âWhen we set out to develop Newport 3 for global execution, our customers demanded their EMS handle thousands of orders, be truly neutral and have pre- through post-trade TCA fully integrated,â said Frank Freitas, Head of Product Strategy at Instinet. âWeâre committed to the continual enhancement of Newport 3 to ensure the platform evolves with our clientsâ requirements, and we feel that this commitment has become even more compelling in the face of technology budget cuts across Wall Street.â
Key enhancements to Newport 3 include:
â¢ Broker-Neutrality: Newport 3 is entirely broker neutral, allowing clients to access the algorithms and trading desks of most major global broker-dealers. In addition, clients can use Newport 3 to directly access over 80 trading destinations globally, including all major exchanges, ATS platforms, MTFs and dark pools throughout the Americas, Europe and Asia.
â¢ Third-Generation Performance: Newport 3 represents the third generation of Instinetâs front-end trading technology and is paired with Instinetâs technology âcore,â which also powers Instinetâs global ATS matching engines. Newport 3 and the core infrastructure both draw upon the firmâs decades of experience derived from past generations of cutting-edge trading technologies.
â¢ Integrated TCA (Transaction Cost Analysis) Platform: Newport 3 features Instinetâs fully-integrated pre-trade, real-time and post-trade TCA platform, which allows clients to:
â¢ forecast risk and market impact at the single stock or portfolio level before trading;
â¢ track multiple benchmarks â including proprietary benchmarks â in real time;
â¢ use post-trade cost measurement analysis to validate strategies, monitor brokers and target best execution obligations.
â¢ Customization and Collaboration: Newport 3 allows clients to design and refine complex, multi-legged order submission strategies, tailor strategy parameters, defaults and keystrokes and fully customize the Instinet Execution Experts algorithmic suite. In addition, the platform enables desk heads to view, work or route orders from any team memberâs desktop; organize orders by trader, account, liquidity, sector, side, etc.; and seamlessly hand off orders to Instinetâs agency sales trading and portfolio trading desks in the Americas, Europe and Asia.
âNewport 3 empowers the buy-side with access to trading strategy creation tools and real-time transaction cost analytics that are the foundation of Instinetâs many execution quality accolades,â added Freitas. âThis is driven by Instinetâs own neutrality and our commitment to eliminating all impediments to connectivity and functionality when dealing with any third-party broker. An EMS provider canât claim to offer best execution tools while biasing its own brokerage.â
Earlier this year, Newport 3 was named âBest Execution Management System for 2009â by the readers of World Finance magazine.