Instinet, LLC, an institutional agency-model broker and the equities trading arm of Nomura, announced the launch of a new electronic trading platform this week for spot foreign exchange (forex) – Newport FX.
The new trading platform is a web-based desktop application which can be accessed via multiple avenues – Newport EMS, direct FIX API, or on a stand-alone basis.
“Liquidity providers who stream prices to Newport FX will benefit from Instinet, LLC’s ability to deliver a wide array of counterparties including banks, non-bank liquidity providers, and ECNs,” the company said in a statement.
According to the statement released by the company, Newport FX was designed to give clients transparent pricing and liquidity management tools. The platform was developed to cater for the forex buy-side investor.
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Commenting on the new platform, Ralston Roberts, Global CEO of Instinet Incorporated, said: “Our goal is to provide clients with complete transparency and the dedication to execution quality that they expect from an agency-model broker.
“Connecting counterparties, providing aggregated access to liquidity, and applying technology to increase efficiency have been our fundamental principles throughout Instinet’s 50-year history. So it is only natural that we would build our FX offering with these same client benefits.”
The Newport platform offers multi-asset trading and analytics. For those who are already equities trading clients, the trading platform allows users to synchronise their forex execution with their equity orders.
“We strive to empower clients to achieve better execution and reduced overall trading costs by providing a neutral view of the FX markets, unique insights, and access to a wide data set of pricing streams,” Roberts continued.
Nomura continues expansion into FX
Aside from Instinet, Nomura also recently expanded its relationship with Pico, a provider of technology services for the financial markets, to grow its FX business. As Finance Magnates reported, the company will build, host, and manage a new forex platform for the brokerage giant.