Instinet/Island

Quote from SethArb:

Instinet ... do they still make markets in equities

from 3 am EST?

at that time and only shows them from 7:10 am shortly

after Island opens at 7 am
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I am experiencing the same thing with IB. Can't place orders to Instinet before 7:10am and I can't see any quotes til then either.
 
Quote from i'mlong:

there's still an inca book separate from the inet book. both have their own quotes.
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If there is still an Instinet limit book separate from INET, doesn't that defeat the purpose of the merger? From the description I've read it sounds like they just want to hide away what the Institutional Traders are doing on their own private ECN. So instead of merging the two ECNs, they are claiming they are merging them but then not really saying much about the fact that a new invisible (to retail traders) pool of liquidty springs up elsewhere. Would IB have access to this new Instinet platform? Am I misunderstanding this? If I am understanding it correctly, then that blows.
 
The way I read it is:

The Instinet that we knew and loved will be no more. Order handling that is done via Instinet connections is being relayed through to INET for the stocks that have been migrated, and customers that only use their connections for access to the ECN will probably eventually be forced to migrate to the INET direct connections (which are supposedly newer/better/faster/cheaper).

Instinet, the broker/dealer, will operate like other institutional broker/dealers, taking orders from institutions, and working them with traders, crossing sessions, etc.
 
but if Instinet still is using the same operations hours

then I need to find a broker that will give me real time NBBO

or executions overnight if needed.
 
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