With the membership, Instinet is now able to service its domestic Australian clients through a new onshore sales and trading desk, located in Sydney.
Previously, Instinet was able to trade for domestic Australian institutions through its Hong Kong-based Instinet Pacific subsidiary by virtue of its remote ASX membership. Additionally, Instinet has been a member of the ASX Settlement and Transfer Corporation (ASTC) since 2008.
Glenn Lesko, CEO of Instinet in Asia, said: “Since being granted the first remote participation license in September 2007, we’ve grown to become the 11th largest institutional broker in Australia. With our electronic trading tools, sales trading capabilities, and access to global liquidity, we are clearly gaining momentum in Australia, and by coming onshore we have realised the next step in our plans for growth.”
John Fildes, COO of Instinet in Asia, said: “By coming onshore and being closer to our clients we have realised the next step in our plans for growth here. Our Australian equities trading team that has operated out of Hong Kong since 2007 will now move to Sydney, while we expect to add several new traders in the coming months.”
