OM today announced that brokers using its Order Management ASP can now route orders – including market peg, primary peg, mid-peg and reserve orders - to INET, one of the largest electronic marketplaces for U.S. over-the-counter securities. Inet ATS, Inc. is a subsidiary of Instinet Group Incorporated (NASDAQ: INGP).
This represents a significant milestone in OM's aggressive effort to ensure best execution for clients. OM's ASP clients already can access all the NYSE services – including BBSS, DOT, and Direct+ - as well as AMEX, NASDAQ, Chicago (CHX), Boston (BSE), Archipelago (ArcaEx) and POSIT.
"Innovative order types, such as pegging and reserve, have become staples of brokers' trading services," said Paul DiBlasi, Director of Business Development for OM's Banks & Brokers Business. "Providing our ASP clients access to INET ensures that they will be able to implement their trading strategies designed to provide best execution for their clients."
"With access to one of the largest electronic marketplaces, OM's customers not only have the opportunity to deliver best execution, but they can enjoy the benefits of receiving a rebate for every trade that adds liquidity to our market," said Alex Goor, President, Inet ATS, Inc.