NEW YORK, July 19 /PRNewswire/ -- Instinet Corporation, a wholly-owned subsidiary of Reuters Group PLC (Nasdaq: RTRSY - news) and the world's largest agency broker, today announced that it has signed an agreement with Javelin Technologies, the leader in FIX server technology, to FIX-enable the clearing and settlement function performed by Instinet Clearing Services, Inc. (ICS), an affiliate of Instinet Corporation. By deploying FIX across the clearing and settlement platform, Instinet is providing its clients with a more open post execution solution.
ICS has developed the technology to enable correspondents to link to its settlement services, thereby allowing the real time transfer of trade execution information. Using the industry standard FIX protocol will enable a broker-dealer to trade with a different partner and have the execution information sent to ICS electronically for seamless, straight-through clearing and settlement processing.
``Instinet's leadership position was born out of its commitment to bringing greater industry efficiencies to equities trading through innovative technology,'' said Daniel Rosenthal, CEO of Instinet Clearing Services, Inc. ``By offering the industry a FIX-enabled clearing and settlement solution, Instinet is offering clients a more open and more efficient way to trade.''
``Since FIX creates a unified trading culture, by virtue of creating a single language, implementing FIX connectivity automatically creates a more open system, which is exactly what the industry has been clamoring for,'' said George Kledaras, President and CEO of Javelin Technologies. ``Instinet is a true industry leader and Javelin is pleased to be providing Instinet and its clients with a leading-edge market solution.''
About Javelin Technologies, Inc.
Javelin Technologies, Inc., based in New York City, is the leading provider of FIX solutions for the global securities marketplace. Javelin is committed to providing innovative FIX solutions that facilitate electronic trading, enhance Straight Through Processing across security types and further the belief that one protocol, one language is the very key to open trade communication. Javelin supports over 100 clients and numerous strategic partners, including Discover Brokerage (Morgan Stanley Dean Witter Online), A.W. Bertsch, Advent Software, Eze Castle, Fidelity Management Research, Instinet, Thomson Financial, Market XT, SS&C, Schroders and AutEx. For information on Javelin's FIX technology, visit their website at http://www.javtech.com.
Coppelia Server Technology is a cost-effective and highly reliable Financial Information Exchange (FIX) messaging solution that communicates in all FIX versions while easily adapting to any existing system environment. The Coppelia Suite includes the Server solution, FIXometer, FIX Messaging Simulator and test scripts that create a complete environment for quick integration and implementation, as well as ongoing efficient operation of the product. Coppelia FIX server technology is available with many options that include high availability, enhanced performance, FIX to CMS, and ACT reporting, all designed to provide the optimal solution for your unique trading needs.
About Instinet Corporation
Instinet Corporation (http://www.instinet.com), the world's largest agency brokerage firm, trades in over 40 global markets daily and is a member of 19 exchanges in North America, Europe, and Asia. The firm is committed to bringing efficiencies to capital raising worldwide by using technology in securities trading and research to bring issuers and investors closer together.
Instinet is the worldwide industry leader in applying advanced technology to agency trading in equities. As a pure agency broker, Instinet seeks only to increase its clients' investment performance by providing them instant access to global liquidity, enhanced efficiency, and greater opportunities to reduce transaction costs.
Instinet Clearing Services, Inc. (ICS) was launched in December 1999. ICS provides post-execution services and financing to various Instinet execution and customer facing brokerage operations as well as to non-affiliated third party firms. Presently, the ICS offering includes trade allocation, custody and settlement for the institutional community, as well as margin, customer accounting, cash management, and non-equity products for the retail brokerage community.
Instinet Corporation was founded in 1969 and was acquired by Reuters Group PLC in 1987.