The TRADE 77 - Q3 2023 | Page 80

[ S U R V E Y | E X E C U T I O N M A N A G E M E N T S Y S T E M S ]

Instinet Newport

Instinet ’ s multi-asset execution and order management platform , Newport , supports equities , ETFs , futures and options , allowing users to tap into an extensive network of brokers , algo racks and venues to trade 24 / 6 across 60 + markets and over 150 venues . Instinet continues to focus on expanding and refining Newport ’ s self-service tools , alongside making improvements to its API offering , as well as leveraging the latest technologies and standards ( HTML5 / FDC3 ), as the agency broker plans the next generation of the trading desktop , to ensure clients have access to interoperability across apps . Other Newport initiatives include position management integration capabilities , swaps and blotter scraping . Instinet had 25 buy-side clients submit their feedback in this year ’ s survey , in line with the number of responses received in 2022 .

Instinet achieved an overall score of 5.96 this year , outperforming the survey average by two basis points and racking up a significant 23 basis point increase from its 2022 score of 5.73 . Instinet ’ s highest score was recorded in client service personnel ( 6.49 ), which outperformed the
benchmark by + 0.26 . Other areas of outperformance for the vendor compared to its peers in this year ’ s survey were FIX capabilities ( 6.42 ) and overall cost of operation ( 5.94 ), which outperformed the category average by 22 and 23 basis points , respectively . Year-over-year performance was also very positive , as improvements were recorded across 12 of the 13 categories with the most notable being breadth of direct connections to venues (+ 0.54 ), FIX capabilities (+ 0.46 ), breadth of asset class coverage (+ 0.39 ) and client service personnel (+ 0.38 ). The one category Instinet recorded a decrease in its score year-over-year was ease of integration to internal systems ( -0.26 ), which also represents the vendor ’ s lowest scoring service area ( 5.27 ).
In terms of AUM profile , responding firms managing over $ 50 billion in assets make up 64 % of Instinet ’ s total . Clients ’ wish-list for additional capabilities from Instinet included additional functionality for asset classes , customisation , integrated analytics , view real-time TCA without having to access a portal and FDC3 interoperability .
INSTINET NEWPORT RATINGS FOR EMS PERFORMANCE
Reliability and availability
Latency
Client service personnel
Ease-ofuse
Handling of new versions / releases
Breadth of broker algorithms
Timeliness of updates for broker changes
FIX capabilities
6.40 6.29 6.49 5.66 5.74 6.03 6.14 6.42
Breadth of asset class coverage
Breadth of direct connections to venues
Product development
Ease of integration to internal systems
Overall cost of operation
Average score
5.67 6.15 5.32 5.27 5.94 5.96
KEY STATS Overall Outperformer : Category Outperformer : X7

6.49

Highest score ( client service personnel )

5.27

Lowest score ( ease of integration to internal systems )

+ 0.54

Most improved ( breadth of direct connections to venues )

-0.26

Least improved ( ease of integration to internal systems )
80 // TheTRADE // Q3 2023