Instinet LLC, the US brokerage subsidiary of electronic trading and agency-only brokerage services provider Instinet Incorporated, has launched Instinet Options CBX to complement agency-only broker’s existing electronic options trading suite and provide price improvement and liquidity discovery opportunities with minimal market impact.
Instinet Options CBX, which is live, is expected to support mid-point crosses and allows for sub-increment prints on exchanges where permitted.
The platform has been launched with an established base of liquidity, and, is targeted to clients trading all order sizes rather than those just looking to trade large blocks.
Instinet Options CBX is currently available through direct FIX connectivity, as a destination in the firm’s front-end trading systems and through its liquidity seeking algorithms and smart order router.
Jonathan Kellner, president of the Americas at Instinet, said: “While there are key market microstructure differences between equities and options, the main contributor to providing best execution to our clients in any asset class lies in the seamless and stable interaction between the EMS, algorithms, smart routing, and crossing networks.”
John Duffell, chief strategy officer at Instinet, said: “Our clients tell us that they would find value in an agency-operated options liquidity pool that provides price improvement opportunities for orders of all sizes. We’ve been pleased with the reaction we’ve received thus far to the Options CBX and are excited to extend our options offering.”