Instinet opens BrokerShare to non B-Ds

Instinet Group Inc., a global agency broker, has announced the expansion of its BrokerShare commission sharing arrangement program to include non broker-dealers.
A subsidiary of Tokyo-based Nomura Holdings Inc., New York-based firm said it will now provide institutional clients with Section 28(e) eligible services obtained from non-broker-dealers, such as independent research providers, through trading commissions on a variable basis rather than a static soft dollar invoice amount.
The BrokerShare program, which includes over 200 participants and $15 million in 2006 payout, allows institutional clients to consolidate trading relationships and obtain diverse research without sacrificing execution quality, the company said in a statement.
Instinet handles all payments (which are variable based on the client’s discretion), administration and record-keeping through an online commission management system.