Brokers are about to get a new multi-function and unified trade management system.
Instinet, the equity execution services arm of the Nomura Group, announced that it was adding new functionality to its Newport 3 order and execution management system. The move to towards a single multi-function trade system is rooted in the buyside’s constrained IT budgets and need to streamline its workflow. Instinet, by upping its Newport system, looks to grab more of the buyside’s tech spend.
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The Newport OEMS new features include updates to its position management tracker. Sellside brokers can now track and manage positions. Start-of-day files sent to Newport allow daily positions and P&L to be subsequently tracked throughout the day.
Newport 3 also now also supports order marking as pre-located and ETB lists.
The system also looks to facilitate client orders – sweeping protected books and maintaining updated positions to allow brokers to efficiently facilitate client orders as a one-step process.
Furthermore, Newport now is able to assist in basket trading, adding an ETF basket trading feature for creating all constituents of an ETF as parent order tickets on the blotter using the correct relative quantities in accordance with the ETF specification.
“Incorporating sellside features into Newport 3 advances our aims of reaching new market segments without sacrificing our current dedication to our existing client base,” said Erin Sheehan, executive director of U.S. product strategy.
Newport users are able to access more than 150 multi-asset liquidity sources and several hundred broker-neutral destinations globally.
