Instinet Debuts MiFID II-Compliant Research Hub For Plazma Platform

May 26 2017 | 7:47pm ET

Global institutional brokerage company Instinet has rolled out a new provider-neutral application within its Plazma research and commission management platform that will allow investment managers to review, edit and confirm assessment information about research and seamlessly authorize payments.

The new application, named RQ Connect, unifies outside evaluation and budgeting processes with the established payment processes of Plazma, the company said in a statement. 

“Instinet is committed to innovating and adding value for clients, which means giving them options. RQ Connect offers clients the flexibility and optionality to choose which research management tools best suit their needs,” saod Patrick Gill, head of commission management for Instinet Europe, in the statement.

A provider-neutral hub for MiFID II research payments, Instinet Europe was authorized by the Financial Conduct Authority as a payment institution in August 2015, enabling it to actively manage research payments on behalf of clients within the requirements of MiFID II’s framework.

This includes research payment account-based models that incorporate a regulated "safeguarding" of cash balances, anticipated to be a core requirement of MiFID II, Instinet added. Plazma also supports client commission credit (i.e. soft dollar) and commission sharing accounts for North American and Asia-Pacific clients who accrue credits in accordance with applicable local regulations.

A number of third party firms are already integrating their data feeds into RQ Connect, including Alphametry, Castine, Commcise, CorpAxe, Dealogic, FactSet, ResearchPool, RSRCHXchange and Visible Alpha/ONEacces, the company added, with more expected.

Founded in 1969, Instinet is a division of Japan’s Nomura Group. It is an institutional, agency-only broker that executes trades for asset management firms, hedge funds, insurance companies, mutual funds and pension funds as well as serving as Nomura’s equity execution arm. The company has introduced a range of now industry-standard trading technologies as well as the world’s first major electronic trading venue, one of the first U.S. ECNs, and the Chi-X businesses.

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