Instinet, a global agency broker, today announced it has added Ise Stock Exchange’s MidPoint Match as a new destination for its Nighthawk liquidity aggregation algorithm.
MidPoint Match is an exchange-based, non-displayed market that allows clients to trade equities instantaneously at the exact midpoint price of the National Best Bid and Offer (NBBO).
Ise's MidPoint Match joins Credit Suisse's CrossFinder, Fidelity Capital Markets Services' CrossStream, Pipeline, Liquidnet H20, NYFIX Millennium and Instinet's various sources of upstairs liquidity as the ninth "dark" pool available through Nighthawk. Additionally, Nasdaq's INET, Nyse Arca and the BATS ECN are also accessible through the algorithm's "ECN sweep" module.
"Instinet has built its business on an unwavering dedication to client service, and we see openness as the next major strategic commitment that buyside clients are asking brokers to make," said Michael Plunkett, President, North America at Instinet. "As today's deal with the Ise and other similar agreements demonstrate, Instinet is completely committed to helping our buyside clients access dark liquidity as efficiently as possible—an approach that we believe leads to the greatest chance for best execution."
Andrew Brenner, head of the Ise Stock Exchange, added, "We are pleased that Instinet clients will now be able to access MidPoint Match's non-displayed liquidity pool, which provides the opportunity for continuous price improvement with minimal market impact."