Instinet wins Arizona Stock Exchange clearing business

Instinet wins Arizona Stock Exchange clearing business

Reuters' automated trading subsidiary Instinet has signed a contract to provide trade execution, clearing and settlement services to electronic auction market, The Arizona Stock Exchange.

Under the agreement, a trade sent to Instinet from any of AZX's five daily, time-specific auctions will be executed through Instinet Crossing.

Steve Wunsch, president and CEO, Arizona Stock Exchange, says: "Institutions need an alternative to today's continuous trading environment and therefore, AZX and Instinet Crossing are committed to the advancement and development of call market alternatives for investors."

Instinet Crossing, originally known as The Crossing Network, was created in 1986 to provide investors with point-in-time electronic trading capabilities to supplement Instinet's real-time electronic trading.

Trade clearing and settlement for AZX will be conducted via Instinet Clearing Services.

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