Brokerage firm Clear Street, which leverages cloud-native, financial technology, has acquired the Fox River algorithmic trading business of brokerage Instinet, which only two years ago purchased the group from FIS. In October 2023, Instinet completed the purchase of the FIS Execution Services business, previously known as Fox River, from FIS. The original purchase agreement was… Read More >>
Instinet Fined $3.8M for Alleged CAT Reporting Failures
Instinet has paid a $3.8 million fine to the Financial Industry Regulatory Authority (FINRA) and settled allegations that the institutional broker failed to fulfill its reporting obligation “timely and accurately” to the Consolidated Audit Trail (CAT) system from June 2020 to the present, according to the self-regulatory organization (SRO). The ambitious, big data, securities transaction… Read More >>
Instinet Fined for Allegedly Defying Market Access Rule
Institutional agency-only broker Instinet, LLC has been censured and fined a total of $1.575 million for alleged violations of various provisions of the market access rule (15c3-5 of the Securities Exchange Act of 1934), and related exchange supervisory rules. Instinet, founded in 1969, is a Nomura company. Nomura describes itself as an “Asia-headquartered financial services… Read More >>
Convergex Names Ops and Strategic Planning Head
Convergex Names Ops and Strategic Planning Head New York-based Convergex, an agency-focused brokerage and trading-related services provider, reports that Jason Emerson has been named managing director and head of operations and strategic planning. In this new position, he will be “responsible for overseeing the firm’s global operational initiatives,” according to a statement, which notes also… Read More >>
Instinet CTO from BofA Merrill Lynch
Instinet, the equities execution services arm of the Nomura Group, has named Tony Necakov as its chief technology officer. He joins Instinet from Bank of America Merrill Lynch, where most recently he was responsible for its global equities high-touch trading technology group, according to a company statement. Prior to that, he served in various trading-technology… Read More >>
Electra Hires a COO as SimCorp Appoints MD for UK, Ireland & the Middle East
Electra Names Scott Rhodes COO, Puts Up ‘Now Hiring’ Sign Electra Information Systems, a reconciliation and post-trade solutions provider for the asset management industry, has named Scott Rhodes chief operating officer, a new position at the vendor. The appointment signals a “significant amount of growth” and expansion at Electra, where the Now Hiring sign has… Read More >>
