Between 30 and 40 clients are currently using Bookstream, says Joel Steinmetz, senior vice president for equities and director of strategy for the Americas at Instinet.
Bookstream, which is free, delivers all of Instinet
's equity order flow, with or without filters, and allows customers to integrate that data into internal systems.
It was piloted at a group of sell-side clients before it launched last year.
is making a push into the buy side, Steinmetz
"We want to deliver Bookstream to more customers, to get more buy-side penetration," he
will leverage its existing client base on the buy side to do this.
In addition, he
says, "We have certain types of data that other people don't have by the sheer amount of orders we trade every day."
And in consideration of the buy-side's traditional reluctance to spend resources on technology, Instinet
is looking at ways to pre-slice and dice its data to make it more appealing and valuable to clients.
"We would like to analyze that data and cut it in certain ways so we can deliver a product to customers that is more filtered without them needing to do the work on their part," Steinmetz
The details of the initiative are still very much up in the air.
suggests that packages might allow users to determine the best time of day to match VWAP, for example.
adds, "We do a good percentage of top hundred stocks.
Steinmetz oversees the trading innovations department and equity strategy.