Wednesday July 19, 8:00 am Eastern Time
Company Press ReleaseSOURCE:
Instinet Corporation Signs Agreement with Javelin Technologies for FIX Connectivity
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
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.
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
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.
information on Javelin's FIX technology, visit their website at
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
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
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.
provides post-execution services and financing to various Instinet execution
and customer facing brokerage operations as well as to non-affiliated third
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
Instinet Corporation was founded in 1969 and was acquired by Reuters Group
PLC in 1987.