Instinet Launches Dark Liquidity Pool for U.S. Listed Options

First Published 31st December 1969

Instinet Options CBX to complement agency-only broker's existing electronic options trading suite

Jonathan Kellner, President of the Americas, Instinet: "We are poised to apply our experience and insights in cash equity markets to US listed options markets as they continue evolving."

Instinet Incorporated has announced that its U.S. brokerage subsidiary, Instinet, LLC, has launched Instinet Options CBX™. The platform will complement the agency-only broker's existing options product offering.

"We are poised to apply our experience and insights in cash equity markets to US listed options markets as they continue evolving," said Jonathan Kellner, President of the Americas at Instinet. "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."

He continued: "We leveraged our flexible, multi-asset technology platform to bring a completely dark liquidity pool to listed options at an early stage of the market's electronic evolution. Because of our continued success in integrating options trading functionality into other components of our product suite, we felt the time was right to extend our crossing infrastructure to offer an options liquidity pool."

Instinet Options CBX supports mid-point crosses and allows for sub-increment prints on exchanges where permitted. The platform is targeted to clients trading all order sizes rather than those just looking to trade large blocks.

John Duffell, Chief Strategy Officer at Instinet, noted: "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."

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