Instinet rolls out BlockCross in Europe

Maria Nikolova

BlockCross enables traders to route a variety of conditional, block-size orders to Instinet’s European multilateral trading facility, BlockMatch.

Instinet Europe Limited, Nomura Group’s wholly-owned execution services arm, has announced the launch of BlockCross, a workflow solution for managing block trading in securities, in Europe.

BlockCross enables traders to route a variety of conditional, block-size orders to Instinet’s European multilateral trading facility, BlockMatch.

The European launch follows Instinet’s acquisition of BlockCross for US stock trading in 2017 and allows European and US clients to trade both US and European securities. The success of the crossing platform, which includes a unique ‘blotter scraping’ functionality to optimize interaction with a client’s order blotter, has prompted Instinet to adapt BlockCross for trading European stocks.

This first phase of the rollout will enable clients the opportunity to seek block liquidity in European securities, while minimizing risks of information leakage. Instinet intends to further expand the BlockCross concept on a global basis.

BlockCross is integrated with third party OMS and EMS platform providers, as well as Instinet’s Newport EMS. Clients may also access BlockCross through Instinet’s trading algorithms, or via a direct FIX connection. The graphic user interface (GUI) can be configured to trigger a variety of pop-up alerts or simply operate in the background on automated execution instructions set by the user. This allows to streamline workflow and to minimize the footprint on a trader’s desktop.

Ralston Roberts, Global CEO of Instinet, commented: “Instinet’s role as an agency-model broker is to connect our clients to the widest possible variety of opportunities for quality liquidity. BlockCross will give our clients more chances to efficiently execute block-like trades, while still affording them the ability to manage information leakage.”

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