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JonesTrading Institutional Services LLC, a leading agency brokerage, which provides institutions with block trading of U.S. securities, announced today that it is providing direct communications to the firm via a new tool, Jones-E. The capability enables clients to participate in JonesTrading’s order flow through a discovery-of-interest (DOI).
Jones-E is an electronic portal into the existing JonesTrading’s relationship model. Jones-E client orders will be managed and executed within the JonesTrading's network by special traders dedicated to the application. JonesTrading sources liquidity in size from the largest institutions and hedge funds in North America, and is expert in difficult, volatile, and event driven situations. Using its agency model, firms are able to actively source pent-up demand. The firm provides clients with high quality executions and client service that are not available in other models. This will continue with Jones-E.
Orders sent via Jones-E do not interact electronically or directly with other client orders and are not “dark.” It is not an execution vehicle, but rather a way to use electronic communication to achieve full price and size discovery.
The firm has recruited industry veterans Brian Pears and Tim Dillon, formerly of NYFIX, to spearhead the effort.
Said Will Geyer, JonesTrading’s President and CEO: “We have been successful because we have consistently focused on one thing: enabling our clients, through our network of traders, to build and execute large blocks of stocks, in an unconflicted environment, with a high confidence in achieving best execution through us. Jones-E is an additional mechanism we can now deliver that will enable a greater range of clients to send orders for management and execution by our traders.”
