Alternatives

South Korea gets new equity crossing engine

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Instinet and Samsung launch their equity crossing engine in South Korea, assisting in the growth of local hedge funds.

Instinet and Samsung Securities will announce the launch of KoreaCross today. KoreaCross is a crossing engine available to institutional investors and will be cranked up on April 7.

The product is owned by Instinet, with Samsung Securities acting as local broker sponsor and providing clearing and settlement services as well as domestic order flow.

The engine, which covers longs and shorts, operates as a ‘blackbox’ pre-market VWAP (volume weighted average price) cross, matching buyers and sellers on a daily basis at 8.30am. It is Instinet’s ninth crossing system, and in ...

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