IntelligentCross appoints Instinet as Clearing Agent
Instinet Incorporated has been chosen to act as Clearing Agent for IntelligentCross, an AI-powered ATS equity trading platform. Instinet will support the day-to-day execution process by clearing and settling trades on IntelligentCross.
Luke Mauro, Global Head of Operations for Instinet, said,
“Our goal is to bring our long-term expertise in middle- and back-office processes, unparalleled network of broker connections, and our advanced technology and scale to bear so as to add value. This arrangement should enable IntelligentCross to continue focusing on their award-winning matching and execution technology, while increasing their settlement efficiency and reducing their net cost of operations.”
Roman Ginis, Founder and CEO of Imperative Execution, the parent company of IntelligentCross, said:
“With IntelligentCross poised for another year of strong growth in 2021, the decision to consolidate the clearing and settlement process with Instinet was an easy one. Instinet brings a 50-year commitment to innovation, deep expertise in post-execution services and connections to virtually every IntelligentCross participant. Since going live with Instinet, we have already experienced meaningful gains in efficiency and compelling ROI.”
This calendar year has seen trading and its associated clearing and settlement volumes more than triple versus previous peaks. Instinet’s global clearing and settlement team scaled out their technology and processes accordingly.