History

Since its founding in 1969, Instinet has been responsible for many of the industry's truly game-changing innovations. Below are several of its more notable contributions and milestones.

Birth of Electronic Trading

Institutional Networks launches the first automated system for US institutions to trade directly with each other.

1969

1969 1969

1977

1977

Green Screen

The company introduces the first US quote montage; known as the "green screen," it features NYSE-listed stocks.

Direct Market Access

Institutional Networks introduces PSE Scorex to allow institutions to directly access US exchanges; this is believed to be the first DMA system.

1980

1980

1983

1983

Sell Side Comes In

The automated trading system is opened to broker-dealers and Nasdaq market-makers to improve liquidity and attract institutional order flow.

Name Change

Institutional Networks changes its name to "Instinet," the brand under which the company will forge its future reputation in electronic trading.

1985

1985

1986

1986

First Crossing

Instinet launches the first point-in-time cross in the United States with a nightly after-hours match at the market-closing price.

Reuters Buys Instinet

Reuters Holdings, PLC acquires full ownership of Instinet, having held a minority stake since 1985.

1987

1987

1988

1988

Going Global

Instinet opens a London office and commences the global expansion of its electronic agency brokerage model.

Modern EMS

Instinet OMS is launched, one of the earliest examples of a modern execution management system for equity trading.

1993

1993

1997

1997

ECN Competition

New SEC order-handling rules formalize "electronic communication networks" but create competition for Instinet's then-dominant ECN.

Market Routing

As new trading venues fragment the US equity market, Instinet launches Helix, a pioneering smart-routing technology.

1999

1999

1999

2002

ECN Merger

Instinet buys rival ECN Island to consolidate its OTC market share; daily trading volume grows to over 700m shares.

Largest OTC Share

With a 38% market share, Inet ECN overtakes Nasdaq as the largest single OTC trading venue in the United States.

2004

2004

2005

2005

Going Private

Nasdaq agrees to buy Inet ECN; Instinet, the brokerage business, is sold to Silver Lake Partners, a private equity group.

Chi-X Europe Launched

Instinet launches Chi-X Europe to little fanfare; within five years, it would become the largest pan-European trading platform.

2006

2006

2007

2007

Nomura Buys Instinet

Nomura Holdings, Inc. buys Instinet and operates the firm as a stand-alone brand focused on agency brokerage and electronic trading.

Safe Haven

At the height of the financial crisis, Instinet's stable agency model and dependable platform help the firm record its first ever billion-share trading day.

2008

2008

2009

2009

Multi-Asset Trading

Instinet adds multi-asset capabilities through the purchase of TORC Financial, LLC, a specialist in derivatives trading technologies.

Chi-X Global Spin-Off

After expanding into Australia, Canada and Japan, Chi-X Global's investor ranks are expanded to include a consortium of six firms in addition to Instinet.

2011

2011

2012

2012

Nomura Execution Services Arm

Instinet becomes the trading arm of the Nomura Group, uniquely positioning it among global investment banks by offering execution services on a stand-alone, agency basis.