Parsons said: 'Seema brings a wealth of knowledge and experience to Instinet
, with her broad expertise in both market execution and global trading.
Incorporated, through its brokerage subsidiaries (collectively, 'Instinet
'), provides technologically advanced, agency-model brokerage services to institutional clients worldwide.
The deal is intended to give BlockCross clients continued access to State Street's unique liquidity while leveraging Instinet
's capabilities to deploy trading solutions worldwide.
While such payments -- credits or rebates from a brokerage firm on commissions clients pay to advisors for trades -- are allowed if they are properly disclosed, and can be used to pay for such expenses as brokerage and research services that benefit clients, in Instinet
's case this was not so.
"In Europe, Instinet
's SmartRouter and algorithms access more than 40 exchanges, multilateral trading facilities and broker-operated dark pools, and we are pleased to add the Nordic@Mid dark pool as the latest venue," commented Richard Balarkas, CEO of Instinet
has a strong client base of approximately 1,500 institutions worldwide, and has grown its business by leveraging its execution technology and trading platforms.
Under Lupien, Instinet
came to be the unofficial insider's marketplace for the Nasdaq market-makers.
Fund manager Chris Kenny of Smith & Williamson, said chief executive Tom Glocer faced a 'nasty combination' of a sharp downturn in the financial services industry, falling revenues and profits at Instinet
and a major restructuring aimed at streamlining the business.
No profit figure will be given by Reuters but fund manager Gerrard said it may comment on the possibility of buying back the minority stake in Instinet
to access the cash on its balance sheet.
Designed by New York City-based interactive design firm ESI Design, a series of state-of-the-art Mitsubishi video LED signs display on a grand scale the news and financial content compiled by Reuters and its subsidiary Instinet
THE terror attack on the US will wipe millions of dollars from thirdquarter earnings at news and information group Reuters' electronic brokerage arm Instinet
, it emerged yesterday.