Instinet BlockMatch dark MTF has been granted approval by the UK Financial Services Authority (FSA) and the European Securities and Markets Authority (ESMA) to reference a consolidated European Best Bid and Offer (EBBO).
BlockMatch, operated by Instinet Europe subsidiary, will offer the opportunity to trade at the best bid, best offer or mid-point price based on a consolidated price feed of the displayed trading venues in Europe.
The service is expected to be introduced in the first quarter of 2012.
Instinet Europe president and CEO Richard Balarkas said that the lack of consolidated pricing data has been one of the most significant criticisms made of MiFID by institutional investors.
Through its subsidiaries, Instinet acts as a global agency-only broker, helping institutions lower overall trading costs and improve investment performance through an advanced suite of electronic trading tools, sales and portfolio trading, commission management services.