NEWS UPDATE
FOREIGN EXCHANGE
Instinet expands Newport with
launch of spot FX trading platform
Instinet reaches beyond equities to incorporate foreign exchange through the launch of
new agency trading business.
I
nstinet has announced the launch of Newport FX, an
agency-model electronic trading platform for spot
foreign exchange.
The platform has been developed to provide transpar-
ent pricing, liquidity management and execution tools in
order for traders to access high quality executable prices,
according to the firm.
Existing Newport equities trading clients will be able to
synchronise their FX executions with their equity orders
for a holistic view of the landscape, and enable them to
benefit from aggregated netting opportunities. The plat-
form is accessible either through the Instinet Newport
execution management system (EMS), direct FIX API or
on a stand-alone basis.
“Our goal is to provide clients with complete trans-
parency and the dedication to execution quality that
they expect from an agency-model broker,” commented
Ralston Roberts, global CEO of Instinet. “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.”
Instinet Newport EMS was one of the high performers
in The TRADE’s 2019 EMS survey, recording an overall
score of 6.15 (out of a possible 7.00), also wining the
‘Best customer support’ award in the EMS category at
this year’s Leaders in Trading.
DERIVATIVES
FX futures reach new record at CME Group
CME Group said clients are increasingly looking for FX products to manage exposure.
C
ME Group has said its FX futures surged to a new sin-
gle-day volume record of 2.7 million contracts during
early December 2019.
The new record was set on 11 December, exceeding the
previous record of 2.5 million contracts set on 14 June
2017.
Open interest, the number of active positions held by
market participants without delivery or offsetting, for FX
futures also reached a new record of 2.3 million contracts
on 11 December, up from the previous record of 2.2 million
contracts set just the previous day. Larger open interest
holders in FX futures also reached a record 1,261, up 18%
in 2019 compared to the year prior.
“Customers are increasingly accessing the deep liquidity,
as well as capital and cost efficiencies, offered by our
listed FX products to manage their FX exposure,” said
Paul Houston, CME Group global head of FX.
12 // TheTrade // Winter 2019