Instinet Adds to Equity Block Trade Product

June 8, 2004 ( - Instinet, LLC is beefing up its suite of electronic U.S. equity block trading services with the addition of the Intra-Day Cross (IDX).

Scheduled to launch Wednesday, IDX is designed to give institutional investors the opportunity to anonymously and cost efficiently trade large blocks of U.S. stock, or illiquid U.S. securities, without human intervention and without an effect on price, the company said in a news release.

“Institutional investors have told us for years that they have had difficulty finding the large pools of liquidity that make block trading cost efficient. We believe that our comprehensive block solution can deliver this liquidity and help institutions realize the benefits of trading large size anonymously,” Mike Plunkett, President, North America, Instinet, LLC, said in the statement.

Instinet’s block trading services bring together a range of institutional participants from around the world, including mutual funds, hedge funds, plan sponsors and other institutions. The new offering is based on Instinet’s proprietary technology platforms, such as Newport.