Instinet joins Appital Bookbuilding Platform as its first executing broker

Appital today revealed that Instinet will be the first executing broker to work with the Appital Bookbuilding platform.

Scheduled for launch in Europe in 2022, the new platform unlocks latent liquidity and efficiently drives a bookbuilding process. It provides deal originators with opportunities to execute large volumes, often in excess of 5 days of ADV, with minimal market impact or risk of price erosion. The deal participants can also set their own preferences to ensure they are only exposed and alerted to relevant liquidity.

Appital and Instinet have collaborated over the past few months to create a channel for new execution flow for buyside firms seeking greater exposure to European deal flow and block trading opportunities. The platform allows asset managers to interact with like-minded institutions in the liquidity and price formation process. Any flow, formed and negotiated on the Appital platform, can be executed via Instinet.

Additionally, Appital’s partnership with Turquoise allows buy-side firms access to over 20 settlement venues via a single point of access and with seamless straight-through-processing (STP).

Mark Badyra, CEO of Appital, said:

Mark Badyra, Appital

Mark Badyra
Source: LinkedIn

What we set out to do with Appital is provide unique, electronic price formation capabilities of illiquid equity positions to enable execution with minimal market impact or risk of price erosion. Through our collaboration with Instinet we have created a new execution workflow that has not existed before; one that best facilitates the needs of our joint asset management client base.

Richard Parsons, CEO, Instinet Europe, commented:

Embracing new technologies and finding new and innovative ways for our buyside clients to access hard to find liquidity are core elements of our mission. Appital’s bookbuilding platform is designed to give our joint client base an automated, more efficient way to proactively source scarce liquidity, often over multiple days, and drive a quality block bookbuilding process. We are delighted to collaborate with Appital in preparation for their European launch, and to deliver even greater access to liquidity to our clients.

Following a successful BETA program, Appital is starting the formal onboarding process for global asset managers in the future months. Over 30 asset managers, collectively managing more than 30tn USD, are preparing to join Appital at launch. They are currently in the process of taking necessary legal and technical steps to take full advantage of the platform.

FlexTrade Systems was the first EMS provider to integrate with Appital’s bookbuilding platform in September last year.

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