Instinet said its Asia trading business achieved record volume in the week that began with worldwide reaction to the first-ever downgrade of U.S. debt.
The operator of global network of agency-only brokers said records were set in both value traded and aggregation of liquidity in its dark pools.
The electronic trading firm said $2.7 billion worth of trades were conducted outside of Japan, in its Asian operations. That, Instinet said, was a new firm record.
Instinet also said that more than $148 million was traded in 17 alternative trading venues, using its self-directed Nighthawk algorithm for aggregating liquidity.
"I’m not surprised that in volatile times, amidst an increasingly complex market structure, clients will look to a trusted partner?with experience providing cohesive and innovative trading solutions,” said Instinet’s CEO for Asian operations, Glenn Lesko,
Lesko also said not all the trading was "low-touch,” i.e., handled by just electronic means. Significant volume came through Instinet’s "high-touch" trading desk as well.
"In times like these, there will always be an increased tendency to want to talk to a person about what’s happening and the best way to manage it," he said.
