
Island tie-up may give Instinet push to upgrade technology
He said Instinet has dallied for years on re-developing its equities platform. There was some suggestion two years ago that it would undertake a Java-based overhaul, using Instinet’s fixed-income (IFI) platform, but this never came about. Instinet closed IFI last month due to a lack of liquidity.
RiskNews' sister publication Waters magazine reported in its June issue that Instinet is readying two new technology products – Newport, a program-trading system for fund managers, and Trading Portal, a front-end service for hedge funds.
But the core pieces of the equities platform “date back to year dot”, said the ex-Instinet employee. “There have been new bits added, but essentially it’s a hybrid.”
Integration with Island is unlikely to prove a quick fix for all of Instinet’s problems. “Island’s not geared towards the large-scale wholesale market. There would be some work to do there,” said the source.
Talks between Instinet and Island fell apart two years ago due to a “clash of personalities”, the source claimed. He believes the departure of former Instinet president and chief executive Doug Atkin last month with a rumoured $4.5 million pay-off, should make negotiations easier this time around.
Should the companies reach a deal, they would control more than 21% of the Nasdaq share volume.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Technology
Chartis RiskTech100® 2024
The latest iteration of the Chartis RiskTech100®, a comprehensive independent study of the world’s major players in risk and compliance technology, is acknowledged as the go-to for clear, accurate analysis of the risk technology marketplace. With its…
T+1: complacency before the storm?
This paper, created by WatersTechnology in association with Gresham Technologies, outlines what the move to T+1 (next-day settlement) of broker/dealer-executed trades in the US and Canadian markets means for buy-side and sell-side firms
Empowering risk management with AI
This webinar explores how artificial intelligence (AI) can strip out the overheads and effort of rapidly modelling, monitoring and mitigating risk
Core-Payments for business leaders: why real-time access to payment data is key to long‑term business success
Business leaders require easy access to timely, reliable and complete information across post-trade processes. Aside from the usual requirements of senior managers to optimise for risk, revenues and costs, they increasingly need to demonstrate to their…
Risk applications and the cloud: driving better value and performance from key risk management architecture
Today's financial services organisations are increasingly looking to move their financial risk management applications to the cloud. But, according to a recent survey by Risk.net and SS&C Algorithmics, many risk professionals believe there is room for…
Machine learning models: the validation challenge
Machine learning models are seeing increasing demand across the capital markets spectrum. But how can firms improve their chances of gaining internal and regulatory approval for these type of models?
Banks strive for machine learning at quantum speed
Embryonic work on quantum neural networks raises hope of faster, more accurate models