[ 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