The new version of Newport, 3.12, also improves over the previous iteration by enhancing order ticket layout and functionality to better serve single-stock traders. Among the improvements are 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.
Commenting on the release, Frank Freitas, chief operating officer and head of global product strategy at Instinet, said the enhancements were a result of working closely with existing Newport users and meeting their needs.
"As always, 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," Freitas said.
Pairs trading capabilities have been extended to support securities that trade in different currencies, allowing users to trade and monitor levels normalized to a single currency. Spread trading functionality now 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.
Also, the new version enables 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.
The EMS also introduces a relative return performance benchmark against a "secondary symbol" function. This allows users to monitor their order's relative performance versus another instrument-such as an index, futures, ETFs or options-directly from the Newport blotter.
Lastly, the new version allows users 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.
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