Terra Nova Trading Selects Instinet Corporation For Trade Clearing Services
Deal with Instinet Clearing Services, Inc. (ICS) Boosts Service Quality And Increases Trading Functionality for Online Investors
CHICAGO, Aug. 1 /PRNewswire/ -- Terra Nova Trading, L.L.C., a leading direct access broker for active investors, today announced that it has selected Instinet Clearing Services, Inc. (ICS), an affiliate of Instinet Corporation, the world's largest agency broker and a wholly-owned subsidiary of Reuters Group PLC (Nasdaq: RTRSY - news), as its exclusive clearing firm effective September 1st.
The agreement will provide Terra Nova's extensive client base of online investors dramatically improved clearing service as well as significant new investing opportunities.
``This is a watershed event in our history. Instinet is a recognized, experienced leader in brokerage and electronic trading and we fully expect the company to extend their excellence in the securities industry to the clearing business,'' said Chris Doubek, CEO of Terra Nova Trading. ``We selected Instinet based on the company's leadership position in the e-securities marketplace, profitability, capitalization and solid reputation, as well as its assurance to providing top quality service thereby bolstering Terra Nova's ongoing commitment to provide the best possible solution for our traders.''
``Terra Nova Trading will be a valued customer of Instinet's and as such, we are committed to devoting substantial resources to ensure exceptional service to its sophisticated traders,'' said Daniel Rosenthal, CEO of Instinet Clearing Services, Inc. ``Active traders demand sterling accuracy and stability in their account processing services, and Instinet Clearing Services delivers precisely that. Individual traders and institutional investors alike can count on exceptional handling of this mission-critical need.''
ICS provides post-execution services and financing to various Instinet execution and customer facing brokerage operations as well as to non-affiliated third party firms. Presently, the ICS offering includes trade allocation, custody and settlement for the institutional community, as well as margin, customer accounting, cash management, and non-equity products for the retail brokerage community.
About Terra Nova Trading, L.L.C.
Terra Nova Trading, L.L.C. is a Broker Dealer and the experienced leader in on-line, direct access trading solutions for active investors. Terra Nova customers are equipped with dynamic real-time quotes and charts through the completely customizable Townsend Analytics platform called RealTick(TM). Traders route orders directly to the most competitive markets and receive live order and account updates. Terra Nova was the sponsoring broker dealer of one of the most active ECNs in the nation, Archipelago. Founded in 1995, Terra Nova is headquartered in state-of-the-art facilities in Chicago, Illinois. All securities offered through Terra Nova Trading, L.L.C., member of SIPC, NASD, and PSE. For more information, visit the Terra Nova web site at www.terranovatrading.com .
About Instinet Corporation
Founded in 1969, Instinet Corporation is the world's largest agency brokerage firm and a wholly owned subsidiary of Reuters Group PLC. Instinet trades in over 40 global markets daily and is a member of 19 exchanges in North America, Europe and Asia. The firm is committed to bringing efficiencies to capital raising worldwide by using technology in securities trading and research, to bring issuers and investors closer together.
Instinet is the worldwide industry leader in applying advanced technology to agency trading in equities. As a pure agency broker, Instinet seeks only to increase its clients' investment performance by providing them direct access to global liquidity, enhanced efficiency, and greater opportunities to reduce transaction costs. Instinet US's institutional clients save about $3 billion annually in transaction costs for individual investors. Instinet's institutional clients represent more than 95 percent of the institutional equity funds under management in the U.S.
Instinet Corporation was founded in 1969 and was acquired by Reuters Group PLC in 1987.
CONTACT: Pete Stolcers of Terra Nova Trading, L.L.C., 312-827-3658, email, p.stolcers@terranovatrading.com; or Camy Vazifdar of Instinet Corporation, 212-310-4511, email, camy_vazifdar@instinet.com; or Sean Fetter of Corporate Technology Communications, 312-832-9300, ext. 271, email, sfetter@ctcomm.com, for Terra Nova Trading, L.L.C.
SOURCE: Terra Nova Trading, L.L.C. |
