Additionally, Instinet has begun the regulatory filing process to launch a Canadian ATS. ICX (Instinet Canada Cross – www.icxats.com) will consist of two dark pools: a pre-market, VWAP (Volume Weighted Average Price) cross, and Instinet BLX, an algo-friendly dark pool that seeks to “build” block trades by combining the liquidity aggregation benefits of point-in-time crossing with the flexibility of a continuous market. ICX, which is expected to launch in the first half of 2011*, is based on Instinet’s proven, liquid, globally-deployed dark pool model, and will be powered by Instinet’s proprietary matching technology that was designed to maximize speed, performance and reliability.Finally, in 2010 Instinet’s Canadian sales and trading group was augmented with the addition of industry veterans Jeff Houslander and Andrew Hill to the trading desk, as well as the hiring of Ms. Crosthwait, whose analysis of the U.S. “Flash Crash” and “Eleven Market Structure Trends to Watch for in 2011” pieces have generated considerable industry attention globally.
Instinet Completes Canadian Electronic Trading Build Out
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