Instinet Group Inc. and Citibank N.A. have formed a strategic alliance that calls for the firms to jointly operate the Instinet FX Cross, a foreign-exchange crossing network that is scheduled to launch in the fourth quarter. Initially, the Instinet FX Cross -- which will be targeted at foreign exchange traders that desire an anonymous and transparent service for crossing currency instruments -- will be available only to North American clients of Instinet and Citibank N.A. However, the partners also expect to roll out a European version of the network in the future.
The Brut ECN has decided to post its Nasdaq quotes on the Nasdaq Stock Market's SuperMontage order-routing and execution network. SuperMontage, which is scheduled for a July 29 launch, has now received participation commitments from two ECNs: Brut and MarketXT. ECNs that don't want to participate in SuperMontage can post their Nasdaq quotes in a so-called Alternative Display Facility the NASD is currently building.The International Petroleum Exchange, a London-based energy futures and options market, is getting prepared to roll out a new block trading facility. The facility, which is scheduled to go live on May 27, accommodate market participants who want to execute block trades in IPE futures and options contracts.
Computershare Ltd., a Sydney, Australia-based provider of trading technology applications, has named Jennifer LaGrow its head of U.S. sales. Prior to joining Computershare's North American unit eight months ago, LaGrow worked as the director of shareholder services at The Walt Disney Company. In her new role at Computershare, LaGrow will be responsible for all of the vendor's U.S. business development activities, including sales, new products and new client acquisitions.